HP Today Peter Moser, Director and Chief Technologist May, 2015 © Copyright 2014 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. Safe harbor This presentation contains forward-looking statements that involve risks, uncertainties and assumptions, relating to, among other things, the planned separation. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP may 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 but not limited to any statements of the plans, strategies and objectives of HP for future operations, including the separation transaction; the future performance of Hewlett-Packard Enterprise and HP Inc. if the separation is completed; the execution of restructuring plans and any resulting cost savings or revenue or profitability improvements; any projections of revenue, margins, expenses, HP’s effective tax rate, net earnings, net earnings per share, cash flows, benefit plan funding, share repurchases, currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring charges; any statements concerning the expected development, performance, market share or competitive performance relating to products or services; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the need to address the many challenges facing HP’s businesses; the competitive pressures faced by HP’s businesses; risks associated with executing HP’s strategy; the impact of macroeconomic and geopolitical trends and events; the need to manage third-party suppliers and the distribution of HP’s products and services effectively; the protection of HP’s intellectual property assets, including intellectual property licensed from third parties; risks associated with HP’s international operations; the development and transition of new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; the execution and performance of contracts by HP and its suppliers, customers and partners; the hiring and retention of key employees; integration and other risks associated with business combination and investment transactions; the execution, timing and results of the separation transaction or restructuring plans, including estimates and assumptions related to the cost and the anticipated benefits of implementing the separation transaction and restructuring plans; the resolution of pending investigations, claims and disputes; and other risks that are described in HP’s Annual Report on Form 10-K for the fiscal year ended October 31, 2013, and HP’s other filings with the Securities and Exchange Commission, including HP’s Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2014. As in prior periods, the financial information set forth in this presentation, including tax-related items, reflects estimates based on information available at this time. While HP believes these estimates to be reasonable, these amounts could differ materially from actual reported amounts in HP’s Annual Report on Form 10-K for the fiscal year ended October 31, 2014. HP assumes no obligation and does not intend to update these forward-looking statements. 2 © Copyright 2014 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. Use of non-GAAP financial information To supplement HP’s historical and forecasted financial results presented on a GAAP basis, HP provides revenue on a constant currency basis, HP’s non-GAAP tax rate, non- GAAP diluted net earnings per share and free cash flow. Definitions of these non-GAAP financial measures and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included elsewhere in this presentation and available in the supplemental information provided at www.hp.com/investor/2014OctAnnouncement/. HP’s management uses revenue on a constant currency basis, HP’s non-GAAP tax rate and non-GAAP diluted net earnings per share to evaluate and forecast HP’s performance before gains, losses or other charges that are considered by HP’s management to be outside of HP’s core business segment operating results. Free cash flow is a liquidity measure that provides useful information to management about the amount of cash available for investment in HP’s businesses, funding strategic acquisitions, repurchasing stock and other purposes. These non-GAAP financial measures may have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of HP’s results as reported under GAAP. Items such as amortization of purchased intangible assets, though not directly affecting HP’s cash position, represent the loss in value of intangible assets over time. The expense associated with this loss in value is not included in non-GAAP diluted net earnings per share and HP’s non-GAAP tax rate and therefore does not reflect the full economic effect of the loss in value of those intangible assets. In addition, items such as restructuring charges that are excluded from non- GAAP diluted net earnings per share and HP’s non-GAAP tax rate can have a material impact on cash flows and earnings per share. Free cash flow does not represent the total increase or decrease in the cash balance for the period. The non-GAAP financial information that we provide also may differ from the non-GAAP information provided by other companies. We compensate for the limitations on our use of these non-GAAP financial measures by relying primarily on our GAAP financial statements and using non-GAAP financial measures only supplementally. We also provide robust and detailed reconciliations of each non-GAAP financial measure to the most directly comparable GAAP measure, and we encourage investors to review carefully those reconciliations. We believe that providing these non-GAAP financial measures in addition to the related GAAP measures provides investors with greater transparency to the information used by HP’s management in its financial and operational decision-making and allows investors to see HP’s results “through the eyes” of management. We further believe that providing this information better enables investors to understand HP’s operating performance and to evaluate the efficacy of the methodology and information used by management to evaluate and measure such performance. 3 © Copyright 2014 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. What’s happening 1. The time is right 2. Two separate companies; separate accounting starting in August 3. HPE and HP Inc.; November 1st! 4. Splitting IT; New Style of Business 5. One growth, one income 6. Channel focus continues 7. Two still functioning as one © Copyright 2014 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. HP to separate into two new industry-leading public companies Hewlett-Packard Enterprise HP Inc. Defining the next generation of technology Leading personal systems and printing company infrastructure, software and services for the New delivering innovation that will empower people to Style of IT. create, interact and inspire like never before. Meg Whitman Patricia Russo Dion Weisler Meg Whitman President & Chief Chairman President & Chief Non-Executive Executive Officer Executive Officer Chairman Servers Networking Software Converged Notebooks Mobility Ink Printing Managed Systems Print Services Storage Services Cloud Desktops Graphics Laser Printing 5 © Copyright 2014 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. Two new independent publicly traded companies Hewlett-Packard Enterprise HP Inc. Fortune 50 company Fortune 50 company Enterprise Group 48% Enterprise Services 39% Personal Systems 59% (1) Revenue Mix Software 7% Printing 41% Financial Services 6% Financial Revenue Operating Profit Operating Margin Revenue Operating Profit Operating Margin Metrics(1) $58.4B $6.0B 10.2% $57.2B $5.4B 9.4% #1 in #1-2 in several #2 in Services4 #1 in Commercial PCs6 #2 in Consumer PCs6 Servers2 Software in categories9 in Inkjet7 Market Networking3 Positions in LaserJet7 #4 in Storage5 Leader in Private in Graphics10 Cloud8 Source: (1) Based on publicly reported last 12 months from Q4 fiscal 2013 to Q3 fiscal 2014 revenue and OP after allocating Corp. Unallocated costs; (2) CQ2’14 IDC WW Quarterly Server Tracker (3) CQ2’14 Dell ‘Oro WW Tracker (4) CQ4’13 IDC WW IT Services Tracker (5) CQ2’14 IDC WW External Disk Tracker; (6) CQ2’14 IDC WW PC Tracker(7) CQ2’14 IDC WW HCP Tracker (8) Forrester – Forrester Wave November 2013 (9) Gartner MQ leader in: Information Archiving, Structured Data Archiving, eDiscovery, Web 6 ©Content Copyright Management, 2014 Hewlett- EnterprisePackard Development Content Management, Company, L.P. TheEnterprise information