Micron Investor Day 2022

Industry supply discipline ☐ Slowing of Moore's Law: decelerating supply growth, reduced cost declines, improved pricing trendline, and ability to hold higher levels of inventory ☐ ROIC focus: requires disciplined industry capex ■ Capital return: ☐ dividends paid by all leading DRAM suppliers Micron strategy Industry wafer fab equipment spend as a % of EBITDA 57% growing bit supply in-line with demand CY11 CY16 Source: Evercore ISI, Company filings, Micron estimates Industry: SEC, Hynix, WDC/Kioxia, MU I 12 30% CY21 Micron

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