News release

HP Partners with TIME to Bring 80 Years of Printed History to Readers Online

HP Digital Asset Management technology to create groundbreaking digital archive of all TIME magazine issues since 1923

Providing readers, consumers, educators and historians the opportunity to access the events and perspectives that have shaped the world, HP today announced it is partnering with TIME to create a complete digital archive containing every issue of the publication since its inception.

Among the first of its kind for a print publication of TIME's magnitude, the digital archive will be designed, developed and implemented using HP Digital Asset Management technology. The archive will house all U.S. domestic TIME magazine issues from1923 to present and will serve as the basis for an easy-to-use and content-rich online resource available to consumers and TIME subscribers.

HP Digital Asset Management technology includes a broad range of products, systems and services that enable the creation and comprehensive management of rich media content - from initial content acquisition, to production and storage, to archiving and retrieval.

TIME is offering consumers an unparalleled online extension to its vast historic collection of print periodicals. Adopting the HP Adaptive Enterprise strategy is enabling TIME to create this groundbreaking digital archive.

In the TIME digital archive system, information from every issue of TIME will be scanned, optimized and stored using HP Adaptive Enterprise technology, including HP OpenView Adaptive Management software, industry-standard HP ProLiant servers, HP StorageWorks systems, software developed by HP Labs and HP professional services.

The text from the archive will be extracted and made available to consumers in a fully searchable format on TIME's Web site, TIME.com.

"Our readers have shown an overwhelming interest in gaining access to the archives of TIME," said Taylor C. Gray, associate publisher for marketing, TIME. "Since only a handful of complete sets of TIME exist, this project will make TIME's storied history more accessible to the public. The archive will provide a unique research tool for professional and personal use and we believe this content will add even more value to TIME subscriptions."

The online archive is expected to debut in May.

The HP Digital Asset Management solution is designed for media and entertainment companies as well as service providers that need to complete a wide range of tasks and activities, including the creation, distribution and management of everything from text and images to audio and video.

"HP is uniquely suited to provide its partners with a full suite of digitization and delivery solutions," said Gary Elliott, vice president, Global Brand and Marketing Communications, HP. "The HP and TIME relationship serves as a showcase example of how our existing and potential enterprise customers can tap HP's technological innovation and prowess to deliver compelling products and experiences to their own customers."

Content creators worldwide from the publishing, film and television industries have looked to HP for digital content creation, management, distribution, revenue generation and service management processes. HP uses its systems and technology expertise through dedicated cable, satellite, entertainment and media teams to accelerate the adoption of digital media distribution and to help securely manage and distribute content digitally.

About TIME

TIME, published since 1923, is the world's leading print brand for news and information, with a global audience of more than 29 million readers.

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 the fiscal year ending on Oct. 31, 2003, HP revenue totaled $73.1 billion. More information about HP (NYSE, Nasdaq: HPQ) is available at http://www.hp.com.

This news release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never 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. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any projections of earnings, revenues, or other financial items; any statements of the plans, strategies, and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; statements of belief and any statement of assumptions underlying any of the foregoing. The risks, uncertainties and assumptions referred to above include employee management issues; the timely development, production and acceptance of services and their feature sets; the challenge of managing asset levels, including inventory; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks that are described from time to time in HP's Securities and Exchange Commission reports, including but not limited to the Annual Report on Form 10-K for the fiscal year ended Oct. 31, 2003, and reports filed after the form 10-K. HP assumes no obligation and does not intend to update these forward-looking statements.