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*****For immediate use May 15th, 2002

HP and NEC Announce Strategic Collaboration for Open Mission-Critical Solutions and Services

-Customers to Benefit from Combined, Comprehensive System Integration Market Offerings-


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PALO ALTO, Calif., and TOKYO, May 15, 2002 - HP (NYSE:HPQ) and NEC Corporation (Nasdaq:NIPNY) today announced a strategic collaboration to deliver large-scale, open mission-critical solutions for targeted global industries. Through combined strengths in complex systems integration and consulting, innovative solutions, technology and breakthrough support capabilities, HP and NEC intend for customers to benefit from increased agility and reliability, with reduced time to deployment, cost and risk.

Open mission-critical solutions aim to provide 24x365 reliability while offering speed, flexibility and cost-effectiveness that exceeds what the traditional mainframe environment can deliver. HP and NEC have already jointly delivered several complex mission-critical solutions in the financial and telecommunications industries and plan to further enhance their capabilities and strengths.

Building on their success in Japan, HP and NEC intend to jointly pursue opportunities to market and deliver the solutions initially to a select number of targeted U.S. financial services and a range of global Japanese companies. HP and NEC also intend to explore broader market opportunities worldwide, common systems integration service menus and solution centers. The companies will leverage each other's enabling technologies, such as NEC's OpenDiosa and HP's Utility Data Center and Integrated Service Management (ISM).

"Customers will benefit from the synergy of HP's IT infrastructure services and outsourcing capabilities combined with NEC's market-leading system integration and support technologies," said Ann Livermore, executive vice president, HP Services.

"Through this collaboration today, HP and NEC target to be global leaders in the area of enterprise systems in the post-mainframe era by providing innovative open standard, mission-critical solutions," said Toshiro Kawamura, company deputy president, NEC Solutions.

About NEC
NEC Corporation (Nasdaq:NIPNY) (FTSE:6701q.1) is one of the world's leading providers of Internet, broadband network and enterprise business solutions dedicated to meeting the specialized needs of its diverse and global base of customers. Ranked as one of the world's top patent-producing companies, NEC delivers tailored solutions in the key fields of computer, networking and electron devices, through its three market-focused, in-house companies: NEC Solutions, NEC Networks and NEC Electron Devices. NEC Corporation employs more than 140,000 people worldwide and had net sales of approximately $39 billion in the fiscal year ended March 2002. For additional information, please visit the NEC home page at: http://www.nec.com.

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 merged with Compaq Computer Corp. on May 3, 2002. The merged company had combined revenue of approximately $81.7 billion in fiscal 2001 and operations in more than 160 countries. More information about HP is available at http://www.hp.com.

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This news release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause the results of HP and its consolidated subsidiaries to 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 earnings, revenues, or other financial items; any statements of the plans, strategies, and objectives of management for future operations; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; statements of belief and any statement of assumptions underlying any of the foregoing. The risks, uncertainties and assumptions referred to above include employee management issues; 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; 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 annual report on Form 10-K, as amended on January 30, 2002, for the fiscal year ended October 31, 2001, HP's quarterly report on Form 10-Q for the quarter ended January 31, 2002 (as filed with the SEC on March 12, 2002) and subsequently filed reports. HP assumes no obligation and does not intend to update these forward-looking statements.


Contact:

Claire Berney, HP Americas
+1 408 447 4467
claire_berney@hp.com

Daisuke Aoyagi, HP Japan
+81-3-3335-8177
daisuke_aoyaki@hp.com

Chris Shimizu, NEC Corporation
+ 81 3 3798 6511
yc-shimizu@cb.jp.nec.com
Copyright(C) NEC Corporation
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