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FOR IMMEDIATE RELEASE

HP OFFICE DEPOT AND HP TO OFFER INDUSTRY'S FIRST FREE NATIONWIDE IN-STORE ELECTRONICS RECYCLING PROGRAM
Environmental stewardship initiative extends HP recycling service to all Office Depot retail locations in continental U.S.


DELRAY BEACH, FL and PALO ALTO, CA, July 13, 2004 --/WORLD-WIRE/-- Office Depot (NYSE: ODP) and HP (NYSE, NASDAQ: HPQ) have developed the country's first free, nationwide, in-store electronics recycling program in which customers can drop off any brand of unwanted electronics at any of Office Depot's more than 850 retail locations in the continental United States.

The program, which runs from July 18 through September 6, 20041, will leverage HP's electronics recycling expertise and Office Depot's retail presence to offer consumer and business customers the most comprehensive, convenient and environmentally responsible electronics recycling service available.

Office Depot and HP will collect and recycle a broad range of information technology and digital entertainment products from any manufacturer, including desktops, notebooks, keyboards, mice, printers, scanners, handhelds, digital cameras, fax machines, desktop copiers, flat panel displays, monitors, TVs (27" or smaller), TV/VCR combos and cell phones. All products collected from Office Depot stores will be recycled at HP's U.S. recycling facilities in Roseville, Calif. and near Nashville, Tenn.

"This is the latest example of Office Depot's commitment to implement industry-leading initiatives that encourage the use and distribution of environmentally preferable products and services," said Tyler Elm, director of Environmental Affairs for Office Depot. "We will continue to work with our business partners, environmental organizations and other stakeholders to provide our customers with the resources and knowledge they need to be environmentally responsible."

"Environmental responsibility is not only a part of HP's business strategy, it has become an integral component of the customer experience," said Lee Ray Massey, senior vice president, Imaging and Printing Group - Americas, HP. "This unique program with an important partner in the retail channel allows us to bring our recycling capabilities directly to consumers in a remarkably easy-to-use way."

"We are excited about the partnership that Office Depot and HP announced today," said Thomas P. Dunne, EPA's Acting Assistant Administrator for the Office of Solid Waste and Emergency Response. "We look forward to this program increasing convenient opportunities for electronics recycling in the U.S, and leading to other productive partnerships among retailers, manufacturers and governments."

Full program details, as well as in-store drop-off instructions and locations, are available at http://www.officedepot.com/recycle.

With return and recycling operations in more than 30 countries, HP recycled more than 102 million pounds of unwanted computer products globally in 2003. More information on HP's recycling program is available at http://www.hp.com/recycle.

About HP
HP is a technology solutions provider to consumers, businesses and institutions globally. The company's offerings span IT infrastructure, personal computing and access devices, global services and imaging and printing. For the four fiscal quarters ended April 30, 2004, HP revenue totaled $76.8 billion. More information about HP (NYSE, Nasdaq: HPQ) is available at http://www.hp.com.

About Office Depot
Office Depot's environmental initiatives center on the guiding principles of Recycling and Pollution Reduction, Sustainable Forest Management, and Issue Awareness and Market Development for environmentally preferable products. No other company in the office products industry has made as strong a commitment to conserve and protect our forests. Office Depot is already the largest reseller of recycled paper and recycled content products. In addition to the company's industry-leading 35% post consumer waste content paper, Office Depot offers thousands of different products containing recycled content and has recently added new products including 100% post consumer waste content papers. The company recently announced a five-year $2.2 million strategy to address forest and biodiversity conservation issues within the supply chain. Office Depot is collaborating with NatureServe, Conservation International and The Nature Conservancy - three of the world's most respected science-driven conservation organizations - to form the Forest & Biodiversity Conservation Alliance. For more information, visit http://www.community.officedepot.com/environment.asp.

With annual sales of more than $12 billion, no one sells more office supplies to more customers in more countries than Office Depot. Founded in 1986 and headquartered in Delray Beach, Florida, the company conducts business in 23 countries and employs nearly 50,000 people worldwide.

Office Depot is an industry leader in every distribution channel - from retail stores and contract delivery to catalogs and e-commerce. The company is the world's number two online retailer - on target to generate $2.6B in sales for FY'03. In North America, Office Depot has more than 900 retail stores in addition to a national business-to-business delivery network supported by 22 delivery centers, more than 60 local sales offices and 13 regional call centers.

The company's common stock is traded on the New York Stock Exchange under the symbol ODP and is included in the S&P 500 Index. Additional press information can be found at: http://mediarelations.officedepot.com.

Offer is limited to one system, such as one PC, one monitor and one printer, or one individual product, such as a PDA or a cell phone, per customer per day.

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