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HP SETS FINAL STOCK DISTRIBUTION RATIO FOR AGILENT TECHNOLOGIES

PALO ALTO, Calif., May 10, 2000 -- -Hewlett-Packard Company (NYSE:HWP) today announced that it has finalized a ratio for the distribution of shares in Agilent Technologies, Inc. (NYSE:A), scheduled for close of market on June 2, 2000. The distribution will be on the basis of .3814 of a share of Agilent for each HP common share outstanding. For purposes of calculating the distribution ratio, as of the record date, HP had approximately 996,329,000 shares of common stock outstanding. In April, the HP board of directors declared a stock dividend of all of the shares of common stock in Agilent Technologies held by HP (380 million shares) to HP shareowners of record as of 5 p.m. EDT on May 2, 2000. The distribution, which will complete the spin-off of Agilent Technologies from HP, will give HP shareowners approximately 84 percent of the outstanding common shares of Agilent.

HP shareowners will receive stock certificates for whole shares of Agilent and cash payments for fractional shares. As previously announced, HP has received a ruling from the Internal Revenue Service that the dividend to shareowners qualifies as tax-free for U.S. federal income tax purposes, except to the extent that cash is received instead of fractional shares. The distribution remains subject to the conditions set forth in the master separation agreement previously entered into between HP and Agilent Technologies.

For questions concerning the distribution, HP shareholders can visit the company's Web site, www.hp.com/financials, under the "investor relations" section or call the information agent for shareholder inquiries, Corporate Investor Communications at 1-800-553-4656 (international callers should obtain the AT&T access code for their country in order to use this number). Information on Agilent Technologies can be obtained at www.agilent.com or by calling 1-877-942-4200 (U.S. only) or 402-573-9919 (internationally).

About Agilent Technologies

Agilent Technologies, Inc. (NYSE:A) is a diversified technology company, resulting from Hewlett-Packard Company's plan to strategically realign itself into two fully independent companies. With 42,000 employees serving customers in more than 120 countries, Agilent Technologies is a global leader in designing and manufacturing test, measurement and monitoring instruments, systems and solutions, and semiconductor and optical components. The company serves markets that include communications, electronics, life sciences and healthcare. The businesses comprising Agilent, a subsidiary of HP, had net revenues of more than $8.3 billion in fiscal year 1999.

About HP

Hewlett-Packard Company -- a leading global provider of computing and imaging solutions and services for business and home -- is focused on capitalizing on the opportunities of the Internet and the proliferation of electronic services.

Excluding Agilent figures, HP has 85,400 employees worldwide and had total revenue from continuing operations of $42.4 billion in its 1999 fiscal year. Information about HP and its products can be found on the World Wide Web at http://www.hp.com.

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