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HP, Bank of Ireland to Enter into $600 Million IT Services Agreement

The Bank of Ireland and HP are currently finalizing the terms of the contract and conducting due diligence. Under the terms of the agreement, HP will manage the Bank of Ireland's desktop environment, midrange servers, mainframes, networks, output and printing, and facilities. HP Services also will provide some customer support and consulting and integration services. HP Services will help the bank to minimize operating costs and reduce volume consumption, and the bank and HP plan to share in the savings realized as a result of this agreement.

The Bank of Ireland based its selection of HP on the positive relationship it shares with HP; HP's track record and global capabilities in IT services, technology and infrastructure solutions; synergies in objectives and strategy; a strong cultural affinity between the two organizations; and HP Services' flexibility and business focus.

Approximately 500 employees of the Bank of Ireland will be transferred to HP as part of the agreement.

HP has been a supplier of IT products and services to the Bank of Ireland since 1974 and currently provides the bank's NonStop platform, high-end Alpha systems, storage subsystems and ProLiant servers as well as desktop PCs to many of the bank's units. HP also provides professional and customer support services to the bank.

"We have now begun exclusive discussions with HP and, subject to successful negotiations and due diligence, will appoint them as the supplier of our IT services for a period of seven years," said Cyril Dunne, group chief information officer, Bank of Ireland.

"We look forward to working with the Bank of Ireland to achieve our shared and complementary business objectives," said Ann Livermore, executive vice president, HP Services. "With about 4,000 employees in Ireland and 10,000 employees in the United Kingdom, HP is uniquely positioned to provide an inspiring environment for transferring employees. This agreement will reinforce HP's No. 1 position in this important market."

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 proposed contract may not be entered into on the terms currently contemplated or at all; 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.