HP Reports First Quarter 2008 Results

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

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

Cash flows from operating activities:
   Net earnings                                $    2,133  $    1,547
   Adjustments to reconcile net earnings to net
    cash provided by (used in) operating
    activities:
     Depreciation and amortization                    749         643
     Stock-based compensation expense                 157         163
     Provision for bad debt and inventory              78          77
     In-process research and development
      charges                                           -         167
     Restructuring                                     10         (41)
     Pension curtailments and pension
      settlements, net                                  -          (9)
     Deferred taxes on earnings                       361          91
     Excess tax benefit from stock-based
      compensation                                    (88)       (100)
     Other, net                                         6         (13)

     Changes in assets and liabilities:
       Accounts and financing receivables           1,007         548
       Inventory                                       54        (698)
       Accounts payable                              (659)       (759)
       Taxes on earnings                              (92)        131
       Restructuring                                  (31)       (281)
       Other assets and liabilities                  (498)     (1,488)
                                               ----------- -----------
         Net cash provided by (used in)
          operating activities                      3,187         (22)
                                               ----------- -----------

Cash flows from investing activities:
     Investment in property, plant and
      equipment                                      (611)       (718)
     Proceeds from sale of property, plant and
      equipment                                        88         139
     Purchases of available-for-sale securities
      and other investments                           (20)        (13)
     Maturities and sales of available-for-sale
      securities and other investments                106          92
        Payments  made  in  connection  with  business
            acquisitions,  net                                                            (264)          (4,464)
                                                                                              -----------  -----------
                Net  cash  used  in  investing  activities                (701)          (4,964)
                                                                                              -----------  -----------

Cash  flows  from  financing  activities:
          Issuance  of  commercial  paper  and  notes
            payable,  net                                                                      (899)            1,263
          Issuance  of  debt                                                                    16                    69
          Payment  of  debt                                                                  (105)          (1,056)
          Issuance  of  common  stock  under  employee
            stock  plans                                                                          554                  797
          Repurchase  of  common  stock                                        (3,324)          (2,312)
          Excess  tax  benefit  from  stock-based
            compensation                                                                          88                  100
          Dividends                                                                              (206)              (218)
                                                                                              -----------  -----------
                Net  cash  used  in  financing  activities            (3,876)          (1,357)
                                                                                              -----------  -----------

Decrease  in  cash  and  cash  equivalents                            (1,390)          (6,343)
Cash  and  cash  equivalents  at  beginning  of
  period                                                                                        11,293            16,400
                                                                                              -----------  -----------
Cash  and  cash  equivalents  at  end  of  period          $        9,903    $      10,057
                                                                                              ===========  ===========
 


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