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Table 4			HP Personal Systems							Nov-05
				(Fiscal year end: Oct 31)
			2005	% of	Change	2004	% of	Change	2003	% of
			($ Mill)	Rev	05/04	($ Mill)	Rev	04/03	($ Mill)	Rev
_	_	_	_	_	_	_	_	_	_	_
Revenue			31%			31%			29%
Business Segments (est)
	Desktop		$14,320	53.6%	2.1%	$14,031	56.0%	16.1%	$12,090	57.0%
	Notebook		$9,760	36.5%	15.9%	$8,423	33.5%	80.4%	$4,670	22.0%
	Other		$2,660	9.9%	22.7%	$2,168	8.8%	-51.3%	$4,450	21.0%
Total Revenue			$26,740	100.0%	8.6%	$24,622	98.3%	16.1%	$21,210	100.0%
	4Q05 Actual		$7,113		8.8%	$6,540
Costs
Cost of Revenue			$22,620	84.6%	4.4%	$21,670	88.0%	16.4%	$18,620	87.8%
One-time Charges
Total Costs			$22,620	84.6%	4.4%	$21,670	88.0%	16.4%	$18,620	87.8%
Gross Profit/Margin			$4,120	15.4%	39.6%	$2,952	12.0%	14.0%	$2,590	12.2%
Expenses
Sales, General & Marketing			$2,670	10.0%	8.5%	$2,460	10.0%	16.0%	$2,120	10.0%
Restr. Charges (apportioned)			$519			$37			$232
Research & Development			$270	1.0%	8.0%	$250	1.0%	19.0%	$210	1.0%
Total Expenses			$3,459	12.9%	25.9%	$2,747	11.2%	7.2%	$2,562	12.1%
Operating Profit (Loss)			$661	2.5%	222.3%	$205	0.8%	638.6%	$28	0.1%
as reported						$205	0.8%	831.8%	$22	0.1%
	4Q05 Actual		$200	2.8%	159.7%	$77	1.2%
Other Income (Loss)			($5)	-0.0%	-47.7%	($10)	-0.0%	311.3%	($2)	-0.0%
Income (Loss) Before Tax			$656	2.5%	235.4%	$195	0.8%	668.5%	$25	0.1%
Income Tax (Benefit)			$133	20.3%	309.3%	$33	16.7%	959.4%	$3	12.1%
Net Income (Loss)			$522	2.0%	220.7%	$163	0.7%	628.5%	$22	0.1%
Earnings per share (basic)		2.88	0.18			0.06			0.01
				Pro Forma Valuation
		P/E Ratio	Rev Ratio	Market Cap (est.)			Spin-off	Actual
			(IBM/Lenovo)	P/E	Rev	Combined	Benefit	(11/17/05)
Industry Segment Avg		12.00	0.18	$6.27	$4.68	$5.47
HP Corp Act Prorated		27.72	0.95	$14.48	$25.40	$25.62		$83.08
HP PCs		10.00	0.20	$5.22	$5.35	$5.29	($20.34)
	Source: Annex Research
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