GOVERNMENT

PALO ALTO, CA -- Hewlett-Packard Company (NYSE:HWP) today announced that a special meeting of shareowners will be held on March 19, 2002, to vote on the proposal to approve the issuance of shares of HP common stock in connection with the merger with Compaq Computer Corporation. HP shareowners at the close of business on Jan. 28, 2002, will be entitled to vote on the proposal. HP also announced that the Securities and Exchange Commission today declared effective the registration statement on Form S-4 containing the joint proxy statement that will be mailed to HP shareowners in connection with the March 19 special meeting. The HP special meeting of shareowners will be held at 8 a.m. PST on Tuesday, March 19 at the Flint Center, 21250 Stevens Creek Blvd., Cupertino, Calif. 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. HP had total revenue of $45.2 billion in its 2001 fiscal year. Information about HP and its products can be found on the World Wide Web at www.hp.com. ----- Compaq Sets March 20 for Special Meeting of Shareholders to Vote on Proposed HP Merger HOUSTON, TX -- Compaq Computer Corporation (NYSE: CPQ) today announced that a special meeting of shareholders will be held on March 20, 2002, to vote on the proposed merger with Hewlett-Packard Company. Compaq shareholders at the close of business on Jan. 28, 2002, will be eligible to vote by proxy or at the meeting. A joint proxy statement/prospectus will be mailed to Compaq shareholders on or about February 6, 2002, in connection with the March 20 special meeting. The Compaq special meeting of shareholders will be held at 2 p.m. CST on Wednesday, March 20 at the Wyndham Greenspoint Hotel, Raphael Ballroom, 12400 Greenspoint Drive, Houston, Texas, 77060.