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HP Board Declares Regular Dividend

PALO ALTO, Calif., July 16, 2004

The board of directors of HP today declared a regular cash dividend of 8 cents per share on the company's common stock. The dividend, the fourth in HP's fiscal year 2004, is payable on Oct. 6, 2004, to shareholders of record as of the close of business on Sept. 15, 2004.

HP has approximately 3 billion shares of common stock outstanding.

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 four fiscal quarters ended April 30, 2004, HP revenue totaled $76.8 billion. More information about HP (NYSE, Nasdaq: HPQ) is available at http://www.hp.com.

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