News release

HP Authorizes Additional $1 Billion for Share Repurchases

The board of directors of HP (NYSE:HPQ) today authorized an additional $1 billion for future repurchases of its outstanding shares of common stock. The company intends to use the authorization to continue its normal share repurchases, which primarily offset dilution from the issuance of shares under company employee benefit programs and also include opportunistic share repurchases.

About HP

HP is a technology solutions provider to consumers, businesses and institutions globally. The company's offerings span IT infrastructure, personal computing and access devices, global services and imaging and printing for consumers, enterprises and small and medium businesses. For the last four quarters, HP revenue totaled $71.8 billion. More information about HP is available at http://www.hp.com.

This release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they ever 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 and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to intentions regarding future share repurchases. The risks, uncertainties and assumptions referred to above include the possibility that share repurchases may not be made to the extent or within the time frame anticipated and other risks that are described from time to time in HP's Quarterly Report on Form 10-Q for the period ended July 31, 2003 and HP's other Securities and Exchange Commission reports filed after HP's Annual Report on Form 10-K for the fiscal year ended October 31, 2002. HP assumes no obligation and does not intend to update these forward-looking statements.