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Hewlett-Packard Inc.

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US428236BM44 ( en USD )

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Prospectus brochure de l'obligation HP Inc US428236BM44 en USD 4.3%, échue

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428236BM4

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HP Inc. est une entreprise technologique multinationale américaine qui conçoit, développe, fabrique, commercialise et vend des produits informatiques personnels, imprimantes, et des services associés.

L'Obligation émise par Hewlett-Packard Inc. ( Etas-Unis ) , en USD, avec le code ISIN US428236BM44, paye un coupon de 4.3% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 01/06/2021

Filed Pursuant to Rule 424(b)(5)
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424B5 1 d424b5.htm FILED PURSUANT TO RULE 424(B)(5)
Table of Contents
Filed Pursuant to Rule 424(b)(5)
Registration No. 333-159366
CALCULATION OF REGISTRATION FEE

Title of each class of securities
Amount to
Maximum
Maximum
Amount of
offered
be registered
offering price
aggregate
registration

per unit
offering price

fee(1)
Floating Rate Global Notes due
$1,750,000,000
100%
$1,750,000,000
$203,175.00
May 24, 2013

Floating Rate Global Notes due
$500,000,000
100%
$500,000,000
$58,050.00
May 30, 2014

1.550% Global Notes due
$500,000,000
99.971%
$499,855,000
$58,033.17
May 30, 2014

2.650% Global Notes due June 1,
$1,000,000,000
99.958%
$999,580,000
$116,051.24
2016

4.300% Global Notes due June 1,
$1,250,000,000
99.799%
$1,247,487,500
$144,833.30
2021

(1) Calculated in accordance with Rule 457(r) under the Securities Act of 1933, as amended.
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Table of Contents

Prospectus Supplement
May 25, 2011
(To Prospectus dated May 20, 2009)
$5,000,000,000

$1,750,000,000 Floating Rate Global Notes due May 24, 2013
$500,000,000 Floating Rate Global Notes due May 30, 2014
$500,000,000 1.550% Global Notes due May 30, 2014
$1,000,000,000 2.650% Global Notes due June 1, 2016
$1,250,000,000 4.300% Global Notes due June 1, 2021

We are offering $1,750,000,000 of our Floating Rate Global Notes due May 24, 2013, $500,000,000 of our Floating Rate Global Notes due May 30, 2014,
$500,000,000 of our 1.550% Global Notes due May 30, 2014, $1,000,000,000 of our 2.650% Global Notes due June 1, 2016 and $1,250,000,000 of our 4.300%
Global Notes due June 1, 2021. The 2013 Floating Rate Global Notes will bear interest at a floating rate equal to three-month USD LIBOR plus 0.280% per annum.
The 2014 Floating Rate Global Notes will bear interest at a floating rate equal to three-month USD LIBOR plus 0.400% per annum. The 1.550% Global Notes will
bear interest at a rate of 1.550% per annum. The 2.650% Global Notes will bear interest at a rate of 2.650% per annum. The 4.300% Global Notes will bear interest at
a rate of 4.300% per annum. We will pay interest semi-annually on the 1.550% Global Notes on each May 30 and November 30, beginning on November 30, 2011
and we will pay interest semi-annually on each of the 2.650% Global Notes and 4.300% Global Notes on each June 1 and December 1, beginning on December 1,
2011. We will pay interest quarterly on the 2013 Floating Rate Global Notes on each February 24, May 24, August 24 and November 24, beginning August 24, 2011
and we will pay interest quarterly on the 2014 Floating Rate Global Notes on each February 28, May 30, August 30 and November 30, beginning August 30, 2011.
The 2013 Floating Rate Global Notes will mature on May 24, 2013. The 2014 Floating Rate Global Notes will mature on May 30, 2014. The 1.550% Global
Notes will mature on May 30, 2014. The 2.650% Global Notes will mature on June 1, 2016. The 4.300% Global Notes will mature on June 1, 2021 We refer to the
2013 Floating Rate Global Notes and the 2014 Floating Rate Global Notes collectively as the Floating Rate Global Notes. We refer to the 1.550% Global Notes, the
2.650% Global Notes and the 4.300% Global Notes collectively as the Fixed Rate Global Notes, and the Floating Rate Global Notes and the Fixed Rate Global Notes
collectively as the Global Notes.
We may redeem some or all of any series of Fixed Rate Global Notes at any time at the redemption prices described beginning on page S-18. The Global
Notes are senior unsecured obligations and will rank equally with all of our other existing and future senior unsecured indebtedness. There are no sinking funds for the
Global Notes. The Global Notes are not and will not be listed on any securities exchange or quoted on any automated quotation system.
See "Risk Factors" beginning on page S-9 of this prospectus supplement for a discussion of certain risks that you should consider in connection with
an investment in the Global Notes.

Proceeds,
Before
Price to
Underwriting
Expenses, to

Public (1)
Discount

HP (1)
Per 2013 Floating Rate Global Note
100%

0.15%

99.85%
2013 Floating Rate Global Note Total
$1,750,000,000
$
2,625,000

$1,747,325,000
Per 2014 Floating Rate Global Note
100%

0.20%

99.80%
2014 Floating Rate Global Note Total
$ 500,000,000
$
1,000,000

$ 499,000,000
Per 1.550% Global Note
99.971%

0.20%
99.771%
1.550% Global Note Total
$ 499,855,000
$
1,000,000

$ 498,855,000
Per 2.650% Global Note
99.958%

0.35%
99.608%
2.650% Global Note Total
$ 999,580,000
$
3,500,000

$ 996,080,000
Per 4.300% Global Note
99.799%

0.45%
99.349%
4.300% Global Note Total
$1,247,487,500
$
5,625,000

$1,241,862,500

Total
$4,996,922,500
$ 13,750,000
$4,983,172,500

(1) Plus accrued interest, if any, from May 31, 2011 if settlement occurs after that date.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus supplement or the prospectus to which it relates is truthful or complete. Any representation to the contrary is a criminal offense.
Delivery of the Global Notes in book-entry form only will be made through The Depository Trust Company on or about May 31, 2011. The Global Notes will
be approved for clearance through the Clearstream and Euroclear systems.
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Joint Book Running Managers

Deutsche Bank Securities

J.P. Morgan
RBS
Co-Managers

Barclays Capital

BNP PARIBAS
BofA Merrill Lynch

Citi Credit Suisse
HSBC

Mitsubishi UFJ Securities
Morgan Stanley

Wells Fargo Securities
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Table of Contents
TABLE OF CONTENTS
Prospectus Supplement

Page
Forward-Looking Statements

S-1
Summary

S-2
Risk Factors

S-9
Use of Proceeds

S-11
Capitalization

S-12
Description of the Global Notes

S-14
Material United States Federal Income Tax Considerations

S-22
Underwriting

S-27
Offering Restrictions

S-29
Validity of the Global Notes

S-31
Experts

S-31
Information Incorporated By Reference

S-31
Prospectus

Page
About This Prospectus

1
Forward-Looking Statements

1
Use of Proceeds

2
Description of the Debt Securities

2
Description of Common Stock

12
Description of Preferred Stock

14
Description of the Depositary Shares

14
Description of the Warrants

17
Plan of Distribution

18
Legal Matters

20
Experts

20
Where You Can Find More Information

20
Information Incorporated By Reference

21
You should rely only on the information contained or incorporated by reference in this document or to which
we have referred you. We have not authorized anyone to provide you with information that is different. This
document may be used only where it is legal to sell these securities. The information contained or incorporated by
reference in this document is accurate only as of the date of this document or as of its date, as applicable.

In this prospectus supplement and the accompanying prospectus, unless otherwise specified or unless the context
otherwise requires, references to "USD," "dollars," "$" and "U.S.$" are to U.S. dollars, and references to "Hewlett-Packard,"
"HP," "we," "us" or "our" refer to Hewlett-Packard Company, and not to any of our subsidiaries unless otherwise indicated.
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FORWARD-LOOKING STATEMENTS
This prospectus supplement, the accompanying prospectus, the documents incorporated by reference in this
prospectus supplement and the accompanying prospectus and other written reports and oral statements made from time to
time by the company may contain "forward-looking statements" that involve risks, uncertainties and assumptions. If the risks
or uncertainties ever materialize or the assumptions prove incorrect, our and our consolidated subsidiaries' results 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
projections of revenue, margins, expenses, earnings, earnings per share, tax provisions, cash flows, benefit obligations, share
repurchases, currency exchange rates, the impact of acquisitions or other financial items; any statements of the plans,
strategies and objectives of management for future operations, including execution of cost reduction programs and
restructuring plans; any statements concerning the expected development, performance or market share 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 impact of macroeconomic and geopolitical trends and events; the competitive pressures faced by
HP's businesses; 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 protection of HP's intellectual property assets, including intellectual
property licensed from third parties; integration and other risks associated with business combination and investment
transactions; the hiring and retention of key employees; assumptions related to pension and other post-retirement costs;
expectations and assumptions relating to the execution and timing of cost reduction programs and restructuring plans; the
resolution of pending investigations, claims and disputes; and other risks that are described in our other filings with the
Securities and Exchange Commission, including but not limited to the risks described in our Annual Report on Form 10-K
for our fiscal year ended October 31, 2010 and Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2011.
We assume no obligation and do not intend to update these forward-looking statements.

S-1
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SUMMARY
You should read the following summary together with the entire prospectus supplement and accompanying
prospectus and the documents incorporated by reference, including our consolidated condensed financial statements and
related notes. You should carefully consider, among other things, the matters discussed in "Risk Factors" in this
prospectus supplement and in the documents incorporated by reference.
About Hewlett-Packard Company
HP is a leading global provider of products, technologies, software, solutions and services to individual
consumers, small- and medium-sized businesses ("SMBs") and large enterprises, including customers in the government,
health and education sectors. Our offerings span:

·

multi-vendor customer services, including infrastructure technology and business process outsourcing,

technology support and maintenance, application development and support services and consulting and
integration services;

·

enterprise information technology infrastructure, including enterprise storage and server technology,

networking products and solutions, information management software and software that optimizes
business technology investments;

·

personal computing and other access devices; and

·

imaging and printing-related products and services.
Our operations are organized into seven business segments: Services, Enterprise Servers, Storage and
Networking ("ESSN"), HP Software, the Personal Systems Group ("PSG"), the Imaging and Printing Group ("IPG"), HP
Financial Services ("HPFS") and Corporate Investments. Services, ESSN and HP Software are reported collectively as a
broader HP Enterprise Business. While the HP Enterprise Business is not an operating segment, we sometimes provide
financial data aggregating the segments within it in order to provide a supplementary view of our business. In each of the
past three fiscal years, notebooks, desktops and printing supplies each accounted for more than 10% of our consolidated
net revenue. In fiscal 2009 and 2010, infrastructure technology outsourcing also accounted for more than 10% of our
consolidated net revenue.
HP Enterprise Business
The HP Enterprise Business provides servers, storage, software and information technology ("IT") services that
enable enterprise and midmarket business customers to better manage their current IT environments and transform IT
into a business enabler. HP Enterprise Business products, software and services help accelerate growth, minimize risk
and reduce costs to optimize the business value of customers' IT investments. Companies around the globe leverage
HP's infrastructure solutions to deploy next generation data centers and address business challenges ranging from
compliance to business continuity. The HP Enterprise Business's modular IT systems and services are primarily
standards-based and feature differentiated technologies in areas including power and cooling, unified management,
security, virtualization and automation. Each of the three financial reporting segments within the HP Enterprise Business
are described in detail below.

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Services
Services provides consulting, outsourcing and technology services across infrastructure, applications and
business process domains. Services delivers to its clients by leveraging investments in consulting and support
professionals, infrastructure technology, applications, standardized methodologies, and global supply and delivery. Our
services businesses also create opportunities for us to sell additional hardware units by offering solutions that encompass
both products and services. Services is divided into four main business units: infrastructure technology outsourcing,
technology services, applications services and business process outsourcing.
Infrastructure Technology Outsourcing. Infrastructure technology outsourcing delivers comprehensive services
that streamline and optimize our clients' infrastructure to efficiently enhance performance, reduce costs, mitigate risk
and enable business change. These services encompass the data center and the workplace (desktop); network and
communications; and security, compliance and business continuity. We also offer a set of managed services, providing a
cross-section of our broader infrastructure services for smaller discrete engagements.
Technology Services. HP provides consulting and support services, as well as warranty support across HP's
product lines. HP specializes in keeping technology running with mission critical services, converged infrastructure
services, networking services, data center transformation services and infrastructure services for storage, server and
unified communication environments. HP's technology services offerings are available in the form of service contracts,
pre-packaged offerings (HP Care Pack services) or on an individual basis.
Application Services. Applications services help clients revitalize and manage their applications assets through
flexible, project-based, consulting services and longer-term outsourcing contracts. These full life cycle services
encompass application development, testing, modernization, system integration, maintenance and management.
Applications projects open doors to new infrastructure technology outsourcing and business process outsourcing
opportunities and represent attractive cross-selling opportunities to current HP clients.
Business Process Outsourcing. Business process outsourcing is powered by a platform of underlying
infrastructure technology, applications and standardized methodologies and is supplemented by IT experience and in-
depth, industry-specific knowledge. These services encompass both industry-specific and cross-industry solutions. Our
cross-industry solutions include a broad array of enterprise shared services, customer relationship management services,
financial process management services and administrative services.
Enterprise Servers, Storage and Networking
The server market continues to shift towards standards-based architectures as proprietary hardware and
operating systems are replaced by industry standard server platforms that typically offer compelling price and
performance advantages by leveraging standards-based operating systems and microprocessor designs. At the same time,
critical business functions continue to demand scalability and reliability. By providing a broad portfolio of server,
storage and networking solutions, ESSN aims to optimize the combined product solutions required by different
customers and provide solutions for a wide range of operating environments, spanning both the enterprise and the SMB
markets. ESSN provides server, storage and networking products in a number of categories.

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Industry Standard Servers. Industry standard servers include primarily entry-level and mid-range ProLiant
servers, which run primarily Windows®, Linux and Novell operating systems and leverage Intel Corporation ("Intel")
and Advanced Micro Devices ("AMD") processors. The business spans a range of product lines that include pedestal-
tower servers, density-optimized rack servers and HP's BladeSystem family of server blades. In fiscal 2010, HP's
industry standard server business continued to lead the industry in terms of units shipped and revenue. HP also has a
leadership position in server blades, the fastest growing segment of the market.
Business Critical Systems. Business critical systems include HP Integrity servers based on the Intel It
®
anium®-
based processor that run HP-UX, Windows and Op
®
enVMS operating systems, as well as fault-tolerant HP Integrity
NonStop solutions. Business critical systems also include HP's scale-up x86 ProLiant servers with more than four
processors. In addition, HP continues to support the HP 9000 servers and HP AlphaServers with compelling offers
available to upgrade these legacy systems to current HP Integrity systems. During 2010, we introduced new Integrity
blade servers and the Superdome 2 server solution based on the BladeSystem architecture.
Storage. HP's StorageWorks offerings include entry-level, mid-range and high-end arrays, storage area
networks, network attached storage, storage management software and virtualization technologies, as well as StoreOnce
data deduplication solutions, tape drives, tape libraries and optical archival storage.
Networking. HP's networking offerings include Ethernet switch products that enhance computing and enterprise
solutions sold under the ProCurve, 3Com and TippingPoint brands.
HP Software
HP Software is a leading provider of enterprise and service-provider software and services. Our portfolio
consists of:
Enterprise IT management software. Enterprise IT management solutions, including support and professional
services, allow customers to manage IT infrastructure, operations, applications, IT services, and business processes.
These solutions also include tools to automate data center operations and IT processes. We market them as the HP
business technology optimization suite, and we deliver them in the form of traditional software licenses and, in some
cases, via a software-as-a-service distribution model.
Information management and business intelligence solutions. Our information management and business
intelligence solutions include information data strategy, enterprise data warehousing, data integration, data protection,
archiving, compliance, e-discovery and records management products. These solutions enable businesses to extract more
value from their structured and unstructured information.
Personal Systems Group
PSG is the leading provider of personal computers ("PCs") in the world based on unit volume shipped and
annual revenue. PSG provides commercial PCs, consumer PCs, workstations, handheld computing devices, calculators
and other related accessories, software and services for the commercial

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and consumer markets. We group commercial desktops, commercial notebooks and workstations into commercial clients
and consumer desktop and consumer notebooks into consumer clients when describing our performance in these
markets. Like the broader PC market, PSG continues to experience a shift toward mobile products such as notebooks.
Both commercial and consumer PCs are based predominately on the Windows op
®
erating system and use Intel and
AMD processors.
Commercial PCs. Commercial PCs are optimized for commercial uses, including enterprise and small and
medium-sized business ("SMB") customers, and for connectivity and manageability in networked environments.
Commercial PCs include HP Compaq, HP Pro and HP Elite lines of business desktops and notebooks, as well as the All
in One TouchSmart and Omni PCs, HP Mini-Note PCs, HP Blade PCs, Retail POS systems and HP TwinClients.
Consumer PCs. Consumer PCs include the HP and Compaq series of multi-media consumer desktops,
notebooks and mini notebooks, including the TouchSmart line of touch-enabled all-in-one desktops and notebooks.
Workstations. Workstations are individual computing products designed for users demanding enhanced
performance, such as computer animation, engineering design and other programs requiring high-resolution graphics.
PSG provides workstations that run on both Windows® and Linux-based operating systems.
Handheld Computing. PSG provides a series of HP iPAQ Pocket PC handheld computing devices that run on
Windows® Mobile software. These products range from basic PDAs to advanced "smartphone" devices with voice and
data capability.
Imaging and Printing Group
IPG provides consumer and commercial printer hardware, printing supplies, printing media and scanning
devices. IPG is also focused on imaging solutions in the commercial markets. These solutions range from managed print
services solutions to addressing new growth opportunities in commercial printing and capturing high-value pages in
areas such as industrial applications, outdoor signage, and the graphic arts business.
Inkjet and Web Solutions. Inkjet and web solutions include HP's consumer and SMB inkjet solutions (hardware,
supplies, and media) and HP's retail and web businesses. These solutions include single function and all-in-one inkjet
printers targeted toward consumers and SMBs as well as retail publishing solutions, Snapfish and Logoworks.
LaserJet and Enterprise Solutions. LaserJet and enterprise solutions include LaserJet printers and supplies,
multi-function printers ("MFDs"), scanners and enterprise software solutions such as Exstream Software and Web
Jetadmin.
Managed Enterprise Solutions. Managed enterprise solutions include managed print services products and
solutions delivered to enterprise customers partnering with third-party software providers to offer workflow solutions in
the enterprise environment.
Graphics Solutions. Graphics solutions include large format printing (Designjet and Scitex), large format
supplies, WebPress supplies, Indigo printing, specialty printing systems and inkjet high-speed production solutions.

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Printer Supplies. Printer supplies include LaserJet toner and inkjet printer cartridges, graphic solutions ink
products and other printing-related media.
HP Financial Services
HPFS supports and enhances HP's global product and service solutions, providing a broad range of value-added
financial life-cycle management services. HPFS enables our worldwide customers to acquire complete IT solutions,
including hardware, software and services. The group offers leasing, financing, utility programs and asset recovery
services, as well as financial asset management services for large global and enterprise customers. HPFS also provides
an array of specialized financial services to SMBs and educational and governmental entities. HPFS offers innovative,
customized and flexible alternatives to balance unique customer cash flow, technology obsolescence and capacity needs.
Corporate Investments
Corporate Investments includes Hewlett-Packard Laboratories, also known as HP Labs, mobile devices
associated with the Palm acquisition, and certain business incubation projects. The segment also includes certain video
collaboration products sold under the brand "Halo," and Palm smartphones, which are targeted at the consumer segment
and include the Pixi and Pre models running on the WebOS operating system. Corporate Investments also derives
revenue from licensing specific HP technology to third parties.
HP was incorporated in 1947 under the laws of the State of California as the successor to a partnership founded
in 1939 by William R. Hewlett and David Packard. Effective in May 1998, we changed our state of incorporation from
California to Delaware. Our principal executive offices are located at 3000 Hanover Street, Palo Alto, California 94304.
Our telephone number is (650) 857-1501.

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