Compaq Forms European Joint Venture To Support Multinational Business Customers.

HOUSTON--(BUSINESS WIRE)--Aug. 21, 1997-- Extending its strategy to provide customers with a broad range of financing solutions, Compaq Computer Corporation (NYSE:CPQ) today announced the formation of Compaq Capital Europe LLC to provide equipment leasing and financing for Compaq's European business customers. Compaq Capital Europe LLC is a limited liability company jointly owned by Compaq Capital Corporation and AT&T Capital Corporation.

The creation of Compaq Capital Europe LLC represents an important step as Compaq expands the reach of its global sales and financing programs.

"Compaq continues to experience tremendous growth in Europe, and the support of a dedicated financing partner will bolster our overall competitive capabilities," said Andreas Barth, Senior Vice President and General Manager for Compaq Europe, Middle East and Africa. "Our Pan-European customers consistently look to Compaq for a broad spectrum of services, and the formation of this new financing and leasing operation offers a superb extension to the services we provide."

In October, Compaq Capital Europe LLC will begin offering a full array of financial products and services to Compaq customers, ranging from small- and mid-sized businesses to large, enterprise customers and multinational corporations. Provided in conjunction with Compaq's network of authorized distributors and resellers, financial services will be available initially to customers in Belgium, France, Germany, Italy, Luxembourg, the Netherlands, Spain and the United Kingdom. By early 1998, the joint venture plans to expand its offerings to customers in Denmark, Finland, Greece, the Republic of Ireland, Norway, Portugal, Sweden and Turkey.

"We chose AT&T Capital as our European joint venture partner because of its established European leasing presence and strong service capabilities," said Compaq Capital President Irving Rothman. "With financing capabilities now in place for Compaq's North American and European customers, in the coming months Compaq Capital plans to establish similar arrangements in other significant international service areas to ensure that Compaq's sales efforts are supported worldwide by a dedicated leasing team."

David Banks, CEO of AT&T Capital Corporation, said, "AT&T Capital is delighted to participate in this joint venture and we are wholeheartedly committed to helping Compaq reach its European leasing goals." Art Fatum, President of AT&T Capital Europe, noted that "AT&T Capital has built an extensive equipment leasing and financing operation throughout Europe, and this endeavor is a good example of the type of pre-eminent customer base we serve."

Compaq Capital Corporation was created in January 1997 to finance technology solutions for Compaq customers. A wholly owned subsidiary of Compaq Computer Corporation, the company specializes in providing customized enterprise financing solutions, encompassing computers, networks and technology upgrades for large business customers, as well as on product offerings specifically geared to the small- and medium-sized business market segment.

AT&T Capital, formerly majority owned by AT&T, is now a privately held company that provides diversified equipment leasing, financing and related services to commercial customers in North America, Europe, Latin America, Asia and Australia.

Company Background

Compaq Computer Corporation, a Fortune 100 company, is the fifth largest computer company in the world and the largest global supplier of personal computers, delivering useful innovation through products that connect people with people and people with information. The company is an industry leader in environmentally friendly programs and business practices. Compaq is strategically organized to meet the current and future needs of its customers, offering Internet and enterprise computing solutions, networking products, commercial PC products and consumer PCs. As the leader in distributed enterprise solutions, Compaq has shipped over a million servers. In 1996, the company reported worldwide sales of $18.1 billion. Compaq products are sold and supported in more than 100 countries through a network of authorized Compaq marketing partners. Customer support and information about Compaq and its products can be found at http://www.compaq.com or by calling 1-800-OK-COMPAQ. Product information and reseller locations can be obtained by calling 1-800-345-1518. -0-

Compaq, Registered U.S. Patent and Trademark Office. Product names mentioned herein may be trademarks and/or registered trademarks of their respective companies.

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