Press Release:

Nine Nonprofits to Receive $2 Million in HP Equipment, Services and Cash

HP Microenterprise Development Grants to Spur Entrepreneurship and Economic Growth in Low-income Communities
PALO ALTO, CALIF., MAY 16, 2003

HP (NYSE:HPQ) today announced nine recipients of HP Microenterprise Development Grants, which are designed to accelerate the ability of nonprofit microenterprise development agencies to advance economic growth in diverse, low-income communities in the United States. Exceeding company expectations, more than 500 agencies across the country applied for the grants.

A microenterprise is a business with five or fewer employees, $35,000 or less in start-up capital and does not have access to the traditional banking sector.

The recipients will receive technology equipment, services and cash valued between $150,000 and $300,000 from HP. Depending on individual needs, grant winners will receive a comprehensive solution for office infrastructure or client use, including HP computing hardware and productivity tools, software, services, technical support and training to ensure effective application of technology tools.

"Microenterprise development is key to economic development in underserved communities. HP recognizes that there is an opportunity for the microenterprise development industry to accelerate success and amplify impact through the use of technology," said Camilla Nelson, program manager, HP Corporate Philanthropy and Education.

Recipients of the 2003 grants also receive a travel grant to participate in an information-sharing symposium focused on increasing the capacity of the microenterprise development industry. The symposium is to be held at the 13th annual conference of the Association for Enterprise Opportunity (AEO), the only national association of organizations committed to microenterprise development.

"AEO is the only national member-based association that supports the development of strong and effective U.S. microenterprise programs and we greatly value our partners who step up to make things happen," said Bill Edwards, executive director, AEO. "HP has been an invaluable supporter of microenterprise and our mission to assist underserved entrepreneurs in starting, stabilizing and expanding businesses."

This year's conference, "Milestones in Microenterprise," is one of the most widely acclaimed gatherings of microenterprise thought-leaders in the United States and will be held May 16-19 in Denver. More information and a schedule are available at www.microenterpriseworks.org.

After a thorough and competitive review process, HP selected the following nonprofit agencies to receive a Microenterprise Development Grant award:

  • ACCION Texas -- San Antonio, Texas
  • Community Business Partnership -- Northern Virginia
  • Detroit Entrepreneurship Institute, Inc. -- Detroit, Mich.
  • The Lakota Fund -- Pine Ridge Reservation, Kyle, S.D.
  • New York Association for New Americans, Inc. -- New York, N.Y.
  • PACE Business Development Center -- Los Angeles, Calif.
  • Philadelphia Development Partnership -- Philadelphia, Pa.
  • Renaissance Entrepreneurship Center -- San Francisco, Calif.
  • Women Entrepreneurs of Baltimore, Inc. -- Baltimore, Md.

The mix of selected agencies is diverse in client base, type of geography and size, and will provide HP with a broad base of learning opportunities to help advance the microenterprise development industry.

HP's Commitment to Microenterprise Development and e-Inclusion

HP's philanthropic community investments combine the power of information technology with creative and effective partnerships to create economic and social value for underserved communities around the world. HP engages in public/private partnerships to invest in underserved communities to help bridge the digital divide.

HP's goal is to help close the gap between technology-empowered and technology-excluded communities worldwide. "e-inclusion" is HP's vision of a future in which all people have access to the social and economic opportunities of the 21st century and can use technology as a means to learn, work and thrive.

More information about the Microenterprise Development Grant program and about HP e-inclusion is available online at http://www.hp.com/hpinfo/grants/us/programs/micro_index.html.

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 acquisition of Compaq Computer Corporation on May 3, 2002. More information about HP is available at http://www.hp.com.


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 and performance 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 HP's quarterly report on Form 10-Q for the quarter ended January 31, 2003, 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 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.