Press Release:

HP Closes $4 Billion Revolving Credit Facility

Hewlett-Packard Company (NYSE:HWP) today closed a $4 billion revolving credit facility. The facility replaces a $1 billion facility that would have matured in April. The increase in facility size is in anticipation of the needs of the merged company.

The facility will be used for general corporate purposes, including Commercial Paper backstop. Twenty-seven financial institutions participated in the facility, which was nearly 50 percent oversubscribed.

"We are very pleased with the clear showing of support and confidence from the banking community, despite a difficult credit market," said Larry Tomlinson, HP vice president and treasurer

J.P. Morgan Chase & Co. and Salomon Smith Barney are lead arrangers for the facility, while Deutsche Bank and Royal Bank of Scotland are co-arrangers. The company's existing debt is rated "A2" with negative outlook by Moody's Investor Service and "A-" (CreditWatch negative) by Standard & Poor's.

About HP

Hewlett-Packard Company -- a leading global provider of computing and imaging solutions and services -- is focused on making technology and its benefits accessible to all. HP had total revenue of $45.2 billion in its 2001 fiscal year. Information about HP and its products can be found on the World Wide Web at

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of these securities for sale under the securities laws of any such state.

This news release contains forward-looking statements that involve risks, uncertainties and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties and assumptions include the possibility that the market for the sale of certain products and services may not develop as expected; that development of these products and services may not proceed as planned; and other risks that are described from time to time in HP's Securities and Exchange Commission reports, including but not limited to the annual report on Form 10-K for the year ended Oct. 31, 2000, and subsequently filed reports. 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