Micron Investor Day 2022

Strong execution enables financial leadership 2018 Investor Day commitments Technology Product ✓ Achieve leadership in DRAM ✓ Complete NAND replacement gate transition ✓ NAND high value solutions bits > 80% Operations ✓ $9B structural improvement Financial achievements Over the last five years* +16% Revenue CAGR +1,970bps Gross margin % improvement $12B Cumulative R&D investment Finance ✓ Return >50% free cash flow to investors $21B We expect to deliver strong growth and profitability cross-cycle Today we are presenting our financial model, reflecting confidence in the long-term health of our business Cumulative free cash flow 21 *Last five years: Q2-17 vs Q2-22 trailing twelve months for revenue and non-GAAP gross margin %, Q3-17 to Q2-22, inclusive, for cumulative R&D and free cash flow. Free 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. Micron

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