2015 Analyst and Investor STRATEGIC UPDATE. September 2, 2015

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1 2015 Analyst and Investor STRATEGIC UPDATE September 2, 2015

2 Forward Looking Statement This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, each as amended, including, in particular, statements about our plans, strategies and prospects and estimates of industry growth for the fiscal quarter ending October 2, 2015 and the fiscal year ending July 1, 2016 and beyond. These statements identify prospective information and may include words such as expects, intends, plans, anticipates, believes, estimates, predicts, projects and similar expressions. These forward-looking statements are based on information available to the Company as of the date of this document and are based on management s current views and assumptions. These forward-looking statements are conditioned upon and also involve a number of known and unknown risks, uncertainties, and other factors that could cause actual results, performance or events to differ materially from those anticipated by these forward-looking statements. Such risks, uncertainties, and other factors may be beyond the Company s control and may pose a risk to the Company s operating and financial condition. Such risks and uncertainties include, but are not limited to: the uncertainty in global economic conditions, as consumers and businesses may defer purchases in response to tighter credit and financial news; the impact of the variable demand and adverse pricing environment for disk drives, particularly in view of current business and economic conditions; the Company s ability to successfully qualify, manufacture and sell its disk drive products in increasing volumes on a cost-effective basis and with acceptable quality, particularly the new disk drive products with lower cost structures; the impact of competitive product announcements; currency fluctuations that may impact our margins and international sales; possible excess industry supply with respect to particular disk drive products; disruptions to our supply chain or production capabilities; and successful completion of the tender offer the Company recently announced. Information concerning risks, uncertainties and other factors that could cause results to differ materially from the expectations described in this document is contained in the Company s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on August 11, 2015, the Risk Factors section of which is incorporated into this document by reference and other documents filed with or furnished to the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the Company s views as of any subsequent date and the Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made. 2

3 Use of Non GAAP Financial Information To supplement the condensed consolidated financial statements presented in accordance with generally accepted accounting principles (GAAP), the Company provides non-gaap measures of net income, diluted net income per share, gross margin, gross margin as a percentage of revenue, operating margin, operating expenses, and operating income which are adjusted from results based on GAAP to exclude certain expenses, gains and losses. These non-gaap financial measures are provided to enhance the user's overall understanding of the Company s current financial performance and our prospects for the future. Specifically, the Company believes non-gaap results provide useful information to both management and investors as these non-gaap results exclude certain expenses, gains and losses that we believe are not indicative of our core operating results and because they are consistent with the financial models and estimates published by financial analysts who follow the Company. The Company also presents free cash flow, which is a non-gaap measure calculated as the sum of net cash provided by operating activities, less acquisition of property, equipment and leasehold improvements. Free cash flow does not reflect all of the Company's expenses and non-cash items and does not reflect the Company's uses of cash in financing and investment activities. These non-gaap results are some of the primary measurements management uses to assess the Company s performance, allocate resources and plan for future periods. Reported non-gaap results should only be considered as supplemental to results prepared in accordance with GAAP, and not considered as a substitute for, or superior to, GAAP results. These non-gaap measures may differ from the non-gaap measures reported by other companies in our industry. 3

4 PAT O MALLEY Executive Vice President and Chief Financial Officer

5 Revenue ($ in Millions) Performance Metrics Revenue shifting to Enterprise / Cloud Delivering margin stabilization through market leading portfolio EBITDA management through portfolio mix and cost containment 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2, % 28% 28% 28% 28% 22% 19% 26% 22% 20% 19% 14% $11,395 $10,971 $14,939 $14,351 $13,724 $13,739 FY10 FY11 FY12 FY13 FY14 FY15 35% 30% 25% 20% 15% 10% Revenue ($M) EBITDA % Non-GAAP Gross Margin Note: Non-GAAP reconciliations provided at back of presentation. 5

6 $ in Millions Performance Metrics $6.5 Billion R&D investments since FY10 $4.2 Billion Capital expenditures since FY10 $14.7 Billion Strong operating cash flow since FY10 ~30% Consistent return on invested capital since FY10 3,500 3,000 2,500 2,000 71% 86% 49% 71% 97% 66% 110% 90% 70% 50% $10.1 Billion Significant capital return to shareholders since end of FY10 #1 Investment Redemption of 62% Outstanding Shares since end of FY10 1,500 1,000 34% 33% $1,264 27% 26% 30% 12% $1,932 $3,262 $3,047 $2,558 $2,647 FY10 FY11 FY12 FY13 FY14 FY15 OCF % OCF Returned ROIC 30% 10% 6

7 Investment Thesis FY 2016 Non-GAAP EPS ~ 10% Earnings Growth Data growth continues exponentially Cloud EB growth continues exponentially Gross Margin expansion with mix shift throughout the year Revenue growth and earnings accretion from CSS and Flash platform adjacencies Cost containment measures and monetizing operating investments Continued share redemptions Continued strong capital allocation policy Maintain investment grade debt profile 7

8 Resilient Financial Model FY16-17 Organic Financial Model Assumptions Revenue 2-5% Non-GAAP Gross Margin 27 32% Non-GAAP Operating Expenses 13 15% Non-GAAP Operating Margin 13 15% Capital Expenditures 6 8% Capital Deployment Assumptions Dividends (Annual Rate, Paid Quarterly) Share Redemptions Debt Retirement M&A/Strategic Investments $2.16 Per Share + 10% Annual increase Goal Value-driven Opportunity Dependent Opportunity Dependent 8

9 GAAP to Non-GAAP Gross Margin Reconciliations ($ Millions) FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 GAAP Gross Margin $3,204 $2,146 $4,684 $3,940 $3,846 $3,809 GAAP Gross Margin Percentage 28.1% 19.6% 31.4% 27.5% 28.0% 27.7% Gross Margin Adjustments: Cost of Revenue 7 (9) Non-GAAP Gross Margin $3,211 $2,137 $4,735 $4,022 $3,908 $3,862 Non-GAAP Gross Margin Percentage 28.2% 19.5% 31.7% 28.0% 28.5% 28.1% 9

10 GAAP to Non-GAAP Net Income Reconciliations ($ Millions) FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 GAAP net income $1,609 $511 $2,862 $1,838 $1,570 $1,742 Non-GAAP adjustments: Cost of revenue 7 (9) Product development Marketing and administrative (4) (2) 31 Amortization of intangibles Restructuring and other, net Gain on arbitration award, net (620) Other income (expense), net (71) Impairment of goodwill and other long-lived assets, net of recoveries Provision for (benefit from) income taxes (50) 14 (35) (53) (52) 202 Non-GAAP net income $1,720 $578 $2,977 $2,028 $1,751 $1,512 Diluted net income per share: GAAP $3.13 $1.09 $6.49 $4.81 $4.52 $5.26 Non-GAAP $3.35 $1.24 $6.75 $5.31 $5.04 $4.57 Shares used in diluted net income share calculation Non-GAAP gross margin and Non-GAAP gross margin %: Non-GAAP gross margin is defined as Revenue less Cost of revenue less non-gaap adjustments to Cost of revenue. Non-GAAP gross margin % is defined as Non-GAAP gross margin divided by Revenue. Non-GAAP operating expenses, Non-GAAP operating income and Non-GAAP operating margin: Non-GAAP operating expenses is defined as Product development, Marketing and administrative, Amortization of intangibles, Restructuring and other, net and Gain on arbitration award, net excluding non-gaap adjustments noted in the table above. Non-GAAP operating income is defined as Income from operations excluding non-gaap adjustments noted in the table above. Non-GAAP operating margin is non-gaap operating income divided by Revenue. 10

11 GAAP to EBITDA Reconciliations ($ Millions) FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 Income Before Income Taxes $1,569 $579 $2,882 $1,831 $1,556 $1,970 EBITDA adjustments Depreciation Amortization Interest Income (6) (7) (8) (8) (8) (6) Interest Expense EBITDA $2,517 $1,540 $3,929 $2,910 $2,622 $3,012 11

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