Table 2			HP Imaging & Printing							Nov-06
				(Fiscal year end: Oct 31)
			2006e	% of	Change	2005	% of	Change	2004	% of
			($ Mill)	Rev	06/05	($ Mill)	Rev	05/04	($ Mill)	Rev
Revenue			29%			29%			30%
Business Segments (est)
	Supplies		$14,790	56.0%	5.6%	$14,010	55.7%	6.2%	$13,197	52.5%
	Business		$6,870	26.0%	2.1%	$6,730	26.8%	5.3%	$6,390	28.0%
	Consumer		$4,750	18.0%	14.2%	$4,160	16.6%	-4.0%	$4,335	19.0%
	Other				-100.0%	$250	1.0%	-9.7%	$277	1.1%
Total Revenue			$26,410	100.0%	5.0%	$25,150	100.0%	3.9%	$24,199	100.6%
	4Q06 Actual		$7,283		7.3%	$6,785
Costs
Cost of Revenue			$17,300	65.5%	6.7%	$16,220	64.5%	4.7%	$15,490	64.0%
One-time Charges
Total Costs			$17,300	65.5%	6.7%	$16,220	64.5%	4.7%	$15,490	64.0%
Gross Profit/Margin			$9,110	34.5%	2.0%	$8,930	35.5%	2.5%	$8,709	36.0%
Expenses
Sales, General & Marketing			$3,700	14.0%	5.1%	$3,520	14.0%	4.1%	$3,380	14.0%
Restr. Charges (apportioned)			$489			$489			$35
Research & Development			$1,580	6.0%	4.6%	$1,510	6.0%	4.1%	$1,450	6.0%
Total Expenses			$5,769	21.8%	4.5%	$5,519	21.9%	13.4%	$4,865	20.1%
Operating Profit (Loss)			$3,341	12.7%	-2.1%	$3,411	13.6%	-11.3%	$3,844	15.9%
as reported								-100.0%	$3,847	15.9%
	4Q06 Actual		$1,041	14.3%	27.9%	$814	12.0%
Other Income (Loss)			($5)	-0.0%	0.0%	($5)	-0.0%	-46.7%	($9)	-0.0%
Income (Loss) Before Tax			$3,336	12.6%	-2.1%	$3,406	13.5%	-11.2%	$3,838	15.9%
Income Tax (Benefit)			$678	20.3%	-2.1%	$692	20.3%	8.3%	$639	16.7%
Net Income (Loss)			$2,658	10.1%	-2.1%	$2,714	10.8%	-15.1%	$3,198	13.2%
Earnings per share (basic)		2.74	0.97			0.99			1.17
				Pro Forma Valuation
		P/E Ratio	Rev Ratio	Market Cap (est.)			Spin-off	Actual
				P/E	Rev	Combined	Benefit	(11/16/06)
Industry Segment Avg		15.00	1.00	$39.87	$26.41	$33.14
HP Corp Act Prorated		23.46	1.22	$62.36	$32.22	$47.29		$100.69
HP I&P		15.00	1.00	$39.87	$26.41	$33.14	($14.15)
	Source: Annex Research