Jul 20, 2004

Seagate Technology Files Shelf Registration Statement

SCOTTS VALLEY, Calif. - Seagate Technology (NYSE:STX), the worldwide leader in hard disc drives, today announced that it has filed a shelf registration statement with the Securities and Exchange Commission in order to register 60 million of the company's common shares. All of the shares are being offered by the company's parent, New SAC, as the selling stockholder.

New SAC may offer to sell common shares under this shelf registration statement from time to time, depending on market conditions and other factors. The registration statement will facilitate the continuation of New SAC's orderly disposition of its shares over time and create additional liquidity in Seagate common stock. At the time any securities are offered for sale, a prospectus supplement will be provided containing specific information about the terms of any such offering and New SAC will make the related filings required by the securities laws.

About Seagate

Seagate is the worldwide leader in the design, manufacturing and marketing of hard disc drives, providing products for a wide-range of Enterprise, Desktop, Mobile, 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.

Safe Harbor

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, nor may sales be effected in the absence of a definitive prospectus and a prospectus supplement setting forth the terms and conditions of any specific securities offered. This press release shall not constitute an offer to sell or a 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 any registration or qualification under the securities laws of any state.