HP Q1 FY11 Earnings Announcement

HP Q1 FY1 Earnings 1 AnnouncementFebruary 22, 2011http://www.hp.com/investor/home February 22, 2011 http://www.hp.com/investor/home

FORWARD LOOKING STATEMENTSThis presentation may contain forward-looking statements that involve risks, uncertainties and assumptions. If the risks oruncertainties ever materialize or the assumptions prove incorrect, the financial results of HP may differ materially from thoseexpressed or implied by such forward-looking statements and assumptions. All statements other than statements of historicalfact are statements that could be deemed forward-looking statements, including but not limited to any projections of revenue,margins, expenses, earnings, earnings per share, tax provisions, cash flows, benefit obligations, share repurchases, currencyexchange rates, the impact of acquisitions or other financial items; any statements of the plans, strategies and objectives ofmanagement for future operations, including execution of cost reduction programs and restructuring plans; any statementsconcerning the expected development, performance or market share relating to products or services; any statementsregarding current or future macroeconomic trends or events and the impact of those trends and events on HP and its financialperformance; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief;and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the impactof macroeconomic and geopolitical trends and events; the competitive pressures faced by HPs businesses; the developmentand transition of new products and services and the enhancement of existing products and services to meet customer needsand respond to emerging technological trends; the execution and performance of contracts by HP and its suppliers,customers and partners; the protection of HPs intellectual property assets, including intellectual property licensed from thirdparties; integration and other risks associated with business combination and investment transactions; the hiring and retentionof key employees; assumptions related to pension and other post-retirement costs; expectations and assumptions relating tothe execution and timing of cost reduction programs and restructuring plans; the resolution of pending investigations, claimsand disputes; and other risks that are described in HPs Annual Report on Form 10-K for the fiscal year ended October 31,2010 and HPs other filings with the Securities and Exchange Commission. As in prior periods, the financial information setforth in this presentation, including tax-related items, reflects estimates based on information available at this time. While HPbelieves these estimates to be meaningful, these amounts could differ materially from actual reported amounts in HPs Form10-Q for the fiscal quarter ended January 31, 201 In particular, determining HPs actual tax balances and provisions as of 1.January 31, 201 requires extensive internal and external review of tax data (including consolidating and reviewing the tax 1provisions of numerous domestic and foreign entities), which is being completed in the ordinary course of preparing HPsForm 10-Q. HP assumes no obligation and does not intend to update these forward-looking statements.2 February 22, 2011 http://www.hp.com/investor/home

USE OF NON-GAAP FINANCIALINFORMATIONHP has included non-GAAP financial measures in this presentation to supplement HPs consolidated condensed financial statementspresented on a GAAP basis. Definitions of these non-GAAP financial measures and reconciliations of these non-GAAP financialmeasures to the most directly comparable GAAP financial measures are included elsewhere in this presentation.HPs management uses non-GAAP operating expense, non-GAAP OI&E, non-GAAP operating profit, non-GAAP net earnings, non-GAAP diluted earnings per share, and HPs non-GAAP tax rate to evaluate and forecast HPs performance before gains, losses or othercharges that are considered by HPs management to be outside of HPs core business segment operating results. Gross cash, net cashand free cash flow are liquidity measures that provide useful information to management about the amount of cash available forinvestment in HPs businesses, funding strategic acquisitions, repurchasing stock and other purposes.These non-GAAP financial measures may have limitations as analytical tools, and these measures should not be considered in isolationor as a substitute for analysis of HPs results as reported under GAAP. Items such as amortization of purchased intangible assets,though not directly affecting HPs cash position, represent the loss in value of intangible assets over time. The expense associated withthis loss in value is not included in non-GAAP operating profit, non-GAAP net earnings, non-GAAP diluted earnings per share and HPsnon-GAAP tax rate and therefore does not reflect the full economic effect of the loss in value of those intangible assets. In addition,items such as restructuring charges that are excluded from non-GAAP operating expense, non-GAAP operating profit, non-GAAP netearnings, non-GAAP diluted earnings per share and HPs non-GAAP tax rate can have a material impact on cash flows and earningsper share. HP may not be able to liquidate the long-term investments included in gross cash immediately, which may limit theusefulness of gross cash as a liquidity measure. In addition, free cash flow does not represent the total increase or decrease in the cashbalance for the period. The non-GAAP financial information that we provide also may differ from the non-GAAP information providedby other companies.We compensate for the limitations on our use of these non-GAAP financial measures by relying primarily on our GAAP financialstatements and using non-GAAP financial measures only supplementally. We also provide robust and detailed reconciliations of eachnon-GAAP financial measure to the most directly comparable GAAP measure, and we encourage investors to review carefully thosereconciliations.We believe that providing these non-GAAP financial measures in addition to the related GAAP measures provides investors withgreater transparency to the information used by HPs management in its financial and operational decision-making and allows investorsto see HPs results through the eyes of management. We further believe that providing this information better enables investors tounderstand HPs operating performance and to evaluate the efficacy of the methodology and information used by management toevaluate and measure such performance.3 February 22, 2011 http://www.hp.com/investor/home

KEY MESSAGES Strong margins, earnings, and cash flow performance with 4% year over year revenue growth Expanded non-GAAP operating margins by 40 basis points year over year, excluding net impact from one-time gains primarily related to real estate, driven by gross margin expansion of 150 basis points Continued to invest in growth in higher margin categories, while maintaining operational efficiency Non-GAAP diluted earnings per share grew 27% year over year Cash flow from operations of $3.1 billion, up 28% year over year Continued strength in commercial hardware across HP ESSN continued to win in the datacenter with Industry Standard Servers revenue up 17%, Storage up 14%, and Networkings switching and routing revenue up over 30% year over year IPG delivered another strong quarter with commercial printer units up 33% and commercial revenue up 13% year over year. Expanded market leadership in both laser and ink, with solid momentum in our new e-Print platform and commercial print solutions PSG commercial PC client revenue up 11% year over year Executed well in a challenging consumer PC market with margin expansion and share gains Gained worldwide market share sequentially across all PC categories consumer, commercial, notebook and desktop Increased PSG operating profit 27% year over year, delivering a 6.4% operating margin in Q1 Opportunity in Services to drive growth with more higher value-added solutions Solid long term signings and operating margin expansion Opportunity to improve short-term signings with more higher value services and add-on projects Investing to lead in cloud and connectivity Launched several new Cloud solutions, leveraging HPs converged infrastructure, enterprise-class security, and unique ability to manage hybrid IT environments Generated excitement with WebOS product announcements, including HPs new Touchpad tablet 4 February 22, 2011 http://www.hp.com/investor/home

Q1 FY11 RESULTS OVERVIEW Financial Net revenue of $32.3B, up 4% Y/Y in reported and constant currency Non-GAAP(1) diluted EPS of $1.36, up 27% Y/Y Summary GAAP diluted EPS of $1.17, up 26% Y/Y Cash flow from operations of $3.1B $2.3B in share repurchases and $175M in dividends OP OP $ OP % $ in millions Q1 Revenue Growth Y/Y% OP $ % of rev Y/Y Y/Y Services $8,607 (2%) $1,375 16.0% ($4) 0.3 pts Enterprise Servers, Storage and Networking $5,634 22% $828 14.7% $221 1.5 pts HP Software $697 5% $123 17.6% ($49) (8.3) pts Enterprise Business $14,938 6% $2,326 15.6% $168 0.3 pts Personal Systems Group $10,449 (1%) $672 6.4% $142 1.4 pts Imaging and Printing Group $6,630 7% $1,129 17.0% $75 0.0 pts HP Financial Services $827 15% $79 9.6% $12 0.3 pts (1) (1) (1) Total HP (2) $32,302 4% $4,006 12.4% $504 1.2 pts (1)1. All non-GAAP numbers have been adjusted to exclude certain items. A reconciliation of specific adjustments to GAAP results for this quarter and prior periods is included on slide 17 and in the GAAP to non-GAAP slides that appear as part of the supplemental slides of this presentation. A description of HPs use of non-GAAP information is provided on slide 3 under Use of non-GAAP Financial Information.2. Includes Corporate Investments & Eliminations5 February 22, 2011 http://www.hp.com/investor/home

Q1 FY11 REVENUE By Segment By Region U.S. Imaging & 35% Printing Group Services 21% 27% EMEA Americas 38%, 44%, up 6% Y/Y FLAT Y/Y Enterprise Canada/ Personal Servers, Latin America Systems Group Storage & 9% 32% Networking Asia Pacific 17% 18%, up 7% Y/Y HP Financial Services & Other HP Software 1% 2%6 February 22, 2011 http://www.hp.com/investor/home

REVENUE & EPS PERFORMANCE $36 $1.50 $1.40 $34 $1.30 $32 $1.20 $30 $1.10 $28 $1.00 $0.90 $26 $0.80 $24 $0.70 $22 $0.60 $20 $0.50 $0.40 $18 $0.30 $16 $0.20 $14 $0.10 $12 $0.00 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 Revenue (in billions) $28.5 $28.3 $28.0 $33.6 $28.8 $27.4 $27.6 $30.8 $31.2 $30.8 $30.7 $33.3 $32.3 Non-GAAP EPS $0.86 $0.87 $0.86 $1.03 $0.93 $0.86 $0.92 $1.14 $1.07 $1.09 $1.08 $1.33 $1.367 February 22, 2011 http://www.hp.com/investor/home

REGIONAL REVENUE TRENDS Americas United States (including U.S.) $16 20% $12 20% $14 15% $10 15% Y/Y revenue growth % Y/Y revenue growth % $ in billions $ in billions $12 10% $8 10% $10 5% $6 5% $8 0% $4 0% $6 (5%) $2 (5%) 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 EMEA $8 Asia Pacific 25% $15 30% Y/Y revenue growth % $12 20% Y/Y revenue growth % $6 15% $ in billions $ in billions $9 10% $4 5% $6 0% $2 (5%) $3 (10%) $0 (20%) $0 (15%) 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 Y/Y revenue growth %8 February 22, 2011 http://www.hp.com/investor/home Y/Y constant currency revenue growth %

REVENUE GROWTH 25% Y/Y revenue growth % Y/Y revenue growth (%) 20% 15% 10% 5% 0% (5%) (10%) 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 Constant currency 8.2% 4.5% 4.7% 15.6% 4.2% 2.9% 4.0% -5.0% 5.4% 8.4% 10.6% 8.8% 4.3% As reported 13.5% 10.7% 10.5% 18.8% 1.2% -3.1% -1.6% -8.4% 8.2% 12.7% 11.4% 8.1% 3.6%9 February 22, 2011 http://www.hp.com/investor/home

SERVICES In billions Revenue In millions Operating profit $10.0 $1,600 18% $1,400 16% $8.0 $1,200 14% OP % revenue $6.0 $1,000 12% $800 10% $4.0 $600 8% $400 6% $2.0 $200 4% $0.0 $0 2% 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 Q1 FY1 revenue by business 1 Services revenue of $8.6B, down 2% Y/Y (down 8% 1% Y/Y excluding ExcellerateHRO divestiture) ITO Technology Services Operating profit of $1.4B, 16.0% of revenue 19% Application Services ITO revenue down 1% Y/Y BPO Technology Services revenue down 1% Y/Y Application Services revenue down 3% Y/Y 43% BPO revenue down 10% Y/Y (down 2% Y/Y, 30% excluding the ExcellerateHRO divestiture)10 February 22, 2011 http://www.hp.com/investor/home

ENTERPRISE SERVERS,STORAGE ANDNETWORKING (ESSN) In billions Revenue In millions Operating profit $6.0 $1,000 16% $900 14% $5.0 $800 12% $700 $4.0 OP % revenue $600 10% $3.0 $500 8% $400 6% $2.0 $300 4% $200 $1.0 2% $100 $0 0% $0.0 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 Q1 FY1 revenue by business 1 ESSN revenue of $5.6B, up 22% Y/Y 11% Operating profit of $828M, 14.7% of revenue Industry Standard Servers (ISS) ISS revenue up 17% Y/Y 18% Business Critical BCS revenue flat Y/Y Systems (BCS) Storage Works Storage revenue up 14% Y/Y Division (SWD) Networking revenue up 183% Y/Y HP Networking (HPN) ESS Blades revenue up 23% Y/Y 10% 61%11 February 22, 2011 http://www.hp.com/investor/home

HP SOFTWARE In millions Revenue In millions Operating profit $800 $300 35% $250 30% $600 $200 25% OP %revenue $400 $150 20% $100 15% $200 $50 10% $0 $0 5% 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 Q1 FY1 revenue by type 1 Software revenue of $697M, up 5% Y/Y 16% 34% Operating profit of $123M, 17.6% of revenue Licenses Support Licenses revenue up 3% Y/Y Services Support revenue up 5% Y/Y Services revenue up 9% Y/Y 50%12 February 22, 2011 http://www.hp.com/investor/home

PERSONAL SYSTEMS GROUP (PSG) In billions Revenue In millions Operating profit$12.0 $700 7%$10.0 $600 6% $500 5% $8.0 OP % revenue $400 4% $6.0 $300 3% $4.0 $200 2% $2.0 $100 1% $0.0 $0 0% 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 Q1 FY1 revenue by business 1 PSG revenue of $10.4B, down 1% Y/Y 2% Notebooks Operating profit of $672M, 6.4% of revenue Desktops Total units up 5% Y/Y 5% Workstations Other Notebook revenue down 5%, units up 4% Y/Y Desktop & Workstation combined revenue up 5%, units up 7% Y/Y 56% Consumer client revenue down 12% Y/Y, 37% Commercial client revenue up 1 Y/Y 1%13 February 22, 2011 http://www.hp.com/investor/home

IMAGING & PRINTING GROUP (IPG) In billions Revenue In millions Operating profit$8.0 $1,300 22%$6.0 $1,100 18% OP % of revenue$4.0 $900 14%$2.0 $700 10%$0.0 $500 6% 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 Q1 FY1 revenue by business 1 IPG revenue of $6.6B, up 7% Y/Y 12% Operating profit of $1.1B, 17.0% of revenue Supplies Commercial Supplies revenue up 7% Y/Y Consumer Total printer hardware units up 13% Y/Y, 22% Consumer printer hardware units up 7% Y/Y, Commercial printer hardware units up 33% Y/Y Color LaserJet units up 20% Y/Y Printer-based MFP units up 63% Y/Y 66% Indigo digital press page volume up 26% Y/Y14 February 22, 2011 http://www.hp.com/investor/home

HP FINANCIAL SERVICES (HPFS) In millions Revenue In millions Operating profit $1,000 $90 12% $75 10% $800 $60 8% OP %revenue $600 $45 6% $400 $30 4% $200 $15 2% $0 $0 0% 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 Q1 FY1 revenue by region 1 HPFS revenue of $827M, up 15% Y/Y 13% Americas Operating profit of $79M, 9.6% of revenue EMEA Financing volume up 10% Y/Y Asia Pacific Net portfolio assets of $11.4B, up 14% Y/Y 29% 58%15 February 22, 2011 http://www.hp.com/investor/home

Non-GAAP FINANCIAL INFORMATION (1) In millions except per share amounts Q1 FY11 Q4 FY10 Q1FY10 Revenue $32,302 100% $33,278 100% $31,177 100% Cost of sales 24,408 75.6% 24,995 75.1% 24,027 77.1% Total OpEx 3,888(2) 12.0%(2) 4,278 12.9% 3,648 11.7% Operating profit 4,006(2) 12.4%(2) 4,005 12.0% 3,502 11.2% Interest & other, net (97)(2) (81) (199) Pre-tax earnings 3,909(2) 12.1% 3,924 11.8% 3,303 10.6% Income tax 879(2) 860 709 Net earnings 3,030(2) 9.4% 3,064 9.2% 2,594 8.3% EPS $1.36(2) $1.33 $1.07 1. All non-GAAP numbers have been adjusted to exclude certain items. A reconciliation of specific adjustments to GAAP results for this quarter and prior periods is included on slide 17 and in the GAAP to non-GAAP slides that appear as part of the supplemental slides of this presentation. A description of HPs use of non-GAAP information is provided on slide 3 under Use of non-GAAP Financial Information. 2 At the time of HPs Q4 FY10 earnings announcement, HP disclosed that in Q1 FY11 it expected to realize a one-time gain of approximately 4 cents per share primarily related to the disposition of real estate. Included in HPs Q1 FY11 results is a net one-time gain of 5 cents per share primarily related to the disposition of real estate, reflected as a onetime credit of $250 million or 80 basis points to operating expense offset by an $80 million charge to OI&E and a higher effective tax rate.16 February 22, 2011 http://www.hp.com/investor/home

Q1 FY11 GAAP to non-GAAP BRIDGE Amort. of In millions except Purchased Acquisition related per share amounts GAAP Intangibles Restructuring charges Non-GAAPRevenue $32,302 $32,302Cost of sales 24,408 24,408Total OpEx 4,500 (425) (158) (29) 3,888Operating profit 3,394 425 158 29 4,006Interest & other, net (97) (97)Pre-tax earnings 3,297 425 158 29 3,909Income tax 692 129 48 10 879Tax rate 21.0% 22.5%Net earnings 2,605 3,030EPS $1.17 $1.3617 February 22, 2011 http://www.hp.com/investor/home

GROSS CASH & NET CASH In billions $15.0 $10.0 $5.0 $0.0 ($5.0) ($10.0) ($15.0) 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 (1) Gross cash $11.3 $13.0 $13.7 $13.4 $13.7 $14.3 $14.8 $11.0 $10.0 Net cash (2) ($8.7) ($5.3) ($3.2) ($2.1) ($1.8) ($3.0) ($4.7) ($10.6) ($9.9) (3) Net cash excl. HPFS Debt ($1.8) $1.8 $4.3 $6.0 $6.6 $5.6 $4.0 ($1.5) ($0.4) 1. Includes cash and cash equivalents, short-term investments, and certain liquid long-term investments 2. Net cash is defined as gross cash less total company debt including the effect of hedging 3. Net cash excl HPFS debt = HP net cash plus HPFS net debt18 February 22, 2011 http://www.hp.com/investor/home

CASH FLOW In billions $16.0 $14.6 $14.0 $13.4 $11.9 $12.0 $12.0 $10.2 $9.6 $10.0 $8.4 $8.0 $7.1 $6.0 $4.0 $3.1 $2.7 $2.0 $0.0 FY07 FY08 FY09 FY10 FY11 YTD (1) Cash flow from operations Free cash flow 1. Free cash flow = cash flow from operations less net capital expenditures19 February 22, 2011 http://www.hp.com/investor/home

STOCK REPURCHASE Quarterly trends FY07 FY11 In billions In billions In millions $4.0 $12 300 $8.6B remaining in stock repurchase authorization $3.5 at the end of Q1 FY11 $10 250 $3.0 $8 200 $2.5 $6 150 $2.0 $4 100 $1.5 $1.0 $2 50 $0.5 $0 0 (1) FY11 FY07 FY08 FY09 FY10 YTD $0.0 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 Stock repurchase $11.5 $9.6 $5.1 $11.0 $2.3 Stock repurchase $1.2 $0.8 $1.0 $2.1 $2.7 $1.8 $2.6 $4.0 $2.3 Shares received 271 216 132 240 54 1. In Q1 FY06, HP entered into a prepaid variable share purchase program. $1.7 billion in cash was used in Q1 FY06 to fully fund this plan. See our Form 10-Q for the period ended January 31, 2006 for more information. HP completed all repurchases under this plan in March 2007 and received a total of 53M shares.20 February 22, 2011 http://www.hp.com/investor/home

FY09 & FY10 reclassification FY09 FY10 Revised Previously Revised Previously In millions Amount Reported Variance Amount Reported Variance Revenue $114,552 $114,552 $- $126,033 $126,033 $- Cost of Sales 87,489 87,524 (35) 95,956 96,089 (133) R&D 2,819 2,819 - 2,959 2,959 - SG&A 11,648 11,613 35 12,718 12,585 133 Amortization of purchased 1,578 1,578 - 1,484 1,484 - intangibles Restructuring 640 640 - 1,144 1,144 - charges Acquisition 242 242 - 293 293 - related charges Total cost 104,416 104,416 - 114,554 114,554 - Earnings from 10,136 10,136 - 11,479 11,479 - operations Interest and other, (721) (721) - (505) (505) - net Earnings before 9,415 9,415 - 10,974 10,974 - tax Provision for taxes 1,755 1,755 - 2,213 2,213 - Net earnings $7,660 $7,660 $- $8,761 $8,761 $- In connection with organizational realignments implemented in the first quarter of fiscal 2011, certain costs previously reported as Cost of Sales have been reclassified as Selling, General and Administrative expenses to better align those costs with the functional areas that benefit from those expenditures.21 February 22, 2011 http://www.hp.com/investor/home

FY11 Inter-segment reclassification FY09 FY10 Revised Previously Revised PreviouslyIn millions Segment Amount Reported Variance Segment Amount Reported Variance Net Revenue Services $35,380 $34,693 $687 Services $35,529 $34,935 $594 ESSN 16,121 15,359 762 ESSN 20,356 18,651 1,705 HP HP 2,655 3,572 (917) 2,729 3,586 (857) Software Software Corporate Corporate 191 768 (577) 346 1,863 (1,517) Investments Investments Eliminations Eliminations (1,784) (1,829) 45 (2,479) (2,554) 75 & other & other Total 52,563 52,563 - Total 56,481 56,481 -Operating Services 5,102 5,044 58 Services 5,661 5,609 52Profit ESSN 1,657 1,518 139 ESSN 2,825 2,402 423 HP HP 731 684 47 782 759 23 Software Software Corporate Corporate (300) (56) (244) (366) 132 (498) Investments Investments Total $7,190 $7,190 $- Total $8,902 $8,902 $- HP has reflected fiscal 2011 organizational realignments on a backward-looking basis to provide improved visibility and comparability.22 February 22, 2011 http://www.hp.com/investor/home

FY11 Intra-segment reclassification FY09 FY10 Revised Previously Revised Previously In millions Segment Amount Reported Variance Segment Amount Reported Variance Net Revenue ITO $14,563 $15,554 ($991) ITO $14,942 $15,963 ($1,021) TS 10,665 9,719 946 TS 10,627 9,681 946 Application Application 6,926 6,194 732 6,792 6,123 669 Services Services HP HP 762 - 762 1,705 - 1,705 Networking Networking BTO - 2,385 (2,385) BTO - 2,440 (2,440) Other Other - 1,187 (1,187) - 1,146 (1,146) Software Software HP Software 2,655 - 2,655 HP Software 2,729 - 2,729 Notebooks 20,223 20,210 13 Notebooks 22,602 22,545 57 Desktops 12,892 12,864 28 Desktops 15,519 15,478 41 Handhelds - 172 (172) Handhelds - 87 (87) Other PSG 929 798 131 Other PSG 834 845 (11) Corp Corp 191 768 (577) 346 1,863 (1,517) Investments Investments Eliminations Eliminations (1,784) (1,829) 45 (2,479) (2,554) 75 & other & other Total $68,022 $68,022 $- Total $73,617 $73,617 $- HP has reflected fiscal 2011 organizational realignments on a backward-looking basis to provide improved visibility and comparability.23 February 22, 2011 http://www.hp.com/investor/home

OUTLOOK Q2 FY1 guidance 1 Revenue $31.4B $31.6B GAAP EPS $0.99 - $1.01 Non-GAAP EPS(1) $1.19 $1.21 Full year FY1 guidance 1 Revenue $130.0B - $131.5B GAAP EPS $4.46 $4.54 Non-GAAP EPS(2) $5.20 $5.281. Q2 FY11 non-GAAP diluted earnings per share estimates exclude after-tax costs of approximately $0.20 per share, related primarily to the amortization of purchased intangible assets, restructuring charges and acquisition-related charges.2. Full year FY11 non-GAAP diluted earnings per share estimates exclude after-tax costs of approximately $0.74 per share, related primarily to the amortization of purchased intangible assets, restructuring charges and acquisition-related charges. 24 February 22, 2011 http://www.hp.com/investor/home

SUPPLEMENTALSLIDES February 22, 2011 http://www.hp.com/investor/home

INVENTORY & ACCOUNTS RECEIVABLE Inventory Accounts receivable In billions In billions $9.0 11.0% $20.0 20.0% $18.5 $18.0 18.0% $16.5 $16.6 $8.0 $7.6 10.0% $15.6 $7.2 $16.0 $14.8 16.0% $14.8 $14.7 $14.7 $14.5 $7.0 $6.6 $6.7 9.0% $14.0 14.0% $6.4 $6.5 $6.1 $5.9 $12.0 12.0% $6.0 $5.7 8.0% $10.0 10.0% $5.0 7.0% $8.0 8.0% $4.0 6.0% $6.0 6.0% $4.0 4.0% $3.0 5.0% $2.0 2.0% $2.0 4.0% $0.0 0.0% 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 Invent ory $7.6 $5.7 $5.9 $6.1 $6.6 $6.4 $7.2 $6.5 $6.7 Receivables $14.8 $14.7 $14.7 $16.5 $14.5 $14.8 $15.6 $18.5 $16.6 % of Rev 6.4% 4.9% 5.0% 5.3% 5.7% 5.4% 5.8% 5.1% 5.3% % of Rev 12.4% 12.4% 12.6% 14.4% 12.4% 12.3% 12.6% 14.7% 13.0%26 February 22, 2011 http://www.hp.com/investor/home

PP&E & ACCOUNTS PAYABLE Net PP&E Accounts payable In billions In billions $14.8 $14.9$13.0 12% $15.0 $14.4 $11.8 $13.6 $13.5 $11.6 $13.4 $11.5 $11.2 $11.3 $11.2 $11.2 $12.8 $13.0$11.0 $10.8 $10.8 10% $11.8 $11.4 $11.0 $9.0 8% $9.0 $7.0 6% $7.0 $5.0 4% 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 $5.0PP&E $10.8 $10.8 $11.2 $11.3 $11.2 $11.2 $11.5 $11.8 $11.6 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11% of Rev 9.1% 9.2% 9.5% 9.8% 9.5% 9.3% 9.3% 9.3% 9.1% Payables $11.8 $11.4 $12.8 $14.8 $13.6 $13.4 $14.9 $14.4 $13.527 February 22, 2011 http://www.hp.com/investor/home

WORKING CAPITAL METRICS Days 60 50 40 30 20 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 Days receivables 46 48 48 48 42 43 46 50 46 Days inventory 31 25 25 23 25 25 28 23 25 Days payable 48 49 55 57 51 51 57 52 5028 February 22, 2011 http://www.hp.com/investor/home

HPFS SUPPLEMENTAL DATA In millions Q1 FY11 Q1 FY10 Q4 FY10 Depreciation (1) $404 $330 $376 Net capital expenditures (1) $465 $409 $539 Sequential increase (decrease) in net financing receivables $145 $129 $433 1. Depreciation and net capital expenditures are shown net of inter-company eliminations.29 February 22, 2011 http://www.hp.com/investor/home

FY10 GAAP to non-GAAP BRIDGE Amort. of Acquisition In millions except Purchased related per share amounts GAAP Intangibles Restructuring charges Non-GAAPRevenue $126,033 $126,033Cost of sales 95,956 95,956Total OpEx 18,598 (1,484) (1,144) (293) 15,677Operating profit 11,479 1,484 1,144 293 14,400Interest & other, net (505) (505)Pre-tax earnings 10,974 1,484 1,144 293 13,895Income tax 2,213 391 342 83 3,029Tax rate 20.2% 21.8%Net earnings 8,761 10,866EPS $3.69 $4.5830 February 22, 2011 http://www.hp.com/investor/home

FY09 GAAP to non-GAAP BRIDGE Amort. of In millions except Purchased Acquisition related per share amounts GAAP Intangibles Restructuring charges Non-GAAPRevenue $114,552 $114,552Cost of sales 87,489 87,489Total OpEx 16,927 (1,578) (640) (242) 14,467Operating profit 10,136 1,578 640 242 12,596Interest & other, net (721) (721)Pre-tax earnings 9,415 1,578 640 242 11,875Income tax 1,755 451 197 79 2,482Tax rate 18.6% 20.9%Net earnings 7,660 9,393EPS $3.14 $3.8535 February 22, 2011 http://www.hp.com/investor/home

Q1 FY09 GAAP to non-GAAP BRIDGE In millions except Amort. of Acquisition related per share amounts GAAP Purchased Intangibles Restructuring charges Non-GAAPRevenue $28,807 $28,807Cost of sales 22,064 22,064Total OpEx 4,246 (418) (146) (48) 3,634Operating profit 2,497 418 146 48 3,109Interest & other, net (232) (232)Pre-tax earnings 2,265 418 146 48 2,877Income tax 409 117 47 17 590Tax rate 18.1% 20.5%Net earnings 1,856 2,287EPS $0.75 $0.9339 February 22, 2011 http://www.hp.com/investor/home

FY08 GAAP to non-GAAP BRIDGE In millions except Amort. of Acquisition related per share amounts GAAP Purchased Intangibles Restructuring charges Non-GAAPRevenue $118,364

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HP Q1 FY11 Earnings Announcement

Investor Relations