Press Release:
Topics:

HPand Sonera Announce Global Alliance

Sonera Looking Forward to Strengths ofHP-Compaq Combination to Help Serve Customers

PALO ALTO, Calif., March 15, 2002


Hewlett-Packard Company (NYSE:HWP) and Sonera Corporation (Finland, HEX:SRA) (Nasdaq:SNRA) today announced that they have agreed to form a global alliance. The companies will cooperate in sales, research and development and production to support customers in the converging Information Communication Technology (ICT) market.

The new relationship will initially focus on customers in Finland and other European markets to help them manage and benefit from the convergence of telecommunications and IT infrastructures technologies. The companies are expected to start offering solutions to customers in the second calendar quarter of this year, pending the approval of theHP-Compaq merger, and the relationship does not include any ownership arrangements.

Sonera's leadership team supports theHP-Compaq merger as it believes the combination will create a powerful entity with world-class competencies for building new business in the ICT market.

"The convergence of the ICT business and the disruptive technologies in the mobile data space will give no mercy to companies that only look back and are not ready to face the new challenges," said Harri Koponen, chief executive officer, Sonera.

"Sonera is a leading innovator and service provider with a strong customer presence. We believe together we can better serve customers and create outstanding new services for them," said Carly Fiorina, chairman and chief executive officer,HP.

About Sonera

Sonera Corporation is a leading provider of mobile and advanced telecommunications services. Sonera is growing as an operator, as well as a provider of transaction and content services in Finland and in selected international markets. The company also offers advanced data solutions to businesses and fixed network voice services in Finland and neighboring markets. In 2001, Sonera's revenues totaled EUR 2.2 billion and profit before extraordinary items and taxes was EUR 0.45 billion. Sonera employs about 10,000 people. http://www.sonera.com/.

AboutHP

Hewlett-Packard Company -- a leading global provider of computing and imaging solutions and services -- is focused on making technology and its benefits accessible to all.HPhad total revenue of $45.2 billion in its 2001 fiscal year. Information aboutHPand its products can be found on the World Wide Web at http://www.hp.com.


This document contains forward-looking statements that involve risks, uncertainties and assumptions. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, the results ofHPand its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements.

All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any projections of profitability, earnings, revenues, synergies, accretion or other financial items; any statements of the plans, strategies, and objectives of management for future operations, including the execution of integration and restructuring plans and the anticipated timing of filings, approvals and closings relating to the Merger or other planned acquisitions; any statements concerning proposed new products, services, developments or industry rankings; any statements regarding future economic conditions or performance; any statements of belief and any statements of assumptions underlying any of the foregoing.

The risks, uncertainties and assumptions referred to above include the ability ofHPto retain and motivate key employees; the timely development, production and acceptance of products and services and their feature sets; the challenge of managing asset levels, including inventory; the flow of products into third-party distribution channels; the difficulty of keeping expense growth at modest levels while increasing revenues; the challenges of integration and restructuring associated with the Merger or other planned acquisitions and the challenges of achieving anticipated synergies; the possibility that the Merger or other planned acquisitions may not close or thatHP, Compaq or other parties to planned acquisitions may be required to modify some aspects of the acquisition transactions in order to obtain regulatory approvals; the assumption of maintaining revenues on a combined company basis following the close of the Merger or other planned acquisitions; and other risks that are described from time to time inHP's Securities and Exchange Commission reports, including but not limited toHP's annual report on Form 10-K, as amended on January 30, 2002, for the fiscal year ended October 31, 2001 andHP's registration statement on Form S-4 filed on February 5, 2002.

HPassumes no obligation and does not intend to update these forward-looking statements.

Additional Information About the Merger and Where to Find It

On February 5, 2002,HPfiled a registration statement with the SEC containing a definitive joint proxy statement/prospectus regarding the Merger. Investors and security holders ofHPand Compaq are urged to read the definitive joint proxy statement/prospectus filed with the SEC on February 5, 2002 and any other relevant materials filed byHPor Compaq with the SEC because they contain, or will contain, important information aboutHP, Compaq and the Merger. The definitive joint proxy statement/prospectus and other relevant materials (when they become available), and any other documents filed byHPor Compaq with the SEC, may be obtained free of charge at the SEC's web site at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents filed with the SEC byHPby contactingHPInvestor Relations, 3000 Hanover Street, Palo Alto, California 94304, 650-857-1501. Investors and security holders may obtain free copies of the documents filed with the SEC by Compaq by contacting Compaq Investor Relations, P.O. Box 692000, Houston, Texas 77269-2000, 800-433-2391. Investors and security holders are urged to read the definitive joint proxy statement/prospectus and the other relevant materials (when they become available) before making any voting or investment decision with respect to the Merger.

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.