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HP Labs Opens Research Opportunities to Academia

PALO ALTO, Calif., May 7, 2008

HP today made it possible for colleges, universities and research institutions worldwide to participate in joint research with HP Labs, the company’s central research facility, through an open and competitive process.

The new HP Labs Innovation Research Program invites the worldwide academic community to submit proposals related to current research in the areas of information explosion, dynamic cloud services, content transformation, intelligent infrastructure and sustainability.

The program is the first offering of the HP Labs Open Innovation Office, which was established earlier this year as part of HP Labs’ new approach to research. The office is responsible for deepening HP Labs’ strategic collaborations with academia, the government and the commercial sector to produce mutually beneficial, high-impact research.

“Collaborating with the brightest minds is essential to making progress in solving the world’s most complex technology challenges,” said Prith Banerjee, senior vice president of research at HP and director of HP Labs. “We look forward to reviewing the proposals and investing in projects that drive open innovation and set the agenda for breakthrough research relevant to technology customers.”

Eligible applicants are encouraged to apply through June 18, 2008. HP will award selected applicants funding for one year, which will be renewable for a total of three years based on research progress and HP business requirements. Each award will include support for one graduate student researcher, who also will be eligible to apply to the HP Labs internship program.

“The research landscape is shifting toward a model of increased collaboration between academia and the private sector,” said Beth Burnside, vice provost of research, University of California, Berkeley. “The HP Labs Innovation Research Program is a great step toward mobilizing the sectors to work together in pursuit of scientific breakthroughs.”

Program guidelines and the online submission tool are available at www.hpl.hp.com/open_innovation/irp. Proposals will go through an extensive review process within HP Labs. Selected winners will be notified in late 2008.

About HP

HP focuses on simplifying technology experiences for all of its customers – from individual consumers to the largest businesses. With a portfolio that spans printing, personal computing, software, services and IT infrastructure, HP is among the world’s largest IT companies, with revenue totaling $107.7 billion for the four fiscal quarters ended Jan. 31, 2008. More information about HP (NYSE: 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 execution and performance of contracts by HP and its customers, suppliers and partners; the achievement of expected results; and other risks that are described in HP’s Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2008 and HP’s other filings with the Securities and Exchange Commission, including but not limited to HP’s Annual Report on Form 10-K for the fiscal year ended October 31, 2007. HP assumes no obligation and does not intend to update these forward-looking statements.

© 2008 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. HP shall not be liable for technical or editorial errors or omissions contained herein.

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