HP Wins $50 Million Information Technology Leasing

HP announced that it has signed a contract with Korea's Shinhan Bank
valued at up to $50 million for a technology solution to help the bank
improve its return on investment, enhance its business efficiency and
expand its operations.

Central to the contract is the sale-leaseback of Shinhan's information
technology assets, which will be financed by HP Financial Services,
the company's leasing and lifecycle asset management services
subsidiary. HP will partner with Shinhan to deploy new technology that
supports the bank's business plan to manage the disposition of old
assets in an environmentally responsible manner, simplifying the
technology lifecycle management process.

Previously, Shinhan Bank reduced operational costs and increased
system flexibility by migrating from mainframes to HP Integrity
systems to maintain a large core banking system. The successful
transformation paved the way for a new trend of mainframe downsizing
in Korea's banking industry.

"We're delighted to expand our relationship with a valued client and
help Shinhan Bank derive maximum value from its business technology
investment," said Tony O'Connor, vice president and managing director,
HP Financial Services. "In these difficult economic times, far-sighted
enterprises that intelligently invest in their IT infrastructures will
be well-positioned when the economic turnaround arrives."

HP Financial Services helps customers change the economics of IT by
delivering a full range of leasing, financing and lifecycle asset
management services. It enables customers to easily and economically
deploy world-class technology in ways that meet their business needs,
while managing the risks of dealing with older or surplus IT
equipment.

An HP white paper released this month shows how chief information
officers can help chief financial officers ease the pain of a tough
economy by choosing advanced strategies such as technology lifecycle
management through leasing.