News release

HP Appoints Veteran Executive to Lead Global Outsourcing Business

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HP today announced that Pablo Sanchez-Lozano has been named senior vice president and general manager of its Managed Services business unit within HP Services.

With more than 15 years in HP Services, Sanchez-Lozano, 40, brings extensive global business management, sales engagement and finance expertise to his new position. He will report to Steve Smith, senior vice president of HP Services.

Since 2004, Sanchez-Lozano has served as the vice president and general manager of HP's Managed Services organization for the Europe, Middle-East and Africa (EMEA) region, where he led the signing of many noteworthy deals, including KONE, Renault and West LB AG.

Sanchez-Lozano also created and led HP's strategic outsourcing sales engagement team for the EMEA region, which won significant outsourcing contracts with accounts such as Bank of Ireland as well as a key alliance with British Telecom.

"Pablo's extensive experience in HP Services is an asset that our clients will appreciate," said Smith. "We are thrilled that he will be able to hit the ground running to build on our momentum and lead this critical business for HP."

HP's Managed Services organization provides companies with IT and application outsourcing services and solutions to manage their IT environments. It also provides business process outsourcing capabilities specific to finance and administration processes. In fiscal year 2005, the business unit saw year-over-year growth of 24 percent.

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, 2006, HP revenue totaled $88.9 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, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could 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 statements of the plans, strategies and objectives of management for future operations; any statements concerning expected development, performance or market share relating to products and services; anticipated operational and financial results; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the achievement of expected results and other risks that are described from time to time in HP's Securities and Exchange Commission reports, including but not limited to the risks described in HP's Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2006, and other reports filed after HP's Annual Report on Form 10-K for the fiscal year ended Oct. 31, 2005. HP assumes no obligation and does not intend to update these forward-looking statements.