J A N U A R Y 2 0 1 9

InvestorPresentation

2

This presentation and oral communications made during the course of this presentation contain statements that

constitute forward-looking statements. Many of these forward-looking statements can be identified by the use of

forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and

“potential,” among others. Forward-looking statements include, but are not limited to, statements regarding the

Company’s intent, belief or current expectations. Forward-looking statements are based on management’s beliefs and

assumptions and on information currently available to management. Such statements are subject to risks and

uncertainties, and actual results may differ materially from those expressed or implied in forward-looking statements

due to various factors, including, but not limited to, those relating to the following: (i) the losses the Company has

experienced in the past and may experience in the future; (ii) the unpredictable fluctuation of the Company’s operating

results from quarter to quarter; (iii) the highly cyclical markets in which the Company competes have experienced

severe downturns; (iv) declines in memory component prices and average selling prices that may cause declines in the

Company’s net sales and gross profit; (v) worldwide economic conditions and other factors that may adversely affect

the Company’s operations and cause fluctuations in the demand for the Company’s products; (vi) the Company’s

dependence on growth in the memory market in Brazil, which could cease or contract; (vii) the dependence of the

Company’s sales and profit margins in Brazil on the continuing existence of local content requirements for electronic

products; (viii) the dependence of a significant portion of the Company’s net sales on the continuing existence of, and

demand from, a limited number of key customers; (ix) the amount of corporate income and excise and import taxes the

Company pays that may increase significantly if tax incentives or tax holiday arrangements in Brazil or Malaysia are

discontinued or if the Company’s interpretations and assumptions with respect to such tax incentives or tax holiday

arrangements are incorrect; (x) other factors that may affect the Company’s financial condition, liquidity and results of

operations; and (xi) other risk factors discussed under the caption “Risk Factors” in our current filings with the SEC.

Forward-looking statements speak only as of the date they are made, and the Company does not undertake any

obligation to update them in light of new information or future developments or to release publicly any revisions to these

statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events, except

as otherwise required by the rules and regulations of the SEC.

Certain information included in this presentation was obtained from third parties and has not been independently

verified by the Company.

This presentation also includes certain non-GAAP financial measures. These non-GAAP financial measures are in

addition to, and not as a substitute for or superior to measures of financial performance prepared in accordance with

GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest

GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use

other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial

measures as tools for comparison.

Disclaimer

3

SMART is a proven technology leader in the design, development

and deployment of current and next-generation specialty high

value memory, storage and compute products and solutions.

SMART Compute & Storage

- AI/Machine Learning Systems

- HPC/Commercial Systems

- Federal/Government Systems

- Software Defined Storage

Brazil

- DRAM Packaging/Modules

- FLASH Packaging/Modules

- Mobile Memory Products

- Battery and Other Products

Specialty Products

- DRAM Modules

- FLASH Products

- Persistent Memory

- Supply Chain Services

1988

Founded

2002

Entered Brazilian

Memory Market

2011

Taken private by

Silver Lake

2018

Acquired Penguin

Computing

4

Powerful Value for our Customers

Value Proposition

Design and delivery expertise from 30 years of

providing specialty products

Deep customer-centric engineering focus, with

on-going collaboration

Dedicated, product-specific development teams

Long product life cycles for greater ROI

Robust, end-to-end capabilities and application-

specific solutions

Configurable Systems

Build to Order Manufacturing

5

SMART is Uniquely Positioned in the Technology Ecosystem

We work in partnership with key technology vendors in memory, networking, computing and

storage to define product and market solutions for application specific or market/geographic needs

Product Manufacturing

ODM

Standard Platforms

EMS

Custom Designs

Technology Vendors

Specialty ProductsDesign & Integration

Vertical Market Solutions

Government/University

Enterprise/Other

OEM

SMART’s Products & Markets

7Sources: Company, Standard and Specialty NAND Flash and DRAM Products Market from Company and IDC, 2017High-Reliability and Ruggedized Market Segment from IHS Q1’18, Gartner Apr’18, SMART estimates

SMART’s Large and Growing Markets – Specialty Products

2016 2021

$41.2bnDRAM

$73.1bn

$31.9bnFlash

$61.2bnDRAM

$40.5bnFlash

$101.7bn6.8% CAGR

Standard and Specialty NAND Flash and DRAM Products Market

85-95%Standard Modules & Mobile Memory

5-15%Specialty Memory

2016 2021

$1.7bn

$2.4bn7.9% CAGR

Industrial, High-Reliability and Ruggedized Market Segment

8

• Rapid Growth of Data/In-Memory Compute

Persistent Memory/NV DIMM

Enterprise SSD

Boot Drives

• Industrial/Automotive Ruggedized SSDLow Profile DIMM/MIP

• Growth of Specialty Compute/StorageHigh Speed GPU/CPU ServersHigh Speed Storage/SDSUltra Fast Networking

Key Technology Trends

Trends New Verticals

AI / ML Government/Federal

End UsersIOT

9Note: Represents fiscal year ending August.

Opportunity for Growth in Specialty Products

$289

$363

$438

FY2016 FY2017 FY2018

23% CAGR

SMART Specialty Products Growth

$mm

Growth Drivers

Demand fueled by memory technology transitions

Expansion and use of Flash & DRAM technology

in the server and storage end markets

New tier of memory with DRAM performance

and Flash backup

Overall growth in memory market

1010

SMART Supply Chain Services

1. Represents fiscal year ending August.

Suppliers

Contract Manufacturers

OEM Customer

P L A N N I N G A N A L Y T I C S V I S I B I L I T Y V A L U E - A D D E D

S E R V I C E S

Improve Customer

Supply Chain,

Decrease inventory,

improve supply &

demand visibility and

assurance of supply

Proprietary software

platform

Over 2.2 million

transactions with a

value of $1.1 billion in

fiscal 20181

Deep integration with

customer and supplier

information systems

Global footprint

Source of recurring

revenue and profitability

Minimal capex

Key Features

We manage supply chains for Standard products supporting major memory buyers

11

Customer Case Studies: SMART Specialty Products

Designed into Rockwell’s ControlLogix® and

CompactLogix™ Control Systems as well as

PanelViewTM Graphics Terminals

Primary use is data storage

Product Life Cycle 10+ years

Customized persistent memory solution (NVDIMM)

for a high growth storage platform

Long qualification cycle, sticky design win, core

customer engineering integration

SMART supplies Flash & DRAM; customer for >20

years.

Focused on Cisco BUs requiring long term support

(switching & routing); account for ~60% of Cisco’s

revenue

Ship over 500 product SKUs per year

Industrial and A&D Servers & Storage Networking & Telecom

1212

FY2016A FY2020E

Potential Brazil Battery TAM2

Million USD

Sources: Company, Brazilian Ministry of Science, Technology and Innovation and IT Data. Note: Numbers may not sum due to rounding. Represents fiscal year ending August.1. Brazil Mobile TAM is the total available market for locally produced mobile memory for mobile phones and tablets in Brazil. Brazil Mobile TAM is based on 1 component per mobile device and an

estimated ASP of USD$28.17 per component during fiscal 2018, which is an average estimated selling price per component for mobile memory during fiscal FY182. Brazil Battery TAM is the total available market for locally produced battery for mobile phones and tablets in Brazil. Brazil Battery TAM is based on 1 component per mobile device and an

estimated ASP of USD$8.00 per component during fiscal 2018, which is an average estimated selling price per component for battery during fiscal FY18.

SMART Leveraging the Growth in the Brazil Memory Market

Potential Brazil Mobile TAM1

Million USD

2016 2020E

$437

$75017% CAGR

$124

$238

Structural growth drivers in Brazil Mobile Memory market

Addressable Market Today

18% CAGRAddressable Market

Future

Opportunities:

IoT, Automotive

Invested $210+ million over 15 years

Deep Brazilian Market Knowledge

Regional Expertise with Limited Local Competition

Strategic Supply Partnerships

Benefits from Local Content Regulation

Unique Product Development and R&D Capabilities

Our leadership in Brazil…

13

Brazil Local Content Requirements for Representative Markets

Sources: Brazilian Ministry of Science, Technology and Innovation, US Energy Information Administration, International Organization of Motor Vehicle Manufacturers, Brazilian General Aviation Association, BMI, ITData Consultoria.

Note: Mobile / smartphone includes mobile DRAM, eMMC and eMCP; does not include microSD cards

SMART Benefits From Local Content Requirements in Brazil

80%

08 09 10 11 12 13 14 15 16 17 18 19

0% 5%20%

30% 30%

50% 50%

08 09 10 11 12 13 14 15 16 17 18 19

Server DRAM

10%30%

50%60%

80%

08 09 10 11 12 13 14 15 16 17 18 19

Desktop DRAM

0%

30%40%

50%60%

80% 70% 80%

08 09 10 11 12 13 14 15 16 17 18 19

Notebook DRAM

Mobile/Smartphone

Memory

0%

08 09 10 11 12 13 14 15 16 17 18 19

Mobile Battery60%

14

Brazil Specialty Products

1. Represents fiscal year ending August. Customer listing, alphabetical order

Blue-Chip Customer Base Across Diverse Markets

Top 5 End Customersfor FY181:

DRAM Mobile Memory Networking & TelecomIndustrial, Aerospace &

Defense, MedicalServers & Storage

15

$11.2bn$14.8bn

$4.3bn

$6.3bn$1.3bn

$1.8bn

$3.7bn

$5.1bn

$1.9bn

$2.3bn

2016 2021Servers Storage Middleware Applications Service

SMART Specialty Computing and Storage Market Expanding Rapidly

6.2% CAGR

$22.4bn

$30.3bn

5.8% CAGR

$23bn

Penguin

Computing

SAM by

2021

7.8% CAGR

6.9% CAGR

1. Source: Hyperion Research, 2017

2. Source: Goldman Sachs, March 2018

Global HPC Market (1) Artificial Intelligence Spend (2)

43% CAGR

26% CAGR

$12bn

$35bn

$109bn

2017 2020 2025

1616

Opportunity for Growth in Compute and Storage

1. Source: Hyperion Research 2018

Growth Drivers1:

Governments are investing heavily in exascale systems

IOT data combined with HPC is creating new solutions

Many new users/buyers to the specialty computing space

Artificial Intelligence (AI) (including Machine Learning and Deep Learning)

High speed and Software Defined Storage Solutions

17

HPC the perfect fit for High Speed AI Compute Systems

18

AI and HPC System Delivery - Many Common Elements

AI

Workflow

HPC

Workflow

AI

Software

Platforms

HPC

Software

Platforms

Data Size and Access Requirements

High-speed Storage Systems

High-speed and Ethernet Network

Architectures

Server and Cluster

Architectures

Scale Out Considerations: Data Center Requirements, Hybrid (Cloud), Managed Services, Support and Maintenance

Configure to OrderConsiderations AI Specific HPC Specific

Software Defined Storage

19

Update on Specialty Compute and Storage

• Initial integration of Penguin Computing largely complete

• New programs in HPC and AI ramping

• Released new HPC cluster management software system, which adds increased value and targets a broad array of end markets

✓ Federal systems

✓ Weather forecasting

✓ Industrial (oil/gas)

• Second phase integration underway, expect to achieve bring margin structure closer to corporate average,

with full benefits within 2 years

• Co-marketing and cross selling synergies are underway with expected full implementation by the end of 2019

• Operations and financial integration which will complete by end of Q2, combined with a doubling of

manufacturing capability, will drive revenue and increase efficiencies.

20

Customer Case Studies: Penguin Computing

Designed and built #63 most powerful computer in the world (per June 2018

Top500) for Lawrence Livermore National Laboratory (LLNL) with Penguin

Computing Tundra® Extreme Scale platform, Xeon E5-2695v4 18C 2.1GHz,

Intel Omni-Path technology

Helped LLNL execute mission of ensuring the safety, security and reliability

of the nation's nuclear weapons through the application of advanced

science, engineering, and technology

High Performance Compute Artificial Intelligence

Designed and built #9 most efficient supercomputer in the world (per June 2018

Green500) for a large organization to dramatically expand its already world-

renowned artificial intelligence (AI) research program.

This system is also the largest AI compute cluster in the world (based on

comparisons to AI projects in the Top 500 list).

Client’s satisfaction with Penguin Computing managed services was so high that

they requested that the second phase be built in the Penguin Computing data

center.

21

Customer Case Studies: Penguin Computing

Gave #2 ranked leader in engineering, architecture and

construction services CRB ability to run true, bare-metal cluster on

as-needed basis via the cloud, with Penguin Computing On-

Demand® (POD®) clusters managed and hosted by Penguin

Computing.

• Eliminated lost revenue due to computational resources

limitations

• 20% cost avoidance and cost savings compared to procuring

or upgrading in-house equipment

• 10% reduction in project execution time, allowing more design

time for engineers

Providing Federal and Enterprise customers with high-performance

software defined object storage systems based on RedHat’s Ceph

integrated with Penguin storage hardware.

HPC Cloud Software Defined Storage

+

22

Blue-Chip Customer Base Across Diverse Markets – Compute and Storage

Social MediaHigher Education FederalEnergyFinancial Services

Financials

24

Quarterly Financial Performance

Revenue

YoY Revenue Growth

Non-GAAP EPS

Business Achievements and Drivers

Record FY18 sales of $1.3 billion

YoY sales growth of 48%

Continued strong demand for SMART’s Specialty Memory solutions

Net Leverage has decreased from 3.0x at the time of the IPO to 0.71x post Penguin acquisition.

Source: Company, 2019.

Note: Represents fiscal year ending August..

Q3 FY18 Q4 FY18

+48%

$394mm

$1.75

Q1 FY19

+62%

$335mm

$1.84

YoY Non-GAAP Gross Margin Improvement

-13bps+42bps

+68%

$374mm

$1.72

+79bps

Q2 FY18

+83%

$314mm

$1.64

+164bps

25

$71.9 $84.4 $99.4

$121.6 $154.3

$175.9 $195.5 $215.1

Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19

Quarterly Trends

$172.0 $207.0 $223.0

$265.4 $314.0 $335.5

$374.0 $393.3

Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19

Net Sales

($mm) 38% 53% 67%

YoY Growth

$37.3 $47.6 $48.2

$58.1 $73.2 $78.5 $83.8 $85.6

Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19

Non-GAAP Gross Profit & Margins

($mm) 55% 48%61%YoY Growth

$13.3

$24.8 $25.4 $34.6

$48.5 $53.8 $51.8 $54.4

Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19

15.5%16.0% 13.9%

Non-GAAP Operating Income

($mm) 205%163% 57%YoY Growth

Adjusted LTM EBITDA

($mm) 109% 77%92%YoY Growth

15.5% 15.2%

11.5% 12.3% 13.1%14.0%

21.7%

21.7%23.0% 21.6% 21.9%

Note: Represents fiscal year ending August. LTM statistics as of the first quarter of fiscal 2019, ended November 2018..

13.8%

7.8%12.0% 11.4% 13.1%

83%

23.3%

95%

350% 110%

15.3%

62%

23.4%

96%

264% 115%

68% 65%

117% 108%

48% 74%

22.4%

104% 97%

15.2%

$215.1

2626

$67 $70 $80 $84 $93 $98 $88 $107 $105 $103

$123 $140

$50 $80 $66

$76 $79

$109 $135

$158

$208 $232 $198

$199

$53 $55

$117

$150 $146 $159

$172

$207 $223

$265

$314

$335

$374

Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19

($mm)Compute and Storage Solutions

Brazil

Specialty Memory

Revenue Trends

Note: Represents fiscal year ending August.

Red dotted boxes are representative of Calendar Year (Feb to Jan for Brazil).

Shift in business from a more DRAM-focused profile to a more balanced mix of DRAM and Flash

Brazil

~51% of Q1’19 net sales

Applications:

desktops, notebooks, smartTVs

mobile and smartphones

Specialty Products

~35% of Q1’19 net sales

Applications: servers, storage,

networking, industrial

Q1’18 – Q1’19

Growth

30%

26%

$199

$140

$55

Compute and Storage Solutions

~14% of Q1’19 net sales

Applications: HPC, AI - machine

learning

$394

2727

Consistent Profitability Through Cycles

Source: Company filings, FactSet.Note: SMARTmetrics represent fiscal years ending August.1. SMART Adj. EBITDA is defined as net income (loss) adjusted to exclude share-based compensation, interest income, provision for income taxes,

depreciation, amortization of intangible assets and other adjustments.

SMART’s flexible

business model and cost

structure enable it to

remain cash flow

positive while others

burn cash during

industry down cycles

• Low capex model

with no wafer fabs

• Capital efficient

model2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

0%

1

SMART Cash Flow Ratio

EBITDA minus Capex as % of revenue

20%

28

SMART: Investment Summary

Market leadership and 30-year track record drives consistent performance

Addressing large and growing markets with design led, solution-driven approach

Broadening reach and capabilities into new technologies, markets and channels

Well-established position in Brazil with structural growth drivers and barriers to entry

Strong and capital efficient business model driving operating leverage