ANALYST DAY FEBRUARY 16, 2012

Agenda SANJAY MEHROTRA

DAN INBAR

RITU SHRIVASTAVA

President and Chief Executive Officer

Senior Vice President and General Manager, OEM

SUMIT SADANA

KEVIN CONLEY

JUDY BRUNER

Senior Vice President and Chief Strategy Officer

Senior Vice President and General Manager, Client Storage Solutions

Executive Vice President, Administration and Chief Financial Officer

SHUKI NIR

GREG GOELZ

Q&A SESSION

Senior Vice President and General Manager, Retail Business

Vice President and General Manager, Enterprise Storage Solutions

SHORT BREAK

LUNCH BREAK

ANALYST DAY || FEBRUARY 16, 2012

Vice President, Technology Development

SLIDE 2

Forward-looking Statement During our meeting today we will be making forward-looking statements. Any statement that refers to expectations, projections or other characterizations of future events or circumstances is a forward-looking statement, includingthose relating to revenue, pricing, market share, market growth, product sales, industry trends, expenses, gross margin, future memory technology, production capacity and technology transitions and future products. Actual results may differ materially from those expressed in these forward-lookingstatements including due to the factors detailed under the caption ―Risk Factors‖ and elsewhere in the documents we file from time-to-time with the SEC, including our annual and quarterly reports. Reconciliations between Non-GAAP and GAAP results presented are included in the appendix of the financial presentation. We undertake no obligation to update these forward-looking statements, which speak only as of the date hereof.

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 3

SANJAY MEHROTRA President and Chief Executive Officer

ANALYST DAY || FEBRUARY 16, 2012

Our Mission

To Enrich People‘s Lives Through Digital Storage Anytime, Anywhere ANALYST DAY || FEBRUARY 16, 2012

SLIDE 5

SanDisk Uniquely Positioned to Win  STRONG MARKET TRENDS  STRENGTHENING BUSINESS PORTFOLIO

 VERTICAL INTEGRATION  FINANCIAL STRENGTH

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 6

Outstanding 2011 with Solid Execution  RECORD REVENUE, EPS, STRONG CASH FLOW – $5.7 Bil, +17% y/y – EPS of $4.65 – Free cash flow of $377 mil

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 7

Diversified Business Model Has Produced > $2B Revenue Growth in the Last 2 Years $5.7B $3.6B

2011 OEM GROWTH $3.5 Bil, +25% y/y

2009

2011 RETAIL GROWTH $1.8 Bil, +8% y/y

2011

SANDISK REVENUE

#1 market share worldwide*

Premium global brand Global Footprint — More than 250k stores Doubled unit growth in emerging markets * Memory card + USB flash drive revenues, based on market research reports.

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 8

Outstanding 2011 with Solid Execution  RECORD REVENUE, EPS, STRONG CASH FLOW – $5.7 Bil, +17% y/y – EPS of $4.65 – Free cash flow of $377 mil  EFFICIENT SCALING OF SUPPLY CHAIN – Record 760 mil units sold – Fab 5 production start  TECHNOLOGY CONTINUING TO LEAD THE INDUSTRY – 19nm initial production output (industry‘s smallest chips for 2012) – Substantial progress on NAND scaling, 3D ReRAM, BiCS 3D NAND  STRENGTHENING PORTFOLIO FOR THE FUTURE – Pliant acquisition enables entry into enterprise SSD market – Broadened product offering and increased customer engagement in client SSD market

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 9

Secular Trends Support Smart Lifestyle across Demographics

MOBILITY

CONNECTIVITY

ANALYST DAY || FEBRUARY 16, 2012

CONTENT

SLIDE 10

Smart Mobile Devices Shipments Growing to 1.6B Annually in 2015… GB SHIPMENTS (BILLIONS)

6,000

2011

5,000

4,000

PRIMARY GROWTH DRIVERS

2015

+1B

2011 2015 (Units) (Units)

0 1620

’11-’15 Growth (%)

Smartphones

480

1150

140%

Tablets

65

315

380%

SSDs

25

155

530%

570

1620

180%

570

3,000

2,000

1,000

0 Smart Mobile Devices

Cards, USB, Feature Phones, Other*

Total

* Excluded categories with less than 0.5 GB/Unit in 2012 or less than 1.0 GB/Unit in 2015 (e.g. SmartCards) Source: Gartner - Forecast Analysis: NAND Flash Update, 4Q11, December 2011

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 11

…Driving Demand for NAND Flash GB SHIPMENTS (BILLIONS)

2011

2015

160 140 24 GB per Unit

120

Smart Mobile Devices

100

~7.5x

Cards, USB, Feature Phones, Other*

80 71 GB per Unit

60 40 20

0

5 GB per Unit

30 GB per Unit

262 GB per Unit

* Excluded categories with less than 0.5 GB/Unit in 2012 or less than 1.0 GB/Unit in 2015 (e.g. SmartCards) Source: Gartner - Forecast Analysis: NAND Flash Update, 4Q11, December 2011

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 12

Highly Responsive Cloud Enables Smart Lifestyle INCREASINGLY RESPONSIVE DATA CENTERS

INCREASINGLY POWERFUL MOBILE DEVICES ANALYST DAY || FEBRUARY 16, 2012

SLIDE 13

SSDs Transforming the Data Center REVENUE TAM ESTIMATED AT $7.1 BIL IN 2015

KEY ENTERPRISE REQUIREMENTS High performance High reliability Small footprint Low power Low total cost of ownership NAND FLASH: A DISRUPTIVE FORCE Source: Forward Insights, SSD Insights 4Q11, December 2011 and Forward Insights, NAND Insights 4Q11, December 2011

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SLIDE 14

$46+ Billion Addressable Market in 2015 for SanDisk END MARKET ($, BIL)

TAM – 2011*

TAM – 2015*

Mobile

$11.8

$19.1

Client SSD

$2.9

$11.1

Enterprise SSD

$3.4

$7.1

Consumer

$9.2

$9.2

Total

$27.2

$46.5

Source: Forward Insights, SSD Insights 4Q11, December 2011 and Forward Insights, NAND Insights 4Q11, December 2011

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 15

Industry Capacity Growth Rate Slowing Installed Base New Capacity Y/Y % Wafer Capacity Growth YoY % Bit Growth

Y/Y AVERAGE MONTHLY CAPACITY IN THOUSANDS OF WAFERS

Y/Y % GROWTH

1,400 1,400

200% 180%

1,200 1,200

160% 1,000 1,000

140% 120%

800 800

100% 600 600

80% 60%

400 400

40% 200 200

20%

--

0% 2005 2005

2006 2006

2007 2007

2008 2008

2009 2009

2010 2010

2011 2011

2012 2012

2013 2013

Source: Graph prepared based on data from Forward Insights, February 2012

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 16

Industry Bit Growth Rate Moderating Y/Y % BIT GROWTH AVERAGE MONTHLY WAFER CAPACITY (300 MM) K WAFER STARTS/MONTH

200% 175% 150% 125% 100% 70-75% 75%

50-60%

50% 25% 0% 2005

2006

2007

2008

2009

2010

2011

2012E

2013E

Source: Graph prepared based on data from Forward Insights, February 2012 SanDisk Estimates for 2012 and 2013

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SLIDE 17

Demand Supply Outlook  SECULAR DEMAND DRIVERS REMAIN VIBRANT  INDUSTRY SUPPLY GROWTH RATE MODERATING  EXPECTING OVERALL SUPPLY DEMAND BALANCE IN 2012 AND BEYOND

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SLIDE 18

SanDisk Uniquely Positioned to Win  STRONG MARKET TRENDS  STRENGTHENING BUSINESS PORTFOLIO  VERTICAL INTEGRATION  FINANCIAL STRENGTH

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 19

Pliant Acquisition: Enterprise SSD Market Entry, Driving Growth HIGHLY SUCCESSFUL INTEGRATION Strategic

Market leading SAS product line High-growth Market

Technical Synergy Build SAS, SATA, PCIe enterprise portfolio SNDK memory technology + Pliant‘s Systems Expertise

Operational

Financial

Captive NAND supply, cost structure & High-volume manufacturing capability

Fast revenue ramp

ANALYST DAY || FEBRUARY 16, 2012

New growth driver High-margin

SLIDE 20

Accelerating Momentum in Enterprise SSDs: Strong Revenue Growth KEY MILESTONES

BROADENING PRODUCT LINE-UP

EXPANDING CUSTOMER BASE

May 25, 2011 SanDisk acquires Pliant Technology June 2011 Qualification and integration of 6Gb SAS SLC and MLC at HP December 2011 Sampling of Enterprise SATA SSD and PCIe SSD to Tier 1 OEMs

SAS SSD

SATA SSD

PCIe SSD

Engaged with Others

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 21

SanDisk Poised for Growth in Client SSDs DevSleep™ µSSDTM

Industry-Leading Power Management and Small Form Factor Development

OEM Broad Product Portfolio for both OEM and Retail Channels

Retail

Expanding Customer Engagements and Increasing Revenue ANALYST DAY || FEBRUARY 16, 2012

SLIDE 22

2012: Year of the SSD SANDISK SSD REVENUE CONTRIBUTION GROWING FROM ~3% IN 2011 TO ~10% IN 2012 ~ 25% OF REVENUE

25%

20%

15% ~ 10% OF REVENUE 10%

5%

~ 3% OF REVENUE

0%

2011

2012

2013

2014

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 23

Software: Adding Value to Our Solid State Drive Offerings

CLIENT SSD

ENTERPRISE SSD

ExpressCache® NowON™ for laptops

Active Data Management

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 24

Adding High Value Solutions to Portfolio MARKET TRENDS Cloud Computing, Services, Virtualization

SSDs in Data Center

SANDISK FOCUS

Software High Performance SSDs

SSDs in Ultra Thin PCs

Converged Mobile Devices

BENEFITS

High Margin, Differentiated Opportunities

Removable, Embedded Products

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 25

SanDisk Uniquely Positioned to Win  STRONG MARKET TRENDS  STRENGTHENING BUSINESS PORTFOLIO  VERTICAL INTEGRATION  FINANCIAL STRENGTH

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 26

SanDisk Business Model Benefits from Vertical Integration BENEFITS RETAIL

OEM (CONSUMER)

OEM (ENTERPRISE)

Fab Manufacturing, Assembly and Test, Global Distribution

ASIC, Packaging, System Engineering Expertise, Software

• Cost leadership • Engineering synergy • End-to-end solutions • Global scale and reach

Technology Development and Memory Design

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 27

Technology and Memory Architecture Leadership Lead to Competitive Advantage SANDISK CONTINUES COST LEADERSHIP WITH THE SMALLEST X2 AND X3 DIE ON 19NM TECHNOLOGY NODE CONVENTIONAL

ABL

SENSE AMPLIFIER

MULTIPLEXER

ODD EVEN

SENSE AMPLIFIER

19nm 128Gb X3 memory Leading die in production

MEMORY ARRAY

EVEN

ODD

SENSE AMPLIFIER

ABL architecture provides performance leadership

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 28

3-Pronged Strategy Assuring Competitive Advantage Today and in the Future PROMISING RESULTS IN TECHNOLOGY DEVELOPMENT IN 2011 NAND Scaling 2013: 1Y nm

2014: 1Z nm

&…

Dominant production technology for rest of the decade

3D Resistive RAM (ReRAM) Good progress on Read/Write materials Requires EUV; Production opportunity beyond 2015 Successor to NAND into the next decade

BiCS 3D NAND Collaboration with Toshiba started in 2011

Leverages existing fab infrastructure Bridge to 3D ReRam ANALYST DAY || FEBRUARY 16, 2012

SLIDE 29

SanDisk Systems Expertise: Key to Winning Software

Usage Models

Standards

Chipsets

Memory

Algorithms, ECC

Firmware Operating Systems

Controllers

Integrated System ANALYST DAY || FEBRUARY 16, 2012

SLIDE 30

R&D Investments Strengthen Our Core CATEGORY

INVESTMENTS

RESULTS

Memory Technology

 Investing $500+ Mil/Year  3-pronged technology strategy leveraging 12-year Toshiba partnership  StrongECC™  Adaptive Flash Management™

 Cost leadership  5 generations of X3 NAND  >50% X3 Utilization  Performance leadership  #1 in imaging, mobile cards  Embedded share gains  SSD solutions  3700+ patents issued globally

Systems, Products

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 31

SanDisk-Toshiba JV: Industry Leading Manufacturing Scale Fab 5

Phase2

Phase1

Phase2

Fab 3 Fab 4

Fab 5 phase 1 + 2: Future fully ramped capacity similar to Fab 4 Automated inter-building wafer transport system linking all 3 fabs providing utilization/scale benefits

YOKKAICHI, JAPAN ANALYST DAY || FEBRUARY 16, 2012

SLIDE 32

Captive Supply Outlook  SANDISK 2012 SUPPLY OUTLOOK – Fab 5 Phase 1 ramped to 30% in January 2012 • Month-to-month evaluation on when ramp re-starts – 19nm technology transition key driver of bit growth in 2012 – Bit growth expected to be slightly less than 2011  SANDISK 2013 & BEYOND CAPACITY CONSIDERATIONS – Fab 5 Phase 1 capacity expansion driven by our demand requirements – Fab 5 Phase 2 build no sooner than 2013 – Continued scaling of NAND to 1Y nm, 1Z nm, … – Possible introduction of BiCS 3D NAND, 3D ReRAM based on development progress  SANDISK COMMITTED TO PRUDENT CAPTIVE SUPPLY MANAGEMENT

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 33

Broad Assembly & Test Infrastructure Support Our Growing Scale of Operations SanDisk Shanghai Assembly/Test Facility: Driving Scale  Expanding Assembly/Test Facility  Plan to maintain current captive/ non-captive assembly/test strategy

Approaching

1Billion units/year

MILLIONS OF UNITS SOLD PER DAY

3.0 760 Million Units

2.5

2.0 1.5

1.0

SUB-CONTRACTOR PARTNERS SANDISK

0.5 0.0 2004

2005

2006

2007

2008

2009

ANALYST DAY || FEBRUARY 16, 2012

2010

2011

2012 SLIDE 34

SanDisk Uniquely Positioned to Win  STRONG MARKET TRENDS

 STRENGTHENING BUSINESS PORTFOLIO  VERTICAL INTEGRATION  FINANCIAL STRENGTH

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 35

Operating with Financial Strength  STRONG BALANCE SHEET – Net cash balance of $3.7 billion  EXPECTING STRONG 2012

– Revenue growth, strong profitability, cash flows  WELL POSITIONED FOR FUTURE INVESTMENT OPPORTUNITIES – Technology Investments – Manufacturing Investments

– Product/Solution Portfolio Investments

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 36

Executing Well, Strengthening Position  DIVERSIFIED CUSTOMER AND CHANNEL STRATEGY WORKING WELL

 SIGNIFICANT ADDITIONS TO PORTFOLIO IN THE LAST YEAR: ENTERPRISE & CLIENT SSDs, SOFTWARE SOLUTIONS  TECHNOLOGY DEVELOPMENT PROVIDING COMPETITIVE ADVANTAGE NOW AND IN THE FUTURE

 PRUDENT SUPPLY MANAGEMENT, EFFICIENT SCALE OF PRODUCTION  WELL PLACED AT THE CONFLUENCE OF DYNAMIC SECULAR TRENDS

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 37

Best is Yet to Come

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 38

SUMIT SADANA Senior Vice President and Chief Strategy Officer

ANALYST DAY || FEBRUARY 16, 2012

Flash Everywhere

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 40

Growth Driver 1: Smartphones

MILLIONS OF UNITS 1,200 1,000 800 600

400 200 0

2010

6

2011

2012

2013

2014

Average Capacity in GB

2015

24

Source: Gartner December, 2011 - Forecast: Semiconductor Consumption by Electronic Equipment Type, Worldwide, 4Q11 Update

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 41

Growth Driver 2: Tablets MILLIONS OF UNITS

350 300 250 200 150 100 50 0

2010

27

2011

2012

2013

2014

Average Capacity in GB

2015

71

Source: Gartner December, 2011 - Forecast: Semiconductor Consumption by Electronic Equipment Type, Worldwide, 4Q11 Update

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 42

Tablets: Compelling Use Cases

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 43

Growth Driver 3: PC SSD MILLIONS OF UNITS 140 120 100 80 60 40 20 0

2010

86

2011

2012

2013

2014

Average Capacity in GB

2015

235

Source: Gartner December, 2011 - Forecast: Semiconductor Consumption by Electronic Equipment Type, Worldwide, 4Q11 Update

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 44

Growth Driver 4: Enterprise SSD 16

MILLIONS OF UNITS

14 12

10 8 6 4 2 0

2010

134

2011

2012

2013

Average Capacity in GB

2014

2015

617

Source: Gartner December, 2011 - Forecast: Semiconductor Consumption by Electronic Equipment Type, Worldwide, 4Q11 Update

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 45

Emerging Markets Retail Unit Growth MILLIONS OF UNITS 800 700 600 500 400 300 200 100

0 2011

2012

2013

2014

2015

Includes Mobile, Imaging and USB products sold through retail channel Source: SanDisk Market Intelligence estimates Note: Emerging Markets includes Latin America, MEA, CIS, China, India, VIP

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 46

Tablets and SSDs Drive Significant Revenue Opportunity TOTAL AVAILABLE MARKET IN BILLIONS $25

$20

$15

$10

$5

$0

2010

2011

2012

 Enterprise SSD

 PC SSD

2013

2014

2015

 Tablets (NAND storage only)

Sources: Forward Insights SSD Insights, 4Q11 Update, December 2011 and Forward Insights NAND Insights, 4Q11 Update, December 2011

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 47

Behind The Scenes

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 48

Today’s Mobile Connected World Enterprise Servers & Storage

Data Networks

MAXIMUM PERFORMANCE

Client Devices

MAXIMUM MOBILITY

First Node

Last Node ANALYST DAY || FEBRUARY 16, 2012

SLIDE 49

Mobile Video Growth is Skyrocketing up to 60% of total mobile data was video in 2011

Source: Bytemobile Mobile Analytics Report (2Q 2011)

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 50

This Growth Presents Challenges mobile video

stalls up to 40% of the time*

Loading... buffering...

80% Bail Out Rate Source: Bytemobile Mobile Analytics Report (2Q 2011) * Depending on network conditions

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 51

Challenges become

Loaded Loading... 100%

Opportunities ANALYST DAY || FEBRUARY 16, 2012

SLIDE 52

Caching to Improve User Experience Time Shifting Utilize off peak network bandwidth (at night)

Smart Caching Rule-based caching to memory

Load Shifting Side-loading – Use the PC Preloading Downloading via WiFi

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 53

Flash Accelerates the Link from the Cloud to You Enterprise Servers & Storage

Data Networks

MAXIMUM PERFORMANCE

Client Devices

MAXIMUM MOBILITY

First Node

Last Node ANALYST DAY || FEBRUARY 16, 2012

SLIDE 54

The Need for Cloud Data Delivered Fast Cloud Services

Data Analytics

Content Delivery Flash enables the defining technology trends of our time ANALYST DAY || FEBRUARY 16, 2012

SLIDE 55

SanDisk: Increasing Product Portfolio Value Software: Products  Solutions Increasing Value to Customers

Caching software on the device improves performance and user experience ANALYST DAY || FEBRUARY 16, 2012

SLIDE 56

Caching Solutions in Personal Computing HDD

iSSD

Flash Cache Advantages*

BootOS Time Reduced by 66%Core OS Log Files Log Files Hibernates in less than 7 seconds Data Battery life of up to 8 hoursRecent Data Applications

– – – –

World-wide exclusive rights Covering all consumer, mobile and enterprise computing applications Exclusive joint development agreement for next generation SSD solutions SanDisk will sell software as stand-alone or bundled solution broadly

* Based on internal testing; Performance varies depending upon host device, OS and application

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 57

SanDisk: Increasing Product Portfolio Value Software: Products  Solutions Increasing Value to Customers

Caching software in the cloud keeps ‗hot‘ data in flash

Caching software on the device improves performance and user experience

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 58

SanDisk Acquires FlashSoft

– Adds software to SanDisk‘s enterprise portfolio – Industry-leading caching solution – Dramatic application-level performance improvement – Standalone software sale + Offered with SanDisk Enterprise flash products – Supports Windows, Linux and VMWare platforms

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 59

Caching Solutions in Enterprise Computing CPU

Disk I/O

Flash I/O

Increase Virtual Machine Density in Cloud by 2X ANALYST DAY || FEBRUARY 16, 2012

SLIDE 60

SanDisk Evolving to Offer Full Value-added Solutions Software and Solutions •Caching •Thin provisioning •Optimization •Intelligent data management

Firmware – Flash Translation Layer Enterprise Grade Enterprise Grade ASIC

System Solutions

Flash Memory ANALYST DAY || FEBRUARY 16, 2012

Increasing Value

New SanDisk with Pliant/ESS

Traditional SanDisk

SLIDE 61

SanDisk Portfolio: Improving Mix of High-Value Solutions 100%

0% 2008 Cards & Other

2011 Embedded

2014 SSD Solutions

Source: SanDisk

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 62

SanDisk Strategy – Create Industry-leading, High-Value Flash Storage Solutions Leveraging our Innovative Technology – Maintain Operational Excellence and Cost Leadership – Diversify End-Markets, Customers and Channels – Deliver Robust Business Model with High ROE

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 63

Why SanDisk? Technology Leadership

Global Brand

Strong Talent, Culture

Secular Growth Trends

Solid Business Model

Excellent Execution

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 64

SHUKI NIR Senior Vice President, General Manager, Retail Business

ANALYST DAY || FEBRUARY 16, 2012

Agenda  The strength of SanDisk retail business  The drivers for our success and how we continue building them  Long-term SanDisk retail business growth

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 66

SanDisk Retail Growth Revenue >$1.8 BILLION

RETAIL REVENUE BY REGION

>250,000 stores globally

RETAIL REVENUE BY END MARKET 4%

6% 22%

23%

43%

28%

29%

Americas

Europe

45%

APAC

Japan

Imaging

ANALYST DAY || FEBRUARY 16, 2012

USB Flash Drive

Mobile

Other

SLIDE 67

SanDisk—The Clear Market Share Leader USA All Others

APAC All Others

SANDISK

EUROPE All Others

34%

SANDISK

JAPAN

28%

SANDISK 32%

SANDISK All Others

28%

Note: The above shares reflect 2011 Revenue shares by region. The total market is made up of Flash cards and USB Flash drives. Sources: The NPD Group/Retail Tracking Service, and GfK Retail and Technology, December 2011.

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 68

SanDisk Is Sold in 19 Out of Top 20 CE Retailers in the US

Based on ranking by TWICE, Top 100 Consumer Electronics Retailers, May 2011

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 69

Consumers Willing to Pay More for SanDisk Brand and Quality Premium is comparable to other leading worldwide retail consumer brands PREMIUM IN % IN 2010-2011

35% 30% 25% 20% 15% 10%

5% 0% US

Japan

Europe

APAC

The above data reflects SD 8GB average selling prices Sources: The NPD Group/Retail Tracking Service, and GfK Retail and Technology, 2010-2011.

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 70

Broadest and Most Recognized Product Line IMAGING

COMPUTING

MOBILE/ GAMING

AUDIO/ VIDEO

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 71

Addressing Consumer Needs— Mobility

protrusion

15

5.4

mm

ANALYST DAY || FEBRUARY 16, 2012

mm

SLIDE 72

Addressing Consumer Needs— Archiving Memory Vault – Made possible through SanDisk’s vertical integration and system expertise.

Up to

100

years*

* For more information, see www.sandisk.com/preserve

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 73

Addressing Consumer Needs— Imaging

SanDisk Extreme Pro® SDXC™ UHS-I Card

95

MB/sec*

* Up to 95 MB/s read; 90 MB/s write; Based on internal testing; performance may vary depending upon host device

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 74

Segmentation Pays Off RETAIL IMAGING GROSS MARGIN $ CONTRIBUTION—2011

RETAIL IMAGING UNITS SOLD—2011

29%

42% 58%

71%

Standard

High Performance

Standard

ANALYST DAY || FEBRUARY 16, 2012

High Performance

SLIDE 75

What Our Customers Are Saying

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 76

SanDisk Retail Business Key Growth Drivers  Market share gains in established markets  Market share gains and unit growth in after-market SSD

 Market share gains and unit growth in emerging markets

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 77

Imaging Cards Market Large, Stable  Improved video capabilities in cameras drive demand for faster and better cards  Brands matter more in a mature market MILLIONS OF UNITS

400

300

200

100

0 2010

2011

2012

2013

2014

2015

Source: SanDisk estimates based on forecasts by iSuppli Data Flash Market Tracker 4Q11, Forward Insights, NAND Insights 4Q11.

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 78

Growing USB Market  Part of school lists in many countries  The personal storage for people who do not own PCs in emerging markets MILLIONS OF UNITS

400

300

200

100

0 2010

2011

2012

2013

2014

2015

Source: SanDisk estimates based on forecasts by iSuppli Data Flash Market Tracker 4Q11, Gartner Forecast: Flash Cards and USB Flash Drives 4Q11, Forward Insights, NAND Insights 4Q11.

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 79

Expanding Unit Opportunity in Mobile After-Market  Growth in smart- and feature phones  Improved cameras in handsets MILLIONS OF UNITS

400

300

200

100

0 2010

2011

2012

2013

2014

2015

Source: SanDisk estimates based on forecasts by iSuppli Data Flash Market Tracker 4Q11, Strategy Analytics 3Q11

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 80

Fast Growth in SSD After-Market  SanDisk is well-positioned in this fast growing market  Brand, quality, channel partners MILLIONS OF UNITS

30 25 20 15 10 5 0 2011

2012

2013

2014

2015

Source: Gartner December, 2011 - Forecast: Semiconductor Consumption by Electronic Equipment Type, Worldwide, 4Q11 Update

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 81

Investing In Emerging Markets Our focus has been on – Addressing market needs through unique products – Strengthening the brand through marketing campaigns

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 82

Investing in Emerging Markets

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 83

Resulting in Strong Revenue Growth BRIC Revenue ($M)

2008

2009

2010

ANALYST DAY || FEBRUARY 16, 2012

2011

SLIDE 84

And Share Leadership

SANDISK 33%

26% All Others

9% 9%

23%

Note: The above shares reflect Revenue shares for Q1-Q3 2011. The total market is made up of Flash cards and USB Flash drives. Source: CMR India; Q1-Q3‘11 data

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 85

Why SanDisk Is Winning  Continued leadership in retail – Clear market share leadership – Broad product line targeted at specific consumer segments – Brand and price premium through product innovation, high quality and in-store presence  Retail channels offer further opportunity – Further gain share in the well established imaging market – Emerging geographies grow and offer share opportunity – SSD after-market is a perfect fit for SanDisk  Building further on a strong foundation – Build on brand strength, trust and visibility – Product portfolio expansion through innovation and differentiation – Focus on emerging markets

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 86

DAN INBAR Senior Vice President and General Manager, OEM

ANALYST DAY || FEBRUARY 16, 2012

OEM Revenue Growth Opportunities OEM Business Grew 25% in 2011 2011

$3,458 (M) 2010

$2,777 (M) Embedded

Embedded

Others

Others

41% 27% • iNAND™ 68% of Embedded • iNAND™ 50% of Embedded Source: SanDisk

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 88

Removable Cards Leadership

45%

19nm First to Market 19nm X3

SanDisk Share Of OEM microSD™ for Smartphones*

*Source: Gartner Dec 2011 4Q11 NAND: Enabling Products OR Profits?

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 89

Embedded Growth 29%

iNAND™ Revenues

SanDisk Share Of e.MMC Smartphones*

2009

2010

2011

*Source: Gartner Dec 2011 4Q11 NAND: Enabling Products OR Profits?

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 90

Embedded Growth 29%

iNAND™ Revenues

SanDisk Share Of e.MMC Smartphones*

2009

2010

2011

*Source: Gartner Dec 2011 4Q11 NAND: Enabling Products OR Profits?

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 91

Embedded Growth 29%

iNAND™ Revenues

SanDisk Share Of e.MMC Smartphones*

2009

2010

2011

*Source: Gartner Dec 2011 4Q11 NAND: Enabling Products OR Profits?

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 92

iNAND™ X3 In Production MOBILE

TABLETS

CONSUMER ELECTRONICS

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 93

How is SanDisk Winning?

Memory

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 94

How is SanDisk Winning?

Memory Memory

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 95

How is SanDisk Winning? System Expertise

Memory

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 96

How is SanDisk Winning?

Memory

ALGORITHMS, ECC

FIRMWARE

CONTROLLERS

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 97

How is SanDisk Winning? Ecosystem

CHIPSETS

Memory OPERATING SYSTEMS

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 98

Ecosystem  8 of the 10 leading mobile chipset makers* spec SanDisk iNAND™  Mobile Chipsets supporting SATA: 100% chose SanDisk® ISSD™ integrated storage device

CHIPSET VENDORS OS VENDORS

*Source for Chipset Top 10 List: Strategy Analytics, ―Smartphone Multi-Core Apps Processor Market Share‖, December 14, 2011

ANALYST DAY || FEBRUARY 16, 2012

Video SLIDE 99

How is SanDisk Winning?

STANDARDS

Memory

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 100

Standards Requirements Are Growing

Ultra High Bandwidth 200MB/s and IOPS Interface

High Speed 100MB/s I/F

Up to 50MB/s

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 101

Applications and Use Cases

Ultra High Bandwidth 200MB/s and IOPS Interface

High Speed 100MB/s I/F

Up to 50MB/s

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 102

More Applications and Use Cases

Ultra High Bandwidth 200MB/s and IOPS Interface

High Speed 100MB/s I/F

Up to 50MB/s

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 103

Embedded Flash Is Everywhere

Ultra High Bandwidth 200MB/s and IOPS Interface

High Speed 100MB/s I/F

Up to 50MB/s

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 104

Tough Balancing Act Ultra Thin

Slate Tablet Superphone DVC Portable Gaming

PMP Budget SP eReader PND

Memory

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 105

How Is SanDisk Winning? Usage Models

Memory

Vertically Integrated System ANALYST DAY || FEBRUARY 16, 2012

SLIDE 106

SanDisk Usage Analysis

Customer Design

Selected Device

SanDisk Analysis

Usage Log

iNAND™ Simulation

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 107

iNAND™ Usage Optimization Inconstant performance affects the Mobile user experience Improved device responsiveness and system latency* 256KB writes requiring more than 256ms – 14,423 occurrences NUMBER OF MEASURED WINDOWS

Before optimization Inconsistency occurrences ~15K

WINDOW DURATION (MS)

After optimization Inconsistency occurrences 23

WINDOW DURATION (MS)

* Based on SanDisk testing and analysis

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 108

SanDisk’s Differentiation

Lithography Shrink Rate Slows Reliability Degrades Performance Deteriorates

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 109

SanDisk’s Differentiation

Multitasking Apps Email, Music, & Video

Lithography Shrink Rate Slows Reliability Degrades Performance Deteriorates

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 110

SanDisk’s Differentiation Adaptive Flash Management™ Technology

Multitasking Apps Email, Music, & Video

iNAND™ ―Classic‖

AFM 1.0 Performance Leadership

AFM 2.0 Application Awareness

Lithography Shrink Rate Slows Reliability Degrades Performance Deteriorates

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 111

SanDisk’s Differentiation COMPUTING

Multitasking Apps Email, Music, & Video

iNAND™ ―Classic‖

AFM 1.0 Performance Leadership

AFM 2.0 Application Awareness

Lithography Shrink Rate Slows Reliability Degrades Performance Deteriorates

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 112

SanDisk’s Differentiation COMPUTING

Multitasking Apps

BUDGET

Email, Music, & Video

iNAND™ ―Classic‖

AFM 1.0 Performance Leadership

AFM 2.0 Application Awareness

Lithography Shrink Rate Slows Reliability Degrades Performance Deteriorates

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 113

SanDisk’s Differentiation COMPUTING

Usage Adaptive Flash Management™ Technology

Multitasking Apps

BUDGET

Email, Music, & Video

iNAND™ ―Classic‖

AFM 1.0 Performance Leadership

AFM 2.0 Application Awareness

Usage Adaptive Flash Management™ Technology AFM 3.0

Lithography Shrink Rate Slows Reliability Degrades Performance Deteriorates

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 114

SanDisk’s Differentiation COMPUTING

Usage Adaptive Flash Management™ Technology

Tablet Superphone SmartTV

Multitasking Apps

BUDGET

Email, Music, & Video

Portable Gaming

iNAND™ ―Classic‖

AFM 1.0 Performance Leadership

AFM 2.0 Application Awareness

Lithography Shrink Rate Slows

eReader

Usage Adaptive Flash Management™ Technology AFM 3.0

DVC PMP PND

Reliability Degrades Performance Deteriorates

ANALYST DAY || FEBRUARY 16, 2012

Budget SP

SLIDE 115

SanDisk’s Differentiation Segmented Solutions Tablet

SanDisk ® iSSD™

8, 16, 32, 64, 128, 256 GB*

Superphone

Integrated Storage Device

iNAND EXTREME™

SmartTV

16, 32, 64 GB Portable Gaming eReader

iNAND ULTRA™

4, 8, 16, 32, 64 GB DVC PMP PND

iNAND™ STANDARD

4, 8, 16, 32, 64 GB Budget SP

* 1 gigabyte (GB) = 1 billion bytes

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 116

Winning in Mobile and Tablets

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 117

2011 e.MMC iNAND™ QUALIFIED 2011 MODELS *

50+% e.MMC Mobile 60+% e.MMC Android Mobile 50+% e.MMC Tablet * Based on embedded MLC e.MMC discrete designs of Tier I & II customers (excl. Apple) in Strategy Analytics SpecTRAX database (Dec. 2011), which were launched in 2011 compared to known iNAND™ design ins (by SanDisk)

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 118

Leveraging Expertise into New Segments

Smart TV Gaming, Computing

E-books, Imaging, PMP, etc… Budget Smartphone

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 119

Leveraging Expertise into New Segments

Smart TV Gaming, Computing

E-books, Imaging, PMP, etc… Budget Smartphone

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 120

Smart TV Leading Design Wins 2 Leading Smart TV Vendors already chose iNAND™

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 121

Leading 2011 Designs across Segments

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 122

Among Hundreds of iNAND™ Designs

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 123

Why SanDisk Is Winning

1

System Expertise through Tight Integration

Usage Models Standards Chipsets

2 3

USAGE Adaptive Flash Management™ Expanding into new Segments

Memory

Algorithms, ECC

Firmware

Operating Systems

Controllers

Vertically Integrated System

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 124

KEVIN CONLEY Senior Vice President and General Manager, Client Storage Solutions

ANALYST DAY || FEBRUARY 16, 2012

Agenda  CLIENT SSD MARKET OPPORTUNITY  SANDISK CLIENT SSD PORTFOLIO  ULTRABOOKS: SSD AND CACHING SOFTWARE SOLUTIONS  VERTICAL INTEGRATION ADVANTAGE

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 126

SanDisk Target Client SSD Markets

PC-SSD ONLY

PC-DUAL DRIVE

TABLET

PC UPGRADE

High productivity and intensive application usage

HDD + SSD for affordable performance boost

Productivity tablets for content creation and gaming

DIY, gamers, enthusiasts, IT

Ultrabook

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 127

Different Adoption Curves SSD UNIT SHIPMENTS UNITS (M)

200 Tablets

150

Dual Drive Caching Caching

100

Retail Mainstream

50 2011

2012

2013

2014

2015

SSD UNIT SHIPMENTS (MU) 2011

2012

2013

2014

2015

CAGR

Mainstream

8.5

24.6

44

66

92

82%

Retail

4.8

8.6

12

15

17

38%

Dual Drive Caching

0.5

8.1

24

40

55

227%

Tablets

1.2

3.3

8.2

16

26

114%

TOTAL

15

45

88

136

190

88%

Source: Forward Insights, SSD Insights, 4Q11, December 2011

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 128

SanDisk SSDs Meet Client Storage Needs + ULTRABOOK

Performance Driven

WORKSTATION

PERFORMANCE

Dual Drive: HDD + SSD Standalone SSD

Cost Conscious

TABLET SMARTBOOK

-

–

SSD Component

$300

$500

$800

$1500

$2000

ANALYST DAY || FEBRUARY 16, 2012

$2500 SLIDE 129

Client SSD & Caching Market Forecast UNITS (M)

100

100%

90

90%

80

80%

70

70%

60

60%

50

50%

40

40%

30

30%

20

20%

10

10%

SSD Dual Drive Caching

2011 8.5 0.5

2012 24.6 8.1

2013 43.8 23.8

2014 65.8 39.8

2015 92.3 55.3

5% 25% 35%

38%

37%

65%

62%

63%

2013

2014

2015

95% 75%

0% 2011

2012 SSD

Dual Drive Caching

Source: Forward Insights, SSD Insights, 4Q11, December 2011 (excluding Channel & Tablets)

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 130

Addressing Diversified Requirements

COST PERFORMANCE

GOOD PERFORMANCE Cost effective Lowest power consumption

BETTER PERFORMANCE High sequential performance Improved system responsiveness ANALYST DAY || FEBRUARY 16, 2012

BEST PERFORMANCE High sequential and random Highest capacity Benchmark leader SLIDE 131

SanDisk Client SSD Product Portfolio OEM PRODUCTS

Std. 2.5” X100

Std. 2.5” U100

Slim Light (MO-297) U100

mSATA X100 & U100

mSATA mini SanDisk ® U100 iSSDTM i100

RETAIL PRODUCTS

Std. 2.5” SanDisk Extreme®

Std. 2.5” SanDisk Ultra

ANALYST DAY || FEBRUARY 16, 2012

SLIDE 132

Ultrabook™ Enabled by SSD Advantages ULTRABOOK GOALS: STORAGE CHALLENGES:

SLEEK THIN DESIGN

ALL DAY COMPUTING

ENHANCED USER EXP. AOAC INSTANT ON

2012 PRICING