Creating Two Independent Public Companies
5
© 2023 WESTERN DIGITAL CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED
Transaction Rationale
Creates two standalone pure-play businesses with market-specific, strategic focus and opportunities to capitalize on
the unique growth opportunities in data storage
Two Leading
Publicly Traded
Businesses
■ Creates two best-in-class data storage leaders
HDD, a global innovator in a long-term growth data storage market with an ability to generate consistent
cash flow
Flash, a leading pure-play NAND company, supported by a highly successful, long-standing joint venture
HDD and Flash
Dynamics to
Drive Value
Streamlined management focus for long-term growth and profitability as two standalone pure-play data
storage companies
Empowers each company to pursue business strategies & investment objectives tailored for specific needs
■ Focuses capital allocation strategies to improve efficiency and shareholder visibility into use of future cash
flows for each business
Aligns Investor
Objectives
Allows each company to better align capital structures and shareholder return policies with individual
investor profiles
Creates opportunity to expand and attract a new investor base
Western Digital. HDD FlashView entire presentation