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September 10, 2001 — (WEB HOST INDUSTRY REVIEW) — The Micron Technology Foundation and Micron Technology, Inc., announced the contribution by Micron Technology of 58.6 million shares of Interland, Inc.
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(interland.com) common stock to the Foundation. The value of the contribution, based on the stock price
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as of Aug. 30, was approximately $94 million.
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The Micron Technology Foundation, founded in October
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of 1999, is a non-profit organization funded through
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contributions from Micron Technology. The Micron
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Technology Foundation was formed to support the
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advancement of science and technology education and to
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support civic and charitable institutions in the
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communities in which Micron Technology has facilities.
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Programs include competitively selected grants for
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education and youth, and scholarships coupled with
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opportunities for mentoring and industry experiences.
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Interland, Inc., is a web-hosting business formed
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through the merger of Micron Electronics, Inc., a
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former subsidiary of Micron Technology, Inc., and
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Interland on Aug. 6, 2001. This contribution to the
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Foundation represents all of the shares of Interland
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common stock held by Micron Technology. Micron
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Technology will incur an aggregate charge of
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approximately $190 million (or approximately $120
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million after tax) in its fourth fiscal quarter as a
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result of an adjustment of the carrying value and the
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contribution of Micron Technology’s equity interest in
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Interland.
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“We are very grateful that Micron Technology has
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reaffirmed its commitment to the Foundation by making
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such a generous gift,” said Karen Vauk, executive
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director of the Micron Technology Foundation. “While
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this contribution will help facilitate the
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Foundation’s ability to achieve its long term goals,
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we do not anticipate any changes in the Foundation’s
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objectives or funding commitments in the near future.”
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Micron Technology, Inc., and its subsidiaries
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manufacture and market DRAMs, fast SRAMs, Flash
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Memory, other semiconductor components, and memory
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modules. Micron’s common stock is traded on the New
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York Stock Exchange under the MU symbol.
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