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Sketch-to-Scale Solutions™

Investor Presentation

June 2017

1

Risks and Non-GAAP Disclosures

This presentation contains forward-looking statements, which are based on current expectations and assumptions that are subject to risks and uncertainties and actual results could materially differ. Such information is subject to change and we undertake no obligation to update these forward-looking statements. For a discussion of the risks and uncertainties, see our most recent filings with the Securities and Exchange Commission, including our current, annual and quarterly reports.

If this presentation references historical non-GAAP financial measures, these measures are located on the “Investor Relations” section of our website, www.flex.com along with the required reconciliation to the most comparable GAAP financial measures.

The following business group acronyms will be used throughout this presentation:

Communications & Enterprise Compute

Telecom, Networking, Server & Storage, Storage & Security Appliance, Converged Infrastructure, Software Defined Product Solutions.

Consumer Technologies Group

Wearables, Fashion, Connected Living, Gaming, Mobile, PCs/Printers.

Industrial & Emerging Industries

Semiconductor & Capital Equipment, Office Solutions, Household Industrial & Lifestyle, Industrial Automation & Kiosks, Energy & Metering, Lighting.

HRSHigh Reliability Solutions

Medical: Consumer Health, Digital Health, Disposables, Drug Delivery, Diagnostics, Life Sciences & Imaging Equipment.

Automotive: Vehicle Electronics, Connectivity, Clean Technologies.

IEI CEC CTG

http://www.flextronics.com/

2

Table of Contents

Richer Business MixSketch-to-scaleWhy Flex?Flex is Ready / Strategically

Positionedto Win

Financial Update

Why Invest in Flex?

Strong Free Cash Flow

Shareholder Return

ROIC

Portfolio Evolution

Profit Growth & Earnings Power

Earnings Leverage

Targeted M&A

Customer Diversification

Balanced Capital Structure

3-4

5

6

7

8

9-10

11

12

13

14

Industry Has Changed

The Flex Advantage

Flex Platform

Megatrends

12 Industries

100+ Locations Globally

Innovation & Centers of Excellence

Investing in Capabilities

Elementum

Flex Pulse

16

17

18

19

21-22

23

24-25

26

27

28

Innovation From Sketch-To-Scale

% of Sketch-To-Scale Revenue

Design-Enabled Manufacturing Growth

Nike Partnership

Reinventing Construction

Platform is Uniquely Positioned

30-31

32

33

34

35

36

2020 Revenue & Profit Growth

Consumer Technologies Group (CTG)

High Reliability Solutions (HRS)

Industrial & Emerging Industries (IEI)

Communications & Enterprise Compute (CEC)

38-39

40-44

45-55

56-60

61-65

Latest Financial Update

Appendices

IR Contact Info

66-71

72-73

74

3

Why Invest in Flex?

Evolving our portfolio to provide more predictable earnings, higher margins and meaningful earnings power

Strong sustainable free cash flow

Unwavering shareholder return commitment

1

2

3

Financial Performance Underscores Successful Evolution

611

665

751

792815

FY13 FY14 FY15 FY16 FY17

Sustainable

0.84 0.89

1.14 1.17


1.08

Profitable

Adjusted EPS($)

Resilient

Free Cash Flow Generated($M)

Consistent

Shares Repurchased($M)

680701

554

639660


322

475

416 420

350


8% CAGR 9% CAGR $3.2B FCF generated $2.0B repurchased

Adjusted Operating Profit($M)

(FY13 – 17) (FY13 – 17)(FY13 – 17)(FY13 –17)

4

Strong Sustainable Free Cash Flow

680 701

554

639 660


Free Cash Flow($M)

$3.2Bfor FY13 to FY17

Key Cash Flow Drivers» Earnings expansion» Working capital sustained at 6-8% of sales» Disciplined Capex investment modestly above

depreciation levels

~90%Free Cash Flow

Conversion

$3.5B+Operating Cash

Flow

$2B+Free

Cash Flow

Cash Flow Generation Targets FY18–FY20

5

Unwavering Shareholder Return Commitment

% of Free Cash Flow

Returned to Shareholders

70%

64%

53%1–yr

3–yr

7–yr

813 757

684 639

591 563 545 531

400

510

322

475 416 420

350

FY11 FY12 FY13 FY14 FY15 FY16 FY17

shares outstanding (millions)

Share Repurchase($M)

Committed to returning over 50% of annual free cash flow to shareholders

Since FY11, we have repurchased…

~35%of shares

outstanding

~$2.9Bin stock

~360Mshares

6

1922

2422

20


Guided by our Return on Invested Capital

Return on Invested Capital1

(ROIC %)

AnnualQuarterly» Improving earnings

efficiency» Disciplined capital

deployment» Internal target

threshold stands at 20%» ROIC well above WACC

22%Avg.22 22

20 20 20

Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17

7

Portfolio Evolution to Higher Margin Business

$4.5BHRS + IEI revenue

$9.1BHRS + IEI

revenue

Driving predicable earnings and margin expansion

FY10HRS6%

IEI13%

CTG42%

CEC39%

19% FY17

HRS17%

IEI21%

CTG27%

CEC35%

38% FY20E

HRS~22%

IEI~23%

CTG~28%

CEC~27%

~45%

~$13.0BHRS + IEI

revenue

~2years

~4 years

~6 years

Est Avg Product Life Cycle

8

FY17 Adjusted Operating

Target Adjusted Operating Margin

Profit($M)

Margin Range

$334 8.1% 6–9%

$180 3.6% 4–6%

$180 2.8% 2–4%

$229 2.7% 2.5–3.5%

Corporateservices and other2

($108)

$815 3.4%

Positioned for Operating Profit and Margin Expansion

HRS

IEI

CTG

CEC

Targeted Adjusted Operating Profit Mix

Targeted 2020 delivers profit growth

FY20E

HRS

IEI

CTG

CEC

~60%

9

Positioned to Deliver Meaningful Earnings Power

% Sketch-to-Scale FY20E

Portfolio Evolution

Sketch-to-Scale

~3%

10%+

12%+

Revenue Adj.Operating

Profit

Adj. EPS

2016–2020 CAGR

Substantial Earnings Leverage

3x

4x

Revenue mix

CEC

HRSIEI

CTG

FY20E

~45%

CEC CTG IEI HRS

~40%Total Flex

10

$1.17

~$0.26

~$0.22

~$0.19

~$0.02 ~$0.02 ~$0.12 ~$0.20

$1.80

FY16 FY17 HRS CTG IEI CEC CorporateInvestments

ShareRepurchase

Interest andTaxes

FY20E

$1.14

The Path to Delivering Substantial Earnings Leverage

» Sketch-to-Scale penetration» Leveraging investments» Operational execution

12%

CAGR

$2.15+

Record EPS

$1.55*

Consensus

11 *Reflects consensus as of May 10, 2017. FY20E EPS consensus for FLEX is $1.64 as of June 2, 2017.

1 Reflects M&A transactions completed from FY13 to FY17 (excludes certain OEM asset acquisitions)

Targeted M&A Accelerates Our Portfolio Evolution

11<$25M

Target capabilities

Strategic customers

Longer product lifecycles

EPS accretive

Barriers to entryHigher

margins

Key Selection Criteria

# of Acquisitions (FY13–FY17) Based on purchase price*

4>$100M

% of M&A Spend By Business Group*

61%

HRS 24%

IEI

15%

CTG~$1.5B

M&A

Expanding longer product lifecycle businesses and Sketch-to-ScaleTM capabilities

2$25-$100M

12 *Reflects M&A transactions completed from FY13 to FY17 (excludes certain OEM asset acquisitions).

Strong Customer Diversification Continues

10%+ Customers

FY07 FY12 FY17

Top 10 Customer Revenue(As % of total revenue)

64%

55%

43%

No 10% customer

Q4 FY17 was 5th straight quarter with no 10% customer

13

503 500

700

107

500

600

CY17 CY18 CY19 CY20 CY21 CY22 CY23 CY24 CY25

53

Balanced Capital Structure

Investment Grade RatedMoody’s | S&P | Fitch

Term Loans

-- --LIBOR +

137.5 bpsEURIBOR +100 bps

LIBOR + 137.5 bps

EURIBOR+69 bps

-- -- --

Notes -- -- -- 4.625% -- -- 5% -- 4.75%

Significant Debt Maturities ($M) (Calendar Year)

~3.5%Low Avg. Cost

of Debt

$3.3BSolid Liquidity

($1.5B revolver + $1.8B cash)

2.4xStrong Debt/ Adj. EBITDA

(LTM)

14

The World Has Changed… Flex is Ready

15

Electronic Manufacturing

Services

Worldwide Scale and Labor Arbitrage

Time

Contract Manufacturing

Asset Light and Lower Cost

Our Industry Has Changed -- We Have Evolved Our Model

Cost Based Discussion

Director of Operations

3–6 months lead-time

»

Sketch-to-ScaleTM

Solutions and co-innovation

Revenue/Strategy Discussion

CEO/CTO/COOProduct Executive

18-24 months lead-time

16

Flex is Ready… The Flex Advantage

$24Brevenue

50Msq. ft. of

manufacturing & services space

200,000employees

100sites in over 30

countries

3,000design

engineers

17

Capabilities Built for the Future

The Flex Platform

Our company innovates across three dimensions

18

Yielding a Massive Expansion of TAM

Artificial Intelligence (AI) **

Digital Health

Smart Cities *

Autonomous/ Connected Cars

Cloud Data Center

Augmented Reality/ Virtual Reality (AR/VR) **

5G/Telco Cloud

Intelligent AssetTracking

Industrial AutomationConnected Living

2015-2020 data points ($B), CAGR

Source: Gartner, IDC,IFR, Markets & Markets, GMI Insights, Goldman Sachs, Autodesk, Flex Internal Estimates (1) Represents 2016 estimated figured(2) Overlaps with other categories including connected living an autonomous vehicles

246392

10%

4

35

54%

8

47

56%

3261

14%

10

25

20%

65

176

22%

50

119

19%

3

38

84%

1

12

82%

36

76

16%

19Source: Gartner, IDC,IFR, Markets & Markets, GMI Insights, Goldman Sachs, Autodesk, Flex Internal Estimates *Overlaps with other categories including connected living an autonomous vehicles.**Represents 2016 estimated figure.

Strategically Positioned to Win

Operating at Scale Across 12 Industries

Medical

$2B

Automotive

$2B

Industrial

$1B

Home Appliances

$1B

CapitalEquipment

$1B

Energy

$2B

Telecom

$3B

EnterpriseCompute

$2B

Wearables

$1B

ConnectedLiving

$1B

Mobile

$2B

Networking

$3B

Revenue

21

Giving Us Unparalleled Insight

Medical

$2Billion

Automotive

$2Billion

Industrial

$1Billion

Home Appliances

$1Billion

CapitalEquipment

$1Billion

Energy

$2Billion

Telecom

$3Billion

EnterpriseCompute

$2Billion

Wearables

$1Billion

ConnectedLiving

$1Billion

Mobile

$2Billion

Networking

$3Billion

144 130 51 52 101 76

30 27 21 62 934

# of customers

22

Purposefully Positioned in 100+ Sites and 30 Countries

Jaguariuna, Brazil ●Sorocaba, Brazil ●●

Manaus, Brazil ●●

Milpitas, CA ●●●●San Jose, CA

San Francisco, CA ●

Austin, TX ●●●●Plano, TX ●Irving, TX ●

Tempe, AZ ●

Tijuana, MX ●●Juarez, MX ●●●Reynosa, MX ●San Luis, MX ●

Overland Park, KS ●Coopersville, MI ●●

Farmington Hills, MI ●Buffalo Grove, IL ●

Northfield, MN ●

Morrisville, NC ●●Columbia, SC ●Atlanta, GA ●Memphis, TN ●Louisville, KY ●

Boston, MA ●Manchester, CT ●

Cork, Ireland ●Limerick, Ireland ●●

Manorhamilton, Ireland ●

Venray, Netherlands ●Woerden, Netherlands ●

Hoogeveen, Netherlands ●

Budapest, Hungary ●Sarvar, Hungary ●●Tab, Hungary ●Zalaegerszeg, Hungary ●Lodz, Poland ●Tczew, Poland ●●

Migdal Ha-Emek, Israel ●●Ofakim, Israel ●Yavne, Israel ●Haifa, Israel ●

Chengdu, China ●●

Gurgaon, India ●Mumbai, India ●

Pune, India ●Bangalore, India ●Chennai, India ●●

Penang, Malaysia ●●Port of Tanjong Pelepas, Johor , Malaysia ●●

Senai, Johor, Malaysia ●●Skudai, Johor, Malaysia ●●

Ibaraki, Japan ●●

Nanjing, China ●Shanghai, China ●●Suzhou, China ●Wuzhong, China ●●

Shenzhen, China ●●●Huangtian, China ●Shiyan, China ●Gushu, China ●●Fuyong, China ●Hong Kong, China ●Dongguan, China ●Zhuhai, China ●●

Singapore ●●●Batam, Indonesia ●

Tianjin, China ●

Pamplona, Spain ●Milan, Italy ●●Treviso, Italy ●Trieste, Italy ●

Mukachevo, Ukraine ●

Timisoara, Romania ●●

Aguascalientes, MX ●●Guadalajara, MX ●●●

Global Services

Design

Manufacturing

Mechanicals

Burlington, Canada ●Toronto, Canada ●Ottawa, Canada ●

New York Innovation Center

Ronneby, Sweden ●Linkoping, Sweden ●

Corlu, Turkey ●Gebze, Turkey ●

Warrington, UK ●

Sonderborg, Denmark ●Stuttgart, Germany ●

Hägglingen, Switzerland ●Pardubice, Czech Republic ●

Brno, Czech Republic ●Althofen, Austria ●●

Vienna, Austria

Anyang, South Korea ●

23

24

Innovation at Flex

To innovate is to do something that has never been done before

AutomotiveHealthcareIndustrial

Connected LivingConsumer Electronics

EnergyFitness/WellnessCommunications

Aerospace & Defense

ConsortiaInvestments

SuppliersOEMs

EmployeesCenters of Excellence

StartupsResearch Institutions

UniversitiesLabIX

Sensor ActuatorsHuman Machine Interface

ConnectivitySmart SoftwareBattery & Power

Flexible Technologies & MiniaturizationSecurity & Computing

DesignPrototyping

New Product IntroductionCertification

ManufacturingDistribution

Reverse LogisticsTax & Trade

Cultivateand accelerate

collective innovation

Developthe smart

components that enable intelligence

Identifyand leverage technology

across industries

Commercializerelevant product

solutions

Developing Solutions to Accelerate Innovation

Components and platform solutions with differentiated performance

Sewing & Textile

Automation & Robotics

Centers of Competence

Roll to Roll

Micro-electronics

=+

Centers of Excellence

Connectivity

Flexible Technology & Miniaturization

Smart software

Sensors & Actuators

Security & Computing

Human Machine Interface

Battery & Power

Wearable sensor patch

Notification module

Component Solutions

25

Innovation and R&D Investments($M)

121

93

49

39

39

FY17

FY16

FY15

FY14

FY13

2014

ElementumSilicon Valley

Innovation CenterCenters of Excellence Innovation Centers Expansion

Digital Health

2017• • • • •

Sketch-to-Scale

•Innovation labs

•

Investing in Capabilities Built for the Future

26

Real-time Solutions to Improve Decision Making

» Incubated in 2012 by Flex

» Majority-owned subsidiary of Flex

» Consolidated financials with Flex

Powered by Elementum: mobile software for end-to-end supply chain management

27

Digital Visibility Through Flex Pulse

50+Elementum and enterprise-wide

applications

8worldwide

Pulse Centers

500+customer campus

visits

5,000+Flex business

users

28

Sketch-to-ScaleTM

Sketch-to-ScaleTM Solutions Bring Your Product to Life

Intellectual Property ProtectionSafeguard your developments with the highest levels of security to ensure that your project remains confidential and is protected at every stage.

Concept DesignConceptualize, design, and test ideas through co-innovation.

Additive ManufacturingSix Sigma operations in 100+ cutting-edge facilities utilizing state-of-the-art automation, advanced robotics, virtual and augmented reality and software controls.

Advanced EngineeringAccess core technologiesand product / system design engineers. Utilize testing services and accredited labs for ISO compliance.

Global ExpansionGlobal presence and regional trade regulations, taxes and duties expertise to help efficiently expand and compete.

Active Supply Chain, Distribution & LogisticsA global supply chain demands real-time information about development, fulfillment and forward and reverse logistics.

New Product IntroductionManufacturing, supply chain and technology expertise and visibility to help identify opportunities and foresee challenges.

Prototype CreationRapidly prototype to shorten the distance to a viable, quality product.

30

Expanding Our Co-Innovation Capabilities

We are growing our product development scope and depth

Design services

Joint development

Co-innovation and product

development

Pre-20152016

2017

Connected Living

AR/VR Solutions

Digital Health

Cloud/Mobile Infrastructure

Connected Cars

Energy Solutions

CustomerValue

Product Depth31

Co-innovation and product

development

3%

9%

5%

18%

CEC CTG IEI HRS

7%

12%

27% 26%

33%

CEC CTG IEI HRS

Sketch-to-ScaleTM Revenue is Rapidly Accelerating

FY 2013

CEC CTG IEI HRS

FY 2020E

40%

FY 2017

23%

25–35%

35–45%

32

Design-Enabled Business Impact

Sketch-to-ScaleTM Manufacturing Revenue

>75% Design Center projects are

Sketch-to-Scale

Design Win Growth

>230 patents issued

in CY 2017

450+

400+

330+

FY17

FY16

FY15

7%

23%

40%

FY13 FY17 FY20E

Sketch-to-ScaleTM solutions deliver greater value

33

Transformational Nike Partnership

Meaningful RevenueInvestment losses

Top 10 CustomerCTG+ margins

$2 Billion+ HRS+ margins

Massive TAM expansion | Decade-long partnership | Modernizing the footwear industry

Invest and Create Rapid Ramp Industry Expansion

FY18 FY19 FY20 and Beyond

Scaling Solutions

$1 Billion+ HRS-like margins

34

Reinventing the Construction Industry

(McKinsey, 2016) Real gross value added per hour worked by persons engaged, Indexed 1995 = 100

Global productivity growth

1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014

Construction

Total economy

Manufacturing200

190

180

170

160

150

140

130

120

110

100

0

We will also modernize the supply chain for the Construction Industry

13% of the world’s GDP

35

Cloud-based 5D Enterprise Platform

Flex Platform is Uniquely Positioned

+

New Industries

Portfolio Evolution

Sketch-to-ScaleTM

36

Richer Business Mix

Structured to Deliver Profitable Growth

Annual RevenueGrowth Target

Comments

10%+» Technical offering and leadership expertise enables growth» Leveraging innovation and sketch-to-scale capabilities

10%+» Momentum from record bookings across its broad portfolio» Positioned to penetrate massive TAM

3% to 5% » Structurally enhancing margin and earnings growth» Transformational new partnerships and new markets

-5% to 0%» Well positioned for next generation technologies» Disciplined management of legacy business

HRS

IEI

CTG

CEC

Targeted 2020 revenue growth model

38

FY17 Adjusted Operating

Target Adjusted Operating Margin

Profit($M)

Margin Range

$334 8.1% 6–9%

$180 3.6% 4–6%

$180 2.8% 2–4%

$229 2.7% 2.5–3.5%

Corporateservices and other2

($108)

$815 3.4%

Positioned for Operating Profit and Margin Expansion

HRS

IEI

CTG

CEC

Targeted Adjusted Operating Profit Mix

Targeted 2020 delivers profit growth

FY20E

HRS

IEI

CTG

CEC

~60%

39

Consumer Technologies Group (CTG)

Revenue ($M)

1,314

1,665

1,849

1,535

Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17

FY17 Updates

» $1B in new bookings

» 50 new accounts

» 195 new programs awarded

» $1.4B increase YoY revenue for Connected Home and Audio

» 27% of revenue is Sketch-to-ScaleTM

» BOSE partnership announced

» 2 new Audio factories

» Nike Q4FY17 mass production

40

Continuing to Invest in Growing Markets

60%

17%22%

0%

Traditional ConnectedHome

Wearables AR/ VR

2017 2020

35–40%

15–20%

30-35%

15–20%

Traditional ConnectedHome

Wearables AR/VR

% of total CTG business

41

Increasing Development of Growth Vectors

AR/VR» Gaming

» Entertainment

» Education

» Customer Service

Fashion» Footwear

» Connected Jewelry

» Smart Apparel

» Smart Accessories

Connected Home» Voice-Controlled Assistants

» Home Gateways

» Media Devices

» Connected Audio

Wearables» Headsets and Headphones

» Smart Watches

» Hearables

» Bio-authentication

Consumer Health» Biometric Monitors

» Telehealth

» Home Health Monitoring

Consumer AI» Smart Robots

» Smart Toys

» Automotive After-Market

» Drones

42

Higher Margins and Operating Profit

Operating Profit

Customers AddedRevenue Growth

6%+ 404%

<3% 4-14%

4%* 69%STRATEGIC

CORE

ICE

FY17 Achieved

*Not including Nike investment43

Driving Step Function Change

CTG OP(%)

Investment Year

1.3%

2.4% 2.3%

2.8%

3.5–5%

2–4%

% Actuals

% OP Range44

2%+

2–3% 2–3%

2–4%

FY14 FY15 FY16 FY17 FY18E FY19E FY20E

High Reliability Solutions (HRS)

FY17 Updates

» Thoughtfully positioned across the important megatrends

» Powered by deep industry expertise

» Unique competitive position created

» Long term structural growth is intact

3,557

3,899

4,149

FY15 FY16 FY17

228

295

334

FY15 FY16 FY17

6.4

7.68.1

FY15 FY16 FY17

45

Revenue($M)

OP($M)

OP(%)

Auto Megatrends Are Driving Major Changes

Safety and security

Infotainment embedded and smartphone integration

Software and data management

SAE level 5 Fully Autonomous

Context intelligent services conditional

automation, 5G

2010 2015 2020 2025

46

Increasing The Auto Sketch-to-Scale Portfolio

Autonomous Connectivity Clean Tech Vehicle Electrification

Wing cameras Server compute pods

Innovative HMI Wearables Smart sensors AGS actuators Battery cables Wireless charging Ambient lighting Smart textiles / Floor mats

ADAS modules Video radar decision units

Cloud services V2X modules Active surfaces DC-DC converters Energy recuperation

Mirror actuators Lift gates Projection lighting

Sensor fusion boxes Smart gatewaymodules

Infotainment and displays

Interior cameras Solenoids Wire harnesses Overhead consoles Dome lights

47

Accelerating Automotive Growth

FY12 FY13 FY14 FY15 FY16 FY17

Estimated Annual Revenue

$500M run rate

48

Levers of Automotive Growth

98

180

450

500

FY11 FY14 FY17 FY18E

# of vehicle models $ content per vehicle

43

88

118

134 148

185

FY11 FY14 FY17 FY18E FY19E FY20E

49

$83M

$1.0B

FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18E FY19E FY20E

Sustaining Double Digit Automotive Growth

+35%11 yearCAGR

>10%3-yearCAGR

$2.3B

50

Revenue

Medical Megatrends Are Driving Major Changes

Traditional hospital setting dominates delivery of care

Doctor-centric provision of care, regardless of point of

care

Proliferation of retail clinic points of care;

leverage basic EMR systems

Care providers leverage advanced algorithms in clinical

decision makingHealthcare deliveredin a home setting

2010 2015 2020 2025

51

Medical Innovations in the Connected World

Health Monitoring Drug Delivery Health Treatment

» DIVG delivery patches» Insulin pump patches» Electromechanical drug

delivery systems » Smart patches

» 3D motion sensors» Hearing aids» EEG/EMG devices» Electronic glasses» Wearable sensor patches » Electronic tattoos

» Artificial limbs» Smart pills» Bionic eye» Dental hearing systems» Smart implants

52

Connectivity is the Bridge to Digital Health

Phase III: Insight GenerationMedical grade connectivity platform converts raw data into actionable insight

Phase II: Integration and ScalingScalable platform broadly supports digital health solutions, with clinical workflow and impacts patient management

Phase I: Data GenerationSmart devices enable data collection

Hospital BasedAcute and critical careNew therapies for patients

To Home BasedMobile disease management and monitoringPharma companies need home based technologies to deliver drugs

Added ConnectivityHome based connectivityIncreases safety and compliance in homes based therapy

53

FY12 FY13 FY14 FY15 FY16 FY17

$500M run rate

Medical Bookings Recovering

Estimated Annual Revenue

54

Medical Back on Double Digit Trajectory

$242M

$1.0B

FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18E FY19E FY20E

Revenue+20%11 yearCAGR

10%3-yearCAGR

$1.8B

55

127 132

158

180

FY14 FY15 FY16 FY17

3.8

4.54.7

5.0

FY14 FY15 FY16 FY17

Industrial and Emerging Industries (IEI)

Revenue($B)

OP($M)

56

FY17 Updates

» $2B+ record bookings

» 26% Sketch-to-Scale

revenue

» 72+ new logos9.5%CAGR

12.3%CAGR

6.1%Growth

3.6%OP%

Transitioning Into The Age of Intelligence

Cloud Connectivity

Smart Cities

Digital Energy

Connected Cars

Industrial Automation

Industry 4.0

Digital Health

Smart Appliances

Wearables

Home Automation

Home Monitoring

Smart TVs

Smart Clothing

57

IEI Key Markets

Lighting

Solutions

Energy

Solutions

Lifestyle and Appliances

Capital

Equipment

$540BTAM

$55BTAM

$500BTAM

$505BTAM

Source: TAM market size for 2020 based on internal research. 58

25+active accounts

$150Mbookings

20+new logos

85 active accounts

$250Mbookings

12new logos

62active accounts

~$750Mbookings

30new logos

46active accounts

~$1.1Bbookings

21new logos

59

There is Significant Opportunity in Solar and Storage

1

4.4

4.7

10.6

16.3

21.7

41.3

Solar

Oil

Other

Nuclear

Hydroelectric

Natural Gas

Coal

Global Electricity Production in 2015

100

2

4

6

8

10

12

14

CO2 Emissions in 2015 from Electricity and Heat GenerationBillion tonnes CO2

Source: International Energy Agency (IEA), SolarPower Europe, GreenTech Media (GTM), Flex Estimates.

Global market size in $B, CAGR in %

Solar & Storage Growth

93

5

9

130

195

35

Storage

Solar

98

139

230

2015 2020 2026

+8%

Energy source as a %

Oil

Natural Gas

Coal

60

Flex Energy Solutions

Supporting broad marketsUtility CommunityDistributed Generation Residential

Solar Tracking SystemsEnergy Storage Analytics

Communications and Enterprise Compute (CEC)

FY17 Updates

» Revenue $8.4B − Cloud Data Center: Up 14% YoY

− Communications: Up 1% YoY via Optical

− Networking: Down -2%

− Traditional Server, Storage: Down -35%

» Strong capital efficiency

» Sketch-to-ScaleTM growth 21% YoY > $1B

» $2B in bookings and 18 new customers

9,191

8,842

8,383

FY15 FY16 FY17

61

Revenue ($M)

62

CEC Leading Market Share Position

Wireless4G/5G

SDN Optical100G/400G

ConvergedStorage

Switching &IP Routing

TelecomNo. 1 WW

NetworkingNo. 1 WW

Enterprise ComputeNo. 1 WW

Security Appliance

Examples of established customers

Connected Things / Connected Intelligence

Smart Cities

M2M and Robotics

IEI

Digital Health

Autonomous Driving

HRS

Born in the Cloud Providers Telco Cloud Transformation Enterprise Hybrid Cloud

Mobile Device

Connected Living

Augmented Reality

CTG

Cloud and Edge Computing

5G

CEC

63

64

Sketch-to-ScaleTM Accelerates

Sketch-to-ScaleTM 12% of Revenue FY17 to ~30% FY20

FY15 FY17 FY20

ProductPlatforms

Core R&DEngineers

SoftwareEngineers

12 27 60

293 458 800

60 98 200

12%

88%

FY17

~30%

~70%

FY20E

Flex Portfolio Evolution via Sketch-to-ScaleTM

Portfolio Evolution

Operating Profit Range

Revenue Projections

Sketch-to-ScaleTM: Communications, Converged Enterprise and Cloud

Traditional OEM

FY17 FY18E FY19E FY20E

Growth Inflection Point

$8.4B

3.5%2.5%

65

Latest Financial Update

322

475 416 420

350


6,597

7,063

8,017

8,580

9,117

FY13

FY14

FY15

FY16

FY17

31%

27%

28%

684 639 591 563 545 531

67

Fiscal Year 2017 Business Highlights

Improving Profitability

Portfolio Evolution Driving Richer Mix

Consistent Shareholder Returns

HRS + IEI Revenue ($M)

Adj. Earnings Per Share(EPS)

Adj. Operating Margin (%)

Free Cash Flow4

($M)

Share Repurchases($M)

HRS + IEI as % Total Revenue

$0.84$0.89

$1.08$1.14 $1.17


2.6% 2.5%2.9%

3.2% 3.4%


680 701

554

639 660


shares outstanding

38%

35%

5,773 5,877 6,009 6,115 5,863

7.1%6.9% 6.9%

7.1% 7.1%

Mar-16 Jun-16 Sep-16 Dec-16 Mar-17

Adj. Gross Margin

Revenue & Adjusted Gross Margin($M)

Quarterly Financial Highlights

22% 22%20% 20% 20%


Return on Invested Capital1

(ROIC %)

$0.29 $0.27 $0.28

$0.34

$0.29


Adjusted Earnings Per Share (EPS)

Adjusted Operating Income ($M)

3.5%3.2% 3.3%

3.6% 3.5%


Adj. Operating Margin

200190

197

223205

68

Q4 FY17Target Adjusted

Operating Margin Range

($M)

Rev$ OP$(adj.)

OP%(adj.)

$1,983 $53 2.7%Continued investments in cloud and data center while challenging demand environment persists

$1,535 $41 2.7%Operating solidly in target range while investing in new technologies and markets

$1,296 $53 4.1%Returned to target range on broad strength led by energy and capital equipment

$1,049 $84 8.0%Strong sustainable margins led by solid execution and continued Auto expansion

Corporate Services &

Other2-- ($26) --

Total $5,863 $205 3.5%

6

4

2

2.5

9

6

4

3.5

69

Operating Performance by Business Group

2.7%

2.7%

4.1%

8.0%

CEC

CTG

IEI

HRS

70

Revenue by Business Group

Communications & Enterprise ComputeTelecom, Networking, Server & Storage, Storage & Security Appliance, Converged Infrastructure, Software Defined Product Solutions.

Consumer Technologies GroupWearables, Fashion, Connected Living, Gaming, Mobile, PCs/Printers.

Industrial & Emerging IndustriesSemiconductor & Capital Equipment, Office Solutions, Household Industrial & Lifestyle, Industrial Automation & Kiosks, Energy & Metering, Lighting.

High Reliability SolutionsMedical: Consumer Health, Digital Health, Disposables, Drug Delivery, Diagnostics, Life Sciences & Imaging Equipment.Automotive: Vehicle Electronics, Connectivity, Clean Technologies.

Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17E($M) $ $ $ $ $ Q/Q % Y/Y % Outlook Y/Y %

CEC 2,201 2,196 2,102 2,102 1,983 (6%) (10%) Down 5% - 15%

CTG 1,364 1,314 1,665 1,849 1,535 (17%) 13% Up 5% - 15%

IEI 1,190 1,289 1,243 1,141 1,296 14% 9% Flat to up 5%

HRS 1,018 1,078 999 1,023 1,049 2% 3% Up 5% - 10%

Total $5,773 $5,877 $6,009 $6,115 $5,863 (4%) 2%

HRS IEI

CTGCEC

34%

22%18%

26%

Q4FY17

40%

Q1 FY2018 Guidance – June 2017

GAAP Income Before Income Taxes $100 - $130 million

GAAP Earnings Per Share $0.16 - $0.20

Other Information:

Interest & Other Expense $30 - $35 million

Adjusted Income Tax Rate Low-end of 10% to 15% range

WASO 538 million shares

($M, except per share amounts)

$5,700 - $6,100Revenue

$170 - $200Adjusted Operating Income

$0.24 - $0.28Adjusted Earnings Per Share

»

»»

71

Appendix: Reconciliation of GAAP to Non-GAAP Measures

Quarter-endedMarch 31, 2017

($Thousands, except debt to EBITDA ratio) GAAP Adjustments Non-GAAP

Pretax income $98,941 $72,171 $171,112

Depreciation 106,990 -- 106,990

Amortization 19,078 (19,078) --

Interest, net 24,471 6,827 31,298

EBITDA 249,480 59,920 309,400

EBITDA – rolling 4 qtrs. 980,377 273,452 1,253,829

Total Debt $2,952,143 -- $2,952,143

Debt to EBITDA 3.0x (0.7x) 2.4x


ROIC %

GAAP 13.9%Non-GAAP Adjustments 6.2%

Non-GAAP 20.1%

Return on Invested Capital (ROIC) is calculated by dividing the Company's last twelve months after-tax Non-GAAP operating income by the net invested capital asset base as of each date. Please refer to the Investor Relations section of our website for full reconciliation of last twelve months after tax Non-GAAP operating income to the most directly comparable GAAP financial measure. The net invested capital asset base is defined as the sum of shareholders' equity plus debt less cash and cash equivalents averaged over the last five quarters.

Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Debt/EBITDA are non-GAAP financial measures. EBITDA is derived by adjusting for net interest and adding back depreciation to non-GAAP pretax income. Quarterly Debt to EBITDA is calculated by dividing the Company's total debt as of the date presented by LTM EBITDA. Non-GAAP pretax income excludes certain amounts that are included in the most directly comparable measures under GAAP including stock-based compensation expense, restructuring charges, intangible amortization and certain other charges. Additionally, non-GAAP interest includes the loss on the sale of accounts receivable under our global AR securitization and factoring programs.


($Thousands, except per share amounts)

GAAP gross profit $384,804

Stock-based compensation expense 2,517

Restructuring and other 31,735

Non-GAAP gross profit $419,056

GAAP income before income taxes $98,941



Intangible amortization 19,078

Interests and other, net 27,663

Other charges, net 6,186

Non-GAAP operating income $204,962

GAAP provision for income taxes $12,067

Intangible amortization benefits 1,725

Tax benefit on restructuring and other 1,132

Non-GAAP provision for income taxes $14,924

GAAP net income $86,874



Intangible amortization 19,078

Adjustments for taxes (2,857)

Non-GAAP net income $156,189

Diluted EPS

GAAP EPS $0.16

Non-GAAP EPS $0.29

For more details on the GAAP to Non-GAAP adjustments for current and historical periods, please refer to the Investor Relations section of our website which includes press releases and summary financials of the respective periods.

72

Appendix: Definitions

1. Return on Invested Capital (ROIC) is calculated by dividing the Company's last twelve months after-tax Non-GAAP operating income by the net invested capital asset base as of each date. After-tax non-GAAP operating income excludes charges for stock-based compensation expense, restructuring expense and certain other charges or income. The net invested capital asset base is defined as the sum of shareholders' equity plus total debt less cash and cash equivalents averaged over the last five quarters. We believe ROIC is a useful measure in providing investors with information regarding our performance. ROIC is a widely accepted measure of earnings efficiency in relation to total capital employed. We believe that increasing the return on total capital employed, as measured by ROIC, is an effective method to sustain and increase shareholder value. ROIC is not a measure of financial performance under generally accepted accounting principles in the U.S., and may not be defined and calculated by other companies in the same manner. ROIC should not be considered in isolation or as an alternative to net income or loss as an indicator of performance. Please refer to the Investor Relations section of our website for full reconciliation of last twelve months after tax Non-GAAP operating income to the most directly comparable GAAP financial measure.

2. Corporate services and other: corporate service costs that are not included in the assessment of the performance of each of the identified business groups.

3. Net Working Capital is calculated as accounts receivable (AR), net adding back the reduction in AR resulting from the non-cash AR sales plus inventories less accounts payable.

4. Free cash flow is calculated as cash from operations less net purchases of property and equipment.

73

Creating a smarter, more connected world

For more information contact:

Kevin Kessel

VP, Investor Relations

[email protected]

(408) 576 - 7985

Or visit us at investors.flex.com

Mary Lee

Director, Investor Relations

[email protected]

(408) 576 - 5167

Katherine Chen

Analyst, Investor Relations

[email protected]

(408) 577 - 4037

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