Press Release: December 02, 2003

HP Announces Odd-lot Program and Electronic Delivery Option for Shareowner Materials

PALO ALTO, Calif., Dec. 2, 2003

HP (NYSE:HPQ) today announced the commencement of a voluntary sale and purchase program (also known as an odd-lot program) for shareowners of fewer than 100 shares of HP common stock as of Nov. 5, 2003.

Eligible participants, including shareowners in the United States and in foreign jurisdictions where permitted by local law, will be offered the opportunity either to sell all of their HP shares or purchase additional shares to increase their investment to 100 shares of HP common stock. Such sales and purchases will occur at a price per share equal to the average of the daily closing prices of HP common stock on the New York Stock Exchange during the week in which a shareowner's election to participate in this voluntary program is received. D.F. King & Company is the solicitation agent for this program.

Information about the odd-lot program, including how to participate and processing fees, will be mailed directly to eligible shareowners. This offer is not conditioned on a receipt of any minimum number of tenders and will expire on Dec. 30, 2003, unless otherwise terminated or extended by HP. HP is not recommending that any odd-lot holder sell his or her shares or purchase additional shares, and HP encourages each odd-lot holder to make his or her own decision as to whether to participate in this voluntary program. The odd-lot program is part of HP's ongoing stock repurchase program.

HP also is offering all shareowners the opportunity to receive electronically future HP information, including proxy statements and annual reports. Electronic delivery of HP information substantially reduces HP's printing and mailing costs and conserves valuable natural resources. HP shareowners are invited to elect electronic delivery of HP information by visiting and following the instructions provided.

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 never 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. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to any expectations concerning the timing of completion of the voluntary sale and repurchase program; and statements of belief and any statement of assumptions underlying any of the foregoing. The risks, uncertainties and assumptions referred to above include the possibility that the program may not be completed on the terms currently contemplated 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 October 31, 2002. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, HP's results could differ materially from HP's expectations in these statements. 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