Nov 15, 2002

Seagate Technology Announces Amendment of Registration Statement

Seagate Technology announced today that it is amending its registration statement with the Securities and Exchange Commission for the proposed initial public offering of its common shares to specify the estimated size of the offering and the estimated price range. The amendment discloses that 72,500,000 shares will be included in the offering, 24,000,000 of which will be offered by the company and 48,500,000 of which will be offered by the company's parent as selling shareholder. The estimated price range included in the amendment is $13 to $15 per share.

The offering is being made through an underwriting syndicate led by Morgan Stanley & Co. Incorporated and Salomon Smith Barney Inc., who will act as joint book-running managers. Goldman, Sachs & Co. and J.P. Morgan Securities Inc. will act as co-lead managers. Bear, Stearns & Co. Inc., Credit Suisse First Boston Corporation, Lehman Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Thomas Weisel Partners LLC will act as co-managers.

Seagate Technology designs, manufactures and distributes rigid disc drives for enterprise, personal computer and consumer electronics applications.

A copy of the prospectus relating to these securities may be obtained, when available, from: Morgan Stanley, Prospectus Department, 1585 Broadway, New York, NY 10036 (tel: (212) 761-6775) or Salomon Smith Barney, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220 (telephone: (718) 765-6732).

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. 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.

Seagate is the worldwide leader in the design, manufacturing and marketing of hard disc drives for Enterprise, PC and Consumer Electronics applications. The Company is committed to delivering award-winning products, customer support and reliability, to meet the world's growing demand for information storage. Seagate can be found around the globe and at www.seagate.com.