2012 Investor & Analyst Day Paul Read, CFO

May 31st, 2012

Reduced

Volatility

Value

Creation

Margin

Expansion

Flextronics Transformation

Increased

Predictability

Reduced

Volatility

Value

Creation

Margin

Expansion

Flextronics Transformation

Increased

Predictability

Balanced Product Portfolio FY13E

Mobility 15%

Computing 8%

Consumer 7%

Server / Storage

9%

Telecom 18%

Networking 18%

Energy 5%

Equip & Auto

4%

Medical 5%

Automotive 4%

70 / 30 Mix

FY13E

Total Flex

$26 - $27

Billion

Emerging

Solutions

4%

INS

~ 45%

HRS

~ 10%

HVS

~ 30%

IE&I

~ 15%

Aero / Defense 1%

Customer Transformation Provides Greater Diversification

~35%

FY07

Top 10

customers

~65% ~45%

FY12

Top 10

customers

~55% ~55%

FY13E

Top 10

customers

FY07 Top 10

Ericsson

Nortel

Xerox

Hewlett-Packard

Casio

Dell

Kyocera

Microsoft

Motorola

Sony-Ericsson

FY13E Top 10

Alcatel Lucent

Cisco

Ericsson

Ford

Huawei Technologies

Hewlett-Packard

Apple

Lenovo

Microsoft

RIM

HVS

Low Vol/

High Mix

HVS

• Q4 FY12 was the first quarter

without a 10%+ customer in

3 years

• FY13E is not expected to have

a 10%+ customer

Customer Transformation

Hybrid

Customers are in alphabetical order within respective groupings

~45%

Revenue Revenue Revenue

Low Vol/

High Mix

Reduced

Volatility

Value

Creation

Margin

Expansion

Flextronics Transformation

Increased

Predictability

A More Predictable Revenue Stream

70 / 30 Mix

40% 42%

61% 70% 70% 70%

60%

58%

39% 30% 30%

30%

FY02 FY07 FY12 FY13E FY14E FY15E

Non-HVS HVS

$26-$27B

$28-$30B

$31-$33B

$29B

$19B

$13B

40% 42%

61% 60%

58%

39%

FY02 FY07 FY12

$29B

$19B

$13B

HVS Low Volume / High Mix

10% CAGR

• Balanced product portfolio

• Enhanced customer diversification

• Unmatched breadth and scale

which provides access to new

markets

• The leader in low volume / high mix

businesses ($17.8 billion in FY12)

Increased Predictability

HVS Low Volume / High Mix

Earnings Quality – Operating Profit and EPS Targets

Low Vol / High Mix

Operating Profit

~85%

HVS

~15%

FY13E Operating Profit

Longer product life cycles

Less forecast variability

Reduced competition

Higher margins

$0.88 $0.84 $0.77

$0.70

$1.00 - $1.10

FY11 FY12 FY13E FY14E FY15E

Adj EPS GAAP EPS

$0.88 - $0.98

+25% +15% +10%

17% CAGR

Reduced

Volatility

Value

Creation

Margin

Expansion

Flextronics Transformation

Increased

Predictability

45%

23%

17%

15%

85% of FY13E

Operating Profit

from

Low Vol / High Mix

More Predictable Operating Margin Profile – FY13 Targets

INS

3% - 4%

HRS

5% - 7%

HVS

2%+

IE&I

4% - 6%

Operating Margin Expansion Framework

~3.0% 70/30

Transition

Volume

$6.6 Billion

Revenue/Qtr

+35 bps

+15 bps

3.5%

• Components business at 4%+

operating profit

• $6.6 billion+ in revenue increases

factory utilization and operating

expense leverage

Margin Expansion Levers 3.5%+

Adjusted Operating Margin

June Qtr

FY13E

$6.1

Billion

Guidance

(mid-pt)

Target

Reduced

Volatility

Value

Creation

Margin

Expansion

Flextronics Transformation

Increased

Predictability

Creating Value Through Strong Free Cash Flow Generation

$845 Million

$3.0 Billion

$3.0 - $4.0

Billion

Strong Free Cash Flow

FY03 - FY07

FY13E - FY17E

FY08 - FY12

Target

• LTM free cash flow yield of 9%

• ROIC 20%+

• WACC of 8.9%

• Significant excess cash generation

Value Creation

• Net income growth

• Working capital at 6-8% of revenue

• Disciplined capex spend < depreciation

• Infrastructure capacity for $40 billion

revenue run rate

Free Cash Flow Levers

Industry Leading Free Cash Flow Generation

$210 $315

$559

$900 $1,022

FLEX

FLEX Generated $3.0 Billion+

Free Cash Flow* In Last 5 Years

FY08 - FY12 ($M)

51% $3.1 billion

49% $3.0 billion

*Source: Factset and Flextronics [free cash flow = net operating cash flow – capex + sale of fixed assets & businesses]

$3,089

FLEX North American

EMS Competitors

Capital Structure Management - Primary Use of Cash

Acquisitions

23%

Share

Buyback

26% Debt

Paid

Down

11%

Capex

40%

Acquisitions

~25%

Excess Cash

~35%

Capex

~40%

FY08 – FY12

FY13E & Forward

• Growth oriented capex

• Strategic acquisitions

• Managing optimal debt levels

• Share repurchase / dividends

Capital Allocation Priorities

Components 33%

Mechanicals 25%

Assembly 42%

FY13E Growth Capex

Disciplined Capital Expenditures

Capex

Growth 60%

Growth 55 - 65%

Maintenance 25%

Maintenance 25 - 30%

Infra. Support 15%

Infra. Support

10 - 15%

$388M

$350M - $400M

Target

FY12

FY13E

• Focus on disciplined growth investments

• Targeted capex spend < depreciation

• Risk adjusted capital investments

Capex Investments

Share Repurchase from FY08 to Today

$260M

$400M

$510M

835 810 813 757

684

-65

85

235

385

535

685

835

0

100

200

300

400

500

600

700

FY08 FY09 FY10 FY11 FY12

Shares

Outstanding

82M Shares

Repurchased

65M Shares

Repurchased

30M Shares

Repurchased

$8.73

Avg. Price

$6.12

Avg. Price

$6.24

Avg. Price

Last 5 Years, We Have Repurchased…

Over 177 Million Shares

~ $1.2 Billion in Stock

21% of Shares Outstanding

Strengthened Our Capital Structure

• Reduced net debt by ~$1 billion

• Improved debt to EBITDA ratio by 30%

• Maintained liquidity (cash + revolver) at over $2.8 billion

Since FY08

Strengthened Our Capital Structure

2.7x 2.5x

2.3x

1.8x 1.9x 1.7x

1.5x 1.3x

FY08 FY09 FY10 FY11 FY12 FY13E FY14E FY15E

Debt / EBITDA

Strong Liquidity Position

$1,518

$1,360

$177$140

$2,878

$1,380

$488

2012 2013 2014 2015 2016

Cash

Revolver

Term Loan Revolver

Revolver

Total

Liquidity

Strong Liquidity Provides Financial Flexibility . . .

Even Against A Backdrop of Aggressive Share Repurchases

Value

Creation

Margin

Expansion

Flextronics Transformation Summary

Increased

Predictability

$845M

FY02-

FY07

$3.0B

FY08-

FY12

$3.0 –

$4.0B

FY13E-

FY17E

Revenue Predictability

70 / 30 Mix

70 / 30 Mix

~3.0%

70/30

Transition

+35 bps +15 bps

3.5%

June Qtr

FY13E

$6.1

Billion

Guidance

(mid-pt)

Target

Volume

$6.6 Billion

Revenue/Qtr

Reduced

Volatility

Earnings Predictability

+25% +15% +10%

June Quarter FY13 Guidance Reaffirmed

JUN-12EJUN-12E

Quarterly

Revenue

($ in Millions) Quarterly

Adjusted EPS

$6,300

$5,900 $0.20

$0.24

FLEX Business Groups JUN-12E Q/Q Outlook

Integrated Network Solutions Stable

Industrial & Emerging Solutions High Single Digit Growth

High Reliability Solutions Low Single Digit Growth

High Velocity Solutions Down 15% to 25%

Assumptions

● OP% 3.0% to 3.1%

● SG&A $180M to $190M

● Interest & Other $15M to $20M

● Tax rate at 8% to 10%

● WASO 695M

● GAAP EPS range $0.17 - $0.21

INVESTOR & ANALYST DAY 2012

FINAL WRAP UP / Q&A

As a result of the Company’s decision to divest its VPT Business, current and historical operating results

for this business have been recast as Discontinued Operations and are not included in the measures of

performance.

The non-GAAP financial measures included in this presentation : adjusted operating profit, adjusted net

income, adjusted operating margin, adjusted EPS , Debt to EBITDA and free cash flow may exclude

certain amounts that are included in the most directly comparable measures under GAAP or may be a

supplement measure of operating performance. Adjusted financial measures exclude charges primarily

for restructuring, stock-based compensation expense and intangible amortization. Please refer to the

Investors section of our website which contain the reconciliation of non-GAAP financial measures to the

most directly comparable GAAP measures.

GAAP annual earnings per diluted share are expected to be lower than the guidance provided herein by

approximately $0.12 reflecting annual intangible amortization and stock-based compensation expense.

Adjusted operating profit profile by Business Group excludes amortization and stock compensation

expense and represent approximations as the company does not include formal allocations of common

facilities and overhead costs, or centralized corporate services such as marketing, IT and other

administrative support. Although discrete financial information exists to a limited degree, the company

opportunistically allocates its resources according to specific customer opportunity irrespective of the

business group in which the business activity will be reported.

Appendix: Notes