Micron Technology, Inc.

©2015 Micron Technology, Inc. 1

©2015 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

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Micron Technology, Inc.

2015 Summer Analyst Day


Safe Harbor

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 we file on a consolidated basis from time to time with

Securities and Exchange Commission, specifically our most recent Form 10-K and Form 10-Q. These

documents contain and identify important factors that could cause our actual results on a

consolidated basis to differ materially from those contained in our projections or forward-looking

statements. These certain factors can be found at http://investors.micron.com/riskFactors.cfm.

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.

http://investors.micron.com/riskFactors.cfm


Mark Durcan – Chief Executive Officer


Agenda

Industry Environment

Market Positioning and Operational Focus

Technology Roadmap

Finance Strategy and Updates

Strategic Focus – Key Investments

1

2

3

4

5


-60%

-30%

0%

30%

60%

90%

120%

8 7 6 5 4 3 2 1 0 1 2 3 4 5 6 7 8

Peak to Trough Trough to Peak

YoY Quarterly Revenue Growth

Number of Quarters

2Q08 to 4Q09 Memory 2Q08 to 4Q09 Semi ex-memory

Data in calendar quarters.

Memory includes DRAM, SRAM, Flash, Mask PROM and EPROM.

Values represent growth of total quarterly revenue over prior year same-quarter revenue. Cycle peaks reflect maximum YoY quarterly growth rates.

Source: WSTS, Micron

Semiconductor Cycles


-60%

-30%

0%

30%

60%

90%

120%

8 7 6 5 4 3 2 1 0 1 2 3 4 5 6 7 8

Peak to Trough Trough to Peak


Number of Quarters

2Q08 to 4Q09 Memory 1Q10 to 2Q13 Memory 2Q08 to 4Q09 Semi ex-memory 1Q10 to 2Q13 Semi ex-memory







-60%

-30%

0%

30%

60%

90%

120%

3Q-13 4Q-13 1Q-14 2Q-14 3Q-14 4Q-14 1Q-15 2Q-15


2Q08 to 4Q09 Memory 1Q10 to 2Q13 Memory 3Q13 to Today Memory

2Q08 to 4Q09 Semi ex-memory 1Q10 to 2Q13 Semi ex-memory 3Q13 to Today Semi ex-memory







Long-Term Memory Market Conditions

Suppliers with

sufficient scale

Return-focused

investment and

supply environment

Limited new wafer

capacity

Slowing technology

migrations

Consolidated Suppliers Low Supply Growth

Differentiated

products

System solutions

Diversified customers

Broadening

applications

Diversifying Demand


DRAM Supply Growth Slowing,

Demand Differentiating

Aggregate demand increasing, with

continued shift to mobile and enterprise

Technological complexity increasing; wafer

production stable or declining over time

0%

20%

40%

60%

80%

100%

2000 2015 2019

DRAM Industry Bit Demand Profile

Embedded

Enterprise

Mobile

Client

54%

87%

62%

23%

44% 49%

32%

23%

31% 25% 24%

0%

20%

40%

60%

80%

100%

120%

DRAM Industry Y/Y Bit Shipment Growth

2010-2015

CAGR: 32%

2005-2010

CAGR: 52%

Stable growth

expected

Embedded: AIMM, Consumer, Connected Home Enterprise: Server (Enterprise and Cloud), Networking

Mobile: Handsets, Tablets Client: PC, Graphics

Source: Micron and Industry Analysts


209%

174%

127%

45%

73% 77% 62%

41% 41% 37% 34%

0%

50%

100%

150%

200%

250%

NAND Industry Y/Y Bit Shipment Growth

NAND Supply Growth Slowing,

Growing Demand in SSD and Mobile

0%

20%

40%

60%

80%

100%

2005 2015 2019

NAND Industry Bit Demand Profile

SSD

Mobile

Consumer

Removable &

Other

2010-2015

CAGR: 51%

2005-2010

CAGR: 117%

New capacity

ROIC

dependent

Aggregate demand increasing, with

significant growth in SSDs and mobile

3D conversion does not result in increased industry

supply growth absent wafer capacity additions

SSD: Client, Data Center, Enterprise SSDs Mobile: Embedded NAND in Handsets and Tablets

Consumer: MP3, DSC/DVC, Other Consumer Removable & Other: Flash Cards, USB Drives, Other



Micron’s Markets Continue to Grow

$0

$20

$40

$60

$80

$0

$100

$200

$300

$400

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Mem

ory

Reven

ue (

$B

)

Sem

ico

nd

uct

or

Reven

ue (

$B

)

Real Semi Revenue

Real DRAM Revenue

Real NAND Revenue

Inflation Adjusted Market TAMs (2014 Dollars)


Revenues adjusted for inflation, shown in 2014 dollar equivalents.

Inflationary adjustments calculated using GDP Implicit Price Deflator.


Memory Growth Relative to Overall Semiconductors

10%

15%

20%

25%

30%

35%

40%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Memory Revenue

Share

Memory Silicon

Share

Linear (Memory

Revenue Share)

Linear (Memory

Silicon Share)

Memory Has Grown in Terms of Both Revenue and Square Inches of Silicon


% o

f To

tal Sem

ico

nd

uct

or


Strategic Focus to Drive Value Creation

Investment for manufacturing and

technology efficiency

Investment for value-added

solutions and emerging technologies

Investment in long-term customer

and partner relationships

Focused on Driving Long-Term Shareholder Returns

20nm DRAM ramp

16nm planar TLC NAND deployment

3D NAND ramp and product enablement

Next generation DRAM and NAND development

3D XPoint™

Advanced products

Controllers and firmware, SSD portfolio

Advanced packaging solutions

Opening and growing new market segments

Leveraging best-in-class expertise

Moving from demand fulfillment to demand creation

Optimizing resources and sharing risk


Mark Adams – President


Current Memory Market Conditions

PC demand and market conditions have been challenging

Mobile, cloud, and specialty DRAM segments have performed better

Mobile (eMCP) and SSD driving demand growth in NAND

Micron Continues to Leverage Demand Across Diversified End Markets


0

20

40

60

80

100

120

140

160

2015 2016 2017 2018 2019

DRAM Industry Bit Demand (B Gb EU)

Growing and Diversifying Memory Demand

Tablet

PC

Handset

AIMM

Consumer &

Graphics

Server/Storage/

Networking

Tablets contain a mix of mobile DRAM, standard DRAM, and reduced-power solutions. Upgrade modules included with PC. Source: Micron and Industry Analysts

0

50

100

150

200

250

300

350

2015 2016 2017 2018 2019

NAND Industry Bit Demand (B GB EU)

Tablet

Enterprise

SSD

Other

Removable

Storage

Handset

Client SSD

Consumer

Datacenter

SSD


Micron’s Value Proposition in Mobile

Energy efficient mobile computer

Immersive multimedia experience

Battery life and pleasing form factors

Low Power DRAM LPDDR2-LPDDR4, from 4Gb to 32Gb

Configurations to match any solution

Enables eMCP innovation

Mobile Managed Memory eMMC, eMCP

Next generation heterogeneous solutions

Leading-edge packaging technology

Customer Requirements Micron Portfolio


Micron’s Value Proposition in Automotive

Automotive quality and reliability

Leading-edge technology

10+ year longevity

Adoption of Leading Edge Technology

LPDDR4 in next generation Infotainment

High density eMMC and SSD (8GB – 240GB)

Enabling Innovation

Increasing car OEM engagement

Customer validation labs

Full Auto-grade NVM and DRAM

Legacy and mainstream DRAM

Broad NOR product line

SLC, MLC, eMMC and SSD NAND


Infotainment

Advanced Driver

Assistance Systems (ADAS)

Instrument

Cluster


Micron’s Value Proposition in Cloud and Enterprise

Real-time in-memory analytics driving memory content

High-performance all-flash storage solutions

Flash-enabled lights-out data centers

Server Modules Up to 128GB densities

DDR4 for higher performance

Load reduction for higher capacity

Enterprise SSD Enabled by high performance MLC NAND

Expanding portfolio: SATA, SAS and PCIe

Partnership enable go to market

3D XPoint™ 1st new memory technology in 25+ years

1,000x faster than NAND

10x denser than conventional memory

Hybrid Memory Cube Best-in-class bandwidth

70% less energy per bit


Enterprise-class technology (20nm DRAM, 3D NAND)

Through-Silicon Via (TSV) for high performance

Advanced memory systems

Micron’s Technology


Micron’s Business is Evolving

Value

Added

Products

Legacy

Component

Business

Solutions

for

Emerging

Markets

Demand Fulfillment Relationship Demand Creation Relationship

OEMs

Hyperscale

Verticals/Influencers

– Financial

– Oil & Gas

– Automotive

– Media

– Telecom Service Providers

– Medical

– Government

Channel

Strategic Partners

ODM

OEMs


Our Focus on High Value Products and Segments

CQ3-13 CQ4-13 CQ1-14 CQ2-14 CQ3-14 CQ4-14 CQ1-15 CQ2-15

FQ4-13 FQ1-14 FQ2-14 FQ3-14 FQ4-14 FQ1-15 FQ2-15 FQ3-15

CQ3-13 CQ4-13 CQ1-14 CQ2-14 CQ3-14 CQ4-14 CQ1-15 CQ2-15

FQ4-13 FQ1-14 FQ2-14 FQ3-14 FQ4-14 FQ1-15 FQ2-15 FQ3-15

Premium Micron Fiscal ASP Industry ASP Average

Trade NAND and DRAM. Intel’s portion of IMFT is excluded. Micron fiscal data shifted to closest calendar quarter.


DRAM Portfolio ASP/Gb Premium

NAND Portfolio ASP/GB Premium


Muted Growth in FY-15 / 1H-16 Stronger Growth Beyond

• 20nm transition-driven wafer loss • Mix shift from DDR3 to DDR4 and LP

• Volume ramp of 20nm (to >50% of bits)

• 3D NAND ramp preparations • Mix shift towards mobile/eMCP from

high density components

• 3D NAND ramp + TLC impact

Investments Will Drive Growth

DRAM

NAND Micron DRAM / NAND Normalized Bit Output

DRAM

NAND

FY 2015 FY 2016 FY 2017


Muted Growth in FY-15 / 1H-16 Stronger Growth Beyond

• 20nm transition-driven wafer loss • Mix shift from DDR3 to DDR4 and LP

• Volume ramp of 20nm (to >50% of bits)

• 3D NAND ramp preparations • Mix shift towards mobile/eMCP from

high density components

• 3D NAND ramp + TLC impact


DRAM

NAND Micron DRAM / NAND Normalized Bit Output

DRAM

NAND

3D XPoint™

FY 2015 FY 2016 FY 2017



1Two-year CAGR comparing total annual FY 2017 vs FY 2015.

Two Year CAGR (FY-17 vs. FY-15)1

Bit Shipments

DRAM ↑ 20-30%

NAND ↑ 30-40%

Exiting FY 2017 (FQ4-17 vs. FQ4-15)

Bits per Wafer

DRAM ↑ 65-75%

NAND ↑ 140-150%


Key Takeaways

Long-term market opportunities are favorable

Micron is pursuing high-value markets with a strong value proposition

We are making risk/reward trade-offs as we engage in new markets and new/ongoing customer and partner relationships

Over the next few years we expect to outpace market bit growth

– Fuels top-line growth

– Expect premium products to increase as a percentage of total revenue

We expect to drive relative operating profit expansion


Scott DeBoer – Vice President, R&D


Responding to Market Needs

High Performance Memory

High Density Storage

Innovation Creating New

Opportunities

DRAM scaling continues

3D NAND scaling for the next

decade

3D XPointTM, 3D packaging, other

new memory options

Customer Requirements Technology Solution


DRAM Update

20nm qualified and ramping in Hiroshima and Inotera

20nm yield progressing to plan (ahead of previous nodes)

1Xnm (first post-integration technology) deployed in Hiroshima fab – ramp in second half 2016

Strong international team focused on best known practices for innovation and development

0%

50%

FQ1-16 FQ2-16 FQ3-16 FQ4-16

% o

f T

ota

l M

icro

n

DR

AM

Bit

s P

rod

uced

*

Micron Fiscal Quarter

2xnm DRAM Yield Trend

≤20nm DRAM Production

Yie

ld

20nm Actual

Time from Early Ramp

25nm Actual

* Includes Inotera


3D NAND Update

Rapid yield progress on 3D NAND (ahead of plan)

Ramping TLC products for mobile and storage

Continuing innovative path to maintain Gb/mm2

leadership

Continue yield improvement and volume ramp

Enablement of 2nd generation 3D NAND in

Singapore manufacturing fab

First wafers out of Singapore expansion in

summer 2016

Status Next Major Milestones

Singapore

Fab

Expansion

Yie

ld

Time From Introduction

Planar Actual

Early 3D NAND Yield Trend

3D Actual


e-

Why Micron and Intel Chose

Floating Gate for 3D NAND

Floating Gate is a Proven Technology

Used in NVM since ’70s and technology of choice for industry NAND today

Physics and reliability surrounding floating gate are well understood

Not susceptible to charge spreading

Expect faster 3D NAND ramp in manufacturing

Cell enables industry’s highest Gb/mm2 and world’s first 384Gb die (TLC)

Floating Gate is a

Proven Technology

Floating Gate Flash Cell Charge Trap Flash Cell

Isolated charge

storage node for

good cell to cell

charge isolation

Continuous charge

storage node prone

to charge dispersion

between cells

e

e

e

e


Micron’s Portfolio of Innovative “Firsts” DRAM 6F2 architecture

Leading DRAM capacitor technology

Copper metallization

Package Hybrid memory cube using Through Silicon Via (TSV)

0.8mm four-layer LPDRAM package, thinnest LPDRAM

memory device in the industry

NAND Pitch multiplication patterning in manufacturing

Award-winning, industry-leading planar NAND

cell technology

Air-gap technology implementation

New Memory Productization of phase change memory technology

Demonstration of 16Gb resistive RAM


Recent Technology Announcements

3X higher capacity than existing NAND

technologies due to smallest cell size

Enables >10TB in a standard 2.5” SSD

1000X faster than NAND

1000X endurance of NAND

10X denser than conventional memory

Floating Gate 3D NAND March 2015

3D XPoint™ Non-Volatile Memory July 2015


Successful Development Path for 3D XPointTM Memory

Cross-point memory technology has been an

industry “aspiration” for decades

Unique enablers of 3D XPointTM:

– Novel new materials with electrical,

structural, and chemical compatibility

– Innovative integration concept

Proprietary and unique to the industry

Low latency, high endurance, non-volatile

Selector capable of demanding on/off currents

High endurance memory cell with large window

High performance logic beneath the array

Delivering 128Gb on a single die with a 2 deck

stacked 20nm cross point

It’s a great time to be a materials engineer!


3D XPoint™ Enables High Performance Solutions

MOBILE MEMORY ENTERPRISE STORAGE

CLASS MEMORY

CLIENT STORAGE

Saturates the PCIe interface for

reads and writes

High IOPS for low queue

workloads

Unlimited life for 5-year 100%

write workload

Enables extreme 4K video editing

Cost-sensitive performance with

TLC NAND in the general SSD

market

Eliminates interface bottleneck of

existing NVM storage solutions

Provides lower power standby (no

active refresh)

Optimized for low-latency, small

data transactions

Small data sizes with 16GB density Non-volatile, high endurance 1,000X faster than NAND


Future Memory Technologies

Exploring a broad range of materials

with RRAM capability

Investigation focused on unique

material system advantages

Unique memory based on electron spin

at the atomic level

Potential long-term DRAM replacement

Early application as a high-speed cache

Resistive Memory Spin Torque Memory

W, TiN etc,.

Cu, Ag etc,.

+V -V Top lead

Free layer

Barrier

Fixed layer

Antiferromagnet

Bottom lead

Cu/Ta

CoFeB MgO

CoFeB

PtMn

Cu/Ta

MTJ

MTJ


Current Key Technology Priorities

Continue to build positive momentum in the DRAM technology area

– Completion of 20nm DRAM ramp on plan

– Drive faster introduction cadence on DRAM technology with rapid 1Xnm and 1Ynm delivery

3D NAND and 3D XPointTM technology ramps in 2016

3D package technology enablement for multiple differentiated opportunities

DRAM

NAND

3D Package

New Memory

2016 2017

1Xnm 1Ynm

3D Gen 3

3D X-Pt 3D X-Pt Gen 2

HMC Gen 3

EM Gen 1

3D Gen 2

Position in time indicates volume enablement


Ernie Maddock – Chief Financial Officer


Capital Allocation Strategy

Return excess capital to

shareholders

Investment for manufacturing and technology

efficiency

Investment for value-added

solutions


Investing in Business Growth and Shareholder Returns

$5.2B cumulative investment in R&D

$11.6B cumulative investment in capital expenditures1

Innovating with new memory technologies and system-level solutions

Managing dilution through ~$3.8B of convertible note and share repurchases

Maintaining balance sheet flexibility for operational/strategic initiatives

1 Includes payments on equipment purchase contracts

$0

$5

$10

$15

$20

$25

Capital Return

R&D

Capex

$25,000

$20,000

$15,000

$10,000

$5,000

$0

Millions

1

FQ1-11 through FQ3-15


9%

Free Cash Flow (% of Sales)

33% 23%

FY2011 FY2015E*

Capital Expenditures (% of Sales)

28%

32%

FY2011 FY2015E*

Cash from Operations (% of Sales)

$8.8B

$16.2B

FY2011 FY2015E*

Revenue

Significant Increase in Scale and Financial Flexibility

16% CAGR,

~2X Growth 23% CAGR,

~2X Growth

~$1.8B

Increase

-4% 1 Based on Bloomberg analyst consensus 2 Based on mid-point of FY 2015 guidance

FY-11 FY-151 FY-11 FY-151

FY-11 FY-152 FY-11 FY-151,2


Return of Capital Framework

Minimum cash target

Leverage target

Credit rating target

Returned ~90% of FY-14

FCF and ~79% in FY-151

~$3.8B in convertible

note / share repurchases

Annual review

Disciplined approach

based on operational

and strategic initiatives

Established Target

Capital Structure Dilution Management Capital Return Policy

1 Through FQ3-15


1,000

1,100

1,200

1,300

$16 $18 $20 $22 $24 $26 $28 $30 $32 $34 $36

Mill

ion

s o

f Sh

ares

Dilution Management Results

Start of FY 2014 GAAP Dilutive Shares1

Through FQ3-152

~12% reduction in dilutive shares

for stock price range of $20-$30

From FY 2014 through FQ3 2015, total share reduction of ~141M shares at $202

* Assume FQ3-15 basic shares and stock based compensation for analysis. All transactions assume full quarter of impact. 1 Does not include benefit of capped calls 2 Includes the benefit of capped calls


Financial Performance

Expanded revenues to $16B+ in FY 2014 with strong operating cash flow

Diversified market segments, customers and products

Strengthened balance sheet to support operational/strategic initiatives

Invested in R&D and capital expenditures to drive technology efficiency

and innovation

Enabled significant capital return and dilution management



1Two-year CAGR comparing total annual FY 2017 vs FY 2015.

Two Year CAGR (FY-17 vs. FY-15)1

Bit Shipments

DRAM ↑ 20-30%

NAND ↑ 30-40%

Exiting FY 2017 (FQ4-17 vs. FQ4-15)

Bits per Wafer

DRAM ↑ 65-75%

NAND ↑ 140-150%


0%

100%

FY 2016

FY 2016 Capital Expenditure Guidance: $5.3B to $5.8B Technology and Product Enablement Non-supply related investments with focus on driving next-

generation memory technologies and packaging capabilities to

enable high-margin, differentiated solutions

Emerging memory

Packaging and controller capabilities

Other investments including R&D fab space in Boise

Non-Volatile Memory Investments related to 3D NAND development, TLC enablement

and Fab 10X to drive cost reductions and margin improvements

3D NAND

Fab 10X facility

3D XPoint™

DRAM Investments in leading edge technology to improve efficiencies

and margins

20nm and 1xnm ramp

CapEx Breakdown

20-30%

40-50%

25-35%

Flexible, Return-Focused Capital Expenditure Plan


Normalized FY 2016 Capital Expenditures

Normalized Capital Expenditures of ~$4.1B

Total CapEx Partner

Investments

Shell

Investments

Normalized

CapEx

FY 2016 Capital Expenditure Guidance: $5.3 - $5.8B

Strategic partner investments: ~$0.7 – $0.9B

Shell investment in Fab 10X: ~$0.6 – $0.8B


Forward Guidance Responds to

Our Changing Business

Value proposition to customers and partners is evolving:

Creating value beyond component sales

– Multi-chip packages, SSDs, sub-systems and solutions

Differentiated next generation memory/storage technologies

– 3D XPoint™, HMC, Enterprise SSD, etc.

Strategic partnerships

Current per-bit metrics are less indicative of market conditions and financial results


Changes to Forward Guidance Effective FQ1-16

Quarterly Guidance Metrics (on a Total Company, Non-GAAP basis)

Revenue

Gross Margin

Operating Expense

Operating Income

Diluted EPS

We expect quarterly call and financial reporting to be similar to current practice


Executing to a Capital Management Framework

Target Minimum Cash Balance

Target Leverage Ratio Cap Ex / Sales

Return on Assets > Cost of Capital

Efficient Free Cash

Flow Model

Value Creation

Strong Balance Sheet

Access to Low-Cost

Capital

LTM SG&A +

R&D + Current Debt2

(Currently ~$3.4B)

GAAP Debt to EBITDA < 1.5x Target 20-25% of Sales

Weighted Average

Cost of Capital

Currently ~10%1

1 Weighted average cost of capital as of June 4, 2015, based on Micron’s internal model 2 LTM SG&A and R&D = $2.2B; Current Debt (based on GAAP value, not principal amount) = $1.2B.


Financial Takeaways

Driving long-term returns with focused capital allocation

Delivering scale, a strong balance sheet, and significant shareholder returns/dilution management in recent years

Investing for future growth while remaining flexible and return-focused

Aligning financial communications to our evolving strategy

Executing efficient and effective capital management

– FQ4-15 QTD1: Repurchases of ~$0.5B of common shares and ~$0.1B of convertible notes

1 As of August 12, 2015


Mark Durcan – Chief Executive Officer


Analyst Day Summary

Industry conditions remain favorable over the long term:

Investing in technology, solutions, and strategic relationships to improve

competitive position

Delivering value-added solutions to our customers in diverse segments

Focusing on operational execution

Leveraging world-class technology to enable differentiated solutions

Deploying efficient and effective capital management

Focused on Driving Long-Term Shareholder Returns


Q & A


Amounts in millions FQ3-15 FQ4-14 to FQ3-15

Beginning of period:

Total assets $ 23,818 $ 20,495

Cash, current and noncurrent marketable investments (6,348) (4,809)

Current and noncurrent restricted cash (67) (62)

Non-controlling share (974) (949)

Non-GAAP total assets $ 16,429 $ 14,675

End of period:

Total assets $ 25,136 $ 25,136

Cash, current and noncurrent marketable investments (7,330) (7,330)

Current and noncurrent restricted cash (70) (70)

Non-controlling share (1,061) (1,061)

Non-GAAP total assets $ 16,675 $ 16,675

Non-GAAP average total assets $ 16,552 $ 15,675

Non-GAAP Asset Reconciliation


Amounts in millions FQ3-15 LTM

FQ4-14 to FQ3-15

Net income $ 491 $ 3,579

Interest expense, net 88 327

Income tax provision (benefit) 104 139

Depreciation expense and amortization of intangible assets 673 2,510

EBITDA 1,356 6,555

(Income) loss from equity method investees (68) (519)

Restructure and asset impairments 1 25

(Gain) loss from asset dispositions or other impairments (4) (15)

(Gain) loss from changes in currency exchange rates (1) 29

Stock-based compensation 43 161

Loss on restructure of debt 18 61

(Gain) on Inotera issuance of shares -- (93)

(Gain) from disposition of shares in Aptina -- (120)

Legal settlements -- 66

Adjusted EBITDA $ 1,345 $ 6,150

Adjusted EBITDA Reconciliation


Amounts in millions FQ3-15 LTM

FQ4-14 to FQ3-15

GAAP net income attributable to Micron $ 491 $ 3,578

Non-GAAP adjustments:

Tessera license -- 66

Restructure and asset impairments 1 35

Amortization of debt discount and other costs 34 142

Loss on restructure of debt 18 65

(Gain) loss from changes in currency exchange rates (1) 29

(Gain) from Inotera issuance of shares -- (93)

(Gain) from disposition of shares in Aptina -- (120)

Estimated tax effects of above items -- (7)

Non-cash taxes from MMJ and MMT 22 (25)

Non-cash taxes from MMJ for changes in Japan tax laws and rates 45 45

Non-cash taxes from Inotera 10 (55)

Non-GAAP net income (loss) attributable to Micron $ 620 $ 3,660

x4

$ 2,480 $ 3,660

Non-GAAP Net Income Reconciliation

Micron Technology, Inc.

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