Raymond James 35 th Annual Conference. Judy Bruner Execu6ve Vice President, Administra6on and Chief Financial Officer March 3, 2014

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1 Raymond James 35 th Annual Conference Judy Bruner Execu6ve Vice President, Administra6on and Chief Financial Officer March 3,

2 Forward- Looking Statements During our mee6ng today we may make forward- looking statements. Any statement that refers to expecta6ons, projec6ons or other characteriza6ons of future events or circumstances is a forward- looking statement, including those rela6ng to market posi6on, market growth, product sales, industry trends, supply chain, future memory technology, produc6on capacity, produc6on costs, technology transi6ons and future products. This presenta6on contains informa6on from third par6es, which reflect their projec6ons as of the date of issuance. Actual results may differ materially from those expressed in these forward- looking statements due to factors detailed under the cap6on Risk Factors and elsewhere in the documents we file from 6me to 6me with the SEC, including our annual and quarterly reports. We undertake no obliga6on to update these forward- looking statements, which speak only as of the date hereof. 2

3 A Global Leader in Flash Storage SoluAons Rankings Trailing 4 Qtr. Financials Global OperaAons Technology $6.2B Revenue Fabs World Class NAND Capacity $3.6B Net Cash 1Ynm Leading Manufacturing $0.7B R&D Investment Technology Shipping 5,500 Employees CompuAng: Enterprise, Client and Retail SSDs Qualified at 6 of the Top 7 Server & Storage OEMs Approved Supplier to All Leading PC Manufacturers The Leading Retail Brand in Key Markets Retail: The Leading Brand in Key Markets #1 Global Retail Revenue Share v Mobile: All leading smartphone & tablet manufacturers use SanDisk Financials as of Q4, 13. Net Cash = [Cash + cash equivalents + short- term & long- term marketable securi6es] less [debt at maturity value] as of the end of Q4, 13. Patents as of Oct., 13; headcount Jan., 14. v NPD Es6mate, Nov., 13. Es6mates of the memory card & USB markets from NPD (Nov. 13) and GfK Retail and Technology, Sep., 13. 3

4 VerAcally Integrated Business Model NAND TECH SCALE ASSY, TEST & PACKAGING CONTROLLER FLASH MGMT PRODUCTS SOFTWARE Close to Half of Industry Bit Output Together with manufacturing partner Toshiba w Fabs: World class NAND capacity World- Leading Innovator 4,900+ Patents w Gartner: NAND Flash Supply & Demand, WW 1Q 12-4Q 14, 3Q 13. Update Sep 13. Thomson Reuters 2013 Top 100 Global Innovator program, hnp://top100innovators.com. 4

5 Diversified Porbolio of NAND Flash SoluAons Commercial: 63% of F2013 Revenue Retail: 37% of F2013 Revenue 5

6 Secular Trends Drive Demand for NAND Mobile CompuAng Content CreaAon All Flash Data Center S S D Raymond James 35th Annual Ins6tu6onal Investors Conference, Orlando, FL March 3,

7 TAM for NAND Flash Exceeds HDD by 2016 TAM ($B) $45 $ ~8% CAGR $35 $30 $25 $34 $34 $36 $30 $38 $20 $21 $15 $10 $5 $0 HDD NAND Source: SanDisk es6mates 7

8 SNDK: Increasing Mix of SSD, Mobile Embedded Revenue Mix Embedded 24% 27% Removable 53% 43% SSD Solu6ons 9% 19% License & Royal6es 7% 6% Other 7% 5% Total 100% 100% 8

9 Revenue: 2013 a Record with 22% Y/Y Growth 10- Yr CAGR: 19%, 3- Yr CAGR: 9% $7,000 In Millions $6,170 $6,000 $5,662 $5,000 $4,826 $5,053 $4,000 $3,258 $3,896 $3,351 $3,567 $3,000 $2,000 $1,777 $2,306 $1,000 $ Base for 10- Yr CAGR is 2003 with revenue of $1,079M 9

10 Gross Margin: 2013 a Record 47.2% 43.9% 47.4% 36.7% 34.3% Gross margin is non- GAAP see appendix for non- GAAP to GAAP defini6ons and reconcilia6ons 10

11 OperaAng Income and Margin: 2013 OperaAng Income a Record In Millions 32.2% 28.9% 29.3% 17.6% 16.4% $1,806 $1,553 $1,637 $827 $ Opera6ng income and margin are non- GAAP see appendix for non- GAAP to GAAP defini6ons and reconcilia6ons 11

12 EPS: 2013 a Record $5.31 $4.60 $4.65 $2.38 $ EPS is non- GAAP see appendix for non- GAAP to GAAP defini6ons and reconcilia6ons 12

13 Record 2013 OperaAng & Free Cash Flows In Millions $2,000 Cash Flow from Opera6ons Cash Used in Capex Inves6ng Free Cash Flow $1,864 $1,726 $1,500 $1,452 $1,344 $1,000 $1,054 $795 $500 $488 $451 $530 $361 $0 ($500) ($37) 2009 ($108) ($169) ($138) ($259) Cash Used in Capex Inves6ng includes Acquisi6ons of Property and Equipment and Net Investments in Joint Venture Fabs Free Cash Flow equals Cash Flow from Opera6ons less Cash Used in Capex Inves6ng 13

14 AgracAve Capital Return Program Stock Repurchases Repurchase annually the greater of: 70% of free cash flow, OR Amount to offset dilu6on from employee equity awards Spent more in 2013: $1.59B Remaining authoriza6on at end of 2013: $1.93 billion Dividends Ini6ated quarterly dividend program in Q $0.225 cents per share ($0.90 cents per share annualized) 2013: Total return of cash to shareholders 98% of free cash flow 14

15 SanDisk Balance Sheet is a Strategic Asset In Millions Top labels indicate gross cash $5,343 $2,150 $5,615 $5,711 $6,085 $1,928 $1,928 $2,500 $2,944 $1,225 $1,719 $3,193 $3,687 $3,783 $3, Net Cash Debt Net Cash = [Cash + Cash Equivalents + Short- term & Long- term Marketable Securi6es] LESS [Debt Value at Maturity] at the close of each fiscal period. 15

16 Well- PosiAoned for Long Term Success 1 2 Industry Recognized Diverse Porbolio VerAcal IntegraAon, Scale Retail, Embedded, Client & Enterprise SSD Solu6ons; leading brand State- of- the- art fab and manufacturing opera6ons - > supply, anrac6ve cost 3 Financials Strong P&L, balance sheet - > flexibility to invest + return cash to shareholders Focus 4 Only pure play Flash manufacturer & global leader in Flash storage solu6ons 16

17 Thank You 17

18 Appendices Basis of Presenta6on for Non- GAAP to GAAP Reconcilia6ons Non- GAAP to GAAP Reconcilia6ons for Historical Results Non- GAAP to GAAP Reconcilia6ons for Forecasts 18

19 Basis of Presentation for Non-GAAP to GAAP Operating Results To supplement our condensed consolidated financial statements presented in accordance with generally accepted accoun6ng principles (GAAP), we use non- GAAP measures of opera6ng results, net income and net income per share, 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 our current financial performance and our prospects for the future. Specifically, we believe the non- GAAP results provide useful informa6on to both management and investors as these non- GAAP results exclude certain expenses, gains and losses that we believe are not indica6ve of our core opera6ng results and because they are consistent with the financial models and es6mates published by many analysts who follow us. For example, because the non- GAAP results exclude the expenses we recorded for share- based compensa6on, amor6za6on of acquisi6on- related intangible assets related to acquisi6ons of Matrix Semiconductor, Inc. in January 2006, Pliant Technology, Inc. in May 2011, FlashSo Corpora6on in February 2012, Schooner Informa6on Technology, Inc. in June 2012 and SMART Storage Systems in August 2013, impairment of acquisi6on- related intangible assets, non- cash economic interest expense associated with the conver6ble debt and related tax adjustments, we believe the inclusion of non- GAAP financial measures provides consistency in our financial repor6ng. In addi6on, our non- GAAP diluted shares include the impact of the call op6on which, when exercised, will offset the issuance of dilu6ve shares from the 1.5% Sr. Conver6ble Notes due 2017, while the GAAP diluted shares exclude the an6- dilu6ve impact of this call op6on. These non- GAAP results are some of the primary indicators management uses for assessing our performance, alloca6ng resources and planning and forecas6ng future periods. Further, management uses non- GAAP informa6on that excludes certain non- cash charges, such as amor6za6on of acquisi6on- related intangible assets, impairment of acquisi6on- related intangible assets, share- based compensa6on, non- cash economic interest expense associated with the conver6ble debt and related tax adjustments, as these non- GAAP charges do not reflect the cash opera6ng results of the business or the ongoing results. These measures should be considered in addi6on to results prepared in accordance with GAAP, but should not be considered a subs6tute for, or superior to, GAAP results. These non- GAAP measures may be different than the non- GAAP measures used by other companies. 19

20 ReconciliaAon of Non- GAAP to GAAP Statement of OperaAons For the year ended January 3, 2010 (in thousands, except percentages and per share amounts, unaudited) Purchase Convertible % of Share-based Accounting Debt % of Non-GAAP Revenue Compensation Adjustments Interest Other GAAP Revenue Product revenues $ 3,154, % $ - $ - $ - $ - $ 3,154, % License and royalty revenues 412, % , % Total revenues 3,566, % ,566, % Cost of product revenues 2,257, % (a) 12,427 (b) ,269, % Amortization of acquisition-related intangible assets - 0.0% (a) - 12,529 (c) , % Total cost of product revenues 2,257, % (a) 12,427 12, ,282, % Product gross profit 897, % (a) (12,427) (12,529) , % Total gross profit 1,309, % (12,427) (12,529) - - 1,284, % (a) (a) Research and development 347, % 36,399 (b) , % (a) Sales and marketing 189, % 19,247 (b) , % General and administrative 143, % 27,487 (b) , % (a) Amortization of acquisition-related intangible assets - 0.0% - 1,167 (c) - - 1, % Restructuring and other % % Total operating expenses 680, % 83,133 1, , % Operating income 628, % (95,560) (13,696) , % Other income (expense) 38, % - - (54,454) (d) - (15,589) -0.5% Income before income taxes 667, % (95,560) (13,696) (54,454) - 503, % Provision f or income taxes 240, % (26,251) (5,150) (20,475) (99,937) (e) 88, % Net income $ 427, % $ (69,309) $ (8,546) $ (33,979) $ 99,937 $ 415, % Net income per share, diluted $ 1.84 $ 1.79 Diluted shares used in computing net income per share 232, ,959 Ef f ective tax rate 36.0% 17.6% (a) (b) Percent of revenue calculations for cost of product revenues and product gross profit are based on product revenues only (license and royalty revenues are excluded). Share-based compensation expense. The fourth quarter and full fiscal year 2009 include a one-time cumulative adjustment of $16.2 million to increase share-based compensation due to the w ay in w hich the Company's third-party softw are application incorrectly accounted for estimated forfeitures in share-based compensation calculations. This cumulative adjustment relates to the nine months ended September 27, 2009 and the three years ended December 28, 2008, and is not material for any prior period. Amortization of acquisition-related intangible assets, primarily core and developed technology related to acquisitions of Matrix Semiconductor, Inc. (1/06) and MusicGremlin, Inc. (6/08). Incremental interest expense relating to the non-cash economic interest expense associated w ith the Company's cash-settled convertible debt. (c) (d) (e) Income taxes associated w ith certain non-gaap to GAAP adjustments. 20

21 Reconciliation of Non-GAAP to GAAP Statements of Operations Twelve months ended January 2, 2011 (in thousands, except percentages and per share amounts, unaudited) Sharebased Purchase Convertible FY 2010 Compensation Acctg Debt FY 2010 Non-GAAP % of Rev Adj Interest Other GAAP % of Rev Product revenues $ 4,462, % $ - $ - $ - $ - $ 4,462, % License and royalty revenues 363, % , % Total revenues 4,826, % ,826, % Cost of product revenues 2,546, % (a) 5,821 (b) ,552, % (a) Amortization of acquisition-related intangible assets - - (a) - 12,529 (c) , % (a) Total cost of product revenues 2,546, % (a) 5,821 12, ,564, % (a) Product gross profit 1,916, % (a) (5,821) (12,529) - - 1,898, % (a) Total gross profit 2,280, % (5,821) (12,529) - - 2,262, % Research and development 396, % 26,292 (b) , % Sales and marketing 198, % 10,934 (b) , % General and administrative 131, % 34,543 (b) , % Amortization of acquisition-related intangible assets ,672 (c) - - 1,672 - Total operating expenses 727, % 71,769 1, , % Operating income 1,553, % (77,590) (14,201) - - 1,461, % Other income (expense) 64, % - - (68,898) (d) - (4,141) (0.1%) Income before income taxes 1,618, % (77,590) (14,201) (68,898) - 1,457, % Provision for (benefit from) income taxes 517, % (26,720) (5,297) (25,699) (302,792) (e) 157, % Net income $ 1,100, % $ (50,870) $ (8,904) $ (43,199) $ 302,792 $ 1,300, % Net income per share, diluted $ 4.60 $ 5.44 Diluted shares used in computing net income per share 239, ,901 Effective tax rate 32.0% 10.8% (a) (b) (c) (d) (e) Percent of revenue calculations for cost of product revenues and product gross profit are based on product revenues only (license and royalty revenues are excluded). Share-based compensation expense. Amortization of acquisition-related intangible assets, primarily core and developed technology related to acquisitions of Matrix Semiconductor, Inc. (1/06) and MusicGremlin, Inc. (6/08). Incremental interest expense relating to the non-cash economic interest expense associated with the Company's 1% Sr. Convertible Notes due 2013 and 1.5% Sr. Convertible Notes due Income taxes associated with certain non-gaap to GAAP adjustments and valuation allowances on deferred taxes. 21

22 Reconciliation of Non-GAAP to GAAP Statements of Operations Twelve months ended January 1, 2012 (in thousands, except percentages and per share amounts, unaudited) Sharebased Purchase Convertible FY 2011 Compensation Acctg Debt FY 2011 Non-GAAP % of Rev Adj Interest Other GAAP % of Rev Product revenues $ 5,287, % $ - $ - $ - $ - $ 5,287, % License and royalty revenues 374, % , % Total revenues 5,662, % ,662, % Cost of product revenues 3,178, % (a) 4, ,183, % (a) Amortization of acquisition-related intangible assets - - (a) - 39,742 (b) , % (a) Total cost of product revenues 3,178, % (a) 4,674 39, ,222, % (a) Product gross profit 2,108, % (a) (4,674) (39,742) - - 2,064, % (a) Total gross profit 2,483, % (4,674) (39,742) - - 2,439, % Research and development 513, % 34, , % Sales and marketing 188, % 10, , % General and administrative 144, % 13, , % Amortization of acquisition-related intangible assets ,485 (b) - - 4, % Total operating expenses 846, % 58,436 4, , % Operating income 1,637, % (63,110) (44,227) - - 1,530, % Other income (expense) 58, % - - (111,354) (c) - (53,346) (0.9%) Income before income taxes 1,695, % (63,110) (44,227) (111,354) - 1,476, % Provision for income taxes 557, % (19,587) (d) (5,698) (d) (40,564) (d) (1,824) (d) 489, % Net income $ 1,138, % $ (43,523) $ (38,529) $ (70,790) $ 1,824 $ 986, % Net income per share, diluted $ 4.65 $ 4.04 Diluted shares used in computing net income per share 244, ,553 Effective tax rate 32.9% 33.2% (a) Percent of revenue calculations for cost of product revenues and product gross profit are based on product revenues only (license and royalty revenues are excluded). (b) Amortization of acquisition-related intangible assets, primarily core technology, developed technology, customer relationships and trademarks related to acquisition of Matrix Semiconductor, Inc. (1/06) and Pliant Technology, Inc (5/11). (c) Incremental interest expense related to the non-cash economic interest expense associated with the Company's 1% Sr. Convertible Notes due 2013 and 1.5% Sr. Convertible Notes due 2017, and non-cash change in fair value of the liability component of the repurchased portion of the 1% Sr. Convertible Notes due (d) Income taxes associated with certain non-gaap to GAAP adjustments. 22

23 Reconciliation of Non-GAAP to GAAP Statements of Operations Twelve months ended December 30, 2012 (in thousands, except percentages and per share amounts, unaudited) FY 2012 Non-GAAP Sharebased Purchase Convertible Compensation Acctg Debt FY 2012 % of Rev Adj Adj Other GAAP % of Rev Product revenues $ 4,678, % $ - $ - $ - $ - $ 4,678, % License and royalty revenues 374, % , % Total revenues 5,052, % ,052, % Cost of product revenues 3,319, % (a) 7,459 (b) 3,326, % Amortization of acquisition-related intangible assets - - (a) 42,542 (c) , % Total cost of product revenues 3,319, % (a) 7,459 42, ,369, % Product gross profit 1,359, % (a) (7,459) (42,542) - - 1,309, % Gross profit 1,733, % (7,459) (42,542) - - 1,683, % Research and development 561, % 41,010 (b) , % Sales and marketing 209, % 14,585 (b) , % General and administrative 135, % 15,389 (b) , % Amortization and write-off of acquisition-related intangible assets ,905 (c) - - 9, % Total operating expenses 906, % 70,984 9, , % Operating income 826, % (78,443) (52,447) , % Other income (expense), net 20, % - - (89,963) (d) (69,179) (1.4)% Income before taxes 847, % (78,443) (52,447) (89,963) - 626, % Provision for income taxes 265, % (17,520) (3,495) (32,389) (2,444) (e) 209, % Net income $ 582, % $ (60,923) $ (48,952) $ (57,574) $ 2,444 $ 417, % Net income per share, diluted $ 2.38 $ 1.70 Diluted shares used in computing net income per share 245, ,253 Effective tax rate 31.3% 22.3% 6.7% 36.0% 33.4% (a) Percent of revenue calculations for cost of product revenues and product gross profit are based on product revenues only (license and royalty revenues are excluded). (b) Share-based compensation expense. (c) Amortization and write-off of acquisition-related intangible assets, primarily core technology, developed technology, customer relationships and trademarks related to the acquisitions of Matrix Semiconductor, Inc. (January 2006), Pliant Technology, Inc. (May 2011), FlashSoft Corporation (February 2012) and Schooner Information Technology, Inc. (June 2012). (d) Incremental interest expense relating to the non-cash economic interest expense associated with the Company's 1% Sr. Convertible Notes due 2013 and 1.5% Sr. Convertible Notes due (e) Income taxes associated with certain non-gaap to GAAP adjustments. 23

24 Reconciliation of Non-GAAP to GAAP Statements of Operations Twelve months ended December 29, 2013 (in thousands, except percentages and per share amounts, unaudited) FY 2013 Non-GAAP Sharebased Purchase Convertible Compensation Acctg Debt FY 2013 % of Rev Adj Adj Other GAAP % of Rev Revenues $ 6,170, % $ - $ - $ - $ - $ 6,170, % Cost of revenues 3,243, % 9,820 (a) ,252, % Amortization of acquisition-related intangible assets ,532 (b) , % Total cost of revenues 3,243, % 9,820 49, ,302, % Gross profit 2,926, % (9,820) (49,532) - - 2,867, % Research and development 690, % 51,521 (a) , % Sales and marketing 257, % 19,193 (a) , % General and administrative 173, % 19,222 (a) , % Amortization of acquisition-related intangible assets ,155 (b) , % Impairment of acquisition-related intangible assets ,228 (c) , % Total operating expenses 1,120, % 89,936 94, ,305, % Operating income 1,805, % (99,756) (143,915) - - 1,562, % Other income (expense), net 21, % - - (67,604) (d) - (46,061) (0.7%) Income before income taxes 1,827, % (99,756) (143,915) (67,604) - 1,516, % Provision for income taxes 560, % (32,226) (28,330) (24,493) (1,923) (e) 473, % Net income $ 1,266, % $ (67,530) $ (115,585) $ (43,112) $ 1,923 $ 1,042, % Net income per share, diluted $ 5.31 $ 4.34 Diluted shares used in computing net income per share 238,419 (270) (f) 2,087 (g) 240,236 Effective tax rate 30.7% 32.3% 19.7% 36.2% 31.2% (a) Share-based compensation expense. (b) Amortization of acquisition-related intangible assets, primarily core technology, developed technology, customer relationships and trademarks related to the acquisitions of Pliant Technology, Inc. (May 2011), FlashSoft Corporation (February 2012), Schooner Information Technology, Inc. (June 2012) and SMART Storage Systems (August 2013). (c) Impairment of acquisition-related intangible assets and in-process research and development related to the Pliant Technology, Inc. acquisition. (d) Incremental interest expense relating to the non-cash economic interest expense associated with the Company's 1% Sr. Convertible Notes due 2013, 1.5% Sr. Convertible Notes due 2017, and 0.5% Sr. Convertible Notes due (e) Income taxes associated with certain non-gaap to GAAP adjustments. (f) Impact of share-based compensation on diluted shares. (g) Impact of offsetting shares from call option related to the Company's 1.5% Sr. Convertible Notes due

25 1GB=1,000,000,000 bytes. Actual user capacity less. SanDisk, CompactFlash, SanDisk Extreme and SanDisk Extreme Pro are trademarks of SanDisk Corpora6on, registered in the United States and other countries. Lightning and Op6mus are U.S. registered trademarks of SanDisk Enterprise IP LLC. inand Extreme and inand Ultra are trademarks of SanDisk Corpora6on. Cloudspeed logo and ULLtraDIMM are trademarks of SanDisk Enterprise IP LLC. The microsdhc, microsdxc and SDXC logos are trademarks of SD- 3C, LLC. Other brand names men6oned herein are for iden6fica6on purposes only and may be the trademarks of their respec6ve holder(s) SanDisk Corpora6on. All rights reserved. 25

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