News release

OfficeMax and HP Form Alliance for PC Offering

HP PCs to be Available in Nearly 1,000 OfficeMax Superstores Nationwide and at OfficeMax.com Through Exclusive Retail Alliance

CLEVELAND and PALO ALTO, Calif., May 14, 2001

OfficeMax, Inc. (NYSE: OMX) and Hewlett-Packard Company (NYSE: HWP) today announced an exclusive alliance that brings an HP computer offering to nearly 1,000 OfficeMax locations nationwide and at OfficeMax.com starting in the back-to-school selling season.

A broad selection of HP desktop and notebook PCs will be available through an interactive configure-to-order online program inside participating OfficeMax locations in the United States, following the wind-down of OfficeMax's relationship with Gateway, Inc. OfficeMax stores will host an exclusive, HP-branded kiosk, where customers can customize their selections, locate additional product details and more - but OfficeMax will not own any presale HP configure-to-order inventory. To further enhance the program, OfficeMax and HP will provide training to OfficeMax sales associates to become HP computer experts and better assist small business customers and consumers.

"HP has been one of OfficeMax's largest and best vendors for over ten years, and this arrangement was a natural next step in our relationship," said Michael Feuer, OfficeMax's chairman and chief executive officer. "Because of HP's channel efficiencies and success in the PC industry, we are delighted to include this alliance as part of our comprehensive, long-term business strategy."

Mr. Feuer added, "Over the past year OfficeMax has been pleased with the results from its single-brand provider computer model. As an added benefit, OfficeMax will capture all peripheral and printer sales made to computer purchasers in its stores instead of some sales going to the computer manufacturer, as was the case under the Gateway arrangement."

"Because of our strong retail position in North America and our long-standing relationship with OfficeMax, this is the optimal time to join efforts," said Pradeep Jotwani, HP's Consumer Business Organization president. "We believe that our history and reputation of operational excellence will ensure success for this alliance."

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.

About OfficeMax

OfficeMax operates nearly 1,000 full-size superstores in 49 states, Puerto Rico and the U.S. Virgin Islands. In addition to offering office products, business machines and related items, OfficeMax superstores also feature CopyMax and FurnitureMax, store-within-a-store modules devoted exclusively to "print-for-pay" services and office furniture. Additionally, the Company reaches customers with an offering of over 30,000 items through its award-winning eCommerce site, OfficeMax.com, its direct-mail catalogs and its outside sales force, all of which are serviced by its 19 delivery centers and two national call centers. Through joint venture partnerships OfficeMax also operates stores internationally in Mexico and Brazil.

This press release contains forward-looking statements, which are subject to risks and uncertainties. OfficeMax's Annual Report on Form 10-K, as filed with the Securities and Exchange Commission for the year ended January 27, 2001, contains a discussion about certain factors which could cause results to differ from management's expectations. These risks include, without limitation, the following: risks associated with development of new business concepts, the chain-wide roll-out of such concepts (including consumer acceptance of the configure-to-order program and the potential for delays), continuing dramatic changes in Internet technology and competition in the computer sector, and general economic conditions.

This press 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, 2000, and subsequently filed reports. HP does not intend to update these forward-looking statements.