Nov 08, 1999

Seagate Expands Stock Repurchase Program

SCOTTS VALLEY, Calif. - Seagate Technology, Inc. (NYSE:SEG) today announced that its Board of Directors has approved an increase to its existing stock repurchase program of an additional 50 million shares of its common stock which may be repurchased in the open market.

"Over the past 12 months the Company has acquired 48 million shares of its common stock for total consideration of approximately $1.5 billion," said Charles Pope, executive vice president and chief financial officer. "At current price levels, we believe Seagate stock represents an attractive investment opportunity for the Company. As storage continues to increase in strategic importance within the technology industry, the future of computing plays to Seagate's strengths. Repurchasing our shares reflects the confidence that the board of Directors and management have in Seagate's future."

###

For Further Information Contact:
Charles C. Pope (831) 439-2773 - EVP and CFO
Bill Rowley (831) 439-2371 - Investor Relations
Julie A. Still (831) 439-2276 - Media Relations
SEAGATE

Seagate Technology, Inc. is a leading provider of technology and products enabling people to store, access, and manage information. The Company is committed to providing best-in-class products to help people get information when, where and how they want it. Seagate is the world's largest manufacturer of disc drives, magnetic discs and read-write heads, an innovator in tape drives, and a leading developer of Enterprise Information Management software. Seagate can be found around the globe and at http://www.seagate.com. For automated news, stock and financial information by phone, dial toll-free 877-SEG-NYSE. Outside the U.S. and Canada, dial 760-704-4368.

###

Seagate and Seagate Technology are registered trademarks of Seagate Technology, Inc. All trademarks are the property of their respective owners.