Press Release: November 28, 2003

Bank of Ireland and HP Sign $600 Million Contract for Global IT Outsourcing Services

Seven-year contract includes managed services, consulting and integration services, and customer support services
DUBLIN, Ireland, and PALO ALTO, Calif., Nov. 28, 2003

Bank of Ireland and HP (NYSE:HPQ) today announced that they have signed a seven-year, $600 million contract for global IT services, one of the largest outsourcing deals ever in Ireland and the United Kingdom.

Following a competitive bid process, HP was selected for exclusive contract negotiation in April of this year. During the intervening period, an extensive due diligence phase has been undertaken and relevant regulatory approvals have been sought and granted by the Irish Financial Services Regulatory Authority and the Financial Services Authorities in the UK.

HP Services will manage the bank's entire IT infrastructure, including desktop systems, servers, mainframes, local area networks, printing operations and service desk.

HP will provide solutions and services based on its Adaptive Enterprise strategy, designed to help companies measure, architect and manage change by creating a tighter linkage between business and IT. HP Services will help the bank to minimize operating costs and reduce volume consumption.

"Completion of this contract marks the culmination of a lengthy process, during which Bank of Ireland assessed a number of potential service providers," said Cyril Dunne, Group Chief Information Office, Bank of Ireland. "We chose HP because of its proven managed services capability, its presence as a large IT services provider in Ireland and its attractive plan for the transfer and subsequent welfare of Bank of Ireland's IT staff. The contract supports our ambition to maintain industry-leading IT capability and greater certainty around IT costs."

"HP's relationship with the Bank of Ireland reinforces our position as a global leader in IT services," said Ann Livermore, executive vice president, HP Services. "It is another example of our continued commitment to helping customers enjoy a more flexible and adaptive IT environment while helping to lower their business expenses."

Approximately 500 employees will transition from Bank of Ireland to HP as part of the contract.

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