News release

Bond to Head HP's Federal Public Policy Programs and D.C. Office

PALO ALTO, Calif., Jan. 24, 2001

Bond will replace Gary Fazzino who was appointed vice president of HP Government and Public Affairs. In his new position, Bond will lead the formulation of HP positions on U.S. domestic issues and determine where HP will provide early leadership in shaping public policy involving e-commerce, trade, the environment, education, procurement and taxation.

Bond will manage HP's interactions with the U.S. Congress, the Bush administration and other federal offices, and work with companies, associations and coalitions on high-tech public policy issues and political activities. As director of HP's Federal Public Policy programs, Bond will work with HP's businesses and will manage HP's Washington, D.C., office.

"Phil is widely recognized as an outstanding high-tech, public policy leader in Washington, D.C.," said Fazzino. "He is politically savvy and has had a huge impact on increasing high-tech's influence -- on a bi-partisan basis -- in the nation's capitol. I know that he will be a great success at HP in addressing the public policy needs of HP's businesses."

For the past three years Bond has led ITI's public policy and political activities, serving as an industry representative to Congress and the Clinton administration. In addition, he worked to develop programs and lobbying approaches to further advance the IT industry's agenda. Bond is credited with developing the first and only high-tech voting guide, creating ITI's Understanding the Digital World program to help members of Congress learn about the IT industry, and conducting an annual congressional survey to measure Congress's understanding of the IT community.

"During his three years at ITI, Phil has been a leader on all fronts," said Rhett Dawson, president of ITI. "Phil's real talent lies in his ability to work with Republicans and Democrats alike to advance policies that strengthen the IT industry and the digital economy."

Prior to joining ITI, Bond served as chief of staff to Republican Rep. Jennifer Dunn of Washington and principal deputy assistant secretary of defense for legislative affairs under Defense Secretary Dick Cheney. Previously, Bond had served as chief of staff to Republican Rep. Bob McEwen of Ohio and in various Defense Department positions during both the Reagan and Bush administrations. Bond is a cum laude graduate of Linfield College in Oregon.

"Having been at one of Washington's leading associations, I am happy to be joining one of the world's premier companies with its exciting new leadership," said Bond. "I'm looking forward to further increasing HP's visibility and effectiveness on Capitol Hill."

About HP

Hewlett-Packard Company -- a leading global provider of computing and imaging solutions and services -- is focused on making technology and its benefits accessible to individuals and businesses through simple appliances, useful e-services and an Internet infrastructure that's always on.

HP has 88,500 employees worldwide and had total revenue from continuing operations of $48.8 billion in its 2000 fiscal year. Information about HP and its products can be found on the World Wide Web at http://www.hp.com.

This news release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause the results of HP and its consolidated subsidiaries to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any projections of earnings, revenues, or other financial items; any statements of the plans, strategies, and objectives of management for future operations; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; statements of belief and any statement of assumptions underlying any of the foregoing. The risks, uncertainties and assumptions referred to above include the ability of HP to retain and motivate key employees; the timely development, production and acceptance of products and services and their feature sets; the challenge of managing asset levels, including inventory; the flow of products into third-party distribution channels; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks that are described from time to time in HP's Securities and Exchange Commission reports, including but not limited to the annual report on Form 10-K for the year ended Oct. 31, 1999, and subsequently filed reports. HP does not intend to update these forward-looking statements.