Micron Investor Day 2022

Value creating capital allocation Stronger capital return Invest in business Liquidity² Net cash³ Cash Return TARGETS Capex¹ mid 30s % of revenue Liquidity of mid 30s % of revenue Maintain positive net cash position ☐ Return all free cash flow Over the cycle beyond balance sheet and strategic M&A considerations Growing dividend ■ Increasing quarterly dividend ☐ from $0.10 to $0.115 per share Target to continue to grow dividend over time* Confidence in EBITDA and FCF generation capability of the business 1 Capex net of amounts funded by partners and proceeds from sales of property, plant, and equipment 2Cash, short-term investments, long-term marketable investments, restricted cash, and undrawn revolver capacity ³Net Cash is defined as sum of cash, short-term investments, long-term marketable investments, and restricted cash, minus debt *Future declarations of quarterly dividends are subject to the determination and discretion of Micron's Board of Directors Buybacks Programmatic buybacks to dollar cost average ■ Opportunistic buybacks to augment programmatic 85 Micron

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