News release

HP Implements Preventive Program to Identify Potentially Unsafe Monitors

PALO ALTO, Calif., March 29, 2001

Hewlett-Packard Company (NYSE:HWP) today announced a program to identify and replace a limited number of potentially defective monitors. The HP 71 17-inch CRT monitors, model number D8903A, were shipped starting July 2000 in the United States, Canada and some Latin American countries (Argentina, Chile, Colombia, Dominican Republic, Mexico, Peru, Uruguay and Venezuela).

The defect, resulting from an irregularity in the manufacturing process of this monitor model, affects approximately 0.01 percent of the units. In rare circumstances, there is a risk of electric shock if a user comes in contact with a specific and limited area on the top of a defective monitor. Upon discovery of the irregularity, HP took immediate preventive measures by introducing a test in the manufacturing process to detect the presence of similar defects.

In order to reduce any potential risks, HP has informed all customers and resellers who received an HP 71 17-inch CRT monitor, model number D8903A, and is providing them with information on how to identify a potentially defective unit and how to have a unit fixed or replaced.

HP has directed customers in the United States and Canada to call a special toll-free number (+1 800 428 2446) and in Latin America to contact their local HP Customer Care Center to schedule an on-site inspection. The inspection and, if necessary, a replacement monitor, will be provided free of charge to customers regardless of warranty status.

This issue has no impact on any other HP product.

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 solutions for an Internet infrastructure that's always on.

HP 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, uncertainties and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties and assumptions include the possibility that the monitor inspection program may not proceed as expected 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, 2000, and subsequently filed reports. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, HP's results could differ materially from HP's expectations in these statements. HP does not intend to update these forward-looking statements.