HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Statements of Computation of Ratio of Earnings to Fixed Charges⁽¹⁾

			Six months ended April 30, 2011		Fiscal years ended October 31

			Six months ended April 30, 2011		2010		2009		2008		2007		2006
			In millions, except ratios
Earnings:
	Earnings before taxes		$	6,189	$	10,974	$	9,415	$	10,473	$	9,177	$	7,191
	Adjustments:
		Non-controlling interests in the income of subsidiaries with fixed charges		36		108		74		17		19		8
		Undistributed loss (earnings) of equity method investees		5		12		2		—		9		(8	)
		Fixed charges		472		868		1,098		1,147		995		746

			$	6,702	$	11,962	$	10,589	$	11,637	$	10,200	$	7,937

Fixed charges:
	Total interest expense, including interest expense on borrowings, amortization of debt discount and premium on all indebtedness and other		$	248	$	417	$	585	$	467	$	531	$	336
	Interest included in rent			224		451		513		680		464		410

Total fixed charges			$	472	$	868	$	1,098	$	1,147	$	995	$	746

Ratio of earnings to fixed charges				14.2x		13.8x		9.6x		10.1x		10.3x		10.6x

⁽¹⁾: HP computed the ratio of earnings to fixed charges by dividing earnings (earnings before cumulative effect of change in accounting principle and taxes, adjusted for fixed charges, non-controlling interests in the income of subsidiaries with fixed charges and undistributed earnings or loss of equity method investees) by fixed charges for the periods indicated. Fixed charges include (i) interest expense on borrowings and amortization of debt discount or premium on all indebtedness and other, and (ii) a reasonable approximation of the interest factor deemed to be included in rental expense.