News release

HP to Help Rainbow Media Holdings, Inc. Deliver Digital News, Sports and Entertainment to Cable Customers

New Solution to Reduce Costs and Speed Flow of Digital Content from Creation to Consumption

HP (NYSE:HPQ) is designing a comprehensive digital content management solution for cable programming leader Rainbow Media Holdings, Inc., a subsidiary of Cablevision Systems Corporation.

The new solution is intended to provide Rainbow with a cost-effective and secure enterprise infrastructure that streamlines the management of digitized news, sports and entertainment content -- from creation through the different Rainbow properties to final consumption by cable-based customers.

The Rainbow family includes AMC, WE: Women's Entertainment, The Independent Film Channel, muchmusic usa, Mag Rack, News 12 Networks, Rainbow Sports Networks and the MetroChannels.

"We looked at our options, including some of the top names in media consulting and solutions, and we just decided that HP was the best choice," said David Kline, vice president, information systems, Rainbow. "We've worked with HP in the past and valued their position as a major player in the technology industry which has focused its attention on developing products and solutions for the media business and, more specifically, for the needs of Rainbow and our networks."

HP is performing a holistic review of Rainbow's current and planned systems and processes for digital content management. The study will reveal opportunities for both short- and long-term improvements, including cost savings through automation, extensive re-use of content, lower research and production overhead and better leverage of existing investments.

"The rich-media market holds extraordinary promise, and HP is committed to helping its customers deliver any digital content from any source to any device," said David Andrade, entertainment and media group, HP Network and Service Provider Business Unit. "With deep expertise in both rich media and IT, HP is delivering solutions today that span the full range, from content creation to final consumption."

Typically, HP works to embrace a customer's existing infrastructure and investment, and enhance it with modular, standards-based solutions that leverage top partners. "Our success underscores the advantages of HP's flexible, adaptive approach over the monolithic, one-size-fits-all approach of other companies," said Andrade.

A leader in sports, news and entertainment programming, Rainbow Media Holdings, Inc. is a subsidiary of Cablevision Systems Corporation. Rainbow owns and manages the networks mentioned above as well as the Rainbow Advertising Sales Corporation and Rainbow Network Communications. Rainbow is a 50 percent partner in Fox Sports Net and has a strategic partnership with MGM, which owns a 20 percent stake in three of Rainbow's national networks: AMC, WE: Women's Entertainment and IFC.

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.

This news release 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 market for the sale of certain products and services may not develop as expected; that development and performance of these products and services may not proceed as planned; and other risks that are described from time to time in HP's Securities and Exchange Commission reports, including but not limited to HP's quarterly report on Form 10-Q for the quarter ended January 31, 2003, and subsequently filed reports. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, HP's results could differ materially from HP's expectations in these statements. HP assumes no obligation to update these forward-looking statements.