Report of Independent Auditors To the Board of Directors and Stockholders of Hewlett-Packard Company Report of Independent Accountants To the Board of Directors and Stockholders of Hewlett-Packard Company Hewlett-Packard Company and Subsidiaries We have audited, in accordance with auditing standards generally accepted in the United States, the consolidated balance sheet of Hewlett-Packard Company and subsidiaries as of October 31, 2000, and the related consolidat- ed statements of earnings, stockholders’ equity and cash flows for the year then ended (not presented separately herein); and in our report dated November 15, 2000, we expressed an unqualified opinion on those consolidat- ed financial statements. In our opinion, the information set forth in the accompanying condensed consolidated financial statements is fairly stated in all material respects in relation to the consolidated financial statements from which it has been derived. Hewlett-Packard Company and Subsidiaries We have audited, in accordance with auditing standards generally accepted in the United States of America, the consolidated financial statements of Hewlett-Packard Company as of October 31,1999 and for each of the two years in the period ended October 31,1999 accompanying the Notice of Annual Meeting and Proxy Statement for the 2001 Annual Meeting of Shareowners of Hewlett-Packard Company (which statements are not presented herein); and in our report dated November 23, 1999 we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated bal- ance sheet as of October 31, 1999 and the related condensed consolidated statements of earnings and cash flows for each of the two years in the period ended October 31,1999 is fairly stated in all material respects in relation to the consolidated financial statements from which it has been derived. We have not audited the consoli- dated financial statements of Hewlett-Packard Company for any period subsequent to October 31,1999. San Jose, California November 23,1999, except for the stock split disclosed  in Note 12 of the consolidated financial statements,as to  which the date is October 27, 2000. 58 San Jose, California November 15, 2000