FOR IMMEDIATE RELEASE

READ-RITE ANNOUNCES REVISED CONVERSION PRICE ON EXCHANGE OFFER

MILPITAS, CA - March 10, 2000 -- Read-Rite Corporation (Nasdaq: RDRT) today announced that the conversion price for the exchange offer of the 6 � % convertible subordinated notes for new 10% convertible subordinated notes has been set at $4.51, which is a 15% premium over the daily volume weighted average price of the company's common stock for the period March 6, 2000 through March 10, 2000. The exchange offer is scheduled to expire at 12:00 midnight Eastern Standard Time on Wednesday, March 15, 2000.

Read-Rite Corporation is one of the world�s leading independent manufacturers of magnetic recording heads, head gimbal assemblies (HGAs) and head stack assemblies (HSAs) for disk drives and tape drives. The company is headquartered in Milpitas, California and has operations in Japan, Thailand, the Philippines and Singapore. The company�s home page on the world wide web can be reached at http://www.readrite.com.

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