0001104659-15-071778.txt : 20151021 0001104659-15-071778.hdr.sgml : 20151021 20151021080618 ACCESSION NUMBER: 0001104659-15-071778 CONFORMED SUBMISSION TYPE: 425 PUBLIC DOCUMENT COUNT: 37 FILED AS OF DATE: 20151021 DATE AS OF CHANGE: 20151021 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SANDISK CORP CENTRAL INDEX KEY: 0001000180 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER STORAGE DEVICES [3572] IRS NUMBER: 770191793 STATE OF INCORPORATION: DE FISCAL YEAR END: 1229 FILING VALUES: FORM TYPE: 425 SEC ACT: 1934 Act SEC FILE NUMBER: 000-26734 FILM NUMBER: 151167376 BUSINESS ADDRESS: STREET 1: 951 SANDISK DRIVE CITY: MILPITAS STATE: CA ZIP: 95035 BUSINESS PHONE: 408-801-1000 MAIL ADDRESS: STREET 1: 951 SANDISK DRIVE CITY: MILPITAS STATE: CA ZIP: 95035 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SANDISK CORP CENTRAL INDEX KEY: 0001000180 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER STORAGE DEVICES [3572] IRS NUMBER: 770191793 STATE OF INCORPORATION: DE FISCAL YEAR END: 1229 FILING VALUES: FORM TYPE: 425 BUSINESS ADDRESS: STREET 1: 951 SANDISK DRIVE CITY: MILPITAS STATE: CA ZIP: 95035 BUSINESS PHONE: 408-801-1000 MAIL ADDRESS: STREET 1: 951 SANDISK DRIVE CITY: MILPITAS STATE: CA ZIP: 95035 425 1 a15-21372_5425.htm 425

Filed by SanDisk Corporation Pursuant to Rule 425

Under the Securities Act of 1933

And Deemed Filed Pursuant to Rule 14a-12

Under the Securities Exchange Act of 1934

Subject Company: SanDisk Corporation

Commission File No.: 000-26734

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 21, 2015

SANDISK CORPORATION

(Exact name of registrant as specified in its charter)

Delaware		000-26734		77-0191793
(State or other jurisdiction of incorporation)		(Commission File No.)		(I.R.S. Employer Identification No.)

951 SanDisk Drive, Milpitas, California 95035

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (408) 801-1000

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

x Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

x Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Table of Contents

TABLE OF CONTENTS

Item 2.02 Results of Operations and Financial Condition
Item 9.01 Financial Statements and Exhibits
SIGNATURE
EXHIBIT INDEX
EXHIBIT 99.1
EXHIBIT 99.2
EXHIBIT 99.3

Table of Contents

Item 2.02 Results of Operations and Financial Condition

On October 21, 2015, SanDisk Corporation (“SanDisk” or the “Company”) issued a press release to report its financial results for its third quarter ended September 27, 2015.

The press release, related Prepared Remarks for Investors and investor presentation are attached hereto as Exhibits 99.1, 99.2 and 99.3, respectively, and are incorporated herein in their entirety by reference. In addition to the preliminary condensed consolidated financial statements presented in accordance with generally accepted accounting principles (GAAP), the attached documents contains non-GAAP measures of operating 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 SanDisk’s current financial performance and its prospects for the future. Specifically, SanDisk believes the non-GAAP results provide useful information to both management and investors as these non-GAAP results exclude certain expenses, gains and losses that it believes are not indicative of its core operating results and because they are consistent with the financial models and estimates published by many analysts who follow SanDisk. For example, because the non-GAAP results exclude the expenses SanDisk recorded for share-based compensation, inventory step-up expense, amortization of acquisition-related intangible assets related to acquisitions of Pliant Technology, Inc. in May 2011, FlashSoft Corporation in February 2012, Schooner Information Technology, Inc. in June 2012, SMART Storage Systems in August 2013 and Fusion-io, Inc. in July 2014, impairment of acquisition-related in-process research and development intangible assets, non-cash economic interest expense associated with SanDisk’s convertible senior notes, non-cash change in fair value of the liability component of the convertible senior notes due to the conversion of a portion of the 1.5% Convertible Senior Notes due 2017 and related tax adjustments, SanDisk believes the inclusion of non-GAAP financial measures provides consistency in its financial reporting. In addition, SanDisk’s non-GAAP diluted shares are adjusted for the impact of expensing share-based compensation and include the impact of SanDisk’s call options which, when exercised, will offset the issuance of dilutive shares from SanDisk’s convertible senior notes, while SanDisk’s GAAP diluted shares exclude the anti-dilutive impact of these call options. These non-GAAP results are some of the primary indicators management uses for assessing SanDisk’s performance, allocating resources, and planning and forecasting future periods. Further, management uses non-GAAP information that excludes certain non-cash charges, such as share-based compensation, inventory step-up expense, amortization of acquisition-related intangible assets, impairment of acquisition-related in-process research and development intangible assets, non-cash economic interest expense associated with the convertible senior notes, non-cash change in fair value of the liability component of the convertible senior notes due to the conversion of a portion of the 1.5% Convertible Senior Notes due 2017 and related tax adjustments, as these non-GAAP charges do not reflect the cash operating results of the business or the ongoing results. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. These non-GAAP measures may be different than the non-GAAP measures used by other companies.

The information contained herein and in the accompanying exhibits shall not be incorporated by reference into any filing of SanDisk, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Forward Looking Statements

All statements included or incorporated by reference in this document, other than statements or characterizations of historical fact, are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on SanDisk’s current expectations, estimates and projections about its business and industry, management’s beliefs, and certain assumptions made by SanDisk and Western Digital Corporation (“Western Digital” or “Parent”), all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” similar expressions, and variations or negatives of these words. Examples of such forward-looking statements include, but are not limited to, references to the anticipated benefits of the proposed merger contemplated by the merger agreement that has been entered into among SanDisk, Western Digital and Schrader Acquisition Corporation and the expected date of closing of the merger. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially and adversely from those expressed in any forward-looking statement.

Table of Contents

Important risk factors that may cause such a difference in connection with the proposed merger include, but are not limited to, the following factors: (1) the inability to complete the merger due to the failure to obtain stockholder approval for the merger or the failure to satisfy other conditions to completion of the merger, including the receipt of all regulatory approvals related to the merger; (2) uncertainties as to the timing of the consummation of the merger and the ability of each party to consummate the merger; (3) risks that the proposed merger disrupts the current plans and operations of Western Digital or SanDisk; (4) the ability of Western Digital and SanDisk to retain and hire key personnel; (5) competitive responses to the proposed merger; (6) unexpected costs, charges or expenses resulting from the merger; (7) the outcome of any legal proceedings that could be instituted against Western Digital, SanDisk or their respective directors related to the Merger Agreement; (8) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the merger; (9) the inability to obtain, or delays in obtaining, cost savings and synergies from the merger; (10) delays, challenges and expenses associated with integrating the combined companies’ existing businesses and the indebtedness planned to be incurred in connection with the merger; and (11) legislative, regulatory and economic developments. These risks, as well as other risks associated with the proposed merger, will be more fully discussed in the joint proxy statement/prospectus that will be included in the Registration Statement on Form S-4 that will be filed with the SEC in connection with the proposed merger. The forward-looking statements in this document speak only as of this date. Neither SanDisk nor Western Digital undertake any obligation to revise or update publicly any forward-looking statement to reflect future events or circumstances.

In addition, actual results are subject to other risks and uncertainties that relate more broadly to SanDisk’s overall business, including those more fully described in SanDisk’s filings with the Securities and Exchange Commission (“SEC”) including its annual report on Form 10-K for the fiscal year ended December 28, 2014, and its quarterly reports filed on Form 10-Q for the current fiscal year, and Western Digital’s overall business and financial condition, including those more fully described in Western Digital’s filings with the SEC including its annual report on Form 10-K for the fiscal year ended July 3, 2015. The forward-looking statements in this document speak only as of date of this document. We undertake no obligation to revise or update publicly any forward-looking statement, except as required by law.

Additional Information And Where To Find It

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Western Digital will file with the SEC a Registration Statement on Form S-4 that will include a joint proxy statement/prospectus of SanDisk and Western Digital. Each of SanDisk and Western Digital will provide the joint proxy statement/prospectus to their respective stockholders. SanDisk and Western Digital also plan to file other documents with the SEC regarding the proposed merger. This document is not a substitute for the joint proxy statement/prospectus or registration statement or any other document which SanDisk or Western Digital may file with the SEC in connection with the proposed merger. INVESTORS AND SECURITY HOLDERS OF SANDISK AND WESTERN DIGITAL ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. You may obtain copies of all documents filed with the SEC regarding this merger, free of charge, at the SEC’s website (www.sec.gov). In addition, copies of the documents filed with the SEC by SanDisk will be available free of charge on SanDisk’s website at http://www.sandisk.com. Copies of the documents filed with the SEC by Western Digital will be available free of charge on Western Digital’s website at http://www.westerndigital.com.

Participants in the Solicitation

SanDisk, Western Digital, and certain of their respective directors, executive officers and other members of management and employees, under SEC rules may be deemed to be participants in the solicitation of proxies from SanDisk and Western Digital stockholders in connection with the proposed merger. You can find more detailed information about SanDisk’s executive officers and directors in its definitive proxy statement filed with the SEC on April 27, 2015. You can find more detailed information about Western Digital’s executive officers and directors in its definitive proxy statement filed with the SEC on September 23, 2015. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of stockholders in connection with the proposed merger will be set forth in the joint proxy statement/prospectus when it is filed with the SEC. Additional information about SanDisk’s executive officers and directors and Western Digital’s executive officers and directors can be found in the joint proxy statement/prospectus regarding the proposed merger when it is filed with the SEC.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit Number		Description
99.1		Press release of SanDisk Corporation dated October 21, 2015 to report its financial results for its third quarter ended September 27, 2015
99.2		SanDisk Corporation Prepared Remarks for Investors regarding financial results for its third quarter ended September 27, 2015
99.3		Investor presentation of SanDisk Corporation regarding financial results for its third quarter ended September 27, 2015

Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SANDISK CORPORATION

Date: October 21, 2015	By:	/s/ Judy Bruner
		Judy Bruner
		Executive Vice President, Administration and Chief Financial Officer
		(Principal Financial Officer)

Table of Contents

EXHIBIT INDEX

Exhibit Number		Description
99.1		Press release of SanDisk Corporation dated October 21, 2015 to report its financial results for its third quarter ended September 27, 2015
99.2		SanDisk Corporation Prepared Remarks for Investors regarding financial results for its third quarter ended September 27, 2015
99.3		Investor presentation of SanDisk Corporation regarding financial results for its third quarter ended September 27, 2015

EX-99.1 2 a15-21372_5ex99d1.htm EX-99.1

Exhibit 99.1

NEWS RELEASE

SanDisk Corporation

951 SanDisk Drive

Milpitas, CA 95035-7932

Phone: 408-801-1000

SanDisk Announces Third Quarter 2015 Results

MILPITAS, Calif., October 21, 2015 - SanDisk Corporation (NASDAQ: SNDK), a global leader in flash storage solutions, today announced results for the third quarter ended September 27, 2015. Third quarter revenue of $1.45 billion decreased 17 percent on a year-over-year basis and increased 17 percent sequentially.

On a GAAP(1) basis, third quarter net income was $133 million, or $0.65 per share, compared to net income of $263 million, or $1.09 per share, in the third quarter of 2014 and $81 million, or $0.38 per share, in the second quarter of 2015.

On a non-GAAP(2)(3) basis, third quarter net income was $223 million, or $1.09 per share, compared to net income of $336 million, or $1.45 per share, in the third quarter of 2014 and net income of $136 million, or $0.66 per share, in the second quarter of 2015. For a reconciliation of non-GAAP to GAAP results, see accompanying financial tables and footnotes.

“SanDisk completed several important product qualifications in embedded and SSD solutions in the third quarter, contributing to our strong sequential revenue growth,” said Sanjay Mehrotra, president and chief executive officer, SanDisk. “Our mix of 15 nanometer, three-bit-per-cell (X3) technology helped drive substantial cost reduction in the quarter. We are making excellent progress in expanding our product portfolio and building our customer engagements.”

KEY FINANCIAL RESULTS

(in millions, except percentages	GAAP (1)									Non-GAAP (2)
and per share amounts)	Q3’15			Q3’14			Q2’15			Q3’15			Q3’14			Q2’15
Revenue	$	1,452		$	1,746		$	1,237		$	1,452		$	1,746		$	1,237
Gross profit	$	603		$	817		$	484		$	637		$	855		$	518
percent of revenue	42		%	47		%	39		%	44		%	49		%	42		%
Operating income	$	237		$	388		$	104		$	321		$	481		$	191
percent of revenue	16		%	22		%	8		%	22		%	28		%	15		%
EPS (3)	$	0.65		$	1.09		$	0.38		$	1.09		$	1.45		$	0.66

OTHER FINANCIAL INFORMATION

(in millions)	Q3’15			Q3’14			Q2’15
Cash, cash equivalents, short and long-term marketable securities	$	3,875		$	5,145		$	4,003
Less aggregate principal amount of convertible senior notes outstanding	(2,497		)	(2,500		)	(2,497		)
Net cash (4)	$	1,378		$	2,645		$	1,506
Net cash provided by operating activities	$	275		$	588		$	29
Less acquisition of property and equipment, net	(89		)	(87		)	(96		)
Change in investment and notes receivable activity with Flash Ventures	(16		)	(29		)	15
Free cash flow (5)	$	171		$	471		$	(52	)

NEWS HIGHLIGHTS

· SanDisk and Toshiba Corporation announced the start of equipment installation in the New Fab 2 facility at Yokkaichi Operations and their entry into definitive agreements for joint manufacturing of 3D NAND and investment in New Fab 2. New Fab 2 is primarily intended to provide the clean room space necessary to transition a significant portion of the current Yokkaichi 2D NAND capacity to 3D NAND.

· SanDisk announced a long-term partnership with HP to collaborate on a new technology within the Storage Class Memory category and create enterprise-wide solutions for Memory-driven Computing. The partnership will center around SanDisk’s ReRAM technology and manufacturing and design expertise and HP’s Memristor technology. SanDisk and HP will also partner to enhance data center solutions with SSDs.

· SanDisk announced the world’s first 256 Gigabit (Gb), 3-bit-per-cell (X3), 48-layer 3D NAND chip and began 3D NAND pilot line operations in Yokkaichi, Japan. SanDisk’s 256Gb X3 3D NAND chip is designed for wide applicability in consumer, client, mobile and enterprise products and is expected to begin shipping in SanDisk products in 2016.

· SanDisk entered into several agreements with SK Hynix, Inc. including an expanded and extended IP licensing agreement, a multi-year commercial relationship under which SK Hynix will supply its leading-edge DRAM products to SanDisk and a settlement of the trade secret misappropriation suit filed by SanDisk in 2014.

· SanDisk introduced its iNAND® 7232, a high-performance embedded mobile storage solution optimized for best-in-class imaging performance in flagship mobile devices. The iNAND 7232 leverages SanDisk’s 15 nanometer X3 NAND flash storage and features SanDisk’s second-generation SmartSLC technology architecture that quickly and intelligently responds to mobile users’ changing needs.

· SanDisk introduced three new reference architectures for VMWare Virtual SAN™ 6 utilizing SSDs and Fusion ioMemory™ PCIe application accelerators. These reference architectures help customers gain exceptional performance on VMware’s Virtual SAN software-defined storage infrastructure.

· SanDisk shipped its 2 billionth microSD™ card since beginning commercial shipments ten years ago. The introduction of the microSD card by SanDisk in 2004 significantly reduced the size of removable memory cards, helping to propel the growth of the smartphone market.

· As a result of SanDisk’s pending acquisition by Western Digital Corporation, SanDisk’s capital return program, consisting of quarterly cash dividend and share repurchases, is suspended effective at the start of the fourth quarter of 2015.

SanDisk will not host a third quarter 2015 earnings conference call, previously scheduled for today. SanDisk has posted its third quarter 2015 financial results, CEO and CFO commentaries, and earnings results presentation on its investor relations website at http://investor.sandisk.com.

ABOUT SANDISK

SanDisk Corporation (NASDAQ: SNDK), a Fortune 500 and S&P 500 company, is a global leader in flash storage solutions. For more than 25 years, SanDisk has expanded the possibilities of storage, providing trusted and innovative products that have transformed the electronics industry. Today, SanDisk’s quality, state-of-the-art solutions are at the heart of many of the world’s largest data centers, and embedded in advanced smartphones, tablets and PCs. SanDisk’s consumer products are available at hundreds of thousands of retail stores worldwide. For more information, visit www.sandisk.com.

©2015 SanDisk Corporation. All rights reserved. SanDisk, the SanDisk logo and iNAND are trademarks of SanDisk Corporation, registered in the United States and other countries. Fusion ioMemory is a trademark of SanDisk Corporation. microSD is a trademark of SD-3C, LLC. Other brand names mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s).

This news release contains certain forward-looking statements, including those regarding industry environment, our business prospects, our intended financial, operational and strategic plans and priorities, our future financial performance and market share, our customer base, customer qualifications and product mix, technology trends and adoption, strategic relationships, and new products and technologies, that are based on our current expectations and involve numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate.

Risks that may cause these forward-looking statements to be inaccurate include, among others:

· failure to effectively or efficiently execute on our financial, operational or strategic plans or priorities, which may change, may not have the effects that we anticipate or otherwise be successful on the timeline that we expect or at all or may have unanticipated consequences;

· changes in industry supply and demand environment, and production and pricing levels being different than what we anticipate;

· competitive pricing pressures or product mix changes, resulting in lower average selling prices, lower revenues and reduced gross margins;

· excess or mismatched captive memory output, capacity or inventory, resulting in lower average selling prices, financial charges and impairments, lower gross margin or other consequences, or insufficient or mismatched captive memory output, capacity or inventory, resulting in lost revenue and growth opportunities;

· weakness in demand in one or more of our product categories, such as embedded products or SSDs, or adverse changes in our product or customer mix;

· potential delays in product development or lack of customer acceptance and qualification of our solutions, including on new technology nodes, particularly OEM products such as our embedded flash storage and SSD solutions;

· failure to successfully sell enterprise solutions on the timelines or in the quantities we expect or transition our enterprise customers to our leading edge solutions;

· failure or delays in making new products or technologies available in the manner and capacities we anticipate, whether due to technology or supply chain difficulties or other factors;

· inability to develop, or unexpected difficulties or delays in developing or ramping with acceptable yields, new technologies, such as 3D NAND technology or Storage Class Memory, or the failure of new technologies to effectively compete with those of our competitors;

· our 15-nanometer process technology, our X3 NAND memory architecture, our 3D NAND technology or our solutions utilizing these new technologies may not be available when we expect, in the capacities that we expect or perform as expected;

· failure to manage the risks associated with our ventures, strategic partnerships and commercial relationships, such as with Toshiba, HP and SK Hynix, including the risk of early termination;

· inability to achieve the expected benefits from acquisitions and strategic relationships in a timely manner, or at all;

· industry and technology trends not occurring in the timeline we anticipate or at all; and

· the other risks detailed from time-to-time under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission filings and reports, including, but not limited to, our Quarterly Report on Form 10-Q for the quarter ended June 28, 2015.

All statements made in this news release are made only as of the date of this release. We undertake no obligation to update the information in this release in the event facts or circumstances change after the date of this release.

Forward Looking Statements

All statements included or incorporated by reference in this document, other than statements or characterizations of historical fact, are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on SanDisk’s current expectations, estimates and projections about its business and industry, management’s beliefs, and certain assumptions made by SanDisk and Western Digital Corporation, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” similar expressions, and variations or negatives of these words. Examples of such forward-looking statements include, but are not limited to, references to the anticipated benefits of the proposed merger and the expected date of closing of the merger with Western Digital’s wholly-owned subsidiary, Schrader Acquisition Corporation. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially and adversely from those expressed in any forward-looking statement.

Important risk factors that may cause such a difference in connection with the proposed merger include, but are not limited to, the following factors: (1) the inability to complete the merger due to the failure to obtain stockholder approval for the merger or the failure to satisfy other conditions to completion of the merger, including the receipt of all regulatory approvals related to the merger; (2) uncertainties as to the timing of the consummation of the merger and the ability of each party to consummate the merger; (3) risks that the proposed merger disrupts the current plans and operations of Western Digital or SanDisk; (4) the ability of Western Digital and SanDisk to retain and hire key personnel; (5) competitive responses to the proposed merger; (6) unexpected costs, charges or expenses resulting from the merger; (7) the outcome of any legal proceedings that could be instituted against Western Digital, SanDisk or their respective directors related to the merger agreement; (8) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the merger; (9) the inability to obtain, or delays in obtaining, cost savings and synergies from the merger; (10) delays, challenges and expenses associated with integrating the combined companies’ existing businesses and the indebtedness planned to be incurred in connection with the merger; and (11) legislative, regulatory and economic developments. These risks, as well as other risks associated with the proposed merger, will be more fully discussed in the joint proxy statement/prospectus that will be included in the Registration Statement on Form S-4 that will be filed with the SEC in connection with the proposed merger. The forward-looking statements in this document speak only as of this date. Neither SanDisk nor Western Digital undertake any obligation to revise or update publicly any forward-looking statement to reflect future events or circumstances.

Additional Information And Where To Find It

Participants in the Solicitation

(1) GAAP represents U.S. Generally Accepted Accounting Principles.

(2) Non-GAAP represents GAAP excluding the impact of share-based compensation, inventory step-up expense, amortization and impairment of acquisition-related intangible assets, non-cash economic interest expense associated with the convertible senior notes, non-cash change in fair value of the liability component of the convertible senior notes due to the conversion of a portion of the 1.5% Convertible Senior Notes due 2017 and related tax adjustments.

(3) Non-GAAP diluted shares are adjusted for the impact of expensing share-based compensation and include the impact of offsetting shares from the call options related to the convertible senior notes.

(4) Net cash is defined as cash, cash equivalents, short and long-term marketable securities, minus the aggregate principal amount of the outstanding convertible senior notes.

(5) Free cash flow is defined as net cash provided by operating activities less (a) acquisition of property and equipment, net, and (b) net investment and notes receivables activity with Flash Ventures. Calculation of free cash flow may not agree to the sum of the components presented due to rounding.

* 1Gb=125,000,000 bits. Actual user storage may be less.

Source: SanDisk Corporation

Investor Contacts:

Jay Iyer

408-801-2067, jay.iyer@sandisk.com

Brendan Lahiff

408-801-1732, brendan.lahiff@sandisk.com

Media Contact:

Michael Diamond

408-801-1108, michael.diamond@sandisk.com

# # # # #

SanDisk Corporation

Preliminary Condensed Consolidated Statements of Operations

(in thousands, except per share amounts, unaudited)

	Three months ended						Nine months ended
	September 27, 2015			September 28, 2014			September 27, 2015			September 28, 2014

Revenue	$	1,452,285		$	1,746,491		$	4,021,722		$	4,892,447

Cost of revenue	820,633			900,830			2,307,111			2,496,509
Amortization of acquisition-related intangible assets	28,822			28,523			82,400			67,860
Total cost of revenue	849,455			929,353			2,389,511			2,564,369
Gross profit	602,830			817,138			1,632,211			2,328,078

Operating expenses:
Research and development	211,635			223,309			652,779			626,168
Sales and marketing	96,042			111,392			294,543			271,762
General and administrative	43,614			60,044			133,593			162,798
Amortization of acquisition-related intangible assets	13,256			9,615			40,618			12,742
Impairment of acquisition-related intangible assets	—			—			61,000			—
Restructuring and other	875			24,984			51,162			24,984
Total operating expenses	365,422			429,344			1,233,695			1,098,454
Operating income	237,408			387,794			398,516			1,229,624

Other income (expense), net	(23,192		)	(14,875		)	(59,539		)	(44,089		)
Income before income taxes	214,216			372,919			338,977			1,185,535

Provision for income taxes	81,205			110,258			85,968			379,980
Net income	$	133,011		$	262,661		$	253,009		$	805,555

Net income per share:
Basic	$	0.65		$	1.18		$	1.22		$	3.59
Diluted	$	0.65		$	1.09		$	1.18		$	3.37

Shares used in computing net income per share:
Basic	203,118			222,201			207,094			224,530
Diluted	205,787			240,685			214,243			239,275

SanDisk Corporation

Reconciliation of Preliminary GAAP to Non-GAAP Operating Results (1)

(in thousands, except per share data, unaudited)

	Three months ended						Nine months ended
	September 27, 2015			September 28, 2014			September 27, 2015			September 28, 2014

SUMMARY RECONCILIATION OF NET INCOME:

GAAP NET INCOME	$	133,011		$	262,661		$	253,009		$	805,555
Share-based compensation (a)	41,356			50,195			127,188			114,674
Amortization of acquisition-related intangible assets (b)	42,078			38,138			123,018			80,602
Inventory step-up expense (c)	—			4,903			—			4,903
Impairment of acquisition-related intangible assets (d)	—			—			61,000			—
Convertible debt interest (e)	22,704			21,493			67,441			63,582
Income tax adjustments (f)	(16,089		)	(41,888		)	(138,453		)	(75,085		)
NON-GAAP NET INCOME	$	223,060		$	335,502		$	493,203		$	994,231

GAAP COST OF REVENUE	$	849,455		$	929,353		$	2,389,511		$	2,564,369
Share-based compensation (a)	(5,479		)	(4,001		)	(14,563		)	(10,118		)
Amortization of acquisition-related intangible assets (b)	(28,822		)	(28,523		)	(82,400		)	(67,860		)
Inventory step-up expense (c)	—			(4,903		)	—			(4,903		)
NON-GAAP COST OF REVENUE	$	815,154		$	891,926		$	2,292,548		$	2,481,488

GAAP GROSS PROFIT	$	602,830		$	817,138		$	1,632,211		$	2,328,078
Share-based compensation (a)	5,479			4,001			14,563			10,118
Amortization of acquisition-related intangible assets (b)	28,822			28,523			82,400			67,860
Inventory step-up expense (c)	—			4,903			—			4,903
NON-GAAP GROSS PROFIT	$	637,131		$	854,565		$	1,729,174		$	2,410,959

GAAP RESEARCH AND DEVELOPMENT EXPENSES	$	211,635		$	223,309		$	652,779		$	626,168
Share-based compensation (a)	(20,600		)	(21,469		)	(63,952		)	(54,644		)
NON-GAAP RESEARCH AND DEVELOPMENT EXPENSES	$	191,035		$	201,840		$	588,827		$	571,524

GAAP SALES AND MARKETING EXPENSES	$	96,042		$	111,392		$	294,543		$	271,762
Share-based compensation (a)	(8,701		)	(13,800		)	(28,184		)	(27,261		)
NON-GAAP SALES AND MARKETING EXPENSES	$	87,341		$	97,592		$	266,359		$	244,501

GAAP GENERAL AND ADMINISTRATIVE EXPENSES	$	43,614		$	60,044		$	133,593		$	162,798
Share-based compensation (a)	(6,576		)	(10,925		)	(20,489		)	(22,651		)
NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSES	$	37,038		$	49,119		$	113,104		$	140,147

GAAP TOTAL OPERATING EXPENSES	$	365,422		$	429,344		$	1,233,695		$	1,098,454
Share-based compensation (a)	(35,877		)	(46,194		)	(112,625		)	(104,556		)
Amortization of acquisition-related intangible assets (b)	(13,256		)	(9,615		)	(40,618		)	(12,742		)
Impairment of acquisition-related intangible assets (d)	—			—			(61,000		)	—
NON-GAAP TOTAL OPERATING EXPENSES	$	316,289		$	373,535		$	1,019,452		$	981,156

GAAP OPERATING INCOME	$	237,408		$	387,794		$	398,516		$	1,229,624
Cost of revenue adjustments (a) (b) (c)	34,301			37,427			96,963			82,881
Operating expense adjustments (a) (b) (d)	49,133			55,809			214,243			117,298
NON-GAAP OPERATING INCOME	$	320,842		$	481,030		$	709,722		$	1,429,803

GAAP OTHER INCOME (EXPENSE), NET	$	(23,192	)	$	(14,875	)	$	(59,539	)	$	(44,089	)
Convertible debt interest (e)	22,704			21,493			67,441			63,582
NON-GAAP OTHER INCOME (EXPENSE), NET	$	(488	)	$	6,618		$	7,902		$	19,493

GAAP NET INCOME	$	133,011		$	262,661		$	253,009		$	805,555
Cost of revenue adjustments (a) (b) (c)	34,301			37,427			96,963			82,881
Operating expense adjustments (a) (b) (d)	49,133			55,809			214,243			117,298
Other income (expense) adjustments (e)	22,704			21,493			67,441			63,582
Income tax adjustments (f)	(16,089		)	(41,888		)	(138,453		)	(75,085		)
NON-GAAP NET INCOME	$	223,060		$	335,502		$	493,203		$	994,231

Diluted net income per share:
GAAP	$	0.65		$	1.09		$	1.18		$	3.37
Non-GAAP	$	1.09		$	1.45		$	2.36		$	4.29

Shares used in computing diluted net income per share:
GAAP	205,787			240,685			214,243			239,275
Non-GAAP (g)	204,103			230,863			209,266			231,567

SanDisk Corporation

Reconciliation of Preliminary GAAP to Non-GAAP Operating Results (1)

(in thousands, unaudited)

	Three months ended				Nine months ended
	September 27, 2015		September 28, 2014		September 27, 2015		September 28, 2014

SUMMARY RECONCILIATION OF DILUTED SHARES:

GAAP	205,787		240,685		214,243		239,275
Adjustments for share-based compensation	52		333		111		253
Offsetting shares from call options	(1,736	)	(10,155	)	(5,088	)	(7,961	)
Non-GAAP (g)	204,103		230,863		209,266		231,567

(1) To supplement our condensed consolidated financial statements presented in accordance with generally accepted accounting principles (GAAP), we use non-GAAP measures of operating 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 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 many analysts who follow us. For example, because the non-GAAP results exclude the expenses we recorded for share-based compensation, inventory step-up expense, amortization of acquisition-related intangible assets related to acquisitions of Pliant Technology, Inc. in May 2011, FlashSoft Corporation in February 2012, Schooner Information Technology, Inc. in June 2012, SMART Storage Systems in August 2013 and Fusion-io, Inc. in July 2014, impairment of acquisition-related in-process research and development intangible assets, non-cash economic interest expense associated with the convertible senior notes, non-cash change in fair value of the liability component of the convertible senior notes due to the conversion of a portion of the 1.5% Convertible Senior Notes due 2017 and related tax adjustments, we believe the inclusion of non-GAAP financial measures provides consistency in our financial reporting. In addition, our non-GAAP diluted shares are adjusted for the impact of expensing share-based compensation and include the impact of the call options which, when exercised, will offset the issuance of dilutive shares from the convertible senior notes, while our GAAP diluted shares exclude the anti-dilutive impact of these call options. These non-GAAP results are some of the primary indicators management uses for assessing our performance, allocating resources, and planning and forecasting future periods. Further, management uses non-GAAP information that excludes certain non-cash charges, such as share-based compensation, inventory step-up expense, amortization of acquisition-related intangible assets, impairment of acquisition-related in-process research and development intangible assets, non-cash economic interest expense associated with the convertible senior notes, non-cash change in fair value of the liability component of the convertible senior notes due to the conversion of a portion of the 1.5% Convertible Senior Notes due 2017 and related tax adjustments, as these non-GAAP charges do not reflect the cash operating results of the business or the ongoing results. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. These non-GAAP measures may be different than the non-GAAP measures used by other companies.

(a) Share-based compensation expense.

(b) Amortization of acquisition-related intangible assets, primarily developed technology, customer relationships, and trademarks and trade names related to the acquisitions of Pliant Technology, Inc., FlashSoft Corporation, Schooner Information Technology, Inc., SMART Storage Systems and Fusion-io, Inc.

(d) Impairment of acquisition-related in-process research and development intangible assets related to the acquisition of Fusion-io, Inc.

(e) Incremental interest expense related to the non-cash economic interest expense associated with the convertible senior notes and the non-cash change in fair value of the liability component of the convertible senior notes due to the conversion of a portion of the 1.5% Convertible Senior Notes due 2017.

(f) Income taxes associated with certain non-GAAP to GAAP adjustments and the effects of one-time income tax adjustments recorded in a specific quarter for GAAP purposes are reflected on a forecast basis in the non-GAAP tax rate but not in the forecasted GAAP tax rate.

(g) Non-GAAP diluted shares are adjusted for the impact of expensing share-based compensation and include the impact of offsetting shares from the call options related to the convertible senior notes.

SanDisk Corporation

Preliminary Condensed Consolidated Balance Sheets

(in thousands, unaudited)

	September 27, 2015			December 28, 2014

ASSETS
Current assets:
Cash and cash equivalents	$	698,073		$	809,003
Short-term marketable securities	1,000,621			1,455,509
Accounts receivable, net	740,637			842,476
Inventory	785,286			698,011
Deferred taxes	178,214			180,134
Other current assets	210,815			214,992
Total current assets	3,613,646			4,200,125

Long-term marketable securities	2,176,095			2,758,475
Property and equipment, net	831,064			724,357
Notes receivable and investments in Flash Ventures	978,949			962,817
Deferred taxes	167,053			161,827
Goodwill	831,328			831,328
Intangible assets, net	343,278			542,351
Other non-current assets	131,590			108,677
Total assets	$	9,073,003		$	10,289,957

LIABILITIES, CONVERTIBLE SHORT-TERM DEBT CONVERSION OBLIGATION AND EQUITY
Current liabilities:
Accounts payable trade	$	426,610		$	404,237
Accounts payable to related parties	143,301			136,051
Convertible short-term debt (1)	—			869,645
Other current accrued liabilities	337,089			506,293
Deferred income on shipments to distributors and retailers and deferred revenue	232,010			274,657
Total current liabilities	1,139,010			2,190,883

Convertible long-term debt	2,137,737			1,199,696
Non-current liabilities	162,181			245,554
Total liabilities	3,438,928			3,636,133

Convertible short-term debt conversion obligation (1)	—			127,143

Stockholders’ equity:
Common stock	5,233,066			5,236,982
Retained earnings	598,352			1,499,149
Accumulated other comprehensive loss	(197,343		)	(208,072		)
Total stockholders’ equity	5,634,075			6,528,059
Non-controlling interests	—			(1,378		)
Total equity	5,634,075			6,526,681
Total liabilities, convertible short-term debt conversion obligation and equity	$	9,073,003		$	10,289,957

(1) The 1.5% Convertible Senior Notes due 2017 were convertible during the calendar quarter ended December 31, 2014 as a result of the Company’s common stock price exceeding the trigger price for the specified period of time during the prior calendar quarter, as set forth in the indenture. Accordingly, the carrying value of the notes was reported as short-term debt as of December 28, 2014. Based upon the Company’s stock price not exceeding the trigger price for the specified period of time during the calendar quarter ended June 30, 2015, as set forth in the indenture, the 1.5% Convertible Senior Notes due 2017 were not convertible during the calendar quarter ended September 30, 2015 and, accordingly, the carrying value of the notes was reported as long-term debt as of September 27, 2015.

SanDisk Corporation

Preliminary Condensed Consolidated Statements of Cash Flows

(in thousands, unaudited)

	Three months ended						Nine months ended
	September 27, 2015			September 28, 2014			September 27, 2015			September 28, 2014
Cash flows from operating activities:
Net income	$	133,011		$	262,661		$	253,009		$	805,555

Adjustments to reconcile net income to net cash provided by operating activities:
Deferred taxes	(27,903		)	(808		)	(31,100		)	6,784
Depreciation	72,036			66,198			211,191			187,651
Amortization	84,801			85,393			254,533			230,987
Provision for doubtful accounts	573			836			1,213			677
Share-based compensation expense	41,356			50,195			127,188			114,674
Excess tax benefit from share-based plans	(828		)	(10,764		)	(11,169		)	(38,776		)
Impairment and other	410			520			64,119			520
Other non-operating	(2,062		)	(365		)	(9,158		)	343
Changes in operating assets and liabilities:
Accounts receivable, net	(99,744		)	(68,999		)	101,965			(145,997		)
Inventory	(5,109		)	46,111			(86,761		)	52,556
Other assets	97,034			10,900			(10,018		)	10,381
Accounts payable trade	1,475			48,869			(20,882		)	62,118
Accounts payable to related parties	3,530			(16,427		)	7,250			(12,147		)
Other liabilities	(23,608		)	113,376			(238,679		)	(64,691		)
Total adjustments	141,961			325,035			359,692			405,080
Net cash provided by operating activities	274,972			587,696			612,701			1,210,635

Cash flows from investing activities:
Purchases of short and long-term marketable securities	(604,843		)	(597,716		)	(1,878,429		)	(3,376,250		)
Proceeds from sales of short and long-term marketable securities	635,129			1,527,752			2,558,157			3,621,418
Proceeds from maturities of short and long-term marketable securities	99,644			184,395			306,336			563,890
Acquisition of property and equipment, net	(88,594		)	(86,975		)	(282,443		)	(165,641		)
Investment in Flash Ventures	—			—			—			(24,296		)
Notes receivable issuances to Flash Ventures	(56,528		)	(43,733		)	(228,374		)	(131,692		)
Notes receivable proceeds from Flash Ventures	40,804			14,451			216,960			126,755
Purchased technology and other assets	1,147			(3,036		)	(5,727		)	(4,589		)
Acquisitions, net of cash acquired	—			(1,066,166		)	—			(1,063,798		)
Other	—			—			(866		)	—
Net cash provided by (used in) investing activities	26,759			(71,028		)	685,614			(454,203		)

Cash flows from financing activities:
Repayment of debt financing	(5		)	—			(73		)	—
Proceeds from employee stock programs	25,460			55,480			61,159			159,044
Excess tax benefit from share-based plans	828			10,764			11,169			38,776
Dividends paid	(61,600		)	(67,045		)	(188,699		)	(169,443		)
Share repurchases (1)	(254,963		)	(466,622		)	(1,292,438		)	(838,070		)
Net cash used in financing activities	(290,280		)	(467,423		)	(1,408,882		)	(809,693		)
Effect of changes in foreign currency exchange rates on cash	832			(3,525		)	(363		)	(2,150		)

Net increase (decrease) in cash and cash equivalents	12,283			45,720			(110,930		)	(55,411		)

Cash and cash equivalents at beginning of period	685,790			885,115			809,003			986,246

Cash and cash equivalents at end of period	$	698,073		$	930,835		$	698,073		$	930,835

(1) Share repurchases include cash used to repurchase common stock and cash used to settle employee tax withholding obligations due upon the vesting of restricted stock units.

SanDisk Corporation

Preliminary Quarterly Metrics

Revenue Mix by Category (1)

% of revenue (unaudited)

Percentages may not add to 100% due to rounding


	Q1’14	Q2’14	Q3’14	Q4’14	Q1’15	Q2’15	Q3’15	FY’14	FY’15 YTD

Embedded (2)	20%	19%	24%	26%	25%	20%	27%	23%	24%

Removable (3)	40%	40%	38%	33%	38%	44%	37%	38%	39%

Client SSD Solutions (4)	22%	21%	17%	16%	13%	10%	10%	19%	11%

Enterprise Solutions (5)	6%	8%	10%	15%	14%	14%	11%	10%	13%

Other (6)	11%	12%	11%	10%	10%	11%	15%	11%	12%

Total Revenue	100%	100%	100%	100%	100%	100%	100%	100%	100%

(1) Revenue is estimated based on analysis of the information the company collects in its sales reporting processes.

(2) Embedded includes products that attach to a host system board.

(3) Removable includes products such as cards, USB flash drives and audio/video players.

(4) Client SSD Solutions includes SSDs used in client devices and associated software.

(5) Enterprise Solutions includes SSDs, system solutions and software used in data center applications.

(6) Other includes wafers, components, accessories, and license and royalty.

Revenue Mix by Channel (1)

% of revenue (unaudited)


	Q1’14	Q2’14	Q3’14	Q4’14	Q1’15	Q2’15	Q3’15	FY’14	FY’15 YTD

Retail	35%	33%	32%	31%	35%	39%	33%	33%	36%

Commercial (2)	65%	67%	68%	69%	65%	61%	67%	67%	64%

Total Revenue	100%	100%	100%	100%	100%	100%	100%	100%	100%

(1) Revenue is estimated based on analysis of the information the company collects in its sales reporting processes.

(2) Commercial includes revenue from OEMs, system integrators, value-added resellers, direct sales, and license and royalties.

SanDisk Corporation

Preliminary Quarterly Metrics

(unaudited)

	Q1’14	Q2’14	Q3’14	Q4’14	Q1’15	Q2’15		Q3’15

Q/Q Change in Gigabytes Sold	-10%	+31%	+9%	+4%	-15%	-1%		+49%

Y/Y Change in Gigabytes Sold	+20%	+51%	+43%	+32%	+24%	-6%		+30%

Q/Q Change in ASP/Gigabyte	-3%	-16%	-3%	-4%	-10%	-6%		-22%

Y/Y Change in ASP/Gigabyte	-7%	-26%	-26%	-24%	-29%	-21%		-37%

Q/Q Change in Cost/Gigabyte (1)	-3%	-12%	-3%	+3%	-6%	-4%		-24%

Y/Y Change in Cost/Gigabyte (1)	-23%	-28%	-23%	-15%	-17%	-10%		-29%

Average Gigabyte/Unit Capacity	13.9	14.1	16.5	22.3	20.8	19.2		23.5

As of end of period:
Factory Headcount (2)(3)	1,366	2,874	3,276	3,284	3,149	3,149		3,322
Non-Factory Headcount (4)	4,490	4,664	5,461	5,412	5,490	5,371	(5)	5,292
Total Headcount	5,856	7,538	8,737	8,696	8,639	8,520		8,614

(1) Cost per gigabyte and cost reduction are non-GAAP and are computed from non-GAAP cost of revenue.

(2) Reflects SanDisk China and Malaysia factory employees, excluding temporary and contract workers.

(3) During 2014, 1,505 employees were converted from contractor to employee status in SanDisk’s assembly and test facility in China.

(4) Reflects SanDisk non-factory employees, excluding temporary and contract workers.

(5) Headcount at the end of Q2’15 included 107 employees who had been notified of reduction-in-force but were still on the payroll as of the end of Q2’15.

EX-99.2 3 a15-21372_5ex99d2.htm EX-99.2

Exhibit 99.2

SanDisk Corporation

951 SanDisk Drive

Milpitas, CA 95035
Phone: 408-801-1000

Fax: 408-801-8657

Prepared Remarks on Third Fiscal Quarter 2015 Results1

October 21, 2015

Please note that any non-GAAP financial measures discussed in these prepared remarks, as defined by the SEC in Regulation G, will be reconciled to the most directly comparable GAAP financial measure. The reconciliation of our financial results is available in the press release issued this morning. A presentation containing supplemental information and non-GAAP to GAAP reconciliation tables, including for all applicable guidance, has been posted on our investor relations website at www.investor.sandisk.com. This guidance is exclusive of any one-time transactions and does not reflect expenses or other potential impacts of the pending acquisition of SanDisk Corporation by Western Digital Corporation.

The prepared remarks contain forward-looking statements that refer to expectations, projections, beliefs or other future events. Please refer to today’s press release, the presentation that has been posted on our investor relations website and our SEC filings, including the most recent 10-Q, for more information on the “Risk Factors” that could cause actual results to differ materially from those expressed in the forward-looking statements. SanDisk assumes no obligation to update these forward-looking statements, which speak as of today.

1 These prepared remarks have been posted on the SanDisk investor relations website at http://investor.sandisk.com and will not be given in the originally scheduled conference call for investors, which has been cancelled.

SANJAY MEHROTRA, PRESIDENT & CHIEF EXECUTIVE OFFICER

Today is an exciting day for SanDisk. As a global leader in flash storage solutions, we are taking the next step in our evolution by combining with Western Digital, an industry-leading developer and manufacturer of storage solutions, to create the largest global storage solutions company. Both SanDisk and Western Digital have a shared heritage of innovation, and our combined technical expertise will be unmatched in the industry. Both companies also have a strategy of vertical integration that enables the scale and agility to provide top-notch service, quality and attractive cost to our customers. We believe this transaction will deliver significant long-term value to our shareholders and employees. We expect the transaction to close in the third calendar quarter of 2016 and until then the two companies will continue to operate separately.

Turning to SanDisk’s third quarter results, we benefited from the start of new product ramps for several embedded and enterprise SSD products. We completed several new product qualifications and many others are progressing well. In Q3, 15-nanometer (nm) products constituted the majority of our bits sold and we also began pilot line operations with our partner Toshiba for the upcoming 3D NAND conversion. We signed important long-term IP licensing and DRAM supply agreements with SK Hynix in August and resolved the trade secret dispute simultaneously. In addition, we recently announced a significant strategic partnership with HP, and we are very excited about the potential of this partnership to deliver extraordinary long-term value to both companies and our customers. Overall, we demonstrated measurable progress on several fronts and we are on a path to continue building on our recent successes.

I will begin with a few remarks on the SK Hynix agreements. The IP agreement, which now extends through the first quarter of 2023, contains both fixed and variable revenue elements for SanDisk. The DRAM supply agreement provides us with access to certain volumes of SK Hynix’s mobile and compute DRAM products. This supply will be particularly helpful for our embedded MCP product portfolio. Our strategic thrust remains on discrete iNAND® and custom embedded solutions, where the combined dollar TAM is the largest for embedded NAND, but we are now in a better and a stronger position to grow our MCP products. We expect our new MCP products containing SK Hynix DRAM to become available in the first half of 2016.

Another significant agreement completed recently is the long-term technology partnership with HP to collaborate on developing Storage Class Memory (SCM) based on SanDisk’s Resistive RAM (ReRAM) and HP’s technology. Storage Class Memory is intended to comprise a new layer in the memory hierarchy between DRAM and NAND flash storage and is expected to be up to 1,000 times faster than NAND flash storage, while offering superior cost, power, density and persistence characteristics than DRAM. We believe SCM technologies will complement the opportunities for NAND flash storage in memory-centric data center applications. We are pleased to be partnering with a market leader in enterprise server and data storage solutions to develop and commercialize this new class of enterprise solutions. This agreement also brings additional commercial benefits to us by deepening our existing relationship with HP for enterprise flash solutions. We believe this partnership will provide additional opportunities to build our enterprise SSD portfolio in the years ahead.

Just yesterday, we announced that we have signed definitive agreements with our manufacturing partner Toshiba for the start of New Fab 2 operations, which will provide the necessary new clean room space to transition a significant portion of the current Yokkaichi 2D NAND capacity to 3D NAND beginning in 2016. We have also extended the term of our first 300-mm joint venture, Flash Partners, from 2019 to 2029. These new strategic agreements with our partner Toshiba, we believe, will enable SanDisk’s leadership in current and future opportunities while strengthening our vertical integration capabilities.

Moving to third quarter results, in embedded, we completed qualification of several new products, including a custom embedded X3 mobile solution, a custom embedded solution for a customer’s SSD application and iNAND X3 solutions for the broader mobile market. Revenue shipments of all of these solutions began in the third quarter and contributed to a 57% sequential growth in overall embedded revenue. Our X3-based iNAND embedded solutions are starting to gain traction. As an example, the iNAND 7232, our newest high-performance embedded mobile storage solution, optimized for best-in-class imaging performance, began shipping in LG’s recently introduced V10 flagship smartphone. These achievements highlight the capabilities of our industry-leading mobile X3 embedded products and solid execution by the SanDisk team to support our customers’ milestones. As a leading provider of X3-based embedded storage solutions to the mobile market, we are focused on continuing to grow the number of OEM customers that benefit from the compelling value proposition provided by our X3 technology, with differentiated feature sets such as SmartSLC.

Moving to enterprise, during the third quarter, revenues from our Fusion-io® based PCIe solutions as well as our SATA product line grew sequentially and year-over-year. Our first captive NAND-based Fusion-io PCIe solution, launched in April, completed qualification at a large OEM, and qualification work is progressing well with other customers. We also completed qualification and started production shipments of our 15-nm 2-terabyte enterprise SATA solution with a major hyperscale customer during the third quarter, with additional hyperscale and OEM qualifications underway. This was our fastest and most successful enterprise qualification with a major customer to date and reflects the ongoing improvements in our product development, verification, qualification and customer engagement processes. Our 15- nm SATA offerings have established a new reliability benchmark for enterprise SATA solutions by delivering the industry’s best uncorrectable bit error rate, or UBER. CloudSpeed Eco™ Gen II’s capability to achieve an UBER as low as 10-18 is an important achievement for SanDisk and an equally important metric for customers that look for highly reliable storage solutions. Complementing the strength in our Fusion-io PCIe products, we are pleased to be gaining momentum in our enterprise SATA offerings and expect revenue from these products to grow sequentially in the fourth quarter. On the SAS front, we are making steady progress developing our 15-nm, 12 gigabits per second SAS products for introduction in 2016. Development is also going well on our previously described “converged platform” enterprise solutions, which are targeted for 2017 introduction.

Switching to client SSDs, overall revenue grew both sequentially and year-over-year despite a weak PC environment. During the quarter, we achieved number one share at a large PC OEM. While market research continues to indicate declining unit TAM for PCs in 2015, many of our key customers and third party research reports note that demand for client SSDs remains healthy, indicating continued growth in the attach rates of SSDs to PCs. Specifically, we continue to estimate that nearly 40% of all corporate laptops will be shipping with client SSDs by the end of 2015 and expect to see a 60% attach rate before the end of 2016. Separately, our 15 nanometer based SanDisk Z400s client SSD has garnered numerous design wins in the commercial sales channel and we expect to ramp shipments of this product in the fourth quarter. We are also well placed with OEMs for 2016 as it relates to the upcoming ramp of PCs with the Skylake platform.

In retail, we experienced a strong back-to-school period in the third quarter and we are well positioned with key customers for the upcoming holiday season. I would like to briefly reflect on an important milestone achieved during the third quarter - we shipped our 2 billionth microSD™ card. This tiny card has been instrumental in expanding the smartphone market by giving both mobile device manufacturers and consumers immense flexibility for their growing portable storage needs. Our first microSD card, introduced about 10 years ago, offered just 32 megabytes of storage. Today, our microSD cards can offer an astounding 200 gigabytes of storage. I see the microSD card as a testament to the deep design, technology and manufacturing capabilities at SanDisk. Moving to new retail products, for consumers using mobile devices without a card slot, SanDisk’s iXpand™ and Dual-Drive mobile memory flash drives allow for quick transfer of content to PCs without cables, internet connections or bandwidth limitations. These products are selling well and demonstrate our continued innovation in consumer offerings.

From a fab manufacturing perspective, our 15-nm technology continued ramping through the quarter with excellent yields, and bit output increased to nearly 60% of our overall supply mix. In 3D NAND, at the August Flash Memory Summit, we demonstrated USB and client SSD products manufactured using our 2nd generation 48-layer memory technology. During the third quarter, we began 3D NAND pilot line operations using our 48-layer, 256-gigabit X3 chip and we expect to use initial output for internal product development and validation before commercializing it beginning in 2016. The New Fab 2 facility construction is proceeding according to plans and we expect tool installations to begin in the fourth quarter.

Turning to broader supply-demand dynamics, the industry experienced a somewhat steeper than expected price decline in the third quarter given weakness in demand in some mobile markets coupled with somewhat higher industry supply growth, which we now estimate will be in the mid-40% range for 2015. We expect SanDisk’s 2015 captive bit supply growth to be in-line with the industry. For 2016, we expect the industry supply bit growth to be in the mid-30% range as 2D NAND scaling reaches its limits and as we expect 3D NAND to be no more than 20% of industry wafer capacity exiting the year. We expect SanDisk’s 2016 bit supply growth rate to be somewhat lower than the industry’s given that we will largely complete our 15 nanometer conversion by the end of 2015.

To conclude my remarks, we are continuing to make solid progress in strengthening our portfolio and deepening our customer engagements. We have made strides in completing several product qualification projects and many of them contributed to our Q3 sequential revenue growth. We are excited to have recently concluded strategic agreements with SK Hynix, HP and Toshiba that we believe will benefit us greatly in the years to come. I would like to thank our shareholders, employees and partners for their continued support, and I look forward to building on our recent successes and making progress towards the completion of our acquisition by Western Digital.

JUDY BRUNER, EXECUTIVE VICE PRESIDENT, ADMINISTRATION & CFO

We are pleased with the sequential revenue and profit improvements delivered in Q3. Our revenue grew 17% sequentially, our cost per gigabyte improvement exceeded our price per gigabyte decline, and our non-GAAP operating margin expanded to 22%. I will highlight key aspects of our Q3 results and then discuss our Q4 outlook.

Q3 revenue of $1.45 billion was at the top of our anticipated range. We had indicated in July that a significant portion of mobile embedded revenue was forecasted on the cusp between Q3 and Q4, and with the successful qualifications Sanjay highlighted earlier we were able to land much of that embedded revenue in Q3. On a year-over-year basis, our revenue remains down due primarily to the previously discussed client SSD platform loss and a decline in the TAM for retail products. On a sequential basis, the largest driver of our 17% revenue growth was embedded products utilizing our 15-nanometer X3 memory. We also generated sequential revenue growth from client SSDs, wafers & components and license and royalty. The sequential increase in license and royalty revenue was related primarily to the new license agreement recently signed with SK Hynix, which due to the structure of the license results in higher revenue recognition in the initial quarter than in subsequent quarters. Our revenue declined slightly sequentially in both removable products and enterprise products. Within enterprise, we experienced growth in our PCIe and SATA sales offset by a decline in SAS revenue.

By channel, our retail revenue increased 1% sequentially and represented 33% of our Q3 revenue, while commercial revenue increased 28% sequentially and represented 67% of Q3 revenue.

In Q3 our gigabytes sold increased 49% sequentially and 30% year-over-year, reflecting strong sequential growth in units sold as well as a robust increase in average capacity, which was up 23% sequentially and 43% year-over-year. Both our blended price per gigabyte and our cost per gigabyte declined at a faster rate than in the last several quarters, with both metrics influenced by product mix. Our Q3 blended ASP per gigabyte declined 22% sequentially and 37% year-over-year. Our like-for-like price decline in Q3 was a high single digit rate of sequential decline, reflecting some demand softness in the mobile and retail markets. The difference between the like-for-like price decline and the 22% blended price decline in Q3 was primarily due to an increased mix of 15-nanometer X3 embedded products, which carry a lower price per gigabyte.

Our non-GAAP gross margin improved from 42% in Q2 to 44% in Q3 with positive impact from a 24% sequential cost per gigabyte decline compared to the 22% price per gigabyte decline and an increased mix of license and royalty revenue. Key factors in our strong sequential Q3 cost decline were a doubling of the 15-nanometer sales mix and an increase in the mix of X3 memory. Q3 cost decline also benefited from strong growth in average capacity as well as improved absorption of fixed costs due to higher sales volume. The yen to U.S. Dollar rate in Q3 cost of sales was approximately 120 compared to 117 in Q2, and non-captive memory comprised 4% of our sales mix, compared to 6% in Q2.

Q3 non-GAAP operating expenses of $316 million were down $11 million sequentially, driven primarily by a reduction in restructuring charges. Expenses were less than we had forecasted due primarily to tight control of discretionary spending.

Our non-GAAP operating margin improved from 15% in the first half of 2015 to 22% in Q3 due to higher sales, improved gross margin and lower operating expenses. Non-GAAP other income & expense was approximately break-even as expected. Our Q3 non-GAAP tax rate declined to 30.4% due to certain one-time benefits. Our non-GAAP diluted share count decreased sequentially, driven by share repurchases, and our non-GAAP EPS of $1.09 increased sequentially by 65%.

Our Q3 cash flow from operations improved sequentially to $275 million, and we utilized $16 million for fab investments and $89 million for non-fab capital investments, bringing Q3 free cash flow to $171 million. We spent $250 million on share repurchase, retiring approximately 4.5 million shares at an average price of $55.79. Our share of flash venture fab investments during Q3 was $259 million, financed with joint venture working capital of $90 million, new equipment leases of $153 million, and the $16 million cash contribution from us. Our off-balance sheet joint venture equipment lease guarantees stood at $766 million at the end of Q3. Through Q3, our 2015 fab and non-fab capital investments have totaled $1.06 billion and we have used a net $294 million in cash to fund these investments.

Turning to our outlook for Q4, we expect the pending transaction announced this morning to impact various aspects of our financial results over the coming months prior to completion of the transaction. For example, we will incur expenses in Q4 2015 related to the transaction that would not otherwise have been incurred. Please note that the Q4 outlook we are providing today is exclusive of any potential impact of the pending acquisition of SanDisk.

We expect sequential growth in our enterprise sales driven primarily by increasing momentum with hyperscale customers, and we also expect sequential growth in retail sales due to seasonality. However, as discussed earlier, we were able to land more of our second half mobile revenue in Q3, and we anticipate continued demand softness in the mobile market and pockets of continued pricing pressure. In addition, we expect license and royalty to be down sequentially due to the initially higher revenue recognition from the SK Hynix IP agreement in Q3. In total, we estimate our Q4 revenue to be between $1.4 billion to $1.475 billion

We expect our Q4 non-GAAP gross margin to be in the range of 40% to 43%, with improvement from sequentially higher enterprise sales more than offset by lower price levels as we enter Q4, retail holiday promotions and sequentially lower license & royalty revenue. For Q4, we expect the yen to dollar rate in our cost of sales to be slightly above 120, and we expect non-captive memory usage to be approximately 5% of our sales.

We expect non-GAAP operating expenses in Q4, exclusive of any expenses related to the pending acquisition of SanDisk, to be between $335 million and $345 million, which is roughly flat to the Q3 run rate, taking into account that our Q4 is a 14-week quarter. We expect non-GAAP other income & expense to remain approximately break-even and the non-GAAP tax rate to remain similar to Q3 at 30.4% in order to bring the full year non-GAAP tax rate to 31%. This is lower than the 32% we previously estimated for 2015 because of certain one-time benefits this year.

Our 2015 fab and non-fab capital investment forecast remains at approximately $1.4 billion, with Q4 investments estimated between $300 million and $350 million. 2015 cash usage for capital investments is expected to be approximately $450 million with $294 million utilized Q3 year-to-date.

As a result of SanDisk’s pending acquisition by Western Digital Corporation, SanDisk’s capital return program, consisting of dividends and share repurchases, is suspended effective at the start of the fourth quarter.

In summary, we made solid progress on many fronts in Q3, and our team remains focused on continuing this momentum as we work to successfully close the transaction with Western Digital.

SanDisk, iNAND and Fusion-io are trademarks of SanDisk Corporation and/or its subsidiaries, registered in the U.S. and other countries. CloudSpeed Eco and iXpand are trademarks of SanDisk Corporation and/or its subsidiaries. Other brand names mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s).

Forward-Looking Statements

These prepared remarks contain certain forward-looking statements, including those regarding our expectations for: GAAP and non-GAAP financial results in Q4 2015; our financial, operational and strategic plans and priorities; improving execution and financial results; progressing and completing customer qualifications; strengthening our product portfolio; product introductions and ramp; new technologies and their capabilities; customers’ adoption of technologies and products; broadening and deepening customer engagements; growth in the sales of our products; market demands; industry trends, such as increasing SSD attach rates; duration of and benefits from commercial and strategic relationships; fab construction, equipment installation and production schedules and focus; 3D NAND pilot line operations, output usage and commercialization schedule; conversion to 3D NAND and the proportion of 3D NAND in industry wafer capacity; bit supply growth; capital investment plans; non-captive memory usage; improved inventory management; tax rate in Q4 2015 and FY 2015; and foreign currency exchange rates, that are based on our current expectations and involve numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate.

Risks that may cause these forward-looking statements to be inaccurate include, among others: (a) failure to effectively or efficiently execute on our financial, operational or strategic plans or priorities, which may change, may not have the effects that we anticipate or otherwise be successful on the timeline that we expect or at all or may have unanticipated consequences; (b) changes in industry supply and demand environment, and production and pricing levels being different than what we anticipate; (c) competitive pricing pressures or product mix changes, resulting in lower average selling prices, lower revenues and reduced gross margins; (d) excess or mismatched captive memory output, capacity or inventory, resulting in lower average selling prices, financial charges and impairments, lower gross margin or other consequences, or insufficient or mismatched captive memory output, capacity or inventory, resulting in lost revenue and growth opportunities; (e) weakness in demand in one or more of our product categories, such as embedded products or SSDs, or adverse changes in our product or customer mix; (f) potential delays in product development or lack of customer acceptance and qualification of our solutions, including on new technology nodes, particularly OEM products such as our embedded flash storage and SSD solutions; (g) failure to successfully sell enterprise solutions on the timelines or in the quantities we expect or transition our enterprise customers to our leading edge solutions; (h) failure or delays in making new products or technologies available in the manner and capacities we anticipate, whether due to technology or supply chain difficulties or other factors; (i) inability to develop, or unexpected difficulties or delays in developing or ramping with acceptable yields, new technologies, such as 3D NAND technology or Storage Class Memory, or the failure of new technologies to effectively compete with those of our competitors; (j) our 15 nanometer process technology, our X3 NAND memory architecture, our 3D NAND technology or our solutions utilizing these new technologies may not be available when we expect, in the capacities we expect or perform as expected; (k) failure to manage the risks associated with our ventures, strategic partnerships and commercial relationships, such as with Toshiba, HP and SK Hynix, including the risk of early termination; (l) inability to achieve the expected benefits from acquisitions and strategic relationships in a timely manner, or at all; (m) industry and technology trends not occurring in the timeline we anticipate or at all; and (n) the other risks detailed from time-to-time under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission filings and reports, including, but not limited to, our Quarterly Report on Form 10-Q for the quarter ended June 28, 2015.

All statements included or incorporated by reference in this document, other than statements or characterizations of historical fact, are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on SanDisk’s current expectations, estimates and projections about its business and industry, management’s beliefs, and certain assumptions made by SanDisk and Western Digital, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” similar expressions, and variations or negatives of these words. Examples of such forward-looking statements include, but are not limited to, references to the anticipated benefits of the proposed merger and the expected date of closing of the merger. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially and adversely from those expressed in any forward-looking statement.

Important risk factors that may cause such a difference in connection with the proposed merger include, but are not limited to, the following factors: (1) the inability to complete the merger due to the failure to obtain stockholder approval for the merger or the failure to satisfy other conditions to completion of the merger, including the receipt of all regulatory approvals related to the merger; (2) uncertainties as to the timing of the consummation of the merger and the ability of each party to consummate the merger; (3) risks that the proposed merger disrupts the current plans and operations of Western Digital or SanDisk; (4) the ability of Western Digital and SanDisk to retain and hire key personnel; (5) competitive responses to the proposed merger; (6) unexpected costs, charges or expenses resulting from the merger; (7) the outcome of any legal proceedings that could be instituted against Western Digital, SanDisk or their respective directors related to the merger agreement; (8) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the merger; (9) the inability to obtain, or delays in obtaining, cost savings and synergies from the merger; (10) delays, challenges and expenses associated with integrating the combined companies’ existing businesses and the indebtedness planned to be incurred in connection with the merger; and (11) legislative, regulatory and economic developments. These risks, as well as other risks associated with the proposed merger, will be more fully discussed in the joint proxy statement/prospectus that will be included in the Registration Statement on Form S-4 that will be filed with the SEC in connection with the proposed merger. The forward-looking statements in this document speak only as of this date. Neither SanDisk nor Western Digital undertake any obligation to revise or update publicly any forward-looking statement to reflect future events or circumstances.

All references to annual and quarterly periods refer to our fiscal year and fiscal quarters.

Additional Information And Where To Find It

Participants in the Solicitation

EX-99.3 4 a15-21372_5ex99d3.htm EX-99.3

Exhibit 99.3

October 21, 2015 SanDisk Third Quarter 2015 Results

Forward-Looking Statements This presentation contains certain forward-looking statements, including those regarding our expectations for: GAAP and non-GAAP financial results in Q4 2015; our financial, operational and strategic plans and priorities; improving execution and financial results; progressing and completing customer qualifications; strengthening our product portfolio; product introductions and ramp; new technologies and their capabilities; customers’ adoption of technologies and products; broadening and deepening customer engagements; growth in the sales of our products; market demands; industry trends, such as increasing SSD attach rates; duration of and benefits from commercial and strategic relationships; fab construction, equipment installation and production schedules and focus; 3D NAND pilot line operations, output usage and commercialization schedule; conversion to 3D NAND and the proportion of 3D NAND in industry wafer capacity; bit supply growth; capital investment plans; non-captive memory usage; improved inventory management; tax rate in Q4 2015 and FY 2015; and foreign currency exchange rates, that are based on our current expectations and involve numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate. Risks that may cause these forward-looking statements to be inaccurate include, among others: (a) failure to effectively or efficiently execute on our financial, operational or strategic plans or priorities, which may change, may not have the effects that we anticipate or otherwise be successful on the timeline that we expect or at all or may have unanticipated consequences; (b) changes in industry supply and demand environment, and production and pricing levels being different than what we anticipate; (c) competitive pricing pressures or product mix changes, resulting in lower average selling prices, lower revenues and reduced gross margins; (d) excess or mismatched captive memory output, capacity or inventory, resulting in lower average selling prices, financial charges and impairments, lower gross margin or other consequences, or insufficient or mismatched captive memory output, capacity or inventory, resulting in lost revenue and growth opportunities; (e) weakness in demand in one or more of our product categories, such as embedded products or SSDs, or adverse changes in our product or customer mix; (f) potential delays in product development or lack of customer acceptance and qualification of our solutions, including on new technology nodes, particularly OEM products such as our embedded flash storage and SSD solutions; (g) failure to successfully sell enterprise solutions on the timelines or in the quantities we expect or transition our enterprise customers to our leading edge solutions; (h) failure or delays in making new products or technologies available in the manner and capacities we anticipate, whether due to technology or supply chain difficulties or other factors; (i) inability to develop, or unexpected difficulties or delays in developing or ramping with acceptable yields, new technologies, such as 3D NAND technology or Storage Class Memory, or the failure of new technologies to effectively compete with those of our competitors; (j) our 15 nanometer process technology, our X3 NAND memory architecture, our 3D NAND technology or our solutions utilizing these new technologies may not be available when we expect, in the capacities we expect or perform as expected; (k) failure to manage the risks associated with our ventures, strategic partnerships and commercial relationships, such as with Toshiba, HP and SK Hynix, including the risk of early termination; (l) inability to achieve the expected benefits from acquisitions and strategic relationships in a timely manner, or at all; (m) industry and technology trends not occurring in the timeline we anticipate or at all; and (n) the other risks detailed from time-to-time under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission filings and reports, including, but not limited to, our Quarterly Report on Form 10-Q for the quarter ended June 28, 2015. The Q3 2015 results and metrics contained in this presentation are preliminary and could be adjusted or otherwise changed. All statements made in this presentation are made only as of the date of this presentation. We undertake no obligation to update the information in this presentation in the event facts or circumstances change after the date of this presentation. All references to annual and quarterly periods refer to our fiscal year and fiscal quarters. SanDisk Third Quarter 2015 Results October 21, 2015

Forward-Looking Statements All statements included or incorporated by reference in this document, other than statements or characterizations of historical fact, are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on SanDisk’s current expectations, estimates and projections about its business and industry, management’s beliefs, and certain assumptions made by SanDisk and Western Digital Corporation, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” similar expressions, and variations or negatives of these words. Examples of such forward-looking statements include, but are not limited to, references to the anticipated benefits of the proposed merger and the expected date of closing of the merger with Western Digital’s wholly-owned subsidiary, Schrader Acquisition Corporation. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially and adversely from those expressed in any forward-looking statement. Important risk factors that may cause such a difference in connection with the proposed merger include, but are not limited to, the following factors: (1) the inability to complete the merger due to the failure to obtain stockholder approval for the merger or the failure to satisfy other conditions to completion of the merger, including the receipt of all regulatory approvals related to the merger; (2) uncertainties as to the timing of the consummation of the merger and the ability of each party to consummate the merger; (3) risks that the proposed merger disrupts the current plans and operations of Western Digital or SanDisk; (4) the ability of Western Digital and SanDisk to retain and hire key personnel; (5) competitive responses to the proposed merger; (6) unexpected costs, charges or expenses resulting from the merger; (7) the outcome of any legal proceedings that could be instituted against Western Digital, SanDisk or their respective directors related to the merger agreement; (8) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the merger; (9) the inability to obtain, or delays in obtaining, cost savings and synergies from the merger; (10) delays, challenges and expenses associated with integrating the combined companies’ existing businesses and the indebtedness planned to be incurred in connection with the merger; and (11) legislative, regulatory and economic developments. These risks, as well as other risks associated with the proposed merger, will be more fully discussed in the joint proxy statement/prospectus that will be included in the Registration Statement on Form S-4 that will be filed with the SEC in connection with the proposed merger. The forward-looking statements in this document speak only as of this date. Neither SanDisk nor Western Digital undertake any obligation to revise or update publicly any forward-looking statement to reflect future events or circumstances. In addition, actual results are subject to other risks and uncertainties that relate more broadly to SanDisk’s overall business, including those more fully described in SanDisk’s filings with the Securities and Exchange Commission (“SEC”) including its annual report on Form 10-K for the fiscal year ended December 28, 2014, and its quarterly reports filed on Form 10-Q for the current fiscal year, and Western Digital’s overall business and financial condition, including those more fully described in Western Digital’s filings with the SEC including its annual report on Form 10-K for the fiscal year ended July 3, 2015. The forward-looking statements in this document speak only as of date of this document. We undertake no obligation to revise or update publicly any forward-looking statement, except as required by law. SanDisk Third Quarter 2015 Results October 21, 2015

Additional Information And Where To Find It This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Western Digital will file with the SEC a Registration Statement on Form S-4 that will include a joint proxy statement/prospectus of SanDisk and Western Digital. Each of SanDisk and Western Digital will provide the joint proxy statement/prospectus to their respective stockholders. SanDisk and Western Digital also plan to file other documents with the SEC regarding the proposed merger. This document is not a substitute for the joint proxy statement/prospectus or registration statement or any other document which SanDisk or Western Digital may file with the SEC in connection with the proposed merger. INVESTORS AND SECURITY HOLDERS OF SANDISK AND WESTERN DIGITAL ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. You may obtain copies of all documents filed with the SEC regarding this merger, free of charge, at the SEC’s website (www.sec.gov). In addition, copies of the documents filed with the SEC by SanDisk will be available free of charge on SanDisk’s website at http://www.sandisk.com. Copies of the documents filed with the SEC by Western Digital will be available free of charge on Western Digital’s website at http://www.westerndigital.com. SanDisk, Western Digital, and certain of their respective directors, executive officers and other members of management and employees, under SEC rules may be deemed to be participants in the solicitation of proxies from SanDisk and Western Digital stockholders in connection with the proposed merger. You can find more detailed information about SanDisk’s executive officers and directors in its definitive proxy statement filed with the SEC on April 27, 2015. You can find more detailed information about Western Digital’s executive officers and directors in its definitive proxy statement filed with the SEC on September 23, 2015. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of stockholders in connection with the proposed merger will be set forth in the joint proxy statement/prospectus when it is filed with the SEC. Additional information about SanDisk’s executive officers and directors and Western Digital’s executive officers and directors can be found in the joint proxy statement/prospectus regarding the proposed merger when it is filed with the SEC. SanDisk Third Quarter 2015 Results October 21, 2015 Participants in the Solicitation

Q3 2015 Results & Metrics

Q3 2015 Summary P&L Results Q3 2015 Q2 2015 Q3 2014 Revenue $1.45B $1.24B $1.75B Non-GAAP Gross Margin(1a) 44% 42% 49% Non-GAAP Operating Expenses(1a) as a % of revenue 22% 26% 21% Non-GAAP Operating Margin(1a) 22% 15% 28% Non-GAAP EPS(1a)(1b) $1.09 $0.66 $1.45 (1a)(1b) See Endnotes for further information SanDisk Third Quarter 2015 Results October 21, 2015

($ in millions) Q3 2015 Q2 2015 Q3 2014 Net cash provided by operating activities $275 $29 $588 Capital Investments Acquisition of property and equipment, net ($89) ($96) ($87) Change in investment and notes receivable activity with Flash Ventures ($16) $15 ($29) Total Capital Investments ($104) ($80) ($116) Free Cash Flow(2a) $171 ($52) $471 Capital Return Program Dividends ($62) ($63) ($67) Share repurchases ($250) ($250) ($458) Share repurchases for employee tax withholding obligations ($5) ($4) ($9) Total Capital Return Program ($317) ($316) ($534) Cash, cash equivalents, short and long-term marketable securities $3,875 $4,003 $5,145 Net cash(2b) $1,378 $1,506 $2,645 Fab operating lease guarantees (off-balance sheet) $766 $636 $553 Q3 2015 Key Balance Sheet and Cash Flow Metrics SanDisk Third Quarter 2015 Results October 21, 2015 Calculation of subtotals and totals may not agree to the sum of the components presented due to rounding (2a)(2b) See Endnotes for further information

Outlook(a) Q4 2015 Non-GAAP GAAP Revenue $1,400 - $1,475 $1,400 - $1,475 Gross Margin* 40% - 43% 37% - 40% Operating Expenses* $335 - $345 $390 - $400 Other Income (Expense)* ~$0 ~($26) Tax rate* 30.4% 42% SanDisk Third Quarter 2015 Results October 21, 2015 (a) This guidance is exclusive of one-time transactions and does not reflect the effect of any acquisitions, divestitures or other transactions that may be completed after October 21, 2015. In addition, this Q4'15 guidance does not reflect expenses or other potential impacts of the pending acquisition of SanDisk Corporation by Western Digital Corporation. * See Appendices for Non-GAAP to GAAP outlook reconciliation ($ in millions, except percentages)

Revenue Mix(3) by Category % of Revenue Percentages may not add to 100% due to rounding (3)-(8) See Endnotes for further information. SanDisk Third Quarter 2015 Results October 21, 2015 (4) (5) (6) (7) (8) 20% 19% 24% 26% 25% 20% 27% 40% 40% 38% 33% 38% 44% 37% 22% 21% 17% 16% 13% 10% 10% 6% 8% 10% 15% 14% 14% 11% 11% 12% 11% 10% 10% 11% 15% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Embedded Removable Cient SSD Solutions Enterprise Solutions Other

Revenue Mix(3) by Channel (9) (3)(9) See Endnotes for further information SanDisk Third Quarter 2015 Results October 21, 2015 % of Revenue 35% 33% 32% 31% 35% 39% 33% 65% 67% 68% 69% 65% 61% 67% 0% 10% 20% 30% 40% 50% 60% 70% 80% Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Retail Commercial

Quarterly Metrics Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q/Q change in gigabytes sold -10% 31% 9% 4% -15% -1% 49% Y/Y change in gigabytes sold 20% 51% 43% 32% 24% -6% 30% Q/Q change in ASP/gigabyte -3% -16% -3% -4% -10% -6% -22% Y/Y change in ASP/gigabyte -7% -26% -26% -24% -29% -21% -37% Q/Q change in cost/gigabyte(10) -3% -12% -3% 3% -6% -4% -24% Y/Y change in cost/gigabyte(10) -23% -28% -23% -15% -17% -10% -29% Average gigabyte/unit 13.9 14.1 16.5 22.3 20.8 19.2 23.5 As of end of period: Factory headcount(11) (12) 1,366 2,874 3,276 3,284 3,149 3,149 3,322 Non-factory headcount(13) 4,490 4,664 5,461 5,412 5,490 5,371* 5,292 Total headcount 5,586 7,538 8,737 8,696 8,639 8,520 8,614 SanDisk Third Quarter 2015 Results October 21, 2015 (10)-(13) See Endnotes for further information * Headcount at the end of Q2 2015 included 107 employees who had been notified of reduction-in-force but were still on payroll as of the end of Q2 2015

Q3 2015 Business Review

Product Updates Embedded Solutions Qualified two 15 nanometer (nm) X3 mobile custom embedded solutions, shipments began in Q3 2015 Completed re-qualification of an embedded solution for customer’s SSD application, shipments began Q3 2015 Announced, qualified and shipped 15nm X3 technology based iNAND® products to LG for inclusion in their flagship V10 smartphone launch Enterprise SSDs Qualified captive NAND based PCIe application accelerator with a large OEM storage provider in Q3 2015; additional qualifications progressing well Qualified 15nm 2 terabyte enterprise SATA SSD with a hyperscale customer; qualifications underway at other customers CloudSpeed EcoTM Gen II SSDs achieved industry’s best uncorrectable bit error rate (UBER) of 10-18 Developing 15nm 12 gigabit per second enterprise SAS SSDs, for introduction in 2016 Developing “converged platform” for enterprise SSD solution targeted for 2017 SanDisk Third Quarter 2015 Results October 21, 2015

Client SSDs Achieved #1 share of client SSD at a large PC OEM Generated numerous design wins for 15nm Z400s in the commercial sales channel, expect to ramp shipments in Q4 2015 Well positioned with OEMs for the upcoming ramp of PCs with the Skylake platform Retail Shipped 2 billionth microSDTM card SanDisk iXpandTM and Dual USB Drive mobile flash drives selling well, demonstrate continued SanDisk innovation in consumer offerings Product Updates SanDisk Third Quarter 2015 Results October 21, 2015

Technology & Manufacturing Updates 2D NAND Mix of 15nm technology nearly 60% of total bit supply 3D NAND SanDisk and Toshiba announced the start of equipment installation in the New Fab 2 facility at Yokkaichi Operations Demonstrated USB and client SSD products manufactured on 48-layer 256Gb, X3 architecture at Flash Memory Summit in August Began 3D NAND pilot line operations with initial output to be used for internal product development and validation Expect 3D NAND commercialization beginning in 2016 Supply 2015 Y/Y industry bit supply growth expected to increase in the mid-40% range 2015 Y/Y SanDisk captive bit supply growth expected to be in-line with industry 2016 Y/Y industry bit supply growth expected to be in the mid-30% range, given: 2D NAND scaling reaches its limits 3D NAND is expected to be no more than 20% of industry wafer capacity exiting 2016 2016 Y/Y SanDisk captive bit supply growth expected to be somewhat lower than industry bit supply growth SanDisk Third Quarter 2015 Results October 21, 2015

Strategic Agreements SK Hynix Signed multi-year IP licensing and DRAM supply agreements HP Entered into a long-term partnership to collaborate on a new technology within the Storage Class Memory category Partnering to enhance data center solutions with SSDs Toshiba Signed definitive agreements for joint manufacturing of 3D NAND and investment in New Fab 2 SanDisk Third Quarter 2015 Results October 21, 2015

Q3 2015 Takeaways SanDisk Third Quarter 2015 Results October 21, 2015 Solid progress in strengthening portfolio, deepening customer engagements Completed several new product qualifications Signed several strategic agreements Focus on execution, further improving financial results

SanDisk Key Strengths SanDisk Third Quarter 2015 Results October 21, 2015 Vertical integration Broad NAND solutions portfolio JV scale, technology development Global brand recognition Diverse customer base IP portfolio Deep expertise in flash systems management

Endnotes, Appendices Endnotes Basis of presentation for Non-GAAP to GAAP Operating Results Reconciliations of Non-GAAP to GAAP Statements of Operations Reconciliation of GAAP to Non-GAAP Cost of Revenue Reconciliation of GAAP Condensed Consolidated Cash Flows from Operations to Free Cash Flow Reconciliation of Non-GAAP to GAAP Outlook

Endnotes 1a Gross margin, operating expenses, operating margin and EPS are non-GAAP excluding the impact of share-based compensation, inventory step-up expense, amortization and impairment of acquisition-related intangible assets, non-cash economic interest expense associated with the convertible senior notes, non-cash change in fair value of the liability component of the convertible senior notes due to the conversion of a portion of the 1.5% Convertible Senior Notes due 2017 and related tax adjustments. See appendices for a reconciliation of non-GAAP to GAAP financials. Gross margin and operating margin are a percent of the revenue for the period shown. 1b Non-GAAP shares are adjusted for the impact of expensing share-based compensation and include the impact of offsetting shares from the call options related to the convertible senior notes. 2a Free cash flow is defined as net cash provided by operating activities less (a) acquisition of property and equipment, net, and (b) net investments and notes receivables activity with Flash Ventures. 2b Net cash equals cash, cash equivalents, short and long-term marketable securities less the principal amount of SanDisk’s outstanding convertible debt. 3 Revenue by category and by channel are estimated based on analysis of the information SanDisk collects in its sales reporting processes. 4 Embedded includes products that attach to a host system board. 5 Removable includes products such as cards, USB flash drives and audio/video players. 6 Client SSD Solutions includes SSDs used in client devices and associated software. 7 Enterprise Solutions includes SSDs, systems solutions and software used in datacenter applications. 8 Other includes wafers, components, accessories ,and license and royalty. 9 Commercial includes revenue from OEMs, system integrators, value-added resellers, direct sales, and license and royalties. 10 Cost per gigabyte and cost reduction are non-GAAP and are computed from non-GAAP cost of revenue. See appendices for a reconciliation of non-GAAP to GAAP cost of revenue. 11 Reflects SanDisk China and Malaysia factory employees, excluding temporary and contract workers. 12 During 2014, 1,505 employees were converted from contractor to employee status in SanDisk’s assembly and test facility in China. 13 Reflects SanDisk non-factory employees, excluding temporary and contract workers. SanDisk Third Quarter 2015 Results October 21, 2015

Basis of Presentation for Non-GAAP to GAAP Operating Results To supplement our condensed consolidated financial statements presented in accordance with generally accepted accounting principles (GAAP), we use non-GAAP measures of operating 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 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 many analysts who follow us. For example, because the non-GAAP results exclude the expenses we recorded for share-based compensation, inventory step-up expense, amortization of acquisition-related intangible assets related to acquisitions of Pliant Technology, Inc. in May 2011, FlashSoft Corporation in February 2012, Schooner Information Technology, Inc. in June 2012, SMART Storage Systems in August 2013 and Fusion-io, Inc. in July 2014, impairment of acquisition-related in-process research and development intangible assets, non-cash economic interest expense associated with the convertible senior notes, non-cash change in fair value of the liability component of the convertible senior notes due to the conversion of a portion of the 1.5% Convertible Senior Notes due 2017 and related tax adjustments, we believe the inclusion of non-GAAP financial measures provides consistency in our financial reporting. In addition, our non-GAAP diluted shares are adjusted for the impact of expensing share-based compensation and include the impact of the call options which, when exercised, will offset the issuance of dilutive shares from the convertible senior notes, while our GAAP diluted shares exclude the anti-dilutive impact of these call options. These non-GAAP results are some of the primary indicators management uses for assessing our performance, allocating resources, and planning and forecasting future periods. Further, management uses non-GAAP information that excludes certain non-cash charges, such as share-based compensation, inventory step-up expense, amortization of acquisition-related intangible assets, impairment of acquisition-related in-process research and development intangible assets, non-cash economic interest expense associated with the convertible senior notes, non-cash change in fair value of the liability component of the convertible senior notes due to the conversion of a portion of the 1.5% Convertible Senior Notes due 2017 and related tax adjustments, as these non-GAAP charges do not reflect the cash operating results of the business or the ongoing results. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. These non-GAAP measures may be different than the non-GAAP measures used by other companies. SanDisk Third Quarter 2015 Results October 21, 2015

Reconciliation of Preliminary Non-GAAP to GAAP Statements of Operations Three months ended September 27, 2015 (in thousands, except percentages and per share amounts, unaudited) SanDisk Third Quarter 2015 Results October 21, 2015 % of Rev Other % of Rev Revenue 1,452,285 $ 100.0% ? $ ? $ ? $ ? $ 1,452,285 $ 100.0% Cost of revenue 815,154 56.1% 5,479 (a) ? ? ? 820,633 56.5% Amortization of acquisition-related intangible assets ? ?% ? 28,822 (b) ? ? 28,822 2.0% Total cost of revenue 815,154 56.1% 5,479 28,822 ? ? 849,455 58.5% Gross profit 637,131 43.9% (5,479) (28,822) ? ? 602,830 41.5% Research and development 191,035 13.2% 20,600 (a) ? ? ? 211,635 14.6% Sales and marketing 87,341 6.0% 8,701 (a) ? ? ? 96,042 6.6% General and administrative 37,038 2.6% 6,576 (a) ? ? ? 43,614 3.0% Amortization of acquisition-related intangible assets ? ?% ? 13,256 (b) ? ? 13,256 0.9% Restructuring and other 875 0.1% ? ? ? ? 875 0.1% Total operating expenses 316,289 21.8% 35,877 13,256 ? ? 365,422 25.2% Operating income 320,842 22.1% (41,356) (42,078) ? ? 237,408 16.3% Other income (expense), net (488) (0.0%) ? ? (22,704) (c) ? (23,192) (1.6%) Income before income taxes 320,354 22.1% (41,356) (42,078) (22,704) ? 214,216 14.8% Provision for income taxes (d) 97,294 6.7% (10,688) (10,244) (8,261) 13,104 81,205 5.6% Net income 223,060 $ 15.4% (30,668) $ (31,834) $ (14,443) $ (13,104) $ 133,011 $ 9.2% Net income per share, diluted 1.09 $ 0.65 $ Diluted shares used in computing net income per share 204,103 (52) (e) 1,736 (f) 205,787 Effective tax rate 30.4% 25.8% 24.3% 36.4% 37.9% (a) (b) (c) (d) (e) Non-GAAP diluted shares are adjusted for the impact of expensing share-based compensation. (f) Non-GAAP diluted shares include the impact of offsetting shares from the call options related to the convertible senior notes. Purchase Acctg Adj Convertible Debt Adj Q3'15 GAAP Income taxes associated with certain non-GAAP to GAAP adjustments and the effects of one-time income tax adjustments recorded in a specific quarter for GAAP purposes are reflected on a forecast basis in the non-GAAP tax rate but not in the forecasted GAAP tax rate. Share-based compensation expense. Amortization of acquisition-related intangible assets, primarily developed technology, customer relationships, and trademarks and trade names related to the acquisitions of FlashSoft Corporation (February 2012), Schooner Information Technology, Inc. (June 2012), SMART Storage Systems (August 2013) and Fusion-io, Inc. (July 2014). Incremental interest expense related to the non-cash economic interest expense associated with the convertible senior notes and the non-cash change in fair value of the liability component of the convertible senior notes due to the conversion of a portion of the 1.5% Convertible Senior Notes due 2017. Q3'15 Non-GAAP Share- based Compen- sation

Reconciliation of Preliminary Non-GAAP to GAAP Statements of Operations Nine months ended September 27, 2015 (in thousands, except percentages and per share amounts, unaudited) SanDisk Third Quarter 2015 Results October 21, 2015 % of Rev Other % of Rev Revenue 4,021,722 $ 100.0% ? $ ? $ ? $ ? $ 4,021,722 $ 100.0% Cost of revenue 2,292,548 57.0% 14,563 (a) ? ? ? 2,307,111 57.4% Amortization of acquisition-related intangible assets ? ?% ? 82,400 (b) ? ? 82,400 2.0% Total cost of revenue 2,292,548 57.0% 14,563 82,400 ? ? 2,389,511 59.4% Gross profit 1,729,174 43.0% (14,563) (82,400) ? ? 1,632,211 40.6% Research and development 588,827 14.6% 63,952 (a) ? ? ? 652,779 16.2% Sales and marketing 266,359 6.6% 28,184 (a) ? ? ? 294,543 7.3% General and administrative 113,104 2.8% 20,489 (a) ? ? ? 133,593 3.3% Amortization of acquisition-related intangible assets ? ?% ? 40,618 (b) ? ? 40,618 1.0% Impairment of acquisition-related intangible assets ? ?% ? 61,000 (c) ? ? 61,000 1.5% Restructuring and other 51,162 1.3% ? ? ? ? 51,162 1.3% Total operating expenses 1,019,452 25.3% 112,625 101,618 ? ? 1,233,695 30.7% Operating income 709,722 17.6% (127,188) (184,018) ? ? 398,516 9.9% Other income (expense), net 7,902 0.2% ? ? (67,441) (d) ? (59,539) (1.5%) Income before income taxes 717,624 17.8% (127,188) (184,018) (67,441) ? 338,977 8.4% Provision for income taxes (e) 224,421 5.6% (33,295) (52,411) (24,539) (28,208) 85,968 2.1% Net income 493,203 $ 12.3% (93,893) $ (131,607) $ (42,902) $ 28,208 $ 253,009 $ 6.3% Net income per share, diluted 2.36 $ 1.18 $ Diluted shares used in computing net income per share 209,266 (111) (f) 5,088 (g) 214,243 Effective tax rate 31.3% 26.2% 28.5% 36.4% 25.4% (a) (b) (c) (d) (e) (f) Non-GAAP diluted shares are adjusted for the impact of expensing share-based compensation. (g) Non-GAAP diluted shares include the impact of offsetting shares from the call options related to the convertible senior notes. Income taxes associated with certain non-GAAP to GAAP adjustments and the effects of one-time income tax adjustments recorded in a specific quarter for GAAP purposes are reflected on a forecast basis in the non-GAAP tax rate but not in the forecasted GAAP tax rate. Impairment of acquisition-related in-process research and development intangible assets related to the acquisition of Fusion-io, Inc. Share-based compensation expense. Incremental interest expense related to the non-cash economic interest expense associated with the convertible senior notes and the non-cash change in fair value of the liability component of the convertible senior notes due to the conversion of a portion of the 1.5% Convertible Senior Notes due 2017. Amortization of acquisition-related intangible assets, primarily developed technology, customer relationships, and trademarks and trade names related to the acquisitions of FlashSoft Corporation (February 2012), Schooner Information Technology, Inc. (June 2012), SMART Storage Systems (August 2013) and Fusion-io, Inc. (July 2014). Q3'15 GAAP Q3'15 Non-GAAP Share- based Compen- sation Purchase Acctg Adj Convertible Debt Adj

Reconciliation of Non-GAAP to GAAP Statements of Operations Three months ended September 28, 2014 (in thousands, except percentages and per share amounts, unaudited) SanDisk Third Quarter 2015 Results October 21, 2015 Q3'14 Share-based Purchase Convertible Q3'14 Non-GAAP % of Rev Compensation Accounting Debt Other GAAP % of Rev Revenue 1,746,491 $ 100.0% ? $ ? $ ? $ ? $ 1,746,491 $ 100.0% Cost of revenue 891,926 51.1% 4,001 (a) 4,903 (b) ? ? 900,830 51.6% Amortization of acquisition-related intangible assets ? ? % ? 28,523 (c) ? ? 28,523 1.6% Total cost of revenue 891,926 51.1% 4,001 33,426 ? ? 929,353 53.2% Gross profit 854,565 48.9% (4,001) (33,426) ? ? 817,138 46.8% Research and development 201,840 11.6% 21,469 (a) ? ? ? 223,309 12.8% Sales and marketing 97,592 5.6% 13,800 (a) ? ? ? 111,392 6.4% General and administrative 49,119 2.8% 10,925 (a) ? ? ? 60,044 3.4% Amortization of acquisition-related intangible assets ? ? % ? 9,615 (c) ? ? 9,615 0.6% Restructuring and other 24,984 1.4% ? ? ? ? 24,984 1.4% Total operating expenses 373,535 21.4% 46,194 9,615 ? ? 429,344 24.6% Operating income 481,030 27.5% (50,195) (43,041) ? ? 387,794 22.2% Other income (expense), net 6,618 0.4% ? ? (21,493) (d) ? (14,875) (0.9%) Income before income taxes 487,648 27.9% (50,195) (43,041) (21,493) ? 372,919 21.4% Provision for income taxes 152,146 8.7% (14,389) (10,016) (7,784) (9,699) (e) 110,258 6.3% Net income 335,502 $ 19.2% (35,806) $ (33,025) $ (13,709) $ 9,699 $ 262,661 $ 15.0% Net income per share, diluted 1.45 $ 1.09 $ Diluted shares used in computing net income per share 230,863 (333) (f) 10,155 (g) 240,685 Effective tax rate 31.2% 28.7% 23.3% 36.2% 29.6% (a) (b) Inventory step-up expense related to acquisiton of Fusion-io, Inc. (July 2014). (c) (d) Incremental interest expense related to the non-cash economic interest expense associated with the 1.5% Sr. Convertible Notes due 2017 and 0.5% Sr. Convertible Notes due 2020. (e) (f) Non-GAAP diluted shares include the impact of share-based compensation. (g) Non-GAAP diluted shares include the impact of offsetting shares from the call options related to the 1.5% Sr. Convertible Notes due 2017 and 0.5% Sr. Convertible Notes due 2020. Income taxes associated with certain non-GAAP to GAAP adjustments, and the effects of one-time income tax adjustments recorded in a specific quarter for GAAP purposes are reflected on a forecast basis in our non-GAAP tax rate. Share-based compensation expense. Amortization of acquisition-related intangible assets, primarily developed technology, customer relationships, and trademarks and trade names related to the acquisitions of Pliant Technology, Inc. (May 2011), FlashSoft Corporation (February 2012), Schooner Information Technology, Inc. (June 2012), SMART Storage Systems (August 2013) and Fusion-io, Inc.

Reconciliation of Non-GAAP to GAAP Statements of Operations Nine months ended September 28, 2014 (in thousands, except percentages and per share amounts, unaudited) SanDisk Third Quarter 2015 Results October 21, 2015 Q3'14 Share-based Purchase Convertible Q3'14 Non-GAAP % of Rev Compensation Accounting Debt Other GAAP % of Rev Revenue 4,892,447 $ 100.0% ? $ ? $ ? $ ? $ 4,892,447 $ 100.0% Cost of revenue 2,481,488 50.7% 10,118 (a) 4,903 (b) ? ? 2,496,509 51.0% Amortization of acquisition-related intangible assets ? ? % ? 67,860 (c) ? ? 67,860 1.4% Total cost of revenue 2,481,488 50.7% 10,118 72,763 ? ? 2,564,369 52.4% Gross profit 2,410,959 49.3% (10,118) (72,763) ? ? 2,328,078 47.6% Research and development 571,524 11.7% 54,644 (a) ? ? ? 626,168 12.8% Sales and marketing 244,501 5.0% 27,261 (a) ? ? ? 271,762 5.6% General and administrative 140,147 2.9% 22,651 (a) ? ? ? 162,798 3.3% Amortization of acquisition-related intangible assets ? ? % ? 12,742 (c) ? ? 12,742 0.3% Restructuring and other 24,984 0.5% ? ? ? ? 24,984 0.5% Total operating expenses 981,156 20.1% 104,556 12,742 ? ? 1,098,454 22.5% Operating income 1,429,803 29.2% (114,674) (85,505) ? ? 1,229,624 25.1% Other income (expense), net 19,493 0.4% ? ? (63,582) (d) ? (44,089) (0.9%) Income before income taxes 1,449,296 29.6% (114,674) (85,505) (63,582) ? 1,185,535 24.2% Provision for income taxes 455,065 9.3% (31,856) (10,728) (23,027) (9,474) (e) 379,980 7.8% Net income 994,231 $ 20.3% (82,818) $ (74,777) $ (40,555) $ 9,474 $ 805,555 $ 16.5% Net income per share, diluted 4.29 $ 3.37 $ Diluted shares used in computing net income per share 231,567 (253) (f) 7,961 (g) 239,275 Effective tax rate 31.4% 27.8% 12.5% 36.2% 32.1% (a) (b) Inventory step-up expense related to acquisiton of Fusion-io, Inc. (July 2014). (c) (d) Incremental interest expense related to the non-cash economic interest expense associated with the 1.5% Sr. Convertible Notes due 2017 and 0.5% Sr. Convertible Notes due 2020. (e) (f) Non-GAAP diluted shares include the impact of share-based compensation. (g) Non-GAAP diluted shares include the impact of offsetting shares from the call options related to the 1.5% Sr. Convertible Notes due 2017 and 0.5% Sr. Convertible Notes due 2020. Income taxes associated with certain non-GAAP to GAAP adjustments, and the effects of one-time income tax adjustments recorded in a specific quarter for GAAP purposes are reflected on a forecast basis in our non-GAAP tax rate. Share-based compensation expense. Amortization of acquisition-related intangible assets, primarily developed technology, customer relationships, and trademarks and trade names related to the acquisitions of Pliant Technology, Inc. (May 2011), FlashSoft Corporation (February 2012), Schooner Information Technology, Inc. (June 2012), SMART Storage Systems (August 2013) and Fusion-io, Inc.

Reconciliation of Non-GAAP to GAAP Statements of Operations Three months ended June 28, 2015 (in thousands, except percentages and per share amounts, unaudited) SanDisk Third Quarter 2015 Results October 21, 2015 % of Rev Other % of Rev Revenue 1,237,196 $ 100.0% ? $ ? $ ? $ ? $ 1,237,196 $ 100.0% Cost of revenue 718,973 58.1% 5,022 (a) ? ? ? 723,995 58.5% Amortization of acquisition-related intangible assets ? ? % ? 28,822 (b) ? ? 28,822 2.3% Total cost of revenue 718,973 58.1% 5,022 28,822 ? ? 752,817 60.8% Gross profit 518,223 41.9% (5,022) (28,822) ? ? 484,379 39.2% Research and development 196,109 15.9% 22,309 (a) ? ? ? 218,418 17.7% Sales and marketing 86,733 7.0% 9,948 (a) ? ? ? 96,681 7.8% General and administrative 34,789 2.8% 7,143 (a) ? ? ? 41,932 3.4% Amortization of acquisition-related intangible assets ? ? % ? 13,681 (b) ? ? 13,681 1.1% Restructuring and other 9,746 0.8% ? ? ? ? 9,746 0.8% Total operating expenses 327,377 26.5% 39,400 13,681 ? ? 380,458 30.8% Operating income 190,846 15.4% (44,422) (42,503) ? ? 103,921 8.4% Other income (expense), net 9,826 0.8% ? ? (22,603) (c) ? (12,777) (1.0%) Income before income taxes 200,672 16.2% (44,422) (42,503) (22,603) ? 91,144 7.4% Provision for income taxes 64,216 5.2% (11,775) (12,821) (8,224) (21,225) (d) 10,171 0.8% Net income 136,456 $ 11.0% (32,647) $ (29,682) $ (14,379) $ 21,225 $ 80,973 $ 6.5% Net income per share, diluted 0.66 $ 0.38 $ Diluted shares used in computing net income per share 208,093 (89) (e) 4,708 (f) 212,712 Effective tax rate 32.0% 26.5% 30.2% 36.4% 11.2% (a) (b) (c) (d) (e) Non-GAAP diluted shares are adjusted for the impact of expensing share-based compensation. (f) Non-GAAP diluted shares include the impact of offsetting shares from the call options related to the convertible senior notes. Q2'15 Non-GAAP Share- based Compen- sation Purchase Acctg Adj Convertible Debt Adj Q2'15 GAAP Income taxes associated with certain non-GAAP to GAAP adjustments and the effects of one-time income tax adjustments recorded in a specific quarter for GAAP purposes are reflected on a forecast basis in the non-GAAP tax rate but not in the forecasted GAAP tax rate. Share-based compensation expense. Amortization of acquisition-related intangible assets, primarily developed technology, customer relationships, and trademarks and trade names related to the acquisitions of FlashSoft Corporation (February 2012), Schooner Information Technology, Inc. (June 2012), SMART Storage Systems (August 2013) and Fusion-io, Inc. (July 2014). Incremental interest expense related to the non-cash economic interest expense associated with the convertible senior notes and the non-cash change in fair value of the liability component of the convertible senior notes due to the conversion of a portion of the 1.5% Convertible Senior Notes due 2017.

Reconciliation of Preliminary GAAP to Non-GAAP Cost of Revenue (in thousands, unaudited) SanDisk Third Quarter 2015 Results October 21, 2015 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 GAAP COST OF REVENUE $809,213 $799,444 $823,160 $870,703 $760,655 $874,361 $929,353 $995,484 $787,239 $752,817 $849,455 Share-based compensation (a) (1,717) (2,447) (2,716) (2,940) (2,610) (3,507) (4,001) (4,601) (4,062) (5,022) (5,479) Amortization of acquisition-related intangible assets (b) (9,830) (9,830) (10,256) (19,616) (19,616) (19,721) (28,523) (33,039) (24,756) (28,822) (28,822) Inventory step-up expense (c) - - - - - - (4,903) (2,931) - - - NON-GAAP COST OF REVENUE $797,666 $787,167 $810,188 $848,147 $738,429 $851,133 $891,926 $954,913 $758,421 $718,973 $815,154 (a) Share-based compensation expense. (b) Amortization of acquisition-related intangible assets, primarily developed technology, customer relationships, and trademarks and trade names related to the acquisitions of Pliant Technology, Inc., FlashSoft Corporation, Schooner Information Technology, Inc., SMART Storage Systems and Fusion-io, Inc. (c) Inventory step-up expense related to acquisition of Fusion-io, Inc.

Reconciliation of Preliminary GAAP Condensed Consolidated Cash Flows from Operations to Free Cash Flow (in thousands, unaudited) SanDisk Third Quarter 2015 Results October 21, 2015 September 27, 2015 June 28, 2015 September 28, 2014 September 27, 2015 September 28, 2014 Net cash provided by operating activities 274,972 $ 28,864 $ 587,696 $ 612,701 $ 1,210,635 $ Acquisition of property and equipment, net (88,594) (95,562) (86,975) (282,443) (165,641) Investment in Flash Ventures — — — — (24,296) Notes receivable issuances to Flash Ventures (56,528) (71,347) (43,733) (228,374) (131,692) Notes receivable proceeds from Flash Ventures 40,804 86,463 14,451 216,960 126,755 Free cash Flow 170,654 $ (51,582) $ 471,439 $ 318,844 $ 1,015,761 $ Three months ended Nine months ended

Reconciliation of Non-GAAP to GAAP Outlook (in millions, except for percentages) SanDisk Third Quarter 2015 Results October 21, 2015 Q4 2015 Non-GAAP GAAP Revenue $1,400 - $1,475 $1,400 - $1,475 Gross Margin (2) 40% - 43% 37% - 40% Operating Expenses (3) $335 - $345 $390 - $400 Other Income (Expense) (4) ~$0 ~($26) Tax Rate (5) 30.4% ~42% (1) This guidance is exclusive of one-time transactions and does not reflect the effect of any acquisitions, divestitures or other transactions that may be completed after October 21, 2015. In addition, this Q4'15 guidance does not reflect expenses or other potential impacts of the pending acquisition of SanDisk Corporation by Western Digital Corporation. Non-GAAP excludes or reflects the impact of the following items: (2) Estimate of share-based compensation and amortization of acquisition-related intangible assets to be included in total cost of revenue. (3) Estimate of share-based compensation and amortization of, and impairment for, acquisition-related intangible assets to be included in operating expenses. (4) Incremental interest expense related to the non-cash economic interest expense associated with the convertible senior notes. (5) Income taxes associated with certain non-GAAP to GAAP adjustments and the effects of one-time income tax adjustments recorded in a specific quarter for GAAP purposes are reflected on a forecast basis in our non-GAAP tax rate but not in our forecasted GAAP tax rate.

SanDisk and iNAND are trademarks of SanDisk Corporation, registered in the United States and other countries. CloudSpeed Eco and iXpand are trademarks of SanDisk Corporation. microSD is a trademark of SD-3C, LLC. Other brand names mentioned herein are for identification purposes only and may be the trademark(s) of their respective holder(s). ©2015 SanDisk Corporation. All rights reserved. SanDisk Third Quarter 2015 Results October 21, 2015

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