Jul 24, 2003

Seagate Technology Announces Pricing Of Secondary Offering Of Common Shares

Seagate Technology (NYSE:STX) announced today that its secondary offering of 60 million common shares has been priced at $18.75 per share. All of the shares are being offered by the company's parent, New SAC, as the selling shareholder.

The offering was made through an underwriting syndicate led by Morgan Stanley & Co. Incorporated, who acted as the sole bookrunner and as a joint lead manager. J.P. Morgan Securities Inc. acted as a joint lead manager. Citigroup Global Markets, Inc. and Goldman, Sachs & Co. acted as co-lead managers. Bear, Stearns & Co. Inc., Lehman Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Thomas Weisel Partners LLC acted as co-managers. The selling shareholder has granted the underwriters an option to purchase up to nine million additional shares to cover over-allotments.

This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The offering of these securities is made only by means of a prospectus, copies of which may be obtained by contacting Morgan Stanley, Attn: Prospectus Department, 1585 Broadway, New York, New York 10036 (tel: (212) 761-6775).

Seagate Technology designs, manufactures and markets rigid disc drives for Enterprise, Personal Computer, Notebook and Consumer Electronics applications.