Press Release: February 07, 2007
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HP Named Technology Partner for Banco Sabadell; Companies Sign €80 Million Contract

BARCELONA, Spain, Feb. 7, 2007

HP and Banco Sabadell announced the signing of a technology agreement worth approximately €80 million over the next 10 years.

The contract, which names HP as Banco Sabadell’s technology partner, includes the purchase of Netfocus S.L., the IT service division owned by Banco Sabadell and Siemens. It additionally provides for outsourcing services and the development and implementation of integrated management of the bank’s midrange systems by HP.

Future collaboration will include IT governance, business technology optimisation, business process management and business process testing. HP will implement an integral service management solution within Banco Sabadell and will set up a security competence centre for developing and rolling out solutions targeted specifically at financial environments.

Netfocus S.L. will be integrated into HP, enabling HP to offer a new portfolio of solutions and services, including technology projects for digital signatures in financial environments and government administrations. These services will be enhanced as a result of the combined competencies of the two companies.

In recent months, HP has replaced printers, multifunction devices and desktop computers in the bank’s branches and corporate centres. There is also a three-year service contract to significantly reduce maintenance costs and hold down printing costs.

In addition to this agreement, a roadmap for the provision of further outsourcing, consultancy and support services is under development.

Miguel Montes, general manager of IT and Operations at Banco Sabadell, said “This agreement is a milestone in financial services, security and IT services in Spain, optimising quality and service levels, saving costs and thus providing greater value to customers.

“It reinforces Banco Sabadell’s commitment to efficiency, innovation and best-in-class management of information technologies and is a pivotal element in the bank’s expansion and modernisation strategy.”

Jose Louis Pagès, vice president and general manager of Financial Services Industry Sales & Consulting and Integration in Europe, the Middle East and Africa for HP, said: “With the purchase of Netfocus S.L., we will be able to offer highly innovative security solutions and services to all kinds of companies in the private and public sectors – services that no other provider can currently provide.”

About Banco Sabadell

Banco Sabadell is listed on the IBEX 35 index. It heads the fourth biggest Spanish banking group.

With total assets of over €72 billion and a market cap of over €10 billion, Banco Sabadell currently employs more than 10,000 people. Its main focus is on serving the financial requirements of small and medium-sized enterprises, professionals and medium- to high-income individuals, providing a wide multi-brand, multi-channel offering. It has a consistent track record of outstanding innovation capacity and intensive use of information technologies.

Banco Sabadell’s network of nearly 1,200 branches gives it a high profile throughout Spain and in another 20 countries. More information is available at www.bancosabadell.com.

About HP

HP focuses on simplifying technology experiences for all of its customers – from individual consumers to the largest businesses. With a portfolio that spans printing, personal computing, software, services and IT infrastructure, HP is among the world’s largest IT companies, with revenue totaling $91.7 billion for the four fiscal quarters ended Oct. 31, 2006. 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 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 Annual Report on Form 10-K for the fiscal year ended Oct. 31, 2006 and other reports filed after that Form 10-K. 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 http://www.hp.com.