Micron Investor Day 2022

Cross-cycle financial model Expect industry trends and Micron execution to support strong growth and cross-cycle profitability Revenue Growth CAGR High single digit Memory requirements outpace broader semi growth Cross-cycle targets -30% >70% of revenue from DRAM; strong synergies with NAND Operating margin EBITDA margin Capex¹ FCF2 Low 50s as % of revenue Mid 30s as % of revenue >10% as % of revenue Robust operating performance Disciplined capex investment Return cash to shareholders 1Capex net of amounts funded by partners and proceeds from sales of property, plant, and equipment (PP&E) 2Free cash flow is a non-GAAP measure defined as cash provided by operating activities less investments in capital expenditures, net adjusted for amounts funded by partners and proceeds from sales of PP&E 82 2 Micron

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