Quarterly overview February 25, 2003

The information contained in the pages below speaks as of the date issued. Investors should not assume that statements made in these documents remain operative at a later time.

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Financial information included in the earnings release:
	» Consolidated condensed statement of earnings » Non-GAAP consolidated condensed statement of earnings » Consolidated condensed balance sheet » Consolidated condensed statement of cash flows » Segment information

Other financial information:

» Calculation of net earnings per share » Calculation of non-GAAP net earnings per share » Selected financial information » Geographic revenue growth comparison

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» Financial statements (PDF, 248KB)
» Other financial information (PDF, 133KB)

Calculation of Net Earnings Per Share

HP's basic earnings per share (EPS) were calculated based on net earnings and the weighted-average number of shares outstanding during the reporting period.

The diluted earnings per share include additional dilution from potential issuance of common stock, such as stock issuable pursuant to exercise of stock options outstanding and the conversion of debt.

The weighted average number of shares is presented for HP as follows:

• The three-month periods ended January 31, 2003 and October 31, 2002 include the shares issued in the Compaq merger in the weighted average share calculation from May 3, 2002, (the date of acquisition).
• Historical HP is presented for the three-month period ended January 31, 2002 and does not include any shares issued in the Compaq merger.

For more information on each of these presentations please refer to their respective financial statements.

Calculation of Non-GAAP Net Earnings Per Share

HP's basic non-GAAP earnings per share (EPS) were calculated based on non-GAAP net earnings and the weighted-average number of shares outstanding during the reporting period.

HP's diluted non-GAAP EPS included additional dilution from potential issuance of common stock, such as stock issuable pursuant to exercise of stock options outstanding and the conversion of debt.

The weighted average number of shares in the non-GAAP EPS calculations includes the shares issued in the Compaq merger from May 3, 2002, (the date of acquisition).

For more information on each of these presentations please refer to their respective financial statements.