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Exhibit 12

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

			Fiscal Years Ended October 31,
			2008		2007		2006			2004			2003
			In millions, except ratios
Earnings:
	Earnings before taxes		$	10,473	$	9,177	$	7,191		$	3,543		$	4,196
	Adjustments:
		Minority interest in the income of subsidiaries with fixed charges		17		19		8			4			12
		Undistributed (earnings) loss of equity method investees		—		9		(8	)		(2	)		(2	)
		Fixed charges		1,147		995		746			809			687
			$	11,637	$	10,200	$	7,937		$	4,354		$	4,893
Fixed charges:
	Total interest expense, including interest expense on borrowings, amortization of debt discount and premium on all indebtedness and other		$	467	$	531	$	336		$	377		$	257
	Interest included in rent			680		464		410			432			430
Total fixed charges			$	1,147	$	995	$	746		$	809		$	687
Ratio of earnings to fixed charges (excess of fixed charges over earnings)				10.1x		10.3x		10.6x			5.4x			7.1x

⁽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