Walter B. Hewlett Definitive Additional Materials
 

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HEWLETT-PACKARD COMPANY

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WALTER B. HEWLETT, EDWIN E. VAN BRONKHORST AND THE WILLIAM R. HEWLETT REVOCABLE TRUST

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[Attached is the text of an advertisement that ran in various newspapers on 2/26/02 and 2/27/02.]

 

Attention: All Hewlett-Packard Stockholders

DO NOT TRADE HP’S CROWN JEWEL
IMAGING & PRINTING BUSINESS FOR COMPAQ’S
LOW-MARGIN COMMODITY COMPUTING BUSINESS

HP STOCKHOLDERS COULD REALIZE $14 to $17 MORE PER SHARE WITHOUT COMPAQ1
—WHICH COMPANY WOULD YOU RATHER OWN?

We urge you not to trade HP’s crown jewel—Imaging & Printing—for Compaq’s low-margin, commodity computing businesses. Based on 2001 revenues, we estimate that the percentage of HP’s revenues derived from the profitable Imaging & Printing business would fall from 43% before the proposed merger to 25% if the proposed merger is consummated, while the percentage of revenues derived from commodity computing would increase from 24% to 40%.

WHEN HP EMPLOYEES LOSE CONFIDENCE IN THEIR LEADER’S STRATEGY
THERE IS NO CHANCE FOR SUCCESS

     
  WE URGE YOU TO VOTE “AGAINST” THE COMPAQ MERGER BY CHECKING THE “AGAINST” BOX ON YOUR GREEN PROXY. SIMPLY SIGN, DATE AND MAIL BACK YOUR GREEN CARD PROMPTLY. PLEASE DO NOT RETURN ANY WHITE PROXY CARDS. A $25 BILLION MISTAKE IS NOT THE HP WAY.

1 Based on assumptions outlined in a report titled “HP Has Higher Value, Lower Risk Strategic Alternatives to the Proposed Merger” filed with the SEC on 2/19/02. 2 HP’s revenue mix for 2001. “Commodity Computing” includes PCs /Access and Industry-Standard servers. “Enterprise” percentage omits Industry-Standard servers, which equaled 4% of revenues in 2001. 3 Based on actual results for CY 2001 for Compaq, actual results for FY 2001 for HP, segment projections for HP from Bernstein research dated 12/18/01 and segment projections for Compaq from Banc of America research dated 1/17/02. “Enterprise” percentage omits Industry-Standard servers, which equaled 10% of revenues in 2001. 4 Survey results are based on a random sample of 445 current and 226 former HP employees living in Benton County or Linn County, Oregon by Field Research Corporation. 5 Answers were recorded verbatim during the interview and later coded into general categories of response.

Forward-Looking Statements. The views expressed in this advertisement contain judgments, which are subjective in nature and in certain cases forward-looking in nature. This advertisement also contains estimates made without the benefit of actual measurement. Forward-looking statements and estimates by their nature involve risks, uncertainties and assumptions. Forward-looking statements and estimates are inherently speculative in nature and are not guarantees of actual measurements or of future developments. Actual measurements and future developments may and should be expected to differ materially from those expressed or implied by estimates and forward-looking statements. The information contained in this advertisement does not purport to be an appraisal of any business or business unit or to necessarily reflect the prices at which any business or business unit or any securities actually may be bought or sold.

02/26/02