HP Reports Second Quarter 2007 Results

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




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

Numerator:
  Non-GAAP net earnings                 $1,920       $1,826    $1,996
  Adjustment for interest expense on
   zero-coupon subordinated
   convertible notes, net of taxes           2            2         2
                                     ----------  ----------- ---------

  Non-GAAP net earnings, adjusted       $1,922       $1,828    $1,998
                                     ==========  =========== =========

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
                                     ==========  =========== =========

Non-GAAP net earnings per share:
  Basic(a)                               $0.73        $0.68     $0.71
  Diluted(b)                             $0.70        $0.65     $0.69



(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.

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


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

Numerator:
  Non-GAAP net earnings                                $3,746  $3,389
  Adjustment for interest expense on zero coupon
   subordinated convertible notes, net of taxes             4       4
                                                                       --------  -------

    Non-GAAP  net  earnings,  adjusted                                            $3,750    $3,393
                                                                                                            ========  =======

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
                                                                                                            ========  =======

Non-GAAP  net  earnings  per  share:
    Basic(a)                                                                                            $1.40      $1.20
    Diluted(b)                                                                                        $1.36      $1.17




(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  EPS  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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