HP Reports Second Quarter 2007 Results

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


                                             Three months ended
                                      --------------------------------
                                      April 30,  January 31, April 30,
                                         2007       2007       2006
                                      ---------- ----------- ---------

Numerator:
  Net earnings                           $1,775      $1,547    $1,899
  Adjustment for interest expense on
   zero-coupon subordinated
   convertible notes, net of taxes            2           2         2
                                      ---------- ----------- ---------

  Net earnings, adjusted                 $1,777      $1,549    $1,901
                                      ========== =========== =========

Denominator:
  Weighted-average shares used to
   compute basic EPS                      2,638       2,705     2,809
  Effect of dilutive securities:
    Dilution from employee stock
     plans                                   85          88        71
    Zero-coupon subordinated
     convertible notes                        8           8         7
                                      ---------- ----------- ---------
  Dilutive potential common shares           93          96        78
                                      ---------- ----------- ---------

  Weighted-average shares used to
   compute diluted EPS                    2,731       2,801     2,887
                                      ========== =========== =========

Net earnings per share:
  Basic(a)                                $0.67       $0.57     $0.68
  Diluted(b)                              $0.65       $0.55     $0.66



(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 NET EARNINGS PER SHARE
                             (Unaudited)
                (In millions except per share amounts)


                                                  Six months ended
                                                     April 30,
                                              ------------------------
                                                 2007        2006
                                              ----------- ------------


Numerator:
  Net earnings                                    $3,322       $3,126
  Adjustment for interest expense on zero
   coupon subordinated convertible notes, net
   of taxes                                            4              4
                                                                                            -----------  ------------

    Net  earnings,  adjusted                                                    $3,326              $3,130
                                                                                            ===========  ============

Denominator:
    Weighted-average  shares  used  to  compute
      basic  EPS                                                                              2,672                2,815
    Effect  of  dilutive  securities:
        Dilution  from  employee  stock  plans                                83                      67
        Zero-coupon  subordinated  convertible
          notes                                                                                          8                        8
                                                                                            -----------  ------------
    Dilutive  potential  common  shares                                        91                      75
                                                                                            -----------  ------------

    Weighted-average  shares  used  to  compute
      diluted  EPS                                                                          2,763                2,890
                                                                                            ===========  ============

Net  earnings  per  share:
    Basic(a)                                                                                  $1.24                $1.11
    Diluted(b)                                                                              $1.20                $1.08





(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.
 


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