Results for Q4 Fiscal 2016Earnings Announcement: April 28, 2016

(Quarter Ending March 31, 2016)

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

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Q4 FY2016 Income Statement Highlights

  Prior Yr Prior Qtr Current Qtr  ($ millions, except per share amounts) March 31, 2015 December 31, 2015 March 31, 2016 Net sales $5,952 $6,763 $5,773 Adjusted operating income 178 236 200 Adjusted net income 157 196 161 Adjusted EPS $0.27 $0.35 $0.29 GAAP operating income 164 212 118 GAAP net income 135 149 61 GAAP EPS $0.23 $0.27 $0.11

Q4 FY2016 Results vs. Guidance:Net sales of $5.8B at the mid-point guidance of $5.5 - $6.1BAdjusted operating income of $200M above the mid-point guidance of $175 - $215M Adjusted EPS of $0.29 above the mid-point guidance of $0.25 - $0.31

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Quarterly Financial Highlights

Mar-15 Jun-15 Sep-15 Dec-15 Mar-16

24% 23% 23% 22% 22%

Return on Invested Capital(ROIC %)

Mar-15 Jun-15 Sep-15 Dec-15 Mar-16

$0.27 $0.23

$0.27

$0.35

$0.29

Adjusted Earnings Per Share (EPS)

Mar-15 Jun-15 Sep-15 Dec-15 Mar-16

5,952 5,566 6,317 6,763

5,773

6.4% 6.4% 6.3%6.7%

7.1% Adj. Gross Margin

Adjusted Operating Income ($M)

Revenue & Adjusted Gross Margin($M)

Mar-15 Jun-15 Sep-15 Dec-15 Mar-16

178 159 196

236 200

3.0% 2.9%3.1%

3.5% 3.5% Adj. Operating Margin

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$67 3.0% $265 3.0%

$35 2.5% $164 2.3%

$47 4.0% $158 3.4%

$81 7.9% $295 7.6% Corporate Services & Other1

($30) ($90)

Total $200

3.5%

$792

3.2%

Q4 FY16(Mar-16)

Operating Performance by Business Group

INS

CTG

HRS

($ millions)

IEI

1. Corporate services and other primarily includes corporate services costs that are not included in the assessment of the performance of each of the identified business group.

OP$ OP%

FY16

OP$ OP%

Target Adjusted Operating Margin Range

3%

5% 7%

3% 4%

4% 6%

2%

Sustaining margins despite lower sequential revenue

Continue to drive a richer sketch-to-scale engagement model

2nd straight quarter of margins within target range despite challenging macro

Exceeded target margin range for the 3rd straight quarter

Q4 FY16Adj. Operating Margin

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Other Income Statement Comments

•Q4 FY16 was $26M•Q1 FY17 outlook ~$25M

Interest & other expense, net

•Q4 FY16 was 7.6% •FY16 was 8.4%•Q1 FY17 outlook 8-10% tax rate

Adjusted income tax rate

Reconciliation between GAAP and Adjusted EPS

• Stock based compensation $21M or $0.04 in EPS• Net intangible amortization $17M or $0.03 in EPS• Bad debt charge $61M or $0.11 in EPS for an Energy customer

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Cash Flows, Net Working Capital & Share Repurchases

Consistently Returning Over 50% of Annual Free Cash Flow to

Shareholders

Three Months Ended

Twelve Months Ended

($ millions) Mar-16 Mar-16 GAAP net income $61 $444 Depreciation and amortization 132 492 Change in net working capital (59) 137 Other operating cash flows, net 63 63 Net cash provided by operating activities 197 1,136

Purchases of property & equipment, net (83) (497) Free Cash Flow 114 639 Payments for share repurchases (89) (420) Proceeds from borrowings, net (20) 694 Payments for acquired businesses (13) (917) Other investing and financing, net (19) (17) Net change in cash and cash equivalents (27) (21)

Mar-15 Jun-15 Sep-15 Dec-15 Mar-16

1,866 1,730 1,858 1,808 1,789

7.8% 7.8% 7.4%6.7%

7.7%% Annualized Revenue

Net Working Capital($M)

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Balanced Capital Structure

Key Characteristics:

• Low cost of debt ~3.5%

• Strong credit metrics (Debt / EBITDA (LTM): 2.2x)

• Solid liquidity• No significant near-term

maturities

Liquidity 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

1608

1500

3108

577.5 547.5 500 500 600

Debt Maturities ($M) (Calendar Year)

Cash

Revolver

Total Liquidity$3,108

Term Loans LIBOR + 125 &

137.5bps4.625% Notes

5% Notes 4.75% Notes$56 EURIBOR +100bps

FY11 FY12 FY13 FY14 FY15 FY16

400 510

322 475 416 420

813 757 684 639 591 563 545

FY15

31%

35%

17%14%

34%

HRS

INS

IEI

CTGFY 2015 FY 2016

751 792

Improving Profitability

Portfolio Evolution Driving a Richer Mix

Consistently Return Value to Shareholders

Adjusted Earnings Per Share (EPS)

FY 2015 FY 2016$1.0

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$1.14

Adjusted Operating Income ($M)

HRSIEI

CTG INS36%

19%16%

29% FY16

HRS IEI

CTG INS

35%

Revenue Mix

Free Cash Flow ($M)

FY 2015 FY 2016

554

639

Share Repurchases ($M)

Fiscal Year 2016 Business Highlights

+6% growth

+5% growth +15% growth

9shares outstanding

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Revenue by Business Group

38%

20%18%

24%

HRS IEI

CTGINS

Mar2016

38%

($ millions) Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-17EBusiness Group $ $ $ $ $ Q/Q % Y/Y % Outlook (Q/Q)INS 2,052 1,966 2,205 2,469 2,201 -11% 7% StableCTG 1,861 1,565 2,011 2,058 1,364 -34% -27% Down high single digitsIEI 1,132 1,130 1,146 1,214 1,190 -2% 5% Up low single digitsHRS 907 905 955 1,022 1,018 0% 12% StableTotal Revenue $5,952 $5,566 $6,317 $6,763 $5,773 -15% -3%

Integrated Network Solutions(Telecom, Networking, Server & Storage, Converged Infrastructure)

Consumer Technology Group(Wearables, Digital Health, Gaming, Connected Home, Mobile, PC/Printers)

Industrial & Emerging Industries(Semiconductor & Capital Equipment, Office Solutions & Industrial Automation, Appliance & Lifestyle, Energy, Lighting)

High Reliability Solutions(Automotive, Medical, Aerospace & Defense)

35%

19%15%

31% Mar2015

34%

HRS IEI

CTG INS

Certain amounts have been recast to conform to current year presentation

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Other Information:Interest & Other Expense ~$25 millionAdjusted Income Tax Rate 8.0% to 10.0% GAAP EPS $0.17 - $0.21WASO ~551 million shares

($ millions, except per share amounts)

Adjusted operating income excludes approximately $21 million for stock based compensation, of which approximately $18 million is excluded from adjusted SG&A. GAAP EPS reflects approximately $0.08 for intangible amortization and stock-based compensation expense.

$5,500 - $5,900Revenue

$175 - $205Adjusted Operating Income

$0.25 - $0.29Adjusted Earnings Per Share

June Quarter Guidance – Q1 FY2017

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For more information go to investors.flextronics.com