HP Reports First Quarter 2008 Results

               HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
                CALCULATION OF NET EARNINGS PER SHARE
                             (Unaudited)
                (In millions except per share amounts)

                                           Three months ended
                                   -----------------------------------
                                   January 31, October 31, January 31,
                                      2008        2007        2007
                                   ----------- ----------- -----------

Numerator:
      Net earnings                 $     2,133 $     2,164      $1,547
      Adjustment for interest
       expense on zero-coupon
       subordinated convertible
       notes, net of taxes                   2           2           2
                                   ----------- ----------- -----------

      Net earnings, adjusted       $     2,135 $     2,166      $1,549
                                   =========== =========== ===========

Denominator:
      Weighted-average shares used
       to compute basic EPS              2,560       2,576       2,705
      Effect of dilutive
       securities:
        Dilution from employee
         stock plans                        87          94          88
        Zero-coupon subordinated
         convertible notes                   8           8           8
                                   ----------- ----------- -----------
      Dilutive potential common
       shares                               95         102          96
                                   ----------- ----------- -----------

      Weighted-average shares used
       to compute diluted EPS            2,655       2,678       2,801
                                   =========== =========== ===========

Net earnings per share:
      Basic(a)                     $      0.83 $      0.84      $ 0.57
      Diluted(b)                   $      0.80 $      0.81      $ 0.55

(a) HP's basic earnings per share was calculated based on net earnings
     and the weighted-average number of shares outstanding during the
     reporting period.

(b) The diluted earnings per share included additional dilution from
     potential issuance of common stock, such as stock issuable
     pursuant to exercise of stock options and conversion of debt,
     except when such issuances would be antidilutive.

               HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
            CALCULATION OF NON-GAAP NET EARNINGS PER SHARE
                             (Unaudited)
                (In millions except per share amounts)

                                           Three months ended
                                   -----------------------------------
                                   January 31, October 31, January 31,
                                      2008        2007        2007
                                   ----------- ----------- -----------

Numerator:
      Non-GAAP net earnings        $     2,291 $     2,296      $1,826
      Adjustment for interest
       expense on zero-coupon
       subordinated convertible
       notes, net of taxes                   2               2                      2
                                                                      -----------  -----------  -----------

            Non-GAAP  net  earnings,
              adjusted                                        $          2,293  $          2,298            $1,828
                                                                      ===========  ===========  ===========

Denominator:
            Weighted-average  shares  used
              to  compute  basic  EPS                            2,560              2,576              2,705
            Effect  of  dilutive
              securities:
                Dilution  from  employee
                  stock  plans                                                87                    94                    88
                Zero-coupon  subordinated
                  convertible  notes                                      8                      8                      8
                                                                      -----------  -----------  -----------
            Dilutive  potential  common
              shares                                                              95                  102                    96
                                                                      -----------  -----------  -----------

            Weighted-average  shares  used
              to  compute  diluted  EPS                        2,655              2,678              2,801
                                                                      ===========  ===========  ===========

Non-GAAP  net  earnings  per  share:
            Basic(a)                                          $            0.89  $            0.89            $  0.68
            Diluted(b)                                      $            0.86  $            0.86            $  0.65

(a)  HP's  basic  non-GAAP  earnings  per  share  was  calculated  based  on
          non-GAAP  net  earnings  and  the  weighted-average  number  of  shares
          outstanding  during  the  reporting  period.

(b)  HP's  diluted  non-GAAP  earnings  per  share  included  additional
          dilution  from  potential  issuance  of  common  stock,  such  as  stock
          issuable  pursuant  to  exercise  of  stock  options  and  conversion  of
          debt,  except  when  such  issuances  would  be  antidilutive.
 


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