STORAGETEK PLANS TO SELL LEASE ASSETS TO LEASETEC WORLDWIDE ALLIANCE TO
PROVIDE LEASING SERVICES

LOUISVILLE, Colo. -- Storage Technology Corp. (NYSE:STK) announced today
that it has signed a letter of intent to form a worldwide strategic
alliance with Leasetec Corp. to provide leasing of StorageTek products
under the StorageTek Financial Services Corp. name.

The proposed alliance includes the purchase by Leasetec of lease assets
held by StorageTek Financial Services Corp. and StorageTek's international
subsidiaries. The closing of the sale is subject to completion of a
definitive agreement and final board approval as well as satisfying
various customary conditions, including completing a Hart-Scott-Rodino
notice.

"This is another step in focusing our energies on our core competencies,"
said Ryal R. Poppa, StorageTek chairman, president and chief executive
officer. "The leasing business is very capital intensive, and the proposed
alliance will allow us to direct capital and management resources where
they will provide the best return for our shareholders."

John V. Williams, StorageTek executive vice president for worldwide field
operations, said, "Leasetec is a world-class financial services company
with an unmatched track record in vendor leasing. We believe that our
customers will benefit from the combination of StorageTek's leading-edge,
technology-based solutions and Leasetec's aggressive and innovative
financing solutions. We expect the transition to be transparent to our
customers, who will still be able to call on their StorageTek marketing
representatives to obtain financing."

StorageTek and Leasetec did not disclose terms of the agreement.
Consolidated book value of StorageTek's worldwide lease assets was
approximately $265 million at the end of 1995.

The company said it expects to close the transaction by the end of the
first quarter.

Leasetec is a privately held company based in Boulder, Colorado. It
operates vendor leasing programs in the United States for a number of
major companies in the information technology industry including Unisys
Corp. and in Europe for Digital Equipment Corp. Leasetec is affiliated
with Tokyo Leasing, a subsidiary of Dai-Ichi Kanyo Bank.

Storage Technology Corp., based in Louisville, Colo., designs,
manufactures, markets and services, worldwide, information storage and
retrieval subsystems for enterprisewide computer systems and networks. The
company reported revenue of $1.93 billion in its fiscal year ended Dec.
29, 1995. Information on StorageTek is available on the World Wide Web at
http://www.stortek.com.
 
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