Press Release:

HP to Dual List on Nasdaq Stock Market and New York Stock Exchange

PALO ALTO, Calif., Jan. 12, 2004

HP (NYSE:HPQ) today announced that it has filed an application to dual list its common stock on the Nasdaq Stock Market. If HP's application is approved, HP's common stock will be listed on both the NYSE and the Nasdaq under the stock ticker "HPQ." The listing of HP's stock on Nasdaq is expected to take effect in the next few weeks.

"We have a strong and mutually beneficial partnership with the New York Stock Exchange. They continue to do a great job. Today's announcement is about providing more choice to investors," said Bob Wayman, chief financial officer, HP. "We expect dual-listing on the Nasdaq will benefit our shareholders by giving them more liquidity through the ability to trade on an alternative exchange."

About HP

HP is a technology solutions provider to consumers, businesses and institutions globally. The company's offerings span IT infrastructure, personal computing and access devices, global services and imaging and printing. For the fiscal year ending on Oct. 31, 2003, HP revenue totaled $73.1 billion. More information about HP is available at

This news release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they ever materialize or prove incorrect, could cause the results of HP and its consolidated subsidiaries to 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 any projections of superior execution of trading in HP stock or liquidity or other financial items; any statements of the plans, strategies, and objectives of management for future operations; any statements of belief; and any statements of assumptions underlying any of the foregoing. The risks, uncertainties and assumptions referred to above include the possibility that the proposed listing may not be occur on the terms currently contemplated, on a timely basis or at all; and other risks that are described from time to time in HP's Quarterly Report on Form 10-Q for the period ended July 31, 2003 and HP's other Securities and Exchange Commission reports filed after HP's Annual Report on Form 10-K for the fiscal year ended Oct. 31, 2002. HP assumes no obligation and does not intend to update these forward-looking statements.

About HP

HP Inc. creates technology that makes life better for everyone, everywhere. Through our portfolio of printers, PCs, mobile devices, solutions, and services, we engineer experiences that amaze. More information about HP Inc. is available at