Sep 20, 1995

Seagate Technology, Inc. and Conner Peripherals, Inc. Confirm Merger Discussion

September 20, 1995 -- Seagate Technology, Inc., (NYSE: SEG) and Conner Peripherals, Inc. (NYSE: CNR) jointly announced today that they are involved in negotiations concerning a business combination of the two companies and have agreed in principle that the stockholders of Conner Peripherals would receive a 0.442 share of Seagate Technology common stock for each share of Conner Peripherals common stock. It is intended that the transaction would be accounted for as a pooling of interests. The transaction is subject to completion of due diligence, negotiation and execution of a definitive agreement and the approvals of the Boards of Directors of both companies. If a definitive agreement is reached, it will be subject to normal conditions of closing, stockholder approval of both companies and the required regulatory approvals. There can be no assurance that the parties will enter a definitive agreement regarding any such business combination or that any such business combination will be consummated.