Press Release: March 23, 2009
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HP Wins $50 Million Information Technology Leasing Contract from Shinhan Bank

PALO ALTO, Calif., March 23, 2009

HP today announced it has signed a contract with Korea’s Shinhan Bank valued at up to $50 million for a technology solution to help the bank improve its return on investment, enhance its business efficiency and expand its operations.

Central to the contract is the sale-leaseback of Shinhan’s information technology assets, which will be financed by HP Financial Services, the company’s leasing and lifecycle asset management services subsidiary. HP will partner with Shinhan to deploy new technology that supports the bank’s business plan to manage the disposition of old assets in an environmentally responsible manner, simplifying the technology lifecycle management process.

Previously, Shinhan Bank reduced operational costs and increased system flexibility by migrating from mainframes to HP Integrity systems to maintain a large core banking system. The successful transformation paved the way for a new trend of mainframe downsizing in Korea’s banking industry.

“We’re delighted to expand our relationship with a valued client and help Shinhan Bank derive maximum value from its business technology investment,” said Tony O’Connor, vice president and managing director, HP Financial Services. “In these difficult economic times, far-sighted enterprises that intelligently invest in their IT infrastructures will be well-positioned when the economic turnaround arrives.”

HP Financial Services helps customers change the economics of IT by delivering a full range of leasing, financing and lifecycle asset management services. It enables customers to easily and economically deploy world-class technology in ways that meet their business needs, while managing the risks of dealing with older or surplus IT equipment.

An HP white paper released this month shows how chief information officers can help chief financial officers ease the pain of a tough economy by choosing advanced strategies such as technology lifecycle management through leasing.

More information is available at www.hp.com/hpfinancialservices.

About HP

HP, the world’s largest technology company, simplifies the technology experience for consumers and businesses with a portfolio that spans printing, personal computing, software, services and IT infrastructure. More information about HP (NYSE: 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 but not limited to statements of the plans, strategies and objectives of management for future operations; any statements concerning expected development, performance or market share relating to products and services; any statements regarding anticipated operational and financial results; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include macroeconomic and geopolitical trends and events; the execution and performance of contracts by HP and its customers, suppliers and partners; the achievement of expected operational and financial results; and other risks that are described in HP’s filings with the Securities and Exchange Commission, including but not limited to HP’s Annual Report on Form 10-K for the fiscal year ended October 31, 2008. HP assumes no obligation and does not intend to update these forward-looking statements.

© 2009 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. HP shall not be liable for technical or editorial errors or omissions contained herein.


Editorial contacts:

Michael P. Cuno, HP: michael.cuno@hp.com

Taylor Samuelson, Burson-Marsteller for HP: taylor.samuelson@bm.com

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 http://www.hp.com.