HP Reports Q1 2007 Results

               HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
           CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                             (Unaudited)
                            (In millions)

                                             Three Months Three Months
                                                 Ended        Ended
                                             January 31,  January 31,
                                                 2007         2006
                                             ------------ ------------

Cash flows from operating activities:
  Net earnings                                    $1,547       $1,227
  Adjustments to reconcile net earnings to
   net cash provided by operating
   activities:
    Depreciation and amortization                    643          563
    Stock-based compensation expense                 163          144
    Provision for bad debt and inventory              77          102
    (Gains) losses on investments                    (10)           2
    In-process research and development
     charges                                         167           50
    Restructuring                                    (41)          15
    Pension curtailment                               (9)           -
    Deferred taxes on earnings                        91           55
    Excess tax benefit from stock-based
     compensation                                   (100)         (65)
    Other, net                                        (3)          77
  Changes in assets and liabilities:
    Accounts and financing receivables               548        1,193
    Inventory                                       (698)          89
    Accounts payable                                (759)      (1,291)
    Taxes on earnings                                131          (72)
    Restructuring                                   (281)        (162)
    Other assets and liabilities                  (1,488)         (81)
                                             ------------ ------------
      Net cash (used in) provided by
       operating activities                          (22)       1,846
                                             ------------ ------------

Cash flows from investing activities:
    Investment in property, plant and
     equipment                                      (718)        (427)
    Proceeds from sale of property, plant
     and equipment                                   139          105
    Purchases of available-for-sale
     securities and other investments                (13)         (13)
    Maturities and sales of available-for-
     sale securities and other investments            92           21
    Payments made in connection with
     business acquisitions, net                                   (4,464)                (653)
                                                                                          ------------  ------------
            Net  cash  used  in  investing  activities              (4,964)                (967)
                                                                                          ------------  ------------

Cash  flows  from  financing  activities:
        Issuance  (repayment)  of  commercial  paper
          and  notes  payable,  net                                                1,263                    (68)
        Issuance  of  debt                                                                    69                      81
        Payment  of  debt                                                              (1,056)                (231)
        Issuance  of  common  stock  under  employee
          stock  plans                                                                          797                    647
        Repurchase  of  common  stock                                        (2,312)            (1,401)
        Prepayment  of  common  stock  repurchases                          -              (1,722)
        Excess  tax  benefit  from  stock-based
          compensation                                                                        100                      65
        Dividends                                                                              (218)                (227)
                                                                                          ------------  ------------
            Net  cash  used  in  financing  activities              (1,357)            (2,856)
                                                                                          ------------  ------------

Decrease  in  cash  and  cash  equivalents                          (6,343)            (1,977)
Cash  and  cash  equivalents  at  beginning  of
  period                                                                                      16,400              13,911
                                                                                          ------------  ------------
Cash  and  cash  equivalents  at  end  of  period              $10,057            $11,934
                                                                                          ============  ============
 


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