News release

HP Announces Results of Annual Shareowner Meeting

HP (NYSE:HPQ) today announced the preliminary results of proposals considered at its annual shareowner meeting held this morning.

All 11 board nominees were elected to serve as directors of HP for a one-year term. Of the 11 board nominees, four stood for election as directors of HP for the first time: Lawrence T. Babbio, Jr.; Sanford M. Litvack; Thomas J. Perkins; and Lucille S. Salhany. These four directors served on the Compaq board prior to Compaq's acquisition by HP and joined HP's board on May 3, 2002, at legal close.

"The newly elected board brings a unique balance of qualifications and experiences to HP and its shareowners," said Carly Fiorina, HP chairman and chief executive officer. "Nearly one year after closing the Compaq acquisition, we look forward to closing soon one chapter of a successful integration and opening a new chapter that delivers even more to our shareowners, customers, partners and employees."

Also at the meeting, shareowners ratified the appointment of Ernst & Young LLP as independent auditors to audit HP's consolidated financial statements for the fiscal year ending Oct. 31, 2003. Shareowners also approved the HP executive pay-for-results plan.

Shareowners, in accordance with the recommendations of HP's board of directors, voted down the following shareowner proposals:

Proposal regarding director nominees
Proposal entitled "China Business Principles"
Proposal entitled "Indexed Options Proposal"
Proposal entitled "Expensing Options Proposal"

Shareowners approved the proposal entitled "4-Shareowner Vote regarding Poison Pills," which recommends that the HP board ⁽¹⁾ redeem any poison pill previously issued and ⁽²⁾ not adopt or extend any poison pill without a shareowner vote. In January 2003 the HP board terminated HP's poison pill that was then in effect. The board will duly consider the recommendation about future poison pill adoption.

Not announced at the meeting was the vote on the proposal urging the board to seek shareowner approval for future severance agreements for senior executives that provide benefits in an amount exceeding 2.99 times the sum of the executive's base salary plus bonus. The results of this vote are close and are still being tabulated. They will be announced when they are available.

All results are subject to certification by HP's Inspector of Elections, Computershare Investor Services, LLC.

About HP

HP is a leading global provider of products, technologies, solutions and services to consumers and businesses. The company's offerings span IT infrastructure, personal computing and access devices, global services and imaging and printing. HP completed its acquisition of Compaq Computer Corporation on May 3, 2002. More information about HP is available at http://www.hp.com.