1

June 1, 2010

INVESTING TOLAUNCH A NEWERA OF ENTERPRISESERVICES

1 ©2009 Hewlett-Packard Development Company, L.PThe information herein is subject to change without notice.

2 June 1, 2010

FORWARD-LOOKING STATEMENTS

This presentation contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties

materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those

expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are

statements that could be deemed forward-looking statements, including the expected benefits and costs of the transformation of the

Enterprise Services business; management plans relating to the transformation and the operation of the Enterprise Services business

during and after the completion of the transformation; the expected timing of the completion of the transformation; the ability to

complete the transformation considering the various risks and uncertainties associated with its execution; any other statements of the

plans, strategies and objectives of management for future operations; any statements of expectation or belief; and any statements of

assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the possibility that expected benefits of the

transformation may not materialize as expected; that the transformation may not be timely completed, if at all; that, prior to the

completion of the transformation, the Enterprise Services business may not perform as expected due to transformation-related

uncertainty or other factors; that HP is unable to successfully execute on the transformation; and other risks that are described in HP’s

Securities and Exchange Commission reports, including but not limited to the risks described in HP’s Annual Report on Form 10-K for

its fiscal year ended October 31, 2009 and Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2010. HP

assumes no obligation and does not intend to update these forward-looking statements.

3 June 1, 2010

IMPORTANT INFORMATIONUse of financial forecasts and projections

This presentation contains forecasts and projections of the potential impact of the multi-year transformation of HP’senterprise services business on HP’s future financial results. Although sometimes presented with numerical specificity, theseforecasts and projections are based upon a variety of estimates and hypothetical assumptions made by HP’s management.These forecasts and projections are subjective in many respects and thus susceptible to interpretation and periodic revisionbased on actual experience and developments occurring since the date the forecasts and projections were prepared.While HP’s management believes that these estimates and assumptions are reasonable under the circumstances, some orall of those estimates and assumptions may not be realized, and they are inherently subject to significant business andeconomic uncertainties and contingencies, and such uncertainties and contingencies can generally be expected toincrease with the passage of time. Should any of the estimates and assumptions change or prove to have been incorrect, itcould materially affect the ultimate accuracy of these forecasts and projections. For these reasons, the inclusion of theseforecasts and projections in this Presentation should not be regarded as an indication that the forecasts and projections willbe an accurate prediction of future events, and they should not be relied on as such. HP assumes no obligation and doesnot intend to update these forecasts and projections.

Consultations with employee representatives

For those countries that require consultation with works councils and other employee representatives in relation to the localimplementation of any restructuring plans or organizational changes, these materials are not intended to provide country-specific information and in no way reflect final decisions at a local level. Where required by law, final decisions will besubject to prior consultation with works councils and other employee representatives.

4 June 1, 2010

~450 basis points of marginexpansion in services from Q408

> 25,000 total deals signed,>270 new logos, >50 mega deals

Leader in datacenter and utility services,communication outsourcing services, SAP outsourcing

Client loyalty metric improved 4 percentagepoints in fiscal 2Q10 versus 2Q09

>100,000 employees integrated, >200 sitesclosed, > 400 IT applications retired

INTEGRATION UPDATEClosing the chapter

Expanded operatingmargins

Substantially completedoperational integration

Received strong externalvalidation

Improved clientsatisfaction

Extended clientrelationships

5 June 1, 2010

LEVERAGING PORTFOLIO LEADERSHIP TOTRANSFORM ENTERPRISE SERVICES

– Plan to leverage HP technology and portfolio leadership to enhanceservices capabilities

• Enhance service levels and create new innovative offerings for clients

• Consolidate, modernize and automate delivery infrastructure

• Create more agile and streamlined organization

– Plan to reinvest savings in growth while expanding margins

• Increase sales coverage

• Expand global delivery capability

• Expect annual gross savings of $1 billion and net savings of roughly $0.5 billion to $0.7

billion by the end of FY13

6 June 1, 2010

MULTI-YEAR TRANSFORMATIONLeveraging power of the HP technology portfolio

• Private cloud infrastructure service

• Desktop-as-a-service

• Expect to add ~6,000 positions in sales and

delivery

• Reduce the number of commercial data centersand tools by roughly half

• Transform clients to HP Converged Infrastructureand management software

• Once completed, ~9,000 positions expected tobe eliminated over a multi-year period as weautomate & modernize delivery infrastructure

• Deliver innovative service offerings

• Expand global delivery capabilityand sales coverage

• Fully automated, standardized,state-of-the art data centers andtoolsets

Invest & GrowModernize

TRANSFORMATION

7 June 1, 2010

10%

11%

12%

13%

14%

15%

16%

H208 H109 H209 H110

SERVICES OP MARGIN

INTEGRATION PROGRESS VISIBLE IN MARGINSEDS integration and margin improvement ahead of plan

OPERATING MARGIN GUIDANCEGIVEN AT SEPTEMBER 2008

ANALYST MEETING

FY10: 11% – 13%

Timeless: 13% – 15%

8 June 1, 2010

INVESTING TO DRIVE GROWTH ANDMARGINS

– $1 billion pre-tax restructuring charge to be taken against GAAPearnings and excluded from non-GAAP earnings over a multi-yearperiod

• Charge relates to severance, asset impairment, etc. over multi-year transformation period

• Only half of the charge to be accounted for in Q3’10 and balance over remaining

transformation period

– Compelling expected return on investment• Estimated annual savings by the end of FY13 of $1 billion, with $0.5 billion to $0.7 billion

expected flow through to pre-tax earnings

9 June 1, 2010

Q & A

Imaging &Printing Group

21%

EnterpriseStorage &

Servers13%