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HP Board Declares Regular Dividend

PALO ALTO, Calif., May 20, 2005

PALO ALTO, Calif., May 20, 2005 - 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 third in HP's fiscal year 2005, is payable on July 6, 2005, to shareholders of record as of the close of business on June 15, 2005.

HP has approximately 2.9 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, global services, business and home computing, and imaging and printing. For the four fiscal quarters ended April 30, 2005, HP revenue totaled $83.3 billion. More information about HP (NYSE, Nasdaq: HPQ) is available at http://www.hp.com.

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