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Table 6			HP Financing & Investments							May-05
				(Fiscal year end: Oct 31)
			2005e	% of	Change	2004	% of	Change	2003	% of
			($ Mill)	Rev	05/04	($ Mill)	Rev	04/03	($ Mill)	Rev
_	_	_	_	_	_	_	_	_	_	_
Revenue			3%			3%			3%
Business Segments (est)
	Americas		$880	44.0%	6.0%	$830	44.0%	-2.4%	$850	44.0%
	EMEA		$800	40.0%	5.3%	$760	40.0%	-1.3%	$770	40.0%
	Asia/Pacific		$310	15.6%	1.6%	$305	16.1%	1.3%	$301	15.7%
			$1,990			$1,895			$1,921
Total Revenue			$2,430	99.6%	3.7%	$2,344	100.1%	3.5%	$2,265	99.7%
Corp Investments (incl. above)			$440			$449			$344
	2Q05 Actual		$544		16.0%	$469
Costs
Cost of Revenue			$1,800	74.0%	4.7%	$1,720	73.5%	-2.8%	$1,770	78.0%
Cost of Corp Investments			$630			$627			$505
Total Costs			$2,430	100.0%	3.5%	$2,347	100.1%	3.2%	$2,275	100.4%
Gross Profit/Margin			($0)	-0.0%	-91.7%	($3)	-0.1%	-70.0%	($10)	-0.4%
Expenses
Sales, General & Marketing			$20	1.0%	-60.0%	$50	2.0%	0.0%	$50	2.0%
Restructuring Charges (apportioned to FS)						$3			$25
Research & Development
Total Expenses			$20	0.0%	-62.5%	$53	0.0%	-28.7%	$75	0.0%
Operating Profit (Loss)			($20)	-0.8%	-64.1%	($56)	-2.4%	-33.6%	($85)	-3.7%
as reported (incl. corp invest)						($53)	-2.3%	-35.4%	($82)	-3.6%
	2Q05 Actual		$7	1.3%	-153.8%	($13)	-2.8%
Other Income (Loss)			($5)	-0.2%	449.8%	($1)	-0.0%	266.7%	($0)	-0.0%
Income (Loss) Before Tax			($25)	-1.0%	-55.9%	($57)	-2.4%	-32.7%	($85)	-3.8%
Income Tax (Benefit)				16.7%			16.7%			12.1%
Net Income (Loss)			($25)	-1.0%	-55.9%	($57)	-2.4%	-32.7%	($85)	-3.8%
Earnings per share (basic)		2.91	(0.01)			(0.02)			(0.03)
				Pro Forma Valuation
		P/E Ratio	Rev Ratio	Market Cap (est.)			Spin-off	Actual
				P/E	Rev	Combined	Benefit	(4/4/05)
Industry Segment Avg		14.50	2.20	($0.37)	$5.35	$2.49
HP Corporate		12.96	0.69	$63.69	$62.24	$1.79		$63.44
HP Finance & Investments			0.90		$2.19	$2.19	$0.39
	Source: Annex Research
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