SCOTTS VALLEY, California - October 10, 2000 - Seagate Technology
(NYSE:SEG) today reported revenue of $1.748 billion, pro forma net income
of $62 million and pro forma diluted net income per share of $0.26 for its
quarter ended September 29, 2000.

For the same period, on a GAAP basis, Seagate reported net income of $75
million and diluted net income per share of $0.31. The primary items
included in GAAP net income but excluded from pro forma results were gains
on sales of certain investments in equity securities including SanDisk
Corporation and Veeco Instruments, Inc., all items related to the
Company's investment in Veritas Software Corporation ("Veritas"), and
restructuring charges.

For the quarter ended October 1, 1999, pro forma diluted net income per
share, which excluded restructuring charges and all items related to the
Company's investment in Veritas, was $0.07. For the same period, on a GAAP
basis, revenue, net income and diluted net income per share were $1.682
billion, $2 million and $0.01, respectively.

For the immediately preceding quarter ended June 30, 2000, pro forma
diluted net income per share, which excluded the gains on exchange of
certain equity investments and sales of investments in equity securities,
all items related to the Company's investment in Veritas, compensation
expense related to employee separation costs, restructuring charges and
unusual items, was $0.22. For the same period, on a GAAP basis, revenue,
net income and diluted net income per share were $1.548 billion, $231
million and $0.96, respectively.

On March 29, 2000, Seagate announced the proposed transaction with Veritas
and an investor group led by Silver Lake Partners ("Silver Lake") which,
if consummated, would result in Seagate's stockholders receiving shares of
Veritas common stock and cash for their shares of Seagate common stock. We
believe that while this transaction is pending, the value of Seagate
common stock will depend primarily on the value of Veritas common stock.

Seagate (symbol SEG on the New York Stock Exchange) is a leading provider
of the Internet Infrastructure enabling people to store, access, and
manage information. The Company is committed to providing best-in-class
products to help people get information when, where and how they want it.
Seagate is the world's largest manufacturer of disc drives, magnetic discs
and read-write heads, an innovator in tape drives, Storage Area Network
(SAN) solutions and a leading developer of Business Intelligence software.
Seagate can be found around the globe and at www.seagate.com....