723125--11/8/2006--MICRON_TECHNOLOGY

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We have experienced dramatic declines in average selling prices for our semiconductor memory products which have adversely affected our business. Increased worldwide semiconductor memory production or lack of demand for semiconductor memory could lead to further declines in average selling prices. We may be unable to reduce our per megabit manufacturing costs at the same rate as we have in the past. Our formation of IMFT and the resulting plans to significantly increase our NAND Flash memory production has numerous risks. The future success of our Imaging business will be dependent on continued market acceptance of our products and the development, introduction and marketing of new Imaging products. We may not be able to generate sufficient cash flows to fund our operations and make adequate capital investments. The semiconductor industry is highly competitive. We may have difficulty integrating the operations of Lexar. Our internal control over financial reporting could be adversely affected by material weaknesses in Lexar s internal controls. Our net operating loss carryforwards may be limited as a result of the merger. Our resellers receive price protections which may have an adverse affect on our gross margins. Changes in foreign currency exchange rates could materially adversely affect our business, results of operations or financial condition. New product development may be unsuccessful. An adverse determination that our products or manufacturing processes infringe the intellectual property rights of others could materially adversely affect our business, results of operations or financial condition. Allegations of violations of securities laws. Current economic and political conditions may harm our business. We face risks associated with our international sales and operations that could materially adversely affect our business, results of operations or financial condition. If our manufacturing process is disrupted, our business, results of operations or financial condition could be materially adversely affected. Disruptions in our supply of raw materials could materially adversely affect our business, results of operations or financial condition. Products that do not meet specifications or that contain, or are perceived by our customers to contain, defects or that are otherwise incompatible with end uses could impose significant costs on us or otherwise materially adversely affect our business, results of operations or financial condition. We expect to make future acquisitions where advisable, which involve numerous risks.

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723125--11/8/2006--MICRON_TECHNOLOGY_INC