1. Seagate Technology PLC Kyle Gesuelli

2. Which securities fit with the portfolio’s strategy and make sense in the current market? STX comprises largest loss in the Technology Sector. What action, if any, should be the management team take? Buy, sell, or hold? Current Situation

3. Corporate Overview World’s largest manufacturer of Hard Disk Drives (HDDs). Products sold to various end-market applications: – Desktop (57%) – Mobile Computing (23%)* – Consumer Electronics (10%) – Enterprise (10%)

4. 2 acquisitions: – Evault, Inc. – Maxtor Corporation Customer Channels: – Equipment Manufacturers (64%) – Distributors (27%) – Retail (9%) Geographic Breakdown: – Asia (45%) – North America (28%) – Europe (27%) Corporate Overview continued

5. Life to Date Performance Purchased 300 shares @ $15.79 on October 10, 2005 Hit high of $28.60 on October 29, 2007 (81%) Hit low of $3.11 on January 20, 2009 (80%) Closing price $11.09 on September 23, 2010 (80%)

6. Highly competitive sub-segment of mature industry. Major competitors: Lower manufacturing costs and larger R&D capacity for integrated companies. Declining gross margin. Acquisitions forecasted to maintain market share. Competition - Western Digital- Toshiba - Fujitsu- Micron - Samsung- SanDisk

7. Increasing amount of information exchanged and stored electronically. HDD technology is reliable, has a large storage capacity, and has a low-cost per gigabyte. Continue to be dominant means of storage for consumer and enterprise. Industry Profile

8. Nine out of eleven directors are independent. All directors must own at least 10,000 shares of STX stock and receive their compensation primarily in company stock. Chairman/CEO has been with the company since 1992. Corporate Governance

9. Financial Trends As Reported Annual Income Statement Report Date07/02/201007/03/200906/27/200806/29/200706/30/2006 Revenue11,395,0009,805,00012,708,00011,360,0009,206,000 Cost of revenue8,191,0008,395,0009,503,0009,175,0007,069,000 Product development877,000953,0001,028,000904,000805,000 Marketing & administrative437,000537,000659,000589,000447,000 Amortization of intangibles27,00055,00054,00049,0007,000 Restructuring, net----4,000 Restructuring & other operating expenses66,000210,00088,00029,000- Impairment of goodwill & other long-lived assets57,0002,290,000--- Total operating expenses9,655,00012,440,00011,332,00010,746,0008,322,000 Operating Income (Loss)1,740,000-2,635,0001,376,000614,000874,000 Other Income (Expense), net3,144,000-5,562,0002,816,0001,298,0002,030,000 Tax Adjustments-120,000933000201000-1056000252000 Net income (Loss)1,609,000-3,086,0001,262,000913,000840,000 Net income (Loss) per share - basic3.28-6.322.461.641.7

10. Key Financial Information

11. S&P performed DCF based on following assumptions: – Revenue expected to decline.4% in FY 2010. – Higher unit shipments but lower price. – STX to lose market share. – Gross margin and operating profit expected to drop 6%. – 2011 EPS estimate $1.53 Valued at $16.20 – $5.11 over current price – 49% undervalued Valuation

12. Data storage needs will increase. Computer Storage and Peripherals sales to grow 10% in next calendar year. 15-20% sales unit growth in 2011 Declining prices but less than historical (35%) M&A will drive valuation. Industry Outlook

13. Word on the Street

14. Hold – Industry Justification: Reliable and stable technology Growth in demand Cost pressure/declining gross margin Backward integration – Security Justification: Possible acquisition 49% undervalued Large market player No incentive to take loss/pay brokerage fee Minimal impact on portfolio Recommendation

15. Questions?