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Compaq's Award-Winning Evo D500 Ultra-Slim Desktop Now Available for Purchase (Advisory)

New Evo D500 Ultra-slim Desktop Offers Powerful Combination of Features, Flexibility and Manageability in an Affordable Ultra-slim Form Factor

HOUSTON, February 7, 2002

Compaq Computer Corporation (NYSE: CPQ) today announced availability of its next generation in desktop PCs for business—the award-winning Evo D500 Ultra-slim Desktop.

Recipient of both the 2001 Best of Comdex "Best Desktop PC" and 2002 Best of CES "Best Computer" awards, the new Evo D500 Ultra-slim Desktop offers the most innovative and affordable combination of features, flexibility, and manageability for business customers. Weighing just over 11 pounds, 75 percent smaller and 50 percent more quiet than the average desktop PC, the new Evo D500 Ultra-slim Desktop is available with an Intel® Celeron™ 1.3 GHz processor, up to 512 MB SDRAM and 20 GB hard drive in a slim 2.72-inch thin and just over one foot square package.

"The small, flexible form factor of the Evo D500 Ultra-slim Desktop is as close to perfect as we have found for Bank of Oklahoma applications. It easily fits in environments where space limitation is a critical factor, yet is powerful enough for almost any user," said Tony Rapson, manager of Technical Purchasing for Bank of Oklahoma parent company Affiliated Bancsservices. "The flexibility of the hot-swappable optical drive is a significant feature for our applications. Plus, the ability to quickly and easily set up the desktops frees our IT staff to concentrate on more strategic projects."

The dynamic, legacy-free Evo D500 Ultra-slim Desktop is available with an optional legacy module for maximum flexibility, and also incorporates Compaq's innovative MultiPort wireless technology (802.11b or Bluetooth) and hot-swappable MultiBay storage solution, allowing the PC to evolve as technologies change or mature, thereby extending the life of the PC. And as both MultiPort and MultiBay modules are utilized with Compaq Evo notebooks, customers deploying both the new Evo D500 Ultra-slim Desktop and Evo notebooks can realize additional cost savings through shared modules and simplified IT management with fewer pieces of equipment.

Available direct from Compaq.com and authorized resellers starting at just $699, more information about the Evo D500 Ultra-slim Desktop can be found at http://www.compaq.com/products/desktops/d500usd/subfamily.html.

Company Background

Founded in 1982, Compaq Computer Corporation is a leading global provider of information technology products, services and solutions for enterprise customers. Information on Compaq and its products and services is available at http://www.compaq.com.

Notes:

Compaq and the Compaq logo are trademarks of Compaq Information Technologies Group, L.P. Product names mentioned herein may be trademarks and/or registered trademarks of their respective companies. This document 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 Hewlett-Packard/Compaq merger does not close or that the companies may be required to modify aspects of the transaction to achieve regulatory approval or that prior to the closing of the proposed merger, the businesses of the companies suffer due to uncertainty; the market for the sale of certain products and services may not develop as expected; that development of these products and services may not proceed as planned; that Compaq and Hewlett-Packard are unable to transition customers, successfully execute their integration strategies, or achieve planned synergies; other risks that are described from time to time in Compaq and Hewlett-Packard's Securities and Exchange Commission reports (including but not limited to Compaq's annual report on Form 10-K for the year ended December 31, 2001, HP's annual report on Form 10-K, as amended on January 30, 2002, for the fiscal year ended October 31, 2001, and subsequently filed reports). If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, Compaq's results could differ materially from Compaq's expectations in these statements. Compaq assumes no obligation and does not intend to update these forward-looking statements.

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