HP Reports Second Quarter 2007 Results

               HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
           CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                             (Unaudited)
                            (In millions)


                                   Three months ended Six months ended
                                     April 30, 2007    April 30, 2007
                                   ------------------ ----------------

Cash flows from operating
 activities:
   Net earnings                               $1,775           $3,322
   Adjustments to reconcile net
    earnings to net cash provided
    by operating activities:
     Depreciation and amortization               678            1,321
     Stock-based compensation
      expense                                    154              317
     Provision for bad debt and
      inventory                                  110              187
     Gains on investments                        (13)             (23)
     In-process research and
      development charges                         19              186
     Restructuring                               453              412
     Pension curtailments and
      pension settlements, net                  (508)            (517)
     Deferred taxes on earnings                  149              240
     Excess tax benefit from
      stock-based compensation                   (75)            (175)
     Other, net                                  (41)             (44)

     Changes in assets and
      liabilities:
       Accounts and financing
        receivables                           (1,203)            (655)
       Inventory                                 995              297
       Accounts payable                          145             (614)
       Taxes on earnings                          20              151
       Restructuring                            (161)            (442)
       Other assets and
        liabilities                            1,664              176
                                   ------------------ ----------------
         Net cash provided by
          operating activities                 4,161            4,139
                                   ------------------ ----------------

Cash flows from investing
 activities:
     Investment in property, plant
      and equipment                             (758)          (1,476)
     Proceeds from sale of
      property, plant and
      equipment                                  161              300
     Purchases of available-for-
      sale securities and other
      investments                                 (3)             (16)
     Maturities and sales of
      available-for-sale
      securities and other
      investments                                253              345
      Payments  made  in  connection
            with  business  acquisitions,
            net                                                                              (372)                    (4,836)
                                                                      ------------------  ----------------
                Net  cash  used  in  investing
                  activities                                                          (719)                    (5,683)
                                                                      ------------------  ----------------

Cash  flows  from  financing
  activities:
          Issuance  of  commercial  paper
            and  notes  payable,  net                                          783                        2,046
          Issuance  of  debt                                                    2,002                        2,071
          Payment  of  debt                                                        (305)                    (1,361)
          Issuance  of  common  stock
            under  employee  stock  plans                                  419                        1,216
          Repurchase  of  common  stock                              (4,024)                    (6,336)
          Excess  tax  benefit  from
            stock-based  compensation                                        75                            175
          Dividends                                                                    (213)                        (431)
                                                                      ------------------  ----------------
                Net  cash  used  in  financing
                  activities                                                      (1,263)                    (2,620)
                                                                      ------------------  ----------------

Increase  (decrease)  in  cash  and
  cash  equivalents                                                            2,179                      (4,164)
Cash  and  cash  equivalents  at
  beginning  of  period                                                    10,057                      16,400
                                                                      ------------------  ----------------
Cash  and  cash  equivalents  at  end
  of  period                                                                      $12,236                    $12,236
                                                                      ==================  ================
 


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