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HP and Foxconn Expand PC Business in Russia

Ground broken for new manufacturing facility in St. Petersburg

ST. PETERSBURG, Russia, May 16, 2008

HP and Foxconn today held a groundbreaking ceremony in St. Petersburg to celebrate the planned construction of a 32,000-square-meter manufacturing facility intended for the production of HP PCs in Russia in connection with a joint venture agreement to invest $50 million in Russia.

HP intends to be a major PC customer for Foxconn at the new facility and expects to ship up to 40,000 consumer and commercial desktop PCs per month for the Russian market from the facility.

Foxconn expects that in the future the new manufacturing facility will produce goods for HP as well as other companies.

“Russian demand for the latest PC technology is developing quickly, and HP sees increasing interest from consumer and commercial customers,” said Eric Cador, senior vice president, Personal Systems Group – Europe, Middle East and Africa, HP. “This project will help us meet local customer demand by enabling HP to deliver products quickly and competitively in Russia.”

HP’s presence in the Russian economy and region began almost 40 years ago with the opening of its Moscow office. Today, HP is leading the IT market in Russia with 10 offices across the country and a research and development lab in St. Petersburg.

“Foxconn’s construction of this facility marks our initial entry into Russia,” said Terry Gou, chairman and chief executive officer, Hon Hai Precision Industry Co Ltd. “We are confident that our cooperation with HP in this venture will support and strengthen HP in serving the needs of the Russian market. St. Petersburg’s strong talent pool, strategic location and government support make it a wonderful location for our operations.”

The new PC operation is part of HP’s strategy to respond to increasing customer demand in fast-growing regions of the world. The planned St. Petersburg facility will complement a new HP-owned operation in India, as well as Foxconn facilities serving HP in the Czech Republic and Brazil.

About Foxconn RUS

Foxconn RUS is a wholly-owned subsidiary of Hon Hai Precision Industry Co Ltd. (“Hon Hai”). Hon Hai was established in 1974 in Taipei by Terry Gou, the company’s chairman and chief executive officer. Hon Hai’s consolidated net sales totaled up $42.5 billion in 2006 and $54.9 billion of sales for 2007. Hon Hai has over 600,000 employees in all its locations. Hon Hai is the partner of choice for all aspects of contract manufacturing services in 3C industries. Armed with its proprietary eCMMS business model and world-leading IP portfolio, Hon Hai has revolutionized the CEM/EMS/ODM industries since turn of the century. Through its renowned offering of best speed, quality, engineering services, efficiency and value-added, Hon Hai/Foxconn determines to make the comfort from electronic products usage an attainable luxury for all mankind. Hon Hai has launched production locations in Brazil, Vietnam, India, China, Hungary, USA, Mexico and Australia. Hon Hai’s current goal is to launch a production and R&D location in Russia.

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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