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

			Fiscal years ended October 31

			2011		2010		2009		2008		2007
			In millions, except ratios
Earnings:
	Earnings before taxes		$	8,982	$	10,974	$	9,415	$	10,473	$	9,177
	Adjustments:
		Non-controlling interests in the income of subsidiaries with fixed charges		75		108		74		17		19
		Undistributed loss of equity method investees		3		12		2		—		9
		Fixed charges		1,027		868		1,098		1,147		995

			$	10,087	$	11,962	$	10,589	$	11,637	$	10,200

Fixed charges:
	Total interest expense, including interest expense on borrowings, amortization of debt discount and premium on all indebtedness and other		$	551	$	417	$	585	$	467	$	531
	Interest included in rent			476		451		513		680		464

Total fixed charges			$	1,027	$	868	$	1,098	$	1,147	$	995

Ratio of earnings to fixed charges				9.8x		13.8x		9.6x		10.1x		10.3x

⁽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.