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March 28, 1996

NO HP SHARE SELL-OFF AS FOUNDER DIES

By CBR Staff Writer

Hewlett-Packard Co co-founder and chairman emeritus David Packard died on Tuesday at Stanford University Hospital. He was 83 and had been in hospital since Saturday March 16, where he was being treated for pneumonia and complications. The electronics company that he founded with William Hewlett in 1939 in a garage in Palo Alto is now the world’s third biggest computer company; at the time of his death, he held 9.1% of his company’s shares, and had previously announced his intention to transfer all shares from his estate to the David and Lucile Packard Foundation on his death. Hewlett-Packard does not expect that any shares will need to be sold to pay estate taxes, and anticipates no significant selling of shares by the Packard family or foundation.

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