Press Release: May 19, 2003

Free HP Notebook PCs to be Offered Through Universal Savings Bank Program

Universal Savings Bank Chooses Award-winning Compaq Evo Notebook PCs to Boost Credit Card Sales for Financial Customers
PALO ALTO, CALIF., MAY 19, 2003

HP (NYSE:HPQ) today announced that Compaq Evo notebook PCs are to be offered free through a program from Universal Savings Bank for eligible new, pre-approved VISA® platinum credit card holders.(1)

HP is partnering with Universal Savings Bank to provide Compaq Evo N1015v notebook PCs, which were recently ranked second by PC World magazine in its survey of best notebooks in the value category.(2) The Evo N1015v packs the power and performance necessary for mobility into a stylish design.

"This is an excellent opportunity for HP to deliver value to a discriminating audience," said Kevin Frost, vice president of worldwide notebook marketing, HP Personal Systems Group. "We believe this promotion will encourage platinum Visa credit card holders to experience the advantage of mobile computing that our notebooks enable."

Universal Savings Bank will be embarking on a direct mail, Web-based campaign over the next year to market the promotion to more than 14 million households. To take advantage of this offer, customers would need to have an excellent credit rating and agree to transfer a minimum balance of $5,000 from another credit card to a Universal Savings Bank Platinum VISA credit card.

"We wanted a notebook computer brand that would immediately communicate reliability and performance," said Roger Van Duinen, chief marketing officer, Universal Savings Bank. "We selected the Compaq Evo N1015v notebook to be part of this promotion because HP products are known the world over for dependability and ease of use."

Like all new Compaq notebook PCs, the Compaq Evo N1015v features MultiPort technology enabling users the convenience to access the Internet or their enterprise network without cables. MultiPort provides mobile users with greater performance than traditional wireless PC cards, as well as increased flexibility for upgrades and expansion.(3)

Headquartered in Milwaukee, Wis., Universal Savings Bank is a federally chartered bank that has helped thousands of first-time homebuyers realize the dream of home ownership. Now, with its unprecedented VISA Platinum offer featuring a free Compaq Evo N1015V notebook PC, Universal Savings is extending its expertise into credit cards.

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.


(1) Universal Savings Bank promotion - terms and conditions apply. For more information, contact Universal Savings Bank.

(2) PC World magazine, March 2003, http://www.pcworld.com/reviews/chart_test_report/0,prodid,15717,00.asp.

(3) Wireless capability requires a MultiPort module or a wireless module at an additional cost. A standard WLAN infrastructure, other Bluetooth enabled devices and a service contract with a wireless service provider may be required for applicable wireless communications. Wireless Internet use requires a separately purchased service contract with an Internet Service Provider. Check with service providers for fees, availability and coverage in your area. Not all Web content may be available.


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.