HEWLETT-PACKARD COMPANY AND SUBSIDIARIES                  
                    CALCULATION OF NET EARNINGS PER SHARE                   
                                 (Unaudited)                                
                   (In millions except per share amounts)                   
                                                                            
                                                        Twelve months ended 
                                                            October 31,     
                                                      ----------------------
                                                                            
                                                         2011        2010   
                                                      ----------  ----------
                                                                            
Numerator:                                                                  
  GAAP net earnings                                   $    7,074  $    8,761
                                                      ==========  ==========
                                                                            
  Non-GAAP net earnings                               $   10,379  $   10,866
                                                      ==========  ==========
                                                                            
Denominator:                                                                
  Weighted-average shares used to compute basic EPS        2,094       2,319
  Dilutive effect of employee stock plans                     34          53
                                                      ----------  ----------
  Weighted-average shares used to compute diluted EPS      2,128       2,372
                                                      ==========  ==========
                                                                                                                                         
GAAP  net  earnings  per  share:                                                                                                
    Basic(a)                                                                                        $          3.38    $          3.78
    Diluted(c)                                                                                    $          3.32    $          3.69
                                                                                                                                                        
Non-GAAP  net  earnings  per  share:                                                                                        
    Basic(b)                                                                                        $          4.96    $          4.69
    Diluted(c)                                                                                    $          4.88    $          4.58
                                                                                                                                                        
                                                                                                                                                        
(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.