PALO ALTO, Calif. & CINCINNATI--April 11, 2003-- HP and The Procter & Gamble Company today announced an agreement in principle to a $3 billion, 10-year information technology (IT) managed services contract. The companies expect to reach a definitive agreement in mid-May 2003. P&G Global Business Services selected HP after a comprehensive and competitive process that included major IT services providers. HP Services will manage P&G's IT infrastructure, data center operations, desktop and end-user support, network management and some applications development and maintenance support for P&G's global operations in 160 countries. Approximately 1,850 P&G employees from 50 countries will transition to HP Services, mostly from P&G's Global Business Services unit. "We are excited about the opportunity to partner with one of the most innovative companies in the world. We have selected HP for its global IT expertise, services quality and cost, and collaborative approach, as well as our shared vision and values," said Filippo Passerini, global business services officer, Procter & Gamble. "HP is an industry leader and will help us substantially lower costs and accelerate innovation throughout P&G." "We are delighted to work with such a world-class partner. Through our highly experienced services professionals, global capabilities and flexible approach to technology, we will deliver P&G an extraordinary customer experience and the best return on IT," said Ann Livermore, executive vice president, HP Services.