Press Release:

Worldwide Banking Customers Benefit from HP's Flexible, Scalable Infrastructure Solutions

Banks Using HP's Integrated Solutions to Deliver Innovative Services, Gain Competitive Market Edge

HP (NYSE: HPQ) today announced five new technology agreements valued at more than $25 million over the next two years with leading banks from around the world. The customer agreements use HP infrastructure solutions to support real-time, online core banking, as well as provide interfaces to 24x7 telephone banking, Internet banking, ATM transactions and future services.

HP designs, builds and delivers integrated services and products critical to the successful implementation of core banking solutions and offers outsourcing services to manage them.

"As a pioneer in open architectures, HP is helping banks transition from legacy systems to highly scalable and flexible systems that enable them to be more competitive and meet the needs of their customers," said Owen Kemp, worldwide vice president and general manager, financial industries, HP Enterprise Systems Group. "These customer wins demonstrate the continuing success of HP solutions to help banks rapidly respond to today's competitive market needs through new applications and services."

The five customers are Taishin International Bank, Taiwan; National Commercial Bank of Saudi Arabia; China Everbright Bank; National Bank of Kazakhstan; and Dubai Bank. HP is working with these leading banks to provide highly scalable and flexible solutions on HP Superdome servers.

Dubai Bank, one of the United Arab Emirates newest banks, has selected HP to provide a comprehensive solution ranging from business services consulting and design to infrastructure execution. The offering will support Dubai Bank's core banking system, branch automation system, ATM switch, call center, CRM and Internet banking offerings.

"We intend to use technology to drive our business and develop exceptional new customer-centric banking products and services," said Ahmed bin Brek, chief executive officer, Dubai Bank. "With HP as the prime contractor, we have a solid backbone through which we can deliver these services."

According to Octavio Marenzi, managing director at leading analyst firm Celent Communications, "HP's next-generation IT solutions give banks and financial institutions the peace of mind that comes with a secure and stable infrastructure. HP offers banks the flexibility and scalability to regularly deliver new and innovative services to maintain their market competitiveness."

According to analyst reports, core banking is one of the fastest growing segments in the finance industry. HP intends to be the leading open systems core banking solution provider, offering its solutions as a preferred alternative to legacy mainframe-based systems.

About HP

HP is a leading global provider of products, technologies, solutions and services to consumers and businesses. The company's offerings span IT infrastructure, personal computing and access devices, global services and imaging and printing. HP completed its merger transaction involving Compaq Computer Corp. on May 3, 2002. The company would have had revenue on a combined company basis with Compaq of approximately $81.1 billion in fiscal 2001 and has operations in more than 160 countries. 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 any projections of earnings, revenues, or other financial items; any statements of the plans, strategies, and objectives of management for future operations; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; statements of belief and any statement of assumptions underlying any of the foregoing. The risks, uncertainties and assumptions referred to above include employee management issues; the timely development, production and acceptance of products and services and their feature sets; the challenge of managing asset levels, including inventory; the flow of products into third-party distribution channels; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks that are described from time to time in HP's Securities and Exchange Commission reports, including but not limited to, HP's quarterly report on Form 10-Q for the quarter ended January 31, 2002 and reports filed subsequent to HP's annual report on Form 10-K, as amended on January 30, 2002, for the fiscal year ended October 31, 2001. 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