Lam Research Investor Presentation — January 2019

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© 2019 Lam Research Corp. | 01.23.2019 1

Lam Research Corporation

December Quarter 2018 Financial Results

January 23, 2019wide-16x9W -v2

© 2019 Lam Research Corp. | 01.23.2019 2Cautionary Statement Regarding Forward -Looking Statements

This presentation and the accompanying discussion contain “forward -looking statements” under U.S. securities laws. Forward -looking

statements include any statements that are not statements of historical fact. Examples of forward -looking statements include, b ut are not

limited to: (1) anticipated business, balance sheet, cash flow and financial measures and results, including guidance, whethe r on a GAAP or

non-GAAP basis; (2) economic, market, industry and industry segment expectations; and (3) our ability to successfully execute bu siness, capital

allocation, product and growth plans or strategies, or otherwise deliver value for customers and stockholders. Forward -looking statements

speak only as of the date they are made and are subject to risks and uncertainties that could cause actual results to differ materially from

those expressed, including the factors discussed in our filings with the Securities and Exchange Commission (“SEC”). You sho uldnot place undue

reliance on forward -looking statements. Lam undertakes no obligation to update any forward -looking statements. wide-16x9W -v2

© 2019 Lam Research Corp. | 01.23.2019 3Business Review and Industry Outlook

President and Chief Executive Officerwide-16x9W -v2

© 2019 Lam Research Corp. | 01.23.2019 42018 Calendar Year Financial Performance

$10,871M in Revenue –14% increase

Operating Cash Flow growth over

50% from 2017EPS growth of 27% from 2017*

*Data calculated on a non -GAAP basis. Reconciliations of U.S. GAAP results to non -GAAP results can be found at the end of this presentation2018 Strongest

© 2019 Lam Research Corp. | 01.23.2019 5Industry Overview

Lam is well -positioned to deliver attractive long -term growth and opportunityCalendar 2018 WFE ended largely as expected at ~ $50B

Expect WFE down from 2018 in the mid to high teens range

Memory -led decline in industry spending entering 2019

© 2019 Lam Research Corp. | 01.23.2019 6Lam’s Growth Strategy

Increasing the Recurring

Gaining Market Share

Served Available Markets

© 2019 Lam Research Corp. | 01.23.2019 7Etch and Deposition -Central to Customers’ Technology Roadmaps

A strong pipeline of differentiated products, targeting our customers’ most difficult

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