Jun 27, 2003

Seagate Technology Announces Filing Of Registration Statement

SCOTTS VALLEY, Calif. - Seagate Technology (NYSE:STX) announced today that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission relating to a proposed secondary offering of approximately 60 million of its common shares. All of the shares are being offered by the company's parent, New SAC, as the selling shareholder. The selling shareholder has also provided the underwriters an option covering an additional nine million common shares to cover over-allotments.

The offering is being made through an underwriting syndicate led by Morgan Stanley & Co. Incorporated, who will act as the sole bookrunner and as a joint lead manager. J.P. Morgan Securities Inc. will act as a joint lead manager, and Citigroup Global Markets, Inc. and Goldman, Sachs & Co. will act as co-lead managers. When available, a copy of the prospectus relating to the offering 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 distributes rigid disc drives for enterprise, personal computer, mobile and consumer electronics applications.

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.

Please note that this press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 that represent the company's current expectations and beliefs, including the company's intent to complete the offering described above. The company may not proceed with the contemplated offering if market conditions are not favorable, the selling shareholder decides not to proceed with the offering or certain other factors occur.