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HP Expands Consulting and Integration Services with Acquisition of TTP in Italy

MILAN, June 27, 2006

HP today announced that it has acquired The Technology Partners, SpA (TTP), an IT consulting and systems integration company in Italy that specializes in the financial services and telecom industries.

Based in Milan and Rome, TTP has approximately 330 consultants. TTP was formerly part of the Carisma group in Italy, shareholder of Bain and Company Italy, the leading strategic consulting firm in Italy, and was recognized as one of the leading privately-held consulting and integration companies in that country.

The acquisition will boost HP Service’s capabilities in data warehousing, business intelligence, customer relationship management and security. In addition, TTP’s proven operational efficiency will contribute to HP’s market position and delivery capabilities.

“TTP is a leading consulting player in the Italian services market with a strong customer base,” said Carlo Magistrelli, vice president and general manager, HP Services, HP Italy. “This acquisition will allow HP to expand its footprint in the Italian market, enhance our go-to-market strategy in the financial services industry, and reinforce our presence in the telecom, media and energy utility segments.”

“TTP has strengths and capabilities that complement HP, while HP’s leadership in the IT industry will enable TTP’s portfolio to reach a broader audience more quickly,” said Marcello Ortona, general manager, TTP. “With this acquisition, our customers will continue to enjoy the same high levels of service and attention they are currently receiving.”

About HP

HP is a technology solutions provider to consumers, businesses and institutions globally. The company’s offerings span IT infrastructure, global services, business and home computing, and imaging and printing. For the four fiscal quarters ended April 30, 2006, HP revenue totaled $88.9 billion. More information about HP (NYSE, Nasdaq: HPQ) is available at http://www.hp.com.


This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could 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 the expected benefits and costs of the transaction; management plans relating to the transaction; the expected timing of the completion of the transaction; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the possibility that expected benefits may not materialize as expected; risks related to the timing or ultimate completion of the transaction; and other risks that are described from time to time in HP’s Securities and Exchange Commission reports, including but not limited to the risks described in HP’s Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2006, and other reports filed after HP’s Annual Report on Form 10-K for the fiscal year ended Oct. 31, 2005. HP assumes no obligation and does not intend to update these forward-looking statements.

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