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Exhibit 12

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

			Six Months Ended April 30, 2008		Fiscal Years Ended October 31,
					2007		2006			2005			2004			2003
			In millions, except ratios
Earnings:
	Earnings before taxes		$	5,278	$	9,177	$	7,191		$	3,543		$	4,196		$	2,888
	Adjustments:
		Minority interest in the income of subsidiaries with fixed charges		6		19		8			4			12			15
		Undistributed (earnings) loss of equity method investees		—		9		(8	)		(2	)		(2	)		22
		Fixed charges		456		995		746			809			687			710
			$	5,740	$	10,200	$	7,937		$	4,354		$	4,893		$	3,635
Fixed charges:
	Total interest expense, including interest expense on borrowings, amortization of debt discount and premium on all indebtedness and other		$	217	$	531	$	336		$	377		$	257		$	304
	Interest included in rent			239		464		410			432			430			406
Total fixed charges			$	456	$	995	$	746		$	809		$	687		$	710
Ratio of earnings to fixed charges (excess of fixed charges over earnings)				12.6x		10.3x		10.6x			5.4x			7.1x			5.1x

⁽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, minority interest 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.

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Exhibit 12

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