HEWLETT-PACKARD COMPANY AND SUBSIDIARIES                  
                    CALCULATION OF NET EARNINGS PER SHARE                   
                                 (Unaudited)                                
                   (In millions except per share amounts)                   
                                                                            
                                                 Three months ended         
                                       -------------------------------------
                                       October 31,    July 31,   October 31,
                                           2011         2011         2010   
                                       -----------  -----------  -----------
                                                                            
Numerator:                                                                  
                                                                            
  GAAP net earnings                    $       239  $     1,926  $     2,538
                                       ===========  ===========  ===========
                                                                            
  Non-GAAP net earnings                $     2,350  $     2,282  $     3,064
                                       ===========  ===========  ===========
                                                                            
Denominator:                                                                
  Weighted-average shares used to                                           
   compute basic EPS                         1,989        2,054        2,249
  Dilutive effect of employee stock                                         
   plans                                        16           26           48
                                       -----------  -----------  -----------
  Weighted-average shares used to                                                 
      compute  diluted  EPS                                              2,005                2,080                2,297
                                                                              ===========    ===========    ===========
                                                                                                                                                        
GAAP  net  earnings  per  share:                                                                                                
    Basic(a)                                                          $            0.12    $            0.94    $            1.13
    Diluted(c)                                                      $            0.12    $            0.93    $            1.10
                                                                                                                                                        
Non-GAAP  net  earnings  per  share:                                                                                        
    Basic(b)                                                          $            1.18    $            1.11    $            1.36
    Diluted(c)                                                      $            1.17    $            1.10    $            1.33
                                                                                                                                                        
                                                                                                                                                        
(a)  GAAP  basic  earnings  per  share  were  calculated  based  on  GAAP  net  earnings
        and  the  weighted-average  number  of  shares  outstanding  during  the                
        reporting  period.                                                                                                              
                                                                                                                                                        
(b)  Non-GAAP  basic  earnings  per  share  were  calculated  based  on  non-GAAP  net  
        earnings  and  the  weighted-average  number  of  shares  outstanding  during      
        the  reporting  period.                                                                                                      
                                                                                                                                                        
(c)  Diluted  net  earnings  per  share  included  any  dilutive  effect  of                    
        outstanding  stock  options,  performance-based  restricted  units,                    
        restricted  stock  units  and  restricted  stock.