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Important News on Global Base Pay FocalAs communicated last week, Seagate needs to underpin a resilient business model through improved cost structure and efficiencies. We are looking at budgets, outside expenses, infrastructure services and projects within IT, Finance, Facilities and HR as well as organization structures and staffing levels. The product roadmap is also being assessed and validated. Information will be provided as actions are finalized. One action that can be communicated today is that Seagate will not be funding a global Base Pay Focal at this time. This is a necessary, shared, across-the-board action that will have a significant impact on our drive to reduce operational expenses (OpEx). This and other actions will position Seagate as leaner, agile and more resilient in an uncertain time. If we are diligent about aligning around actions to lower OpEx, our execution in the business is strong and macro-economic factors allow, we will have the opportunity to fund bonuses in FY2016 as well as re-assess the potential for funding a global Base Pay Focal during the second Fiscal Half. Thank you for your support. Steve LuczoChairman and CEO
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