STORAGETEK ANNOUNCES SIGNIFICANTLY HIGHER-THAN-ANTICIPATED FOURTH QUARTER FINANCIAL RESULTS

LOUISVILLE, Colo., January 12, 2004 - StorageTek® (Storage Technology Corp., NYSE:STK) today announced that it expects fourth quarter 2003 financial results to be stronger than anticipated. Fourth quarter 2003 total revenue is expected to be in excess of $650 million and earnings per share for the fourth quarter are anticipated to be in excess of $0.55 per diluted share.

Patrick J. Martin, StorageTek chairman, president and chief executive officer, said, "We are excited about the robust financial performance that we delivered this quarter. Our Information Lifecycle Management strategy is clearly resonating well with customers as we continue to deliver comprehensive storage solutions to solve business problems. We are pleased that we saw strength in both our storage products and services, particularly in our Automated Tape Solutions. We look forward to providing additional color on our fourth quarter and full-year 2003 results during our earnings call on January 22."

Contact:
Ken Saunders
Hill & Knowlton
+44 (0) 207 413 3193

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