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HP Enters Definitive Agreement to Acquire Identity Management Software from Baltimore Technologies

PALO ALTO, CALIF., JULY 4, 2003

HP (NYSE:HPQ) today announced that it has entered into a definitive agreement to acquire substantially all of the SelectAccess software assets of Baltimore Technologies (LSE:BLM), a UK-based provider of high-trust security products. Following completion of the acquisition, the identity management technologies in SelectAccess will become part of HP's Adaptive Management software portfolio, providing more secure user access to network services and enterprise resources.

Subject to the terms of the agreement, HP will acquire Baltimore Technologies' SelectAccess technology in an all cash transaction. The transaction is expected to close during HP's fiscal year fourth quarter, ending Oct. 31, 2003. This acquisition is subject to Baltimore's shareholder approval and customary closing conditions.

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HP delivers vital technology for business and life. The company's solutions span IT infrastructure, personal computing and access devices, global services and imaging and printing for consumers, enterprises and small and medium business. For the last four quarters, HP revenue totaled $70.4 billion. 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 acquisition may not be completed on the terms, or within the timeframe, currently contemplated or at all; that the intended application of, and market for, these technologies and software products may not develop as expected; that development and performance of these technologies and software products 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 April 30, 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.