Creating Two Independent Public Companies
© 2023 WESTERN DIGITAL CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED
Separation Transaction Summary
Transaction
Structure
Financial
Implications
Western Digital's HDD business to continue as an independent publicly traded company under the Western
Digital name
■ Western Digital's Flash business (name TBD) to be spun-off via tax-free dividend to Western Digital's
shareholders
Expected tax-free distribution to shareholders for Federal income tax purposes
■ Expect to incur one-time GAAP-only charges related to the transaction during the periods preceding
the closing
■ Both publicly traded companies are expected to be well-capitalized and have a disciplined, returns-
based approach to capital allocation
Principal Closing
Conditions
Subject to final approval of the Western Digital Board
Receipts of opinion and/or rulings with respect to the tax-free nature of the transaction for Federal
income tax purposes
Closing subject to market, and other conditions
Timing
■Transaction is targeted for the second half of calendar year 2024, subject to principal closing and
certain other conditions
WWestern Digital. HDD FlashView entire presentation