EXHIBIT 17

Subject:

Iocation:
Start:
End:

mtg: BCS Business Review for Ann HP Palo Alto Site / Executive Council Conf Rm & Diai Number listed below

Wed 3/3/2010 4:00 PM Wed 3/3/2010 5:30 PM

(n o n e)

Recurrence:

Meeting Status:
Organizer: Required Attendees: Optional Attendees:

Meeting organizer
Livermore, Ann Livermore, Ann; Donatelli, Dave; Levine, Marc A (Enterprise Business Finance) Pilette, Vincent; Fink, Martin R; McQueen, Kathryn

ADDED:

Ann's DiaI# Toll Free 866.409.2889; Intl/ToIl 702.696.4520, code# 243 500# (Gail to initiate)

Attendees - in person: Ann, Dave, Vincent Attendees - via phone: Martin, Marc (tentative)
Slide materials:

See Ann's request below from 1/16/10:

r.
Exhibit:

oc
'2)
'7_

Wit:
Date:

Leslie Rockwood cSR RPR

Highly Confidential

HPC_0001 1296

From: Sent: To:

Cc:

Livermore, Ann Saturday, January 16, 2010 9:08 PM Levine, Marc A (Enterprise Business Finance) Mantegani, Gail (Enterprise Business)
FW: BCS

Subject:

Going to wait until the last 2 weeks of February to do the BCS review.
Ann

From: Livermore, Ann Sent: Saturday, January 16, 2010 1:06 PM To: Hurd, Mark Subject: FW: BCS
FYI on BCS. Dave and I discussed this further on Friday. He is taking some immediate sales actions. I have agreed to wait to do a full BCS review in the last 2 weeks of February to include the x86 recommendation.
Ann

From: Donatelli, Dave Sent: Thursday, January 14, 2010 7:30 PM To: Livermore, Ann Subject: Re: BCS
Hi Ann, I am waiting for the price tag and schedule on the x86 roadmap. lt will take about 30 days for the team to complete the detailed work. Our first milestone was hit when the team could boot HP-UX on x86 on 12/23. . I am expecting an incremental i 00 million plus price tag to do the port. . As i mentioned before, the engineering road map when I arrived called for the exit from the business. Based on work that Vincent and I have done we have determined that the combined BCSITS earns more than our PC Business. Yesterday I asked NEC to help fund the port. They were quite pleased to learn that we planned on staying in the business for the long term. In the meantime we are replacing all the regional heads of BCS sales. We are also greatly increasing sales coverage. I would request your help in two ways. Place BCS revenue goals on all of your regional sales heads that have some bite for non performance. Second, please help call offthe pile on crowd. We know there are issues. We identified them. Having staff people sending us notes ( you have not seen these) saying thaI there are issues after we tell the same staff members that there are issues only distracts from our ability to fix the issues. I am transparent on what I see are the problems, and I want to devote all of my and the teams best efforts to fixing them. Thanks, Dave

From: Livermore, Ann To: Donatelli, Dave Cc: Levine, Marc A (Enterprise Business Finance); Pilette, Vincent Sent: Fri Jan 15 00:13:00 2010 Subject: BCS

I would like to set up 90 minutes for a BCS review. Please include me and Marc Levine, plus whomever you want to invite from your team. I want to understand our plans to accelerate growth and turnaround the share loss; our product roadmap; our x86 project; and our forecast for FY10 by quarter vs Aspire. lt is key for us to get this business performing.

Highly Confidential

HPC 00011297

Highly Confidential

HPC_0001 1298

Document Produced Natively

Highly Confidential

HPC_00011299

Business Critica ys ni xtending the HP-UX Busines

Project "Redwood"

Martin Fink, Business Critical Systems, Hewlett Packard

Executive Summary
Four options to extend the Mission Critical business

I
2

Base Plan: Execute current plan of record Exit the UNIX market with the last Itanium processor (Kittson)
Mission Critical on x86: Port P-UX to x86 an I deliver Superdome x86 blade Redefine the UNIX market wi h mission critica offerings on volume economics
RECOMMENDATION: i +2

OEM Solaris a)Oracle/SUN and HP unite against IBM and align on rules of engagement b)Oracle/SUN enables HP to sell Solaris, but competes vigorously for business

Extend Itanium: Fund Intel t continue the Itanium roadmap Prolong current UNIX mark: t position in a declining UNIX market

March 3. 20

HP Private

I +2 PIan: BCS Investment Required

Busiess Ow2ed ($M'

FD
. Hardware.vpme :x. perdohi.Je
. Software porting: HP-UX on x86 . Value added ftware (virtualizalion, mgmt, hi Performance testing and ISV porting

FY10
$20 $30 $4 $5
$59

FY11
$45 $35 $5 $28
$113

FY12
$75 $30 $5 $38
$148

FY13
$65 $30 $5 $33
$133

FY14
$50 $22 $5 $24
$101
($ I O

Gross Invement
s Fdiribution of Fsources

$0
$59

($15)
$98

($20)
$128

($20)
$113

Total N et Investment

$91

BCS Base Ran FD

Intel -Itanium Expense

$185
$70

$185
$70

$185
$70

$185
$70

$185

Roposed Total BCS FD

$314

$353

$383

$368

$276

5 Year Net Investment of $489M

Redistribution of resources from Base Plan s Base plan assumes funding for R&D activities to prolong life of Itanium as long as possible . With Proposed Plan, assumption that resources will shift to focus on HP-UX/x86 activities vs. base plan extension activities "Double bubble" funding in FYIOFY13, until Intel expense completed for Itanium . Beginning FY14 R&D no longer requires $70M for Intel expense, which could be used to offset above expenses

March 3, 2010

HP Pnvate

P&L Impact of HP-UX

Option I : Ass

es We Do Nothing after Kittson

,

HP-UX + TS Base Plan Revenue

$7,000 $6,000 $5,000
,

$4,000 $3,000 $2,000 $1 000

III
FY08 FY09 FY10
FY11

($15
----

- - ($22B)

--

I- -i a
-FY12

FY13

FY14

FY15

FY16

FY17

Revenue . FY09 HP-UX business declined 25%, which was slightly ahead of at market . Economic recession has reset UNIX market to -$14B and is expected to remain flat to slightly down through FYI I . Market visibility to Intel end of Itanium roadmap expected in FY13, resulting in steep decline of revenue thru FYI 7

. HP-IJXBa

Ran Fv

TSBa

Ran Fv

!OOP
. FY09 00F decline followed revenue
23%

HP-UX + TS Base Plan OOP

$3,000
$2,500

decline

. Expectto stabilize during FYi 0-FY1I . 00F declines $4.3B FY13-FYI7 due to lack
of roadmap

$2,000

($O.4B
$1,500
Q-

$O.6B)

- N-($U:98)
($1

o o

$1,000
$500
$0
FY08

For ESSN to hold profit flat FYI 2-FYI7 ISS would have to grow @ 8.2% or 2X market SWD would have to grow I 7.5% or almost

i
FY09
FY10
FY11

4X market PNB including 3COM - grow @ 18% or 2X market

FY12

FY13

FY14

FY15

FY16

F'17

IHRUXBflanOOp

lTSBaseFlanOOP

Marchl,2010

HP Private

1+2: Grow UNIX market share with HP-UX/x86

Vision: Disrupt the UNIX market and HP wins "2horse race"
Strategy: Change the game; Lead the mission critical market to x86
. . .

Transition Integrity installed base to x86 systems as Itanium EOL becomes visible Grow UNIX market share through mission critical offering with HP-UX and HP x86 servers/blades Expand the control point that HP-UX and associated software provides in enterprise accounts

Investment required: High

s

. . .

Maintain current lntegrity/HP-UX roadmap through transition Develop mission critical x86 servers/blades Port HP-UX and complete mission critical SW infrastructure portfolio to x86 Invest to bring expanded ISV community to HP-UX/x86

Market implications: High I HP and IBM battle for UNIX share

.
s s

Lower HP-UX/x86 ASPs disrupt the UNIX market; HP business model challenges IBM and Oracle/SUN profitability UNIX volume expands while total value of UNIX market adjusts HP committed to mission critical UNIX market and delivers compelling value prop for customers

Financial implications
s

High investment costs, but significant upside revenue/profit with acceptable time to recover investment Significant TS support attach but some reduction in overall TS revenue due to lower support pricing

Opportunity
. . .

challenge IBM and their business model as the market share leader; HP on mainstream, IBM investing at a loss Intel, NEC, SAP, others invest with HP to enable HP-UX eco-system on x86 Oracle/SUN cannot compete; IBM stuck with huge POWER investment and inability to make full transition to x86

Risks
.
s s

UNIX market declines faster than anticipated; Customers accept Windows/Linux as mission critical Oracle/SUN does not make Oracle DB available on HP-UX/x86 Microsoft partnership is significantly strained
March 3, 2010
HP Private

HP-UX Proposed Plan

Option: I + 2
Proposed Plan Revenue
$6,000 $5,000
$4,000

Investment
. Requires net investment of $489M to port HP-UX to x86 and deliver mission critical x86 hardware platform

$3,000
$2,000 $1,000

sFY10
FY11

FY12

FY13

FY14

FY15

FY16

FY17

HP-UXFoposed Fv

ITSFopod Fv

Proposed Plan Owned Operating Profit

$2,500 44.0% 43.0% $2,000 42.0%
4 1.0%

Revenue s Predominantly ltanium until FYI 5 when product set fully featured and market acceptance has occurred s revenue still declining in FY13 and FY14 as FOL Alpha contracts expire, begin ramping for x86 -3 years after product introduced

Profit
s

$ improve $2.2B over base plan

$1,500

40.0%
39.0%
38.0%

Q- $1,000

37.0% 36.0%

$500

35.0% 34.0% 33.0%

FYI O FY1 I

. OOP % rate impacted by x86 becoming larger % of mix, however will stabilize between 36-37% . Uptick between FYi 3-FY14 reflects end of Intel ltanium expense
0 Investment pays back after 4.4 yrs, mid FY14

FY12

FY1 3

FY1 4

FY1 5

FY16

FYi 7

HP-tJXFoposed OP
6

TSAoposed OP

HP-UX&TSCombined OF/o

March3,2010

HP Private

Redwood

1+2 PIan: UNIX Market Share

$16,000 $14,000
$12,000

Base Plan

100%

16 000 $14 000

$12,000 $10,000

1+2 PIan

100.0% 90.0% 80.0% 70.0% 60.0%

50.0%

r 90%

80%

r 70%
60%

$10,000

$8,000

50%

$8,000

$6,000 $4,000
$2,000

s-

Fy'10

iu
FY11

40% 30% 20%

10%
0%

$6,000
$4,000 $2,000

40.0%
30.0% 20.0%
10.0%
0.0%
FY10
FY11

sFY12 FY13 FY14 FY15 FY16 FY17

FY12

FY13

FY14

FY15

FY16

FY17

- Ba

F1oposed Ukeiy Ran

aRoposed Optimistic Ran

- t-tPtJXJ x86 Fshapes UN IX Market

Integ rity HPUX Uplifted

- UN IX M arket Current Trend

-UN iX Market current Trend

- - UNIXMarket-HP-UXExit

- - Baneintegrity HP-UXMarket Share

-HPUkeiy Share

- - HPOptimistic Share

Fewer units, higher price points

Increased units, lower price points UNIX market reshapes as a blend of value/volume attributes Lowered prices cause margin challenges for IBM and Oracle/Sun upsetting their business model

UNIX market becomes more Mainframe-like with entrenched bases for business processing and decision support High prices and widening margins benefit IBM and Oracle/Sun

0 Itanium end-of-life signals HP exit, slow down in market

o HP-UX/x86 affirms UNIX market

u ASP declines result from HP-UX/x86 viability in market
oHP-UX/x86 volume begins, pressures AIX/Solaris price drops

oBusiness Processing and Decision Support moves to

AIX/Solaris, other workloads to x86 after evaluation period

o HP-UX/x86 and CI differentiation fuel HP market growth while

IBM/Oracle struggle with business model
March 3, 2010

lP Private

Nnte HP-tiX revenhiin nhi-twn n H\N'StO/

Base

i
2.

Itanium end-of-life signals HP exit from Market. Causes strategic decisions to stall while options are re-evaluated. HP advice (largely from HP IT experience) becomes key. Most business processing and decision support (-6O% of market) stay firm with UNIX (AIX largely with some giving reconsideration to Oracle/Sun even in the high end especially due to Oracle DB and SAP usage). Many who had been on fence for moving to x86 choices move there now, especially for 25/45 and blade solutions impacting 40% of market. Others shift to AIX/Solaris, even while their high end offerings increase in price/margin.

Proposed

Introduction of HP-UX/x86 affirms value and importance of UNIX market HP-UX/x86 gains credibility, begins to put price pressures into UNIX market impacting accelerating ASP drops for all vendors. Integrity sales remain strong as there is a future. HP-UX/x86 momentum grows, differentiation in product drives significant increase in volumes in HP-UX setting up share gains for x86 offerings. Strong pressure on AIX/Solaris and they are forced to drop price points or loose sales. HP's differentiation in HP-UX/x86 but more importantly in how it integrates into the Cl sets HP up for leadership in the market with strong steady gains against competitors who struggle to justify investments as their margins drop and their products lag.
HP Private
7

February 22, 2010

3: OEM Solaris from Oracle/SUN

Vision: UNIX market embraces Solaris on x86
Strategy
s

Transition Integrity installed base to HP x86 systems running Solaris as Itanium EOL becomes visible Disrupt UNIX market by promoting Solaris as mission critical with HP portfolio (HW, SW, support)

Jnvestment required: Moderately High

s

. .
s

Maintain current Integrity/HP-UX roadmap through transition Develop mission critical x86 servers/blades Develop tools to migrate HP-UX customers to Solaris Invest in infrastructure portfolio to complete mission critical Solaris offering

a.) Market implications: IBM on defensive

. .
Oracle/SUN & HP embrace Solaris; compete vs. IBM Oracle/SUN and HP grow preference for Solaris

Market implications: HP loses share

s s

Financial implications
. .

HP perceived to be exiting UNIX market Oracle/SUN has OS control point; gains customer loyalty Oracle/SUN and IBM lead UNIX market

Gain new customers; lose majority of installed base Near-term marketshare gains; loss of profit long-term
.

Financial implications
.

Opportunity
s

Increase revenue near-term, but lose UNIX market snare Significant reduction in TS support attach

. .

Significant ISV portfolio already available on Solaris Modest ProLiant business model expansion; Solaris and HP support for market leading ProLiant and mission critical x86 server portfolio Reduced investment in mission critical offerings

Risks
I .

Oracle/SUN owns control point; HP dependent upon Oracle/SUN cooperation in a co-opetition model Installed base prefers sigle mission critical vendor; Customers committed to UNIX will move to IBM or Oracle/SUN with their integrated stacks, long term roadmaps and mission critical partnership
March3,2010
HP Private

4: Prolong the Itanium roadmap

Vision: Extend Integrty/HP-UX portfolio delaying exit of UNIX market
Strategy
s

.
s

Extend BOS Integrity/HP-UX business to retain installed base and retain distant #2 market share position Buy time to benefit from natural evolution of UNIX market transition to Windows, Linux, Solaris on x86 ProLiant dominates the standards-based server market

Investment required: High

s

Fund Intel to deliver improved 22nm Kittson, additional kicker in 2016 ($218M for both) Upgrade Integrity blades and Superdome blades with new processor, support next BladeSystem enclosure and continue to enhance HP-UX/lntegrity ($300M)

Market implications
. .

HP holds distant #2 market share position until Itanium end is known (2014), then rapid decline occurs IBM and Oracle/SUN grow marketshare; maintain high margins in smaller UNIX market

Financial implications
. .
s

Very significant investment for moderate return due to eventual end of Itanium Incremental revenue from extended roadmap $3.735B (BCS $2.8B, TS $935M) with incremental BS OP $800M TS support revenue continues to significantly decline, though at slower rate.

Opportunity
. . .

Achieve socket level compatibility for Xeon and Itanium Delay inevitable exit of the mission critical RISC/EPIC market Continue long term account relationships with Cl in mission critical accounts with Windows/Linux on ProLiant

Risk
.
s

Intel not interested to extend Itanium roadmap; opts to sell IP to HP Missed opportunity to invest in longer-term HPUX strategy

March 3. 2010

HP Private

Outcomes that matter.

lo

HP Private

BCS Baseline R&D

Business Owned ($M)
FY10 R&D HPIUX
$225

x86
$56 ($10)
$46
.

NED
$65

Total BCS
$346

n
Intel Funding

($124)

($27)

($162)
$185

$38

$70
s i 71

$70

N et R&D

$46

$38

$255

. HP-UX R&D includes both hardware and software development for HP-UX on Integrity servers . Funding for Intel development of Itanium is being amortized through end of FY13 . CPE/RTNV is funded by TS to cover engineering costs associated with current product engineer and rights to new version credits

12

March 3,2010

HP Private

Server Roadmap
1+2 PIan: HP-UX on Mission Critical x86 2010 2011 2012
Tukwila
ITAN PUM

2013
Kittson

Poulson

HP-UX!1i
s u perdome

Hardware enablement, upgrades sufficient to justify support 4

Integrity Blades Integrity rackm

Ivy-B ridge

Haswell-EX

Broadwell-EX

H P-UX/x86

4
.

ProLiant DL980

x86 Superdome

13

March 3,2010

HP Private

HP-UX Release Plan

1+2 PIan: HP-UX on Mission Critical x86
2010
HP-UX lii!
Integrity

2011

20152016

Port

Drive Differentiation

H P-UX/x86
'

e
eIoper Release

'.4,
x86 Superdome Support

4*;

"Green" OS leader
Near zero down time

I
s

. .

Base H/W Support VMware Guest Limited ISV portfolio

.
0

Enterprise Release Red Hat ABI

Secure workload mobility, including cloud

Performance

Tailored solutions per target customer

ISV & developer community

14

March 32O1O

HP Private

Server Roadmap
4: Extend the Itanium roadmap
2010
Tu kwi ta

2011
Poulson

2014
Kittson 22nm
K+

Integrity Blades

Haswell-EX

Broadwell-EX

ProLiant DL980

15

March 3.2010

HP Private

1+2 PIan: Revenue Projections

$6,000 $5,000 $4,000 $3,000
$2,000
$1,000
Next Generation Servers together with increased reach of sales force
Integrity endof-life slope Service revenue growth lags HP-UX/x86 growth and will pick up in '18 and beyond

AiphaServer, e3000 and HP 9000 end-of-service life slope

Includes aggressive growth with Superdome

x86and HP-UX/x86

s
FY10
FY11

FY12

FY13

FY14

FY15

FY16

FY17

- - HP-iJX Base

HP-IJXBase + IS Base

---HP-UXAoposed
16

HP-UX+ISRoposed

March 3, 2010

HP Private

P&L For Combined HP-UX and

1+2 PIan: HP-UX on Mission Critical x86
HP-UX Base Plan
FY10
FY11

MEL: "Likely" numbers in market share added for comparison & circled in red

Proposed Plan

FY12

FY13

FY14

FY15

FY16

FY17

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

Revenue
YiY Growth

$ 3,054
2.2/

2,814

$ 2,622

2,391

$ 2,218

2,022

1,806

1,572

3,054

$ 2,814 $ 2,650

2,474 $

2,392

2,336

$ 2,299 $ 2,280

-7.9%-6.8%-8.8%-7.2%-8.8%-1O.7%- 13.0%
$

2.2%-7.9%-5.S%-6.7%-3.3%-2.3%-1.6%-O.8%
$

Owned Operating Profit

OOP%

1,634
53.5%

1,505
53.5%

1,403
53.5%

1,279
53.5%

1,186
53.5%

1,082
53.5%

966
53.5%

841
53.5%

1,634
53.5%

1,505
53.5%

1,418
53.5%

1,324
53.5%

1,280
53.5%

1,250
53.5%

1,230
53.5%

1,220
53.5%

Revised total (new Hux 3/2)

Revenue
Y/YGrowth

,1381,918
$

2,171
$

2,439
$

2,392
$ 2,393
-1.6% $

2,298
2,299
-3.9%

2,224
$ 2,332
1.4%

2,211
$

2,200
$

s 1,918
-10.3%

$ 2,168

2,137

1,730

1,212

771

458

256

1,918
-10.3%

2,170
13.1%

2,433
12.1%

2,417
3.7%

2,616
8.2%

13.0V-l.4%-19.1%-29.9%-36.4%-4O.6%-44.O%
619
28,6%

Owned Operating Profit

OOP%

543
28.3%

611
28,6%

463
26.8%

357
29.4%

211
27,4%

125
27,4%

64
24.9%

484
25.2%

530
24.4%

559
23.0%

501
20.9%

516
22.5%

506
21.7%

533
22.1%

575
22.0%

Combined BCS HP-UX + IS

Revenue
Y/YGrovAh $

4,972

4,982
0.2%

4,759
-4.5%

$ 4,121
-13.4/

3,430

$ 2,793

2,264

1,828

4,972

4,984
0.2%

5,083
2.0%

4,867 $ 4,691
-4.3% -3,6%

4,668
-0.5%

4,716
1.0%

4,896
3.8%

-16.8%-18.6%-19.O%- 19.2%
1543
45.0%

Owned Operating Profit

OOP%

2177
43.8%

2124
42.6%

2013
42.3%

1742
42.3%

1293
45.3%

1091
48.2%

905
49.5%

2117
42.6%

2036
40.8%

1976
38.9%

1825
37.5%

1796
38.3%

1756
37.6%

1763
37.4%

1795
36.7%

Delta to FY10 OOP $

52

163

434 $

633

884

1,085

1,272
$

Delta between Base & Proposed

Breakeen/CumuIati
Total

(59) $

(89) $

(37) s

82

253

464

672

890

monthS

s 2,176

17

March 1, 2010

HP Private

Extend Itanium Roadmap Financials

4: Extend the Itanium road map
($M)

FY10
$

FY11
$

FY12
29
8 $ $ $
131

FY13
$ $ $

FY14
$ $ $

FY15
$ $
$

FY16
$ $ $

FY17
P$

Total

HW/SW Reenue

584
165
79

696
197 139

629
178
190

452
128

$
$

290
82
$
$

2,812
796 935

op
TS Re',aenue

s
$

s
$

37
15

237fl

275

oMarket realization that Itanium is going EOL (2 years beyond original target

. 3 years delay for bulk TS revenue upside (due to warranty) o Assumes flat OP @28.3% (includes payments to Intel)
oLarge upside in Poulson sales (FY12-14) driven by extended roadmap.

Investments

FY10
-

FY11

FY12

FY13

FY14
-

FY15
$
-

FY16
$
$ -

FY17
$ $
-

Totals
$

Cancel Org Kittson RID $

HW s s s

$ $ $

(141) $
6,266
10,820
$ $ $

(3,429) $
20,916
16,050
$ $

(6,436) $
38,592 35,160 67,316
$ $ $

(10,006)

2,659
780

25,242

$
$ $

12,637

10,629

2,001

$ 118,942 $ 189,790 $ 298,726

SW
Total

46,110
71,352

36,860 49,497

$
$

44,010
54,639
$

3,439

16,945

33,537

2,001

oInvestment total does not include payments to Intel

0 Intel payments adds $218M (includes canceling POR Kittson)

19

March32010

HP Private

Redwood

HP-UX x86 ISV Strategy

1+2 Plan: HP-UX on Misson Critical x86
7000

HP-UX/ x86 l&/ Fmp

ISV spend
Front end loaded for native ports of top mission critical ISVs
s

6000
C

5000

o
C
-eJ

Todys HP-UX ISV

count = 4863

o
o

4000
s

Majority of ISV spend is FSC (loaner equip & funds) vs. R&D expense Spend expected to be less than 1/3 of the Integrity ISV spend

3000
2000
1000
O

o-

Risks
I&'mp
2010
2011

2012

2013

2014

2015 2016 2017

Red Hat endorsement and support of ABI

Red Hat ABI initial availability later than optimal (Ql FYI 3)

Phase I : Large ISVs (Oracle, SAP, IBM), top vertical ISVs, completers

Phase 2: Mid-Tier lSVs, key infrastructure ISVs, next 10 application

lSVs

lSVs require recertification Major database (like Oracle DB) needed to address TAM

Phase 3: Smaller ISVs (next i 000), primarily Red Hat ABI based
18

March3,2010

HPPrivate

ISV spend HPPrivate

18

February22, 2010