Dec 10, 2002

Seagate Technology prices Initial Public Offering of Common Shares

Seagate Technology (NYSE: STX) announced today the initial public offering of 72,500,000 of its common shares, 24,000,000 of which are being sold by the Company and 48,500,000 of which are being sold by the parent company as selling shareholder, at a price of US$12 per share. The selling shareholder has granted the underwriters the right to purchase up to an additional 10,875,000 shares at the initial public offering price.

The offering was made through an underwriting syndicate led by Morgan Stanley & Co. Incorporated and Salomon Smith Barney Inc., who acted as joint book-running managers. Goldman, Sachs & Co. and J.P. Morgan Securities Inc. acted as joint 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 acted 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 from: Morgan Stanley, Prospectus Department, 1585 Broadway, New York, NY 10036, USA (Tel: +1 (212) 761 6775) or Salomon Smith Barney, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220, USA (Tel: +1 (718) 765 6732).

A registration statement relating to these securities has been filed with the US Securities and Exchange Commission and has become 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 US state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.