Palm Agrees to Settle Stockholder Class Action Lawsuit

Palm, Inc. (NASDAQ: PALM) today announced that it and the other defendants in a Delaware putative stockholder class action lawsuit have entered into a memorandum of understanding with the plaintiff to settle the lawsuit, which was filed on May 5, 2010 in connection with the proposed acquisition of Palm by Hewlett-Packard Company. As part of the settlement, Palm today filed definitive additional proxy materials with the Securities and Exchange Commission to disclose the settlement and to supplement the disclosures in Palm’s definitive proxy statement filed in connection with the acquisition on May 26, 2010. For further information, please refer to those definitive additional proxy materials and the other information filed by Palm with the SEC in connection with the proposed acquisition, which are available at www.sec.gov or by going to Palm’s Investor Relations page on its corporate website at www.palm.com.

About Palm

Palm, Inc. creates intuitive and powerful mobile experiences that enable consumers and businesses to connect to their information in more useful and usable ways. The company’s groundbreaking Palm® webOS™ platform, designed exclusively for mobile application, introduces true multitasking and Palm Synergy™, which brings your information from the many places it resides into a single, more comprehensive view of your life.

Palm products are sold through select Internet, retail, reseller and wireless operator channels, and at the Palm online store (www.palm.com/store).

More information about Palm, Inc. is available at www.palm.com.

Important Information for Investors and Stockholders

In connection with the proposed merger, Palm has filed a definitive proxy statement on May 26, 2010 with the SEC. On or about May 28, 2010, Palm began mailing the definitive proxy statement to Palm stockholders of record as of the close of business on May 24, 2010. Palm and HP have also filed, and intend to continue to file as necessary, additional relevant materials with the SEC. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER PROXY MATERIALS FILED WITH THE SEC AS THEY CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND RELATED MATTERS.

Palm and HP and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the proposed merger. Information about Palm’s directors and executive officers is set forth in the proxy statement for Palm’s 2009 annual meeting of stockholders, which was filed with the SEC on August 13, 2009. Information about HP’s directors and executive officers is set forth in the proxy statement for HP’s 2010 annual meeting of stockholders, which was filed with the SEC on January 27, 2010, and in HP’s Annual Report on Form 10-K for the fiscal year ended October 31, 2009, which was filed with the SEC on December 17, 2009. Additional information regarding these persons and their interests in the merger is included in the definitive proxy statement, as amended, relating to the merger that has been filed with the SEC. The definitive proxy statement, any additional proxy materials and Palm’s other SEC filings are, or when filed will be, available free of charge at the SEC’s website at www.sec.gov, by going to Palm’s Investor Relations page on its corporate website or by contacting Palm’s Investor Relations department by e-mail at teri.klein@palm.com, by phone at (408) 617-7000, or by mail at Palm, Investor Relations, 950 West Maude Avenue, Sunnyvale, California 94085.

Palm, Palm Synergy, and Palm webOS are trademarks of Palm, Inc. All other brand and product names are or may be trademarks of their respective owners.

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