Bank of Baroda and HP Partner on Comprehensive IT Banking Project; Single, Portal-Based IT Infrastructure to Be Deployed Across Bank's Worldwide Operations.

MUMBAI, India -- Bank of Baroda, one of India's largest banks with a presence in 20 countries, today announced that it has chosen HP (NYSE:HPQ) (Nasdaq:HPQ) as its strategic IT partner for the bank's Technology Enabled Business Transformation project.

The project will better position Bank of Baroda to provide its Indian and international customers and partners world-class products and services on a 24x7 basis. Upon completion of the project, HP anticipates that the bank's 25 million customers will have access to banking and financial services anytime, anywhere throughout the world via multiple delivery channels, from Internet banking to call centers, ATMs and transaction kiosks.

When completed, Bank of Baroda's Technology Enabled Business Transformation project will deliver a uniform, portal-based IT infrastructure covering both its domestic and international operations. The infrastructure will allow the bank to realign the way in which it operates with its external and internal customers and business partners and, in turn, help the bank to compete and excel in the increasingly challenging and competitive domestic and global banking environments.

Working closely with Bank of Baroda, HP will implement and manage an enterprise-wide service-oriented architecture including core banking, phone banking, Internet banking, delivery channel integration, risk and performance management, customer relationship management, data warehousing, global treasury, human resources management system, cheque truncation system and more.

As the system integrator, HP will draw on its extensive network of alliances with industry leaders such as Cisco, Credit Rating and Information Services of India Ltd. (CRISIL), Infosys, Microsoft, Oracle, Reuters and other leading independent software vendors for the integrated deployment of more than 40 applications.

As part of the contract, HP will design, build and manage data centers that will host the compute, storage and connectivity infrastructure for the bank and also provide disaster recovery and business continuity solutions. Additionally, HP will design, deploy and manage the bank's network implementation.

"We are committed to offering our domestic and international customers a total customer experience with world-class banking solutions. Through this initiative, we will be able to provide our customers with new options and choices that will make it easier and more convenient for them to do business with us, anytime, anywhere across the globe," said Dr. Anil Khandelwal, chairman and managing director, Bank of Baroda. "This is a very comprehensive project and we're delighted to be partnering with HP -- a partner that brings a wealth of experience both in terms of domain knowledge and expertise in integrating and managing large projects. The solution that HP brings to the bank goes beyond the core banking solutions offered by any other IT vendor."

HP offers a complete portfolio of services backed with a proven track record of providing large outsourcing services to clients internationally, including Procter & Gamble, Bank of Ireland, Bank of India and Ericsson.

"This pioneering and challenging project is an excellent example of how HP works with its customers, like Bank of Baroda, to deploy IT in a strategic manner to drive fundamental change within an organization," said Balu Doraisamy, president, HP India Sales Pvt. Ltd. "We are pleased to have been selected by Bank of Baroda, a major financial institution with a global presence and the foresight to take advantage of the technology at their disposal to gain a competitive edge for their business."

Bank of Baroda will be the first bank in the country to deploy a single core banking solution across domestic and international operations. Infosys' Finacle core banking solution, which is being deployed by the bank, is a centralized and integrated corporate, retail and trade finance solution, with the largest installed base in India and a growing customer base around the world.

About Bank of Baroda

Bank of Baroda is India's leading international bank, operating in 20 countries and providing world-class financial solutions to 25 million customers. Its business exceeds 120,000 crores (US$26.6 billion). It has made continuous profits since its inception in 1908. More information about Bank of Baroda is available at www.bankofbaroda.com.

About HP

HP is a technology solutions provider to consumers, businesses and institutions globally. The company's offerings span IT infrastructure, global services, business and home computing, and imaging and printing. For the four fiscal quarters ended Jan. 31, 2005, HP revenue totaled $81.8 billion. More information about HP is available at www.hp.com.

This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If the risks or uncertainties materialize or the assumptions prove incorrect, the results of HP and its consolidated subsidiaries may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including that the proposed agreement may not contain the terms currently contemplated, or be executed within the timeframe currently contemplated or at all, the expected performance of products or services to be provided under the proposed agreement; statements of expectation or belief; and any statement of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the performance of products and services to be provided under the proposed agreement 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 fiscal quarter ended Jan. 31, 2005, and other reports filed after HP's Annual Report on Form 10-K for the fiscal year ended Oct. 31, 2004. HP assumes no obligation and does not intend to update these forward-looking statements.

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