Hewlett-Packard (HPQ)

Gains (Losses) on Investments

        Net gains on investment in fiscal 2007 and fiscal 2006 resulted primarily from gains on the sale of equity investments, which were offset in part by impairment charges on our investment portfolio. Net losses in fiscal 2005 resulted primarily from impairment charges on equity investments in our publicly-traded and privately-held investment portfolios. Partially offsetting these losses were gains attributable to the sale of investments.

Gains (Losses) on Investments

Net gains on investment for the three months ended January 31, 2007 resulted primarily from gains on the sale of investments, which were offset in part by impairment charges on our investment portfolio. Net losses for the three months ended January 31, 2006 resulted primarily from impairment charges on our equity investments portfolios.

Gains (Losses) on Investments

        Net gains in fiscal 2006 resulted primarily from gains on the sale of investments, which were offset in part by impairment charges on our investment portfolio. Net losses in fiscal 2005 resulted primarily from impairment charges on equity investments in our publicly-traded and privately-held investment

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portfolios. Partially offsetting these losses were gains attributable to the sale of investments. Net gains in fiscal 2004 were attributable mainly to the realization of a contingent gain associated with a prior period divestiture and realized gains from the sale of investments in excess of impairment charges.

Gains (Losses) on Investments

        Net gains for the third quarter and first nine months of fiscal 2006 resulted primarily from gains on the sale of investments, which were offset in part by impairment charges on our investment portfolio. The net loss in the first nine months of fiscal 2005 was attributable mainly to impairment charges on our equity investment portfolio.

Gains (Losses) on Investments

        Net gains for the second quarter and first six months of fiscal 2006 resulted primarily from gains on the sale of investments, offset in part by impairment charges on our investment portfolio. The losses in the first six months of fiscal 2005 were attributable mainly to impairment charges on our equity investments portfolio, offset partially by gains on the sale of investments.