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Table 7			HP Consolidated							Aug-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			100%			100%			100%
Business Segments (est)
	Eliminations		$890			$1,512			$716
Total Revenue			$86,000	0.0%	7.6%	$79,905	0.0%	9.4%	$73,061	0.0%
Before eliminations			$86,890			$81,417			$73,777
	3Q05 Actual		$21,016		9.5%	$19,194
Costs
Cost of Revenue			$64,190	73.9%	6.8%	$60,120	73.8%	11.5%	$53,900	73.1%
Unallocated Costs						$220			($42)
Total Costs			$65,315	75.2%	8.2%	$60,340	74.1%	12.0%	$53,858	73.0%
Gross Profit/Margin			$20,685	24.1%	5.7%	$19,565	24.5%	1.9%	$19,203	26.3%
Expenses						$11,718			$11,856
Sales, General & Marketing			$12,180	14.2%	3.9%	$11,718	14.7%	-1.2%	$11,856	16.2%
Restructuring Charges (apportioned to Softw)						$114			$800
Research & Development			$3,590	4.2%	2.4%	$3,506	4.4%	-4.0%	$3,651	5.0%
Total Expenses			$15,770	18.3%	2.8%	$15,338	19.2%	-5.9%	$16,307	22.3%
						$3,506			$3,651
Operating Profit (Loss)			$4,915	5.7%	16.3%	$4,227	5.3%	45.9%	$2,896	4.0%
as reported						$4,227	5.3%	46.0%	$2,896	4.0%
	3Q05 Actual		$1,321	6.3%	46.1%	$904	4.7%
Other Income (Loss)			($20)	-0.0%	-35.5%	($31)	-0.0%	287.5%	($8)	-0.0%
Income (Loss) Before Tax			$4,895	5.7%	16.7%	$4,196	5.3%	45.3%	$2,888	4.0%
Income Tax (Benefit)			$732	14.9%		$699	16.7%		$349	12.1%
Net Income (Loss)			$4,163	4.8%	19.1%	$3,497	4.4%	37.8%	$2,539	3.5%
Earnings per share (basic)		2.89	1.44			1.21			0.88
				Pro Forma Valuation
		P/E Ratio	Rev Ratio	Market Cap (est.)			Spin-off	Actual
				P/E	Rev	Combined	Benefit	(8/16/05)
Industry Segment Avg		17.00	6.00	$70.78	$516.00	$293.39
HP Corporate Actual		19.67	0.83	$95.94	$74.87	$68.46		$68.46
HP Broken-up		20.30	0.98			$84.54	$16.08	$84.54
	Source: Annex Research
_	_	_	_	_	_	_	_	_	_	_
ttm P/E		24.17