Table 4			HP Personal Systems							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			32%			31%			31%
Business Segments (est)
	Desktop		$14,810	51.0%	3.4%	$14,320	53.6%	2.1%	$14,031	56.0%
	Notebook		$11,620	40.0%	19.1%	$9,760	36.5%	15.9%	$8,423	33.5%
	Other		$2,610	9.0%	-1.9%	$2,660	9.9%	22.7%	$2,168	8.8%
Total Revenue			$29,040	100.0%	8.6%	$26,740	100.0%	8.6%	$24,622	98.3%
	4Q06 Actual		$7,823		10.0%	$7,113
Costs
Cost of Revenue			$24,830	85.5%	9.8%	$22,620	84.6%	4.4%	$21,670	88.0%
One-time Charges
Total Costs			$24,830	85.5%	9.8%	$22,620	84.6%	4.4%	$21,670	88.0%
Gross Profit/Margin			$4,210	14.5%	2.2%	$4,120	15.4%	39.6%	$2,952	12.0%
Expenses
Sales, General & Marketing			$2,900	10.0%	8.6%	$2,670	10.0%	8.5%	$2,460	10.0%
Restr. Charges (apportioned)			$537			$519			$37
Research & Development			$290	1.0%	7.4%	$270	1.0%	8.0%	$250	1.0%
Total Expenses			$3,727	12.8%	7.7%	$3,459	12.9%	25.9%	$2,747	11.2%
Operating Profit (Loss)			$483	1.7%	-26.9%	$661	2.5%	222.2%	$205	0.8%
as reported								-100.0%	$205	0.8%
	4Q06 Actual		$248	3.2%	68.7%	$147	2.1%
Other Income (Loss)			($5)	-0.0%	0.0%	($5)	-0.0%	-47.7%	($10)	-0.0%
Income (Loss) Before Tax			$478	1.6%	-27.2%	$656	2.5%	235.4%	$195	0.8%
Income Tax (Benefit)			$97	20.3%	-27.2%	$133	20.3%	309.3%	$33	16.7%
Net Income (Loss)			$381	1.3%	-27.2%	$522	2.0%	220.7%	$163	0.7%
Earnings per share (basic)		2.74	0.14			0.19			0.06
				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		20.00	0.99	$7.61	$28.75	$18.18
HP Corp Act Prorated		23.46	1.22	$8.93	$35.43	$32.13		$100.69
HP PC		22.00	1.02	$8.37	$29.62	$19.00	($13.14)
	Source: Annex Research