Micron Technology : Shareholder Meeting Q&A

Micron Technology, Inc.

Fiscal 2020 Annual Meeting of Shareholders

Shareholder Questions

January 14, 2021

1. How many African Americans do you have on your board?
   None at present. The Governance and Sustainability Committee of the Board of Directors regularly reviews the appropriate size and composition of the Board, including by anticipating vacancies and required expertise for the effective oversight of the Company. In evaluating the existing Board and any desired characteristics of potential nominees, the Governance and Sustainability Committee considers the knowledge, experience, integrity, and judgment of the candidates, their contribution to the diversity of backgrounds, experience and skills on the Board, and their ability to devote sufficient time and effort to their duties as directors. Although the Governance and Sustainability Committee has not established specific diversity guidelines, the Board seeks to maintain a balance of perspectives, qualities, and skills on the Board to obtain a diversity of viewpoints to better understand the technical, economic, political, and social environments in which we operate and to enhance Micron's performance. Accordingly, the Governance and Sustainability Committee takes into account the personal characteristics, experience, and skills of current and prospective directors, including gender, race, and ethnicity, to ensure that our Board comprises a broad range of perspectives, and measures success by the range of viewpoints represented on Micron's Board of Directors. For more detail, please refer to Micron's Annual DEI report here: https://media-www.micron.com/-/media/client/global/documents/general/about/2020-diversity-and-inclusion-report.pdf
2. How are you addressing 5G technology?
   Micron's team, execution, and technology & product leadership have put us in an outstanding position to win in the 5G era. 5G will drive a proliferation of connected devices at the edge, and networking and data center infrastructure at the core for applications and services that support these devices. Together, the interaction of these edge devices with each other and the data center will result in an acceleration of data creation, analytics, and storage, and along with it demand for
   Micron's products and solutions.
3. With the global pandemic affecting manufacturing so harshly. How has this affected your supply chain? Also, with the pandemic in mind and so many businesses going to a virtual home office, do you expect this to help or harm Micron's growth? Please explain.
   This year, COVID-19 presented a real-life stress test of the New Micron's resilience. Thanks in large part to the commitment and innovation of our team members around the globe, we continued to operate our fabs at normal capacity. The world has relied on technology to adapt to life during the pandemic, and as a result, several technology trends have accelerated, for example, the use of cloud services and videoconferencing. Work from home and learn from home drove strong sales of notebooks and Chromebooks. Enterprise was weaker than our pre-pandemic expectations. As the world recovers from the pandemic, we expect economic recovery to drive strong growth for the end markets which were adversely impacted by the pandemic. These include markets such as mobile, autos, and enterprise.

© 2021 Micron Technology, Inc.

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January 14, 2021

Micron Technology, Inc.

Fiscal 2020 Annual Meeting of Shareholders

Shareholder Questions

January 14, 2021

1. For any given process node of 3D NAND, what is the target return on new capital invested? How long do you expect each new process node to be used before it is superseded by the next process node?
   We target long-term return on invested capital (ROIC) to be higher than our weighted average cost of capital. This ROIC can vary depending on NAND market pricing, which does fluctuate. Each node may remain active for a different time period. Some of our nodes have been in operation for more than a decade, while other nodes have a very short life, for example, our recent 1st generation replacement gate node.
2. I do not have the necessary information to vote knowledgeable about increased executive compensation. I would be pleased to receive that summary.
   You can find details on executive compensation in our annual proxy statement, available here: https://investors.micron.com/static-files/3777654e-4c8b-4aec-97d5-84ad704b40da
3. When are you going to declare and pay out dividends?
   There are two primary mechanisms for returning capital to shareholders: share repurchase and dividends. At present we do not offer a dividend, but we do have a share repurchase program. Our Board of Directors has authorized share repurchases of up to $10 billion of our outstanding common stock. As a part of this program, we bought back approximately 70 million shares at an average price of $40.52 in FY19 and FY20.
4. Why do you want to know my name if questions are anonymous? CEO pay is too high. Raise the pay for lower paid employees.
   Thank you for your input.
5. Is there an option where I can opt to ask you to simply make your suggested Directors and Proxy Vote? Is my simply not responding what is required for the Management Team to Proxy Vote?
   Please refer to the proxy card you received, which explains how you can vote on the items on the agenda.

© 2021 Micron Technology, Inc.

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January 14, 2021