PRINTING · PRINTING Enrique Lores President, Imaging and Printing Business Securities Analyst Meeting 2017

PRINTINGEnrique LoresPresident, Imaging andPrinting Business

Securities AnalystMeeting 2017

© Copyright 2017 HP Development Company, L.P. The information contained herein is subject to change without notice.

Forward-looking statements

Today’s presentations contain forward-looking statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP Inc. and

its consolidated subsidiaries (“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 projections of net revenue, margins, expenses, effective tax

rates, net earnings, net earnings per share, cash flows, benefit plan funding, deferred taxes, share repurchases, foreign currency exchange rates or other financial items; any projections of the amount, timing or

impact of cost savings or restructuring and other charges; any statements of the plans, strategies and objectives of management for future operations, including the execution of restructuring plans and any resulting

cost savings, net revenue or profitability improvements; 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, including with respect to the timing and expected benefits of acquisitions and other business combinations and investment transactions; 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 the delivery of HP’s 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, clients and

partners; the hiring and retention of key employees; integration and other risks associated with business combination and investment transactions; the results of the restructuring plans, including estimates and

assumptions related to the cost (including any possible disruption of HP’s business) and the anticipated benefits of the 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, 2016 and HP’s other filings with the Securities and Exchange Commission.

As in prior periods, the financial information set forth in today’s presentations, including any 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 reported amounts in HP’s Annual Reports on Form 10-K for the fiscal years ending October 31, 2017 and October 31, 2018. HP assumes no obligation and does

not intend to update these forward-looking statements. HP’s Investor Relations website at http://www.hp.com/investor/home contains a significant amount of information about HP, including financial and other

information for investors. HP encourages investors to visit its website from time to time, as information is updated and new information is posted.


Use of non-GAAP financial information

HP has included non-GAAP financial measures in today’s presentations to supplement HP’s consolidated financial statements presented on a GAAP basis. 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 today’s presentations.

HP’s management uses net revenue on a constant currency basis, non-GAAP total operating expense, non-GAAP operating profit, non-GAAP tax rate, non-GAAP net earnings, 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. Gross cash, net cash

(debt), and free cash flow are liquidity measures that provide useful information to management about the amount of cash available for investment in HP’s businesses, funding acquisitions, repurchasing stock and

other purposes. Net cash (debt) provides useful information to management about the state of HP’s consolidated balance sheet.

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. For

example, items such as amortization of 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 change in value is

not included in non-GAAP operating profit, non-GAAP tax rate, non-GAAP net earnings, and non-GAAP diluted net earnings per share and therefore does not reflect the full economic effect of the change in value of

those intangible assets. In addition, items such as restructuring and other charges, acquisition-related charges, non-operating retirement-related credits/(charges), defined benefit plan settlement charges, tax

indemnifications, and net valuation allowance, separation taxes and adjustments that are excluded from non-GAAP operating expense, non-GAAP operating profit, non-GAAP tax rate, non-GAAP net earnings and

non-GAAP diluted net earnings per share can have a material impact on the equivalent GAAP earnings financial measures and cash flow. HP may not be able to immediately liquidate the short-term and long-term

investments included in gross cash, which may limit the usefulness of gross cash as a liquidity measure. In addition, free cash flow, which includes net capital expenditures, does not represent the total increase or

decrease in cash 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 those reconciliations carefully.

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 financial condition and to evaluate the efficacy of the methodology and information used by HP’s management to evaluate and measure such performance and financial condition.

HP’s Investor Relations website at http://www.hp.com/investor/home contains a significant amount of information about HP, including financial and other information for investors. HP encourages investors to visit its

website from time to time, as information is updated and new information is posted.

(1) Adjusted for change in supplies sales model and in constant currency; (2) Forecast for FY17; (3) CC = constant currency; adjusted to eliminate the effects of foreign exchange fluctuations; (4) Ink, laser, and graphics units.


DELIVERINGRESULTS

EXECUTING AWINNING STRATEGY

PIVOTING TOPROFITABLE GROWTH

Reignite the home

Disrupt the office

Transform graphics>$500MFY17 cost savings2

~1%CC revenue growth FY17 YTD1,3

Stabilized supplies Q3 FY171

~4%HW unit growth FY17 YTD4

ESTABLISHED SOLID FOUNDATION FOR

ACHIEVED

SUPPLIES SALESMODEL CHANGE

Channel Inventory

Channel Discounts

Linearity

SUPPLIES STABILIZATIONAHEAD OF PLAN

4 BOX IN LINE WITH EXPECTATIONS OR BETTER

PricingUsageInstalled

baseShare

✔+ ✔+✔✔

= Outperformed expectation✔+= In line with expectation✔

Q116 Q216 Q316 Q416 Q117 Q217 Q317


TOTAL PRINT SUPPLIES REVENUE, Y/Y (CC)1,2

(1) CC = constant currency; adjusted to eliminate the effects of foreign exchange fluctuations; (2) Adjusted for change in supplies sales model.

WE BELIEVE IN

CONSUMERSSHARE THEIR FEELINGS

PROFESSIONALSCOMMUNICATE THEIR IDEAS

BRANDSCONNECT WITH THEIR CUSTOMERS


MEGATRENDS SHAPING THE

MOBILITY &COLLABORATION

LIFESTYLE &WORKSTYLE

SECURITY & ENVIRONMENT

AS A SERVICE

PERSONALIZATION


104

54

2018

20

215

2019

103

20

51

215

52

20

2016

40

217

2017

42

102

39

20

Graphics2,3

Home2,5

Office4,5

Media

2020

217

38

104

55

213

43

101

49

20

TOTAL PRINT TAM BY CATEGORY ($B) 2017-20 CAGR1

-3.5%

-0.2%

0.4%

0.7%

2.9%Digital vs. analog growth62-3X

A3 TAM7~$55B

Mobile page growth6+10%


Note: Effective at the beginning of its first quarter of fiscal year 2017, HP implemented an organizational change to align its business unit financial reporting more closely with its current business structure. The organizational change resulted in transfer of a portion of LaserJet printers from Office to Home within the Printing segment. HP reflected this change to its business unit information in prior reporting periods on an as-if basis which resulted in reclassification of revenues between the Commercial and Consumer business units of Printing. Commercial Hardware consists of Office Printing Solutions, Graphics Solutions and 3D Printing, excluding supplies; Consumer Hardware includes Home Printing Solutions, excluding supplies. The reporting change had no impact to previously reported segment net revenue, consolidated net revenue, earnings from continuing operations, net earnings or net earnings per share.

(1) 2017-20 data are projections based on currently available data and estimates; (2) Home and Graphics include segment-relevant services; (3) Includes textiles; (4) Includes office services such as services portion of Managed Print Services, hardware support, doc process outsourcing, doc consulting and scanning; also includes software such as security management, device management, capture, mobile and pull print; (5) Includes ink/laser hardware and supplies for Office or Home as relevant; Office includes scanners; (6)2017 to 2020, Digital/analog CAGR compares TAM growth, Mobile CAGR based on total pages; (7) A3 TAM refers to estimate for 2017; Source: HP internal.

LARGE MARKET WITH POCKETS OF

Reignite the homeGrow profitable office share

Disrupt copier market Transform graphics industries Lead 3D printing

BRAND AND GTMCOVERAGE

TECHNOLOGY AND INNOVATION

LEADING COSTSTRUCTURE AND QUALITY

PEOPLE ANDKNOW HOW

BIG DATA AND ANALYTICS

CORE FUTUREGROWTH

STRATEGY TO

SUPPLIES GROWTH


STORYTELLING TO BUILD STRONG EMOTIONAL


PRINTYOU

PRINTJOY

PRINTSECURELY

PRINTSUSTAINABLY

PRINTANYWHERE

GIVE US POWER TO OPTIMIZE OPPORTUNITIES

GEOGRAPHIC-BASEDPROGRAMS1

PROFITOPTIMIZATION

STORE-LEVELEXECUTION1

Profitability by customer1

Ideal

High print volume

Actual

Low print volume

SUPPLIES


(1) Charts are illustrative and directional.

100%

FY16FY15 FY18FY17

Unit ValueIndex

100 105 117 120

FY23 FY25FY17FY15 FY21FY19

~40%~25%~15%

SUPPLIES

IMPROVED FUNDAMENTALS SUPPORT

FY18 4-BOXDRIVER TRENDS1

HP PRINTREVENUE MIX1

INK / LASER UNIT MIXBY LIFETIME GM$1,2


baseShare

Usage per unit

Home

Office

Graphics

= Directional trend

=

=Mix

quality

=


Contractual

Transactional

(1) Data are projections based on currently available data and estimates; (2) Based on mix of unit shipments, shows value relative to FY15. Source: HP internal.

100%

FY16FY15 FY18FY17

Unit ValueIndex

100 105 117 120


~40%~25%~15%

SUPPLIES






baseShare

Usage per unit

Home

Office

Graphics

= Directional trend

=

=Mix

quality

=


Contractual

Transactional


FY18 4-BOXDRIVER

TRENDS1

100%

FY16FY15 FY18FY17

Unit ValueIndex

100 105 117 120


~40%~25%~15%

SUPPLIES






baseShare

Usage per unit

Home

Office

Graphics

= Directional trend

=

=Mix

quality

=


Contractual

Transactional


INK / LASERUNIT MIX

BY LIFETIMEGM$1,2

-8 pts

+6 pts Increase in mix fortop bands FY15-18

Decrease in mix for bottom band FY15-18

100%

FY16FY15 FY18FY17

Unit ValueIndex

100 105 117 120


~40%~25%~15%

SUPPLIES






baseShare

Usage per unit

Home

Office

Graphics

= Directional trend

=

=Mix

quality

=


Contractual

Transactional



CORE


DESIGN AND EXPERIENCEINNOVATION

CREATE NEWEXPERIENCES

REINVENT SERVICE AND BUSINESS MODELS

REIGNITE

>25%Y/Y growth in total enrollees2

New geographiesNew plans

New service models

+8 ptsY/Y HP Ink Tank1 share3

in Emerging Markets

Differentiated productPowerful brand

Targeted marketing

INNOVATING BUSINESS MODELS TOCORE

INSTANT INK IN DEVELOPED MARKETS INK TANK1 IN EMERGING MARKETS

(1) Refers to Continuous Ink Supply System (CISS) product category; (2) Forecast for FY17; (3) CQ2 2017 vs. CQ2 2016.Source: HP internal estimates; IDC Worldwide Quarterly HCPT for Ink and Laser.


FINDINGNEW CUSTOMERS

CREATINGNEW PRINTS

GROWINGTHE CATEGORY

CORE


SPROCKET IS BUILDING THE NEXT GENERATION OF


DIFFERENTIATEWITH SECURITY

INNOVATE FOREVOLVING WORKPLACE

CAPTURECOPIER PAGES

INTEGRATE AND LEVERAGE SAMSUNG PRINTER CAPABILITIES

CORE/GROWTH

DISRUPT

SECURETHE DEVICE

SECURETHE DATA

SECURETHE DOCUMENT

Sure start (BIOS protection)

Whitelisting

Run-time intrusion detection

Encrypted hard drives

Encrypted communications

Access control

HP Roam Mobile Print Solution

Counterfeit and fraud deterrent

✓✓✓

Security monitoring and management

✓✓✓

✓✓✓✓

Endpoint Security (Microsoft SCCM)

✓ Connection Inspector

WORLD’S MOST


(1) HP’s most advanced embedded security features are available on HP Enterprise-class devices with FutureSmart firmware 3.7 or above and is based on HP review of 2016 published embedded security features of competitive in-class printers.Only HP offers a combination of security features for integrity checking down to the BIOS with self-healing capabilities. For a list of compatible products, visit: http://h20195.www2.hp.com/V2/GetDocument.aspx?docname=4AA6-1178ENW.For more information, visit: www.hp.com/go/printersecurityclaims.

CORE/GROWTH

JONATHAN BANKS

© Copyright 2017 HP Development Company, L.P. The information contained herein is subject to change without notice.21

POISED TO GROW IN AGROWTH

EXECUTIONON TRACK

EXPANDINGPORTFOLIO

DIFFERENTIATEDOFFERING


(1) A3 TAM refers to estimate for 2017 Source: HP internal

SAMSUNG PRINTER ACQUISITION

STRATEGIC RATIONALE INTEGRATION APPROACH• Portfolio simplification

• Discipline in unit placement andsupplies management

• Technology leverage: A3 and HP Roam

• Accelerate copier disruption

• Strengthen laser leadership

• Invest in IP and technology

ON TRACK TO CLOSE IN CALENDAR Q4 2017

GROWTH


INDUSTRIES TO DIGITAL

GROWTH


(1) Print Service Provider.

DISRUPT APPLICATIONS WITH BREAKTHROUGH TECHNOLOGY

REINVENT PSP1

OPERATIONSPARTNER WITH

BRANDS

PACKAGINGDESIGN AND TECHNICAL

PRODUCTION

SIGNAGE AND DECORATION

GENERALCOMMERCIAL AND

PUBLISHING

LABELS TEXTILES

ACCELERATE IN CURRENT MARKETS

EXPANDTO NEW MARKETS

DISRUPT APPLICATIONS WITHGROWTH


WELL-POSITIONED TO LEAD GROWTH


Only digital press manufacturer to offer complete portfolio for pre/post-print

Only digital technology compliant with highest food packaging standards

Our customers are global packaging market leaders

HP DIGITAL PRINTING IS CHANGING HOW WEGROWTH


THEM

THEM


2016 2017 2018+

PROGRESSING ON


Supplies stabilization

Build the foundation

Profitable growth

THANK YOU

Documents

PRINTING · PRINTING Enrique Lores President, Imaging and Printing Business Securities Analyst Meeting 2017