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HP Board Declares Regular Dividend

PALO ALTO, CALIF., MAY 16, 2003

The board of directors of HP (NYSE:HPQ) today declared a regular cash dividend of 8 cents per share on the company's common stock. The dividend, the third in HP's fiscal year 2003, is payable on July 9, 2003, to shareholders of record as of the close of business on June 18, 2003.

HP has approximately 3 billion shares of common stock outstanding.

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.


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