Financial Analysts' Reports for 10.23.01

Please open the attached file to read the complete text of the following
items:

07:07AM EDT 23-OCT-01 SALOMON SMITH BARNEY (RICHARD GARDNER) EM
DELL: EMC DEAL A WIN-WIN, BUT NO CHANGE TO CURRENT ESTIMATES

07:35AM EDT 23-OCT-01 GERARD KLAUER MATTISON & CO. (BAILEY, D.) EM
EMC/DELL--DELL/EMC PARTNERSHIP - DESPERATE TIMES CALL FOR DESPERATE
MEASURES

04:08PM EDT 22-OCT-01 BEAR STEARNS (J. NEFF/BOBBA/HAND) IBM HWP
EMC: RESTARTS RESELLING ALLIANCE WITH DELL

07:10AM EDT 23-OCT-01 PRUDENTIAL SECURITIES (K.ALEXY) AAPL CPQ CMP
WEEKLY UPDATE ON PC HARDWARE PRICING TRENDS;PRICE AGGRESSION EASES FOR
THE WEEK

<<10.23.01 Analyst Reports.doc<<

The analyst reports provided are reports prepared by independent
analysts who monitor and track Compaq's performance. These reports are
not prepared by or at the direction of Compaq and as a result, Compaq is
not endorsing or verifying the information contained in these reports or
endorsing any of these analysts. These reports are being provided
solely for business reasons and as a result, do not distribute these
reports to other individuals outside of Compaq. If other individuals
are interested in receiving the reports provided herein, please contact
Leslie Moore in Compaq's Investor Relations Department at
leslie.moore@compaq.com.

Leslie K. Moore
Compaq Computer Corporation
Investor Relations - Financial Analyst
Phone: 281-927-8287
Fax: 281-514-2656

- 10.23.01 Analyst Reports.doc