<PAGE>   1
THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR
HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT
COVERING SUCH SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE
ACT, OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE
SECURITIES REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE,
TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND
PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.




                           WESTERN DIGITAL CORPORATION
                          COMMON STOCK PURCHASE WARRANT


        THIS CERTIFIES THAT, for value received, Magnetic Media Development,
LLC, a California limited liability company ("Holder") is entitled to purchase
two hundred fifty thousand (250,000) shares of Common Stock ("Warrant Shares")
of Western Digital Corporation, a Delaware corporation (the "Company"), at the
Warrant Price (as defined in subsection 1(j) below) of five dollars ($5.00),
subject to adjustments and all other terms and conditions set forth in this
Warrant.

        1.     Definitions.  As used herein, the following terms, unless the
context otherwise requires, shall have the following meanings:

               (a) "Acquisition" means any sale or other disposition of all or
substantially all of the assets of the Company, or any reorganization,
consolidation, or merger of the Company where the holders of the Company's
securities before the transaction beneficially own less than fifty percent (50%)
of the outstanding voting securities of the surviving entity after the
transaction.

               (b) "Act" shall mean the Securities Act of 1933, as amended, or
any successor federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time.

               (c) "Commission" shall mean the Securities and Exchange
Commission, or any other federal agency at the time administering the Act.

               (d) "Common Stock" shall mean shares of the Company's presently
or subsequently authorized Common Stock, and any stock into which such Common
Stock may hereafter be exchanged.

               (e) "Company" shall mean Western Digital Corporation, a Delaware
corporation, and any corporation which shall succeed to or assume the
obligations of Western Digital Corporation, under this Warrant.



<PAGE>   2

               (f) "Date of Grant" shall mean January 10, 2000.

               (g) "Exercise Date" shall mean the effective date of the delivery
of the Notice of Exercise pursuant to Sections 4 and 12 below.

               (h) "Holder" shall mean Magnetic Media Development, LLC or any
other person or entity who shall at the time be the registered holder of this
Warrant.

               (i) "Shares" shall mean shares of the Common Stock, as described
in the Company's Certificate of Incorporation.

               (j) "Warrant Price" shall mean $5.00 per share.

        2.     Issuance of Warrant and Consideration Therefor.  This Warrant is
issued in consideration of Holder entering into that certain Final Settlement
Agreement between Holder and the Company dated November 3, 1999.

        3.     Term.  The purchase right represented by this Warrant is
exercisable only during the period commencing upon the date of registration of
the Warrant Shares pursuant to Section 4(d) hereof and ending on the date set
forth in Section 4(d).

        4.     Exercise of Warrant.

               (a) Exercise. This Warrant may be exercised, in whole or in part,
by the Holder hereof by delivery to the Company, at its principal office, the
notice of exercise (the "Notice of Exercise") in the form of Exhibit A attached
hereto, duly executed by the Holder, and in the discretion of Holder, the Holder
may either (1) prior to or concurrent with such delivery place in escrow, with
Salomon Smith Barney or another nationally recognized escrow agent mutually
agreed to by the parties, a payment either in cash or by certified or official
bank check payable to the order of the Company in the amount obtained by
multiplying the number of Warrant Shares for which this Warrant is being
exercised by the Warrant Price then in effect (the "Exercise Price") and this
Warrant, and evidence reasonably satisfactory to the Company of such delivery to
the escrow agent shall be provided with the Notice of Exercise, or (2) accompany
the Notice of Exercise with payment in either cash or by certified or official
bank check payable to the order of the Company in the amount of the Exercise
Price with the surrender of the Warrant to the Company. All costs, fees and
expenses of the escrow agent shall be paid by the Holder.

               (b) Delivery of Certificate. In the event of any exercise of the
purchase right represented by this Warrant, certificates for the Warrant Shares
so purchased shall be delivered to the escrow agent or the Holder, as
applicable, within three (3) days of delivery of the Notice of Exercise and,
unless this Warrant has been fully exercised or has expired, a new warrant
representing the portion of the Warrant Shares with respect to which this
Warrant shall not then have been exercised shall also be issued to the Holder
and concurrently delivered with the certificates within such three (3) day
period. If the Holder has elected to place the Exercise Price and this Warrant
in escrow, the agreement governing the escrow arrangement shall state that


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upon receipt of the certificates and the replacement warrant, if applicable, the
monies and this Warrant held in escrow shall be immediately released to the
Company.

               (c) No Fractional Shares. No fractional shares shall be issued in
connection with any exercise hereunder, but in lieu of such fractional shares
the Company shall make a cash payment therefor upon the basis of the Fair Market
Value of a share of Common Stock as of the Exercise Date. Fair Market Value of a
share of Common Stock as of a particular date (the "Determination Date") shall
mean the closing price of such Common Stock on the New York Stock Exchange on
such date, as reported in the Wall Street Journal. In the event that such a
closing price is not available for a Determination Date, the Fair Market Value
of a share of Common Stock on such date shall be the closing price of a share of
the Common Stock on the New York Stock Exchange on the last business day prior
to such date or such other amount as may be determined by the Company's board of
directors by any fair and reasonable means.

               (d) Registration or Qualification of Securities. The Company
shall use its best efforts to cause the Shares underlying this Warrant to be
registered under the Act on Form S-3 (the "Registration Event") and listed on
the New York Stock Exchange by May 9, 2000, and in connection therewith shall
prepare and file within 60 days of the date hereof the appropriate form of
registration statement, provided however, that the Holder shall have timely
provided all information and materials for inclusion in the registration
statement relating to the Holder, its predecessors and affiliates or its plan of
distribution for this Warrant or the Warrant Shares and taken all such other
action as may be reasonably required by the Company, in order for the Company to
meet this schedule and to permit the Company to comply with all applicable
requirements of the Act and the Commission. If the Warrant Shares are registered
by May 9, 2000, the term within which this Warrant shall be exercisable shall
terminate at 5:00 P.M. California time on November 3, 2002 (the "Warrant
Expiration Date"). If the Warrant Shares are not registered by May 9, 2000, for
any reason other than the failure of Holder to timely provide the information
and take the actions set forth in this Section 4(d), for each business day that
the Warrant Shares are not registered after May 9, 2000, the Warrant Expiration
Date shall be extended by one business day.

        5.      Adjustment of Warrant Price and Number of Warrant Shares. The
number of securities issuable upon the exercise of this Warrant and the Warrant
Price shall be subject to adjustment from time to time upon the occurrence of
certain events, as follows:

               (a) Adjustment for Dividends in Stock. In case at any time or
from time to time the holders of the Common Stock of the Company (or any shares
of stock or other securities at the time receivable upon the exercise of this
Warrant) shall have received or, on or after the record date fixed for the
determination of eligible stockholders, shall have become entitled to receive,
without payment therefor, other or additional stock of the Company by way of
dividend then, and in each case, the Holder of this Warrant shall, upon the
exercise hereof, be entitled to receive, in addition to the number of Warrant
Shares receivable thereupon, and without payment of any additional consideration
therefor, the amount of such other or additional stock of the Company which such
Holder would hold on the date of such exercise had it been the holder of record
of Warrant Shares on the date hereof and had thereafter, during the period from
the date

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hereof to and including the date of such exercise, retained such shares
and/or all other additional stock receivable by it as aforesaid during such
period, giving effect to all adjustments called for during such period by
subparagraphs (b) and (c) of this Section 5.

               (b) Adjustment for Reclassification or Reorganization. In case of
any reclassification or change of the outstanding securities of the Company or
of any reorganization of the Company, then and in each such case the Holder of
this Warrant, upon the exercise hereof at any time after the consummation of
such reclassification, change, or reorganization, shall be entitled to receive,
in lieu of or in addition to the stock or other securities and property
receivable upon the exercise hereof prior to such consummation, the stock or
other securities to which such Holder would have been entitled upon such
consummation if such Holder had exercised this Warrant immediately prior
thereto, all subject to further adjustment as provided in subparagraphs (a) and
(c); in each such case, the terms of this Section 5 shall be applicable to the
shares of stock or other securities and property receivable upon the exercise of
this Warrant after such consummation.

               (c) Stock Splits and Reverse Stock Splits. If, after the date
hereof, the Company shall subdivide its outstanding shares of Common Stock into
a greater number of shares, the Warrant Price in effect immediately prior to
such subdivision shall thereby be proportionately reduced and the number of
Warrant Shares receivable upon exercise of this Warrant shall thereby be
proportionately increased; and, conversely, if the outstanding number of shares
of Common Stock shall be combined into a smaller number of shares, the Warrant
Price in effect immediately prior to such combination shall thereby be
proportionately increased and the number of Warrant Shares receivable upon
exercise of the Warrant shall be proportionately decreased.

        6.      Termination on Acquisition. This Warrant shall terminate, if not
earlier exercised, in the event of an Acquisition. In the event the Company is
proposed to be acquired, in addition to the notice requirements of Section 7
hereof, the Company shall provide the Holder with all information with respect
to the Acquisition that is otherwise provided to stockholders of the Company at
such time and from time to time during the pendency of the Acquisition,
including (but not limited to) the proposed price to be paid in the proposed
Acquisition. The Holder shall have the right to exercise this Warrant on or
prior to the closing date with respect to the proposed Acquisition; if the
Warrant is not exercised on or prior to such closing date, the Warrant shall
expire upon the occurrence of the closing of the Acquisition.

        7.      Notices of Record Date, Etc. In the event of (a) any taking by
the Company of a record of the holders of any class of securities for the
purpose of determining the holders thereof who are entitled to receive any
dividend or other distribution (the "Distribution"), (b) any capital
reorganization or reclassification of the stated capital of the Company or any
consolidation or merger of the Company with any other corporation or
corporations (other than a wholly-owned subsidiary), or the sale or distribution
of all or substantially all of the Company's property and assets (the
"Reorganization Event"), or (c) any Registration Event pursuant to Section 4(d)
hereof, the Company will mail or cause to be mailed to the Holder a notice
specifying (i) the date of any such Distribution stating the amount and
character of such Distribution, (ii) the date on


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which any such Reorganization Event or Registration Event is expected to become
effective, and (iii) the time, if any, that is to be fixed as to when the
holders of record of the Company's securities shall be entitled to exchange
their shares of the Company's securities for securities or other property
deliverable upon such Reorganization Event. Such notice shall be mailed at least
ten (10) days prior to the date therein specified.

        8.     Securities Law Requirements.

               (a) Legality of Issuance. No Shares shall be issued upon the
exercise of this Warrant unless and until the Company has determined that:

                      (1) it and Holder have taken all actions required to
        register the Warrant Shares under the Act;

                      (2) any applicable listing requirements of the New York
        Stock Exchange with respect to the Warrant Shares have been satisfied;
        and

                      (3) any other applicable provisions of state or federal
        law have been satisfied.

               (b) Compliance with Act. The Holder, by acceptance hereof, agrees
and acknowledges (1) that this Warrant is being acquired solely for its own
account and not as a nominee for any other party and not with a view toward the
resale or distribution hereof and that it will not offer, sell or otherwise
dispose of this Warrant except under circumstances which will not result in a
violation of the Act, and (2) that neither the offer nor sale of this Warrant
nor the Shares underlying this Warrant have been registered or qualified under
the Act or any state securities laws on the ground that such offer and sale is
or will be exempt from registration and qualification under Sections 4(2) and 18
of the Act, and that the Warrant and the Shares underlying the Warrant cannot be
offered, sold or transferred except in compliance with the Act.

               (c) Transferability and Negotiability of Warrant. This Warrant
may not be transferred or assigned in whole or in part without the written
consent of the Company and compliance with all applicable federal and state
securities laws by the transferor and the transferee (including the delivery of
investment representation letters and legal opinions reasonably satisfactory to
the Company, if requested by the Company and the transfer is to a person other
than an affiliate of the initial Holder). Subject to the provisions of this
Warrant with respect to compliance with the Act, title to this Warrant may be
transferred by endorsement and delivery in the same manner as a negotiable
instrument transferable by endorsement and delivery. The Company shall act
promptly to record transfers of this Warrant on its books, but the Company may
treat the registered holder of this Warrant as the absolute owner of this
Warrant for all purposes, notwithstanding any notice to the contrary.

        9.      Rights of Stockholders. No Holder shall be entitled to vote or
receive dividends or be deemed the holder of Warrant Shares or any other
securities of the Company which may at any time be issuable on the exercise of
this Warrant for any purpose, nor shall anything contained herein be construed
to confer upon the Holder, as such, any of the rights of a


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stockholder of the Company or any right to vote for the election of directors or
upon any matter submitted to stockholders at any meeting thereof, or to give or
withhold consent to any corporate action (whether upon any recapitalization,
issuance of stock, reclassification of stock, consolidation, merger, transfer of
assets or otherwise) or to receive notice of meetings, or to receive dividends
or subscription rights or otherwise until this Warrant shall have been exercised
and the Warrant Shares issuable upon exercise hereof shall have become
deliverable, as provided herein.

        10.     Replacement of Warrants. On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of loss, theft or destruction, on delivery of an
indemnity agreement reasonably satisfactory in form and amount to the Company
or, in the case of mutilation, on surrender and cancellation of this Warrant,
the Company at its expense shall execute and deliver, in lieu of this Warrant, a
new warrant of like tenor.

        11.     Exchange of Warrant. Subject to the other provisions of this
Warrant, on surrender of this Warrant for exchange, properly endorsed and
subject to the provisions of this Warrant with respect to compliance with the
Act, the Company at its expense shall issue to or on the order of the Holder a
new warrant or warrants of like tenor, in the name of the Holder or as the
Holder (on payment by the Holder of any applicable transfer taxes) may direct,
for the number of Shares issuable upon exercise thereof.

        12.     Notices. All notices and other communications from the Company
to the Holder, or vice versa, shall be deemed delivered and effective when given
personally or three days after being mailed by first-class registered or
certified mail, postage prepaid, at such address as may have been furnished to
the Company or the Holder, as the case may be, in writing by the Company or such
Holder from time to time.

        13.    Waiver.  This Warrant and any term hereof may be changed, waived,
discharged or terminated only by an instrument in writing signed by the party
against which enforcement of such change, waiver, discharge or termination is
sought.

        14.     Governing Law. This Warrant shall be governed by and construed
in accordance with the laws of the State of California, as such laws are applied
to agreements entered into in California and to be performed solely by
California residents.

        15.     Titles and Subtitles; Forms of Pronouns. The titles of the
Sections and Subsections of this Warrant are for convenience only and are not to
be considered in construing this Warrant. All pronouns used in this Warrant
shall be deemed to include masculine, feminine and neuter forms.

        16.    Expiration.  Subject to the provisions of Section 4 above, the
right to exercise this Warrant shall expire at 5:00 P.M. California time, on
November 3, 2002.

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        17.     Form of Warrant. The original text of this Warrant contained
certain omissions and procedural ambiguities, which are corrected by this
version of the Warrant. This version of the Warrant is made effective as of the
Date of Grant, without any additional representations or inducements, solely to
set forth the parties' agreement with respect to the subject matter hereof, and
supersedes all previous versions. Upon receipt of this Warrant by the Holder all
previous versions of the Warrant shall be null and void.

Dated:  January 10, 2000


                                            WESTERN DIGITAL CORPORATION,
                                            a Delaware corporation

                                       By:  /s/ Michael A. Cornelius
                                          --------------------------------------
                                            Michael A. Cornelius
                                            Vice President, Law & Administration
                                            and Secretary

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                                    EXHIBIT A

                               NOTICE OF EXERCISE
                   (To be signed only on exercise of Warrant)


To:     Western Digital Corporation

        The undersigned, the holder of the within Warrant, hereby irrevocably
elects to exercise the Warrant for, and to purchase thereunder, _________ shares
of Common Stock of Western Digital Corporation (the "Company"), and herewith
makes payment of $________________ in cash therefor and requests that the
certificates for such shares be issued in the name of, and delivered to
_______________________ whose address is ___________________________________.

        The undersigned represents and warrants to the Company that (i) the
undersigned or its designee is acquiring the shares covered hereby solely for
its own account and not as a nominee for any other party and not with a view
toward the resale or distribution hereof and that it will not offer, sell or
otherwise dispose of such shares except under circumstances which will not
result in a violation of the Securities Act of 1933, as amended (the "Act"), and
(ii) the undersigned and its designee understand that neither the offer nor sale
of the shares to be acquired have been registered or qualified under the Act or
any state securities laws on the ground that the offer and sale is exempt from
registration and qualification under Sections 4(2) and 18 of the Act, and the
shares cannot be offered, sold or transferred except in compliance with the Act.



        Dated:
              ----------------------------      ------------------------------
                                                (Signature must conform to
                                                name of holder as specified on
                                                the face of the Warrant)


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                                                                   (Address)