News release

America Online and HP Expand Relationship

America Online to Use Variety of HP Products and Services

New Marketing Agreement Will Feature HP Across Several AOL Interactive Brands

DULLES, Va., and PALO ALTO, Calif., June 25, 2001

America Online, Inc., and Hewlett-Packard Company (NYSE:HWP) today announced expanded technology and marketing agreements under which America Online will use a broad range of HP products and services and HP will market its products across several of AOL's interactive brands.

Under the expanded agreement -- which builds on a marketing relationship that began in 1999 -- HP will provide America Online with a variety of computing system products, software, storage support and services, including high-end UNIX® HP Superdome servers, L- and N-class UNIX® servers, and HP workstations.

In addition, the companies announced a multi-million dollar agreement under which HP will market its products and services across a number of America Online's interactive brands, including Netscape, Spinner.com and ICQ.

Terry Laber, AOL's vice president for System Operations, said, "With the number of AOL members continuing to grow, and with our members spending almost 70 minutes a day online, highlighting the increasing popularity of the AOL service, we want to make sure that we continue building relationships with companies like HP to help continue to build our unparalleled network infrastructure. We're also pleased that HP has increased its marketing presence across our brands and look forward to helping them reach even more consumers."

"We're excited to expand our relationship and increase our brand recognition with America Online," said Webb McKinney, president, HP Business Customer Organization. "Our ability to provide a total customer experience across the portfolio of HP's products, services, and solutions is critical to the success of partnering with industry leaders like AOL."

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 all. 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 America Online, Inc.

America Online, Inc., is a wholly owned subsidiary of AOL Time Warner Inc (NYSE: AOL). America Online is the world leader in interactive services, web brands, Internet technologies, and e-commerce services.

UNIX is a registered trademark of the Open Group.

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