Fourth Quarter Fiscal 2018 ©2018 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. All information is provided on an "AS IS" basis without warranties of any kind. Statements regarding products, including regarding their features, availability, functionality, or compatibility, are provided for informational purposes only and do not modify the warranty, if any, applicable to any product. Drawings may not be to scale. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners. Getting Stronger
During the course of this meeting, we may make projections or other forward- looking statements regarding future events or the future financial performance of the Company and the industry. We wish to caution you that such statements are predictions and that actual events or results may differ materially. We refer you to the documents the Company files from time to time with the Securities and Exchange Commission, specifically the Company’s most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause the actual results for the Company to differ materially from those contained in our projections or forward-looking statements. These certain factors can be found at http://www.micron.com/certainfactors. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of the presentation to conform these statements to actual results.
September 20, 2018
Sanjay Mehrotra President and CEO Micron 40 Years Strong,
Record revenue, gross margin, free cash flow and EPS Memory and storage markets fueled by diversified demand growth FY18 Improved balance sheet with record net cash position of $2.7B Sharpened execution resulted in improved technology position, cost position and product portfolio mix
September 20, 2018

DRAM
▪  1Xnm: On track to achieve total production output crossover in FQ1-19 –  Achieved 1Xnm crossover in Client and Graphics in FQ4-18 ▪  1Ynm: Sales to commence in CY-19, with meaningful production starting in FQ3-19 ▪  1Znm: Good progress on development
NAND
▪  96L: On track to have production in CY-18 ◾  4th generation: Good progress on development; based on Replacement Gate and CMOS under the array architecture
September 20, 2018

SSDs
▪  Record FQ4-18 revenue in SSDs with Enterprise & Cloud revenue > double Y/Y ▪  SSD revenues exceeded $2 billion for FY-18
Datacenter
▪  Fueled by big data analytics, more than 1/3 of FY-18 revenues from Datacenter & Graphics ◾  Working closely with customers on new technologies
Embedded
▪  Record FQ4-18 Automotive revenue, with strong future design win pipeline ▪  Multi-year $3 billion investment announced for Manassas, Virginia fab long-term growth
Mobile
▪  Record FQ4-18 Mobile and multi-chip package (MCP) revenue ▪  Shipped first high-performance UFS managed NAND products in FQ4-18 September 20, 2018 6
■ ■ Industry bit output growth tracking slightly above 20% Micron bit output growth in-line with the Industry ■ Industry bit output growth expected to be ~20% Micron bit output growth in-line with the Industry ■ ■ Industry bit output growth ~45% Micron bit output growth in-line with the Industry Industry bit output growth expected to be 35%-40% Micron bit output growth somewhat above Industry
September 20, 2018
7 Dave Zinsner Chief Financial Officer Micron 40 Years Strong,

▪ Revenue
– $8.44 billion in FQ4-18 – $30.39 billion in FY-18 ▪ GAAP gross margin −  61% in FQ4-18 − 59% in FY-18 ▪  Non-GAAP gross margin −  61% in FQ4-18 − 59% in FY-18 ▪  Non-GAAP operating expenses of $740 million in FQ4-18 ▪  Non-GAAP operating income of $4.44 billion in FQ4-18
September 20, 2018

◾ Record quarterly revenue up 9% Q/Q and 53% Y/Y ◾ Strong growth trends in Cloud & Graphics, with revenue almost double Y/Y
September 20, 2018

◾ Record quarterly revenue up 8% Q/Q and 60% Y/Y ◾ Sequential growth driven by MCPs and discrete managed NAND
September 20, 2018

◾ Record quarterly revenue up 3% Q/Q and 12% Y/Y ◾ Growth driven by Automotive and Industrial markets
September 20, 2018

◾ Revenue up 9% Q/Q and down 4% Y/Y ▪ Further strengthened SSD market presence – Record SSD revenue, driven by SATA SSD market leadership position
*SBU includes SSD, NAND component and 3D XPoint sales
September 20, 2018

. . . . . 70% of overall company revenue in FQ4-18 Revenue up 7% Q/Q and up 47% Y/Y ASPs relatively flat Q/Q Shipment quantities up mid-to-upper single digit percent Q/Q Non-GAAP Gross Margin of 71% in FQ4-18 vs 69% in FQ3-18, 59% in FQ4-17 . . 26% of overall company revenue in FQ4-18 Revenue up 15% Q/Q and 21% Y/Y . ASPs down mid-teens percent range Q/Q . Shipment quantities up mid-30s percent range Q/Q . Non-GAAP Gross Margin of 48% in FQ4-18 vs 47% in FQ3-18, 40% in FQ4-17
September 20, 2018

▪ Non-GAAP Earnings Per Share –  $3.53 in FQ4-18 ▪ Non-GAAP net income – $14.70 billion in FY-18 –  Diluted EPS: $11.95 per share in FY-18 ▪ Operating cash flow –  $5.2 billion in FQ4-18 ▪ Capital spending* – $2.1 billion in FQ4-18 –  $8.2 billion in FY-18
*Net of partner contributions
September 20, 2018

▪ Investments focused on closing the DRAM technology gap with competitors while maintaining flat wafer capacity ◾ Expect ~25% of capex spending associated with facilities expansions and facilities upgrades needed for technology transitions ▪ Expansion and upgrade projects already underway and expect FY-19 capex to be more weighted to 1H-19
September 20, 2018

. FQ4-18 free cash flow* of $3.1 billion ■ Reduced gross debt position by ~$2.7 billion in FQ4-18 : Transitioning from debt reduction to capital returns in FY-19 via share repurchases ■ Total Cash    ■ Total GAAP Debt September 20, 2018 Cash includes short-term investments, long-term investments, and restricted cash Debt is GAAP value including current portion and long-term debt 17

*Based on ~1,198 million diluted shares

Non-GAAP

September 20, 2018

Non-GAAP

'FY-17 operating cash flows of $8,514 million is equal to GAAP operating cash flows of $8,153 million, plus $361 million of the Inotera purchase price, which was reflected cash outflow.
September 20, 2018

Micron 40 Years Strong,
Picron 40 Years Strong,
See Non-GAAP reconciliations *Trade NAND excludes products sold to Intel through IMFT under a long-term supply agreement at prices approximating cost. (a) Net of amounts funded by partners
September 20, 2018

Note: Except for FQ4-18 dilution, the table above presents the potential dilutive impact of convertible notes outstanding as of August 30, 2018 over the range of trading prices for Micron's stock. *Represents the actual dilutive impact of convertible notes for FQ4-18 diluted share count based on an average share price of $54.42 for the quarter. September 20, 2018 30 Micron: