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Table 7			HP Consolidated							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			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
	2Q05 Actual		$21,871		7.4%	$20,366
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			$64,965	74.8%	7.7%	$60,340	74.1%	12.0%	$53,858	73.0%
Gross Profit/Margin			$21,035	24.5%	7.5%	$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)			$5,265	6.1%	24.6%	$4,227	5.3%	45.9%	$2,896	4.0%
as reported						$4,227	5.3%	46.0%	$2,896	4.0%
	2Q05 Actual		$1,438	6.6%	4.1%	$1,382	6.8%
Other Income (Loss)			($20)	-0.0%	-35.5%	($31)	-0.0%	287.5%	($8)	-0.0%
Income (Loss) Before Tax			$5,245	6.1%	25.0%	$4,196	5.3%	45.3%	$2,888	4.0%
Income Tax (Benefit)			$775	14.8%		$699	16.7%		$349	12.1%
Net Income (Loss)			$4,470	5.2%	27.8%	$3,497	4.4%	37.8%	$2,539	3.5%
Earnings per share (basic)		2.89	1.55			1.21			0.88
				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		17.00	6.00	$75.99	$516.00	$295.99
HP Corporate Actual		12.96	0.69	$63.21	$62.24	$62.40		$62.40
HP Broken-up		14.99	1.01			$87.12	$24.72	$87.12
	Source: Annex Research
_	_	_	_	_	_	_	_	_	_	_
ttm P/E		24.91