Jul 17, 2001

Seagate Announces Fourth Fiscal Quarter 2001 Results

Seagate and its affiliated companies (the "Company") today reported consolidated revenue of $1.332 billion, pro forma net income of $18 million and pro forma EBITDA of $102 million for its quarter ended June 29, 2001. On a GAAP basis, the Company reported a net loss of $1 million for its quarter ended June 29, 2001.

During the quarter ended December 29, 2000, an investor group led by Silver Lake Partners completed the acquisition of substantially all of the operating businesses of Seagate Technology, Inc. The consolidated condensed statements of operations for the year ended June 29, 2001 include the combined results of the Company from November 23, 2000, the date of the acquisition, to June 29, 2001 with the results of its predecessor, Seagate Technology, Inc., from July 1, 2000 through November 22, 2000. For the current year ended June 29, 2001, the Company reported combined consolidated revenue of $6.387 billion, pro forma net income of $212 million and pro forma EBITDA of $759 million.

Seagate and its affiliated companies are controlled by New SAC, a Cayman Island limited liability company, organized in late 2000 to acquire the hard disc drive and storage solutions business, the tape drive business, the software business and certain other assets of Seagate Technology, Inc. These businesses include: Seagate Technology (which includes hard disc drives and XIOtech Corp.), Seagate Removable Storage Solutions, and Crystal Decisions (formerly known as Seagate Software). The acquisition closed on November 22, 2000.