News release

HP Announces Global Notes Offering

PALO ALTO, Calif., Nov. 29, 2001

Hewlett-Packard Company (NYSE:HWP) today announced plans for a $750 million five-year notes offering.

Credit Suisse First Boston and Salomon Smith Barney are to manage the deal. The company's existing debt is rated "A2" with negative outlook by Moody's Investor Service and "AA-" (CreditWatch negative) by Standard & Poor's.

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 of $45.2 billion in its 2001 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 financial items; any statements of the plans, strategies and objectives of management for future operations, including with respect to debt offerings; statements of belief and any statement of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the challenge of managing asset levels, including inventory; the difficulty of keeping expense growth at modest levels while increasing revenues; the assumption of maintaining revenues on a combined company basis following the merger; and other risks and uncertainties that are described from time to time in HP's Securities and Exchange Commission reports, including but not limited to the current report on Form 8-K filed Nov. 16, 2001, and subsequently filed reports. HP is not under any obligation and does not intend to update these forward-looking statements.