hp inc....no ý the number of shares of hp common stock outstanding as of april 30, 2018 was...

Use these links to rapidly review the documentTable of ContentsPart I. Financial Information

UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549________________________________

FORM 10-Q(Mark One)

ýý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: April 30, 2018Or

oo TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to Commission file number 1-4423

_________________________________________

HP INC.(Exact name of registrant as specified in its charter)

Delaware 94-1081436(State or other jurisdiction ofincorporation or organization)

(I.R.S. employeridentification no.)

1501 Page Mill Road, Palo Alto, California 94304(Address of principal executive offices) (Zip code)

(650) 857-1501(Registrant’s telephone number, including area code)

________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”)during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past90 days. Yes ý No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted andposted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ý Accelerated filer o Non-accelerated filer o(Do not check if a smaller reporting company)

Smaller reporting company o Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes o No ý

The number of shares of HP common stock outstanding as of April 30, 2018 was 1,610,512,633 shares.

#HP-43018X10Q_HTM_S706EE5D152ED553FA7B4A20587FA7833

HP INC. AND SUBSIDIARIES

Form 10-Q

For the Quarterly Period ended April 30, 2018

Table of Contents

PageForward-Looking Statements 3Part I. Financial Information

Item 1. Financial Statements and Supplementary Data 4Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 43Item 3. Quantitative and Qualitative Disclosures About Market Risk 54Item 4. Controls and Procedures 54

Part II. Other Information Item 1. Legal Proceedings 55Item 1A. Risk Factors 55Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55Item 3. Defaults Upon Senior Securities 55Item 4. Mine Safety Disclosures 55Item 5. Other Information 55Item 6. Exhibits 55

Signature 56Exhibit Index 57

In this report on Form 10-Q, for all periods presented, “we”, “us”, “our”, “company”, “HP” and “HP Inc.” refer to HP Inc. (formerly Hewlett-Packard Company) and itsconsolidated subsidiaries.

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Forward-Looking Statements

This Quarterly Report on Form 10-Q, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 2 of Part I, containsforward-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 thanstatements 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 financialitems; 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 forfuture operations, including, but not limited to, our sustainability goals, the execution of restructuring plans and any resulting cost savings, net revenue or profitabilityimprovements; any statements concerning the expected development, performance, market share or competitive performance relating to products or services; any statementsregarding current or future macroeconomic trends or events and the impact of those trends and events on HP and its financial performance; any statements regarding pendinginvestigations, claims or disputes; any statements of expectation or belief, including with respect to the timing and expected benefits of acquisitions and other business combinationand investment transactions; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the need to address the manychallenges facing HP’s businesses; the competitive pressures faced by HP’s businesses; risks associated with executing HP’s strategy; the impact of macroeconomic andgeopolitical 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’sintellectual property assets, including intellectual property licensed from third parties; risks associated with HP’s international operations; the development and transition of newproducts and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; the execution and performanceof contracts by HP and its suppliers, customers, clients and partners; the hiring and retention of key employees; integration and other risks associated with business combinationand investment transactions; the results of the restructuring plans, including estimates and assumptions related to the cost (including any possible disruption of HP’s business) andthe anticipated benefits of the restructuring plans; the impact of changes in tax laws, including uncertainties related to the interpretation and application of the Tax Cuts and JobsAct of 2017 on HP’s tax obligations and effective tax rate; the resolution of pending investigations, claims and disputes; and other risks that are described herein, including, but notlimited to, those discussed in this Quarterly Report on Form 10-Q, and in particular, the risks discussed in Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K forthe fiscal year ended October 31, 2017, and that are otherwise described or updated from time to time in HP’s other filings with the Securities and Exchange Commission (the“SEC”). HP assumes no obligation and does not intend to update these forward-looking statements.

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Part I. Financial Information

ITEM 1. Financial Statements and Supplementary Data.Index

Page

Consolidated Condensed Statements of Earnings for the three and six months ended April 30, 2018 and 2017 (Unaudited ) 5Consolidated Condensed Statements of Comprehensive Income for the three and six months ended April 30, 2018 and 2017 (Unaudited) 6Consolidated Condensed Balance Sheets as of April 30, 2018 and as of October 31, 2017 (Unaudited) 7Consolidated Condensed Statements of Cash Flows for the six months ended April 30, 2018 and 2017 (Unaudited) 8Notes to Consolidated Condensed Financial Statements (Unaudited) 9Note 1: Basis of Presentation 9Note 2: Segment Information 11Note 3: Restructuring and Other Charges 13Note 4: Retirement and Post-Retirement Benefit Plans 15Note 5: Stock-Based Compensation 16Note 6: Taxes on Earnings 18Note 7: Supplementary Financial Information 21Note 8: Fair Value 24Note 9: Financial Instruments 26Note 10: Borrowings 31Note 11: Stockholders’ Deficit 33Note 12: Net Earnings Per Share 35Note 13: Litigation and Contingencies 36Note 14: Guarantees, Indemnifications and Warranties 40Note 15: Acquisitions 41Note 16: Intangibles 41

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Consolidated Condensed Statements of Earnings

(Unaudited)

Three months ended April 30 Six months ended April 30

2018 2017 2018 2017 In millions, except per share amountsNet revenue 14,003 $ 12,385 $ 28,520 $ 25,069Costs and expenses: Cost of revenue 11,301 10,002 23,236 20,438Research and development 356 314 703 610Selling, general and administrative 1,260 1,090 2,429 2,107Restructuring and other charges 57 140 88 203Acquisition-related charges 45 20 87 36Amortization of intangible assets 20 1 40 1Total costs and expenses 13,039 11,567 26,583 23,395

Earnings from operations 964 818 1,937 1,674Interest and other, net (881) (64) (949) (145)

Earnings before taxes 83 754 988 1,529Benefit from (provision for) taxes 975 (195) 2,008 (359)

Net earnings $ 1,058 $ 559 $ 2,996 $ 1,170

Net earnings per share: Basic $0.65 $ 0.33 $1.83 $ 0.69

Diluted $0.64 $ 0.33 $1.81 $ 0.68

Cash dividends declared per share $ — $ — $ 0.28 $ 0.27

Weighted-average shares used to compute net earnings per share: Basic 1,630 1,688 1,640 1,696

Diluted 1,646 1,709 1,658 1,716

The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

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Consolidated Condensed Statements of Comprehensive Income

(Unaudited)


2018 2017 2018 2017 In millionsNet earnings $ 1,058 $ 559 $ 2,996 $ 1,170

Other comprehensive income (loss) before taxes: Change in unrealized components of available-for-sale securities:

Unrealized (losses) gains arising during the period (2) 1 (5) 4Gains reclassified into earnings — — (5) —

(2) 1 (10) 4

Change in unrealized components of cash flow hedges: Unrealized gains (losses) arising during the period 297 (70) (254) (239)Losses (gains) reclassified into earnings 276 (16) 346 (87)

573 (86) 92 (326)Change in unrealized components of defined benefit plans:

Gains arising during the period — 13 — 13Amortization of actuarial loss and prior service benefit 13 17 25 37Curtailments, settlements and other — 3 1 3

13 33 26 53Other comprehensive income (loss) before taxes 584 (52) 108 (269)(Provision for) benefit from taxes (69) 7 (4) (7)

Other comprehensive income (loss), net of taxes 515 (45) 104 (276)

Comprehensive income $ 1,573 $ 514 $ 3,100 $ 894


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Consolidated Condensed Balance Sheets

(Unaudited)

As of

April 30, 2018 October 31, 2017

In millions, except par value ASSETS

Current assets: Cash and cash equivalents $ 4,247 $ 6,997Accounts receivable 4,605 4,414Inventory 5,557 5,786Other current assets 5,024 5,121

Total current assets 19,433 22,318Property, plant and equipment 2,061 1,878Goodwill 5,941 5,622Other non-current assets 4,652 3,095

Total assets $ 32,087 $ 32,913

LIABILITIES AND STOCKHOLDERS’ DEFICIT Current liabilities: Notes payable and short-term borrowings $ 1,617 $ 1,072Accounts payable 13,054 13,279Employee compensation and benefits 897 894Taxes on earnings 300 214Deferred revenue 1,062 1,012Other accrued liabilities 6,197 5,941

Total current liabilities 23,127 22,412Long-term debt 4,494 6,747Other non-current liabilities 6,329 7,162Stockholders’ deficit: Preferred stock, $0.01 par value (300 shares authorized; none issued) — —Common stock, $0.01 par value (9,600 shares authorized; 1,611 and 1,650 shares issued and outstanding at April 30, 2018 andOctober 31, 2017, respectively) 16 16Additional paid in capital 510 380Retained deficit (1,075) (2,386)Accumulated other comprehensive loss (1,314) (1,418)

Total stockholders’ deficit (1,863) (3,408)

Total liabilities and stockholders’ deficit $ 32,087 $ 32,913


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Consolidated Condensed Statements of Cash Flows

(Unaudited)

Six months ended April 30

2018 2017 In millionsCash flows from operating activities: Net earnings $ 2,996 $ 1,170Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization 256 173Stock-based compensation expense 148 123Restructuring and other charges 88 203Deferred taxes on earnings (3,316) 205Other, net 198 21Changes in operating assets and liabilities, net of acquisition: Accounts receivable 38 289Inventory 450 (272)Accounts payable (277) 26Taxes on earnings 935 (177)Restructuring and other (177) (97)Other assets and liabilities 707 (442)

Net cash provided by operating activities 2,046 1,222Cash flows from investing activities: Investment in property, plant and equipment (242) (176)Proceeds from sale of property, plant and equipment 110 69Purchases of available-for-sale securities and other investments (304) (3)Maturities and sales of available-for-sale securities and other investments 345 2Collateral posted for derivative instruments (901) (258)Collateral returned for derivative instruments 910 125Payment made in connection with business acquisition, net of cash acquired (1,020) —

Net cash used in investing activities (1,102) (241)Cash flows from financing activities: Proceeds from short-term borrowings with original maturities less than 90 days, net 837 74Proceeds from short-term borrowings with original maturities greater than 90 days 300 —Proceeds from debt, net of issuance costs — 5Payment of short-term borrowings with original maturities greater than 90 days (1,087) (3)Payment of debt (2,026) (41)Settlement of cash flow hedges — (9)Net payments related to stock-based award activities 2 (12)Repurchase of common stock (1,263) (609)Cash dividends paid (457) (451)

Net cash used in financing activities (3,694) (1,046)Decrease in cash and cash equivalents (2,750) (65)Cash and cash equivalents at beginning of period 6,997 6,288

Cash and cash equivalents at end of period $ 4,247 $ 6,223

Supplemental schedule of non-cash activities: Purchase of assets under capital leases $ 129 $ 84


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Notes to Consolidated Condensed Financial Statements

(Unaudited)Note 1: Basis of Presentati on

Separation TransactionOn November 1, 2015, Hewlett-Packard Company completed the separation of Hewlett Packard Enterprise Company (“Hewlett Packard Enterprise”), Hewlett-Packard

Company’s former enterprise technology infrastructure, software, services and financing businesses (the “Separation”). In connection with the Separation, Hewlett-PackardCompany changed its name to HP Inc. (“HP”) and entered into a separation and distribution agreement as well as various other agreements with Hewlett Packard Enterprise thatprovide a framework for the relationships between the parties, including among others a tax matters agreement, an employee matters agreement, a transition service agreement, a realestate matters agreement, a master commercial agreement and an information technology service agreement. For more information on the impacts of these agreements, see Note 6,“Taxes on Earnings”, Note 7, “Supplementary Financial Information”, Note 13, “Litigation and Contingencies” and Note 14, “Guarantees, Indemnifications and Warranties”.

Basis of Presentation

The accompanying Consolidated Condensed Financial Statements of HP and its wholly-owned subsidiaries are prepared in conformity with United States (“U.S.”) generallyaccepted accounting principles (“GAAP”). The interim financial information is unaudited but reflects all normal adjustments that are necessary to provide a fair statement of resultsfor the interim periods presented. This interim information should be read in conjunction with the Consolidated Condensed Financial Statements for the fiscal year ended October 31,2017 in the Annual Report on Form 10-K, filed on December 14, 2017 . The Consolidated Condensed Balance Sheet for October 31, 2017 was derived from audited financialstatements.

Principles of Consolidation

The Consolidated Condensed Financial Statements include the accounts of HP and its subsidiaries and affiliates in which HP has a controlling financial interest or is theprimary beneficiary. All intercompany balances and transactions have been eliminated.

ReclassificationsHP implemented an organizational change to align its segment and business unit financial reporting more closely with its current business structure. HP reflected this change to

its segment and business unit information in prior reporting periods on an as-if basis. The reporting changes had no impact on previously reported consolidated net revenue, earningsfrom operations, net earnings or net earnings per share (“EPS”). See Note 2, “Segment Information”, for a further discussion of HP’s segment and business unit realignments.

Use of Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in HP’sConsolidated Condensed Financial Statements and accompanying notes. Actual results could differ materially from those estimates.

Recently Issued Accounting Pronouncements Not Yet Adopted

In February 2018, the Financial Accounting Standards Board (“FASB”) issued guidance, which eliminates the stranded tax effects in other comprehensive income resultingfrom the Tax Cuts and Jobs Act (the “TCJA”). Because the amendments only relate to the reclassification of the income tax effects of the TCJA, the underlying guidance thatrequires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. HP is required to adopt the guidance in the first quarter offiscal year 2020. Earlier adoption is permitted. HP is currently evaluating the timing and the impact of this guidance on the Consolidated Condensed Financial Statements.

In August 2017, the FASB issued guidance, which amends the existing accounting standards for derivatives and hedging. The amendment improves the financial reporting ofhedging relationships to better represent the economic results of an entity’s risk management activities in its financial statements and made certain targeted improvements to simplifythe application of the hedge accounting guidance in current U.S. GAAP. HP is required to adopt the guidance in the first quarter of fiscal year 2020. Earlier adoption is permitted. HPis currently evaluating the timing and impact of this guidance on the Consolidated Condensed Financial Statements.

In January 2017, the FASB issued guidance, which amends the existing accounting standards for business combinations. The amendments clarify the definition of a businesswith the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. HP isrequired to adopt the guidance in the first quarter of fiscal year 2019. Earlier adoption is permitted. HP currently expects to adopt this guidance early, in the fourth quarter of fiscalyear 2018. HP expects that the implementation of this guidance will not have a material impact on its Consolidated Condensed Financial Statements.

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Notes to Consolidated Condensed Financial Statements (Continued)

(Unaudited)

Note 1: Basis of Presentation (Continued)

In November 2016, the FASB issued guidance, which addresses the presentation of restricted cash in the statement of cash flows. The guidance requires entities to present thechanges in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfersbetween cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. HP is required to adopt the guidance retrospectively in the firstquarter of fiscal year 2019. Earlier adoption is permitted. HP will adopt this guidance in the first quarter of fiscal year 2019. HP expects that the implementation of this guidance willnot have a material impact on its Consolidated Condensed Financial Statements.

In October 2016, the FASB issued guidance, which amends the existing accounting for Intra-Entity Transfers of Assets Other Than Inventory. The guidance requires an entityto recognize the income tax consequences of intra-entity transfers, other than inventory, when the transfer occurs. It also requires modified retrospective transition with a cumulativecatch-up adjustment to opening retained earnings in the period of adoption. HP is required to adopt the guidance in the first quarter of fiscal year 2019. Earlier adoption is permitted.HP will adopt this guidance in the first quarter of fiscal year 2019. HP is currently evaluating the impact of this guidance on the Consolidated Condensed Financial Statements.

In August 2016, the FASB issued guidance, which amends the existing accounting standards for the classification of certain cash receipts and cash payments on the statementof cash flows. HP is required to adopt the guidance in the first quarter of fiscal year 2019. Earlier adoption is permitted. HP will adopt this guidance in the first quarter of fiscal year2019. HP expects that the implementation of this guidance will not have a material impact on its Consolidated Condensed Financial Statements.

In June 2016, the FASB issued guidance, which requires credit losses on financial assets measured at amortized cost basis to be presented at the net amount expected to becollected, not based on incurred losses. Further, credit losses on available-for-sale debt securities should be recorded through an allowance for credit losses limited to the amount bywhich fair value is below amortized cost. HP is required to adopt the guidance in the first quarter of fiscal year 2021. Earlier adoption is permitted. HP is currently evaluating thetiming and the impact of this guidance on the Consolidated Condensed Financial Statements.

In February 2016, the FASB issued guidance, which amends the existing accounting standards for leases. Consistent with current guidance, the recognition, measurement, andpresentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification. Under the new guidance, a lessee will be required to recognizeassets and liabilities for all leases with lease terms of more than twelve months. Under the current amendments, HP is required to adopt the guidance in the first quarter of fiscal year2020 using a modified retrospective approach. Earlier adoption is permitted. HP is currently evaluating the timing and the impact of this guidance on the Consolidated CondensedFinancial Statements.

In January 2016, the FASB issued guidance, which amends the existing accounting standards for the recognition and measurement of financial assets and financial liabilities.The guidance primarily addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. HP is required to adopt the guidance in the firstquarter of fiscal year 2019. The amendments should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption,with other amendments related specifically to equity securities without readily determinable fair values applied prospectively. Earlier adoption is permitted. HP will adopt thisguidance in the first quarter of fiscal year 2019. HP expects that the implementation of this guidance will not have a material impact on its Consolidated Condensed FinancialStatements.

In May 2014, the FASB issued guidance, which amends the existing accounting standards for revenue recognition. The amendments (Topic 606) are based on the principle thatrevenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitledin exchange for those goods or services. The amendments may be applied retrospectively to each prior period presented (“full retrospective method”) or retrospectively with thecumulative effect recognized as of the date of initial application (“modified retrospective method”). HP will adopt the new revenue standard in the first quarter of fiscal 2019 andintends to apply the modified retrospective method. Based on the initial assessment, it is not anticipated that the adoption will have a material impact on the amount or timing ofrevenue recognized in the Consolidated Condensed Financial Statements. We continue to make progress on assessing the overall impact of adoption of the standard on our businessprocesses, systems and controls.

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(Unaudited)

Note 2. Segment Information

HP is a leading global provider of personal computing and other access devices, imaging and printing products, and related technologies, solutions and services. HP sells toindividual consumers, small and medium-sized businesses (“SMBs”) and large enterprises, including customers in the government, health and education sectors.

HP’s operations are organized into three segments for financial reporting purposes: Personal Systems, Printing and Corporate Investments. HP’s organizational structure isbased on a number of factors that the chief operating decision maker uses to evaluate, view and run its business operations, which include, but are not limited to, customer base andhomogeneity of products and technology. The segments are based on this organizational structure and information reviewed by HP’s chief operating decision maker to evaluatesegment results. The chief operating decision maker uses several metrics to evaluate the performance of the overall business, including earnings from operations, and uses theseresults to allocate resources to each of the segments.

A summary description of each segment is as follows:

Personal Systems provides Commercial and Consumer desktop and notebook personal computers (“PCs”), workstations, thin clients, Commercial mobility devices, retailpoint-of-sale systems, displays and other related accessories, software, support and services for the commercial and consumer markets. HP groups Commercial notebooks,Commercial desktops, Commercial services, Commercial mobility devices, Commercial detachables and convertibles, Workstations, retail point-of-sale systems and thin clients intoCommercial PCs and Consumer notebooks, Consumer desktops, Consumer services and Consumer detachables into Consumer PCs when describing performance in these markets.Described below are HP’s global business capabilities within Personal Systems:

• Commercial PCs are optimized for use by customers, including enterprise and SMBs, with a focus on robust designs, security, serviceability, connectivity, reliability andmanageability in networked environments. Additionally, HP offers a range of services and solutions to enterprise and SMBs to help them manage the lifecycle of their PC andmobility installed base.

• Consumer PCs are optimized for consumer usage, focusing on multi-media consumption, online browsing, gaming and light productivity.

Personal Systems groups its global business capabilities into Notebooks, Desktops, Workstations and Other when reporting business performance.

• Notebooks consists of Consumer notebooks, Commercial notebooks, Mobile workstations and Commercial mobility devices;

• Desktops includes Consumer desktops, Commercial desktops, thin clients, and retail point-of-sale systems;

• Workstations consists of Desktop Workstations and accessories; and

• Other consists of Consumer and Commercial services as well as other Personal Systems capabilities.

Printing provides Consumer and Commercial printer hardware, Supplies, solutions and services, as well as scanning devices. Printing is also focused on imaging solutions inthe commercial markets. Described below are HP’s global business capabilities within Printing:

• Office Printing Solutions delivers HP’s office printers, supplies, services, and solutions to SMBs and large enterprises. It also includes Samsung Electronics Co., Ltd(“Samsung”)-branded and Original Equipment Manufacturer (“OEM”) hardware, supplies and solutions. HP goes to market through its extensive channel network and directlywith HP sales. Ongoing key initiatives include design and deployment of A3 products and solutions for the copier and multifunction printer market, printer security solutions,PageWide solutions and award-winning JetIntelligence LaserJet products.

• Home Printing Solution s delivers innovative printing products and solutions for the home and home business or small office customers utilizing both HP’s Ink and Lasertechnologies. Initiatives such as Instant Ink and Continuous Ink Supply System provide business model innovation to benefit and expand HP’s existing customer base, whilenew innovations like Photo Lifestyle products drive print relevance for a mobile generation.

• Graphics Solutions delivers large-format, commercial and industrial solutions to print service providers and packaging converters through the largest portfolio of printers andpresses (HP DesignJet, HP Latex, HP Scitex, HP Indigo and HP PageWide Web Presses).

• 3D Printing delivers HP’s Multi-Jet Fusion 3D Printing Solution designed for prototyping and production of functional parts and functioning on an open platform facilitating thedevelopment of new 3D printing materials.

Printing groups its global business capabilities into the following business units when reporting business performance:

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(Unaudited)

Note 2: Segment Information (Continued)

• Commercial Hardware consists of Office Printing Solutions, Graphics Solutions and 3D Printing, excluding supplies;

• Consumer Hardware includes Home Printing Solutions, excluding supplies; and

• Supplies comprises a set of highly innovative consumable products, ranging from Ink and Laser cartridges to media, graphics supplies, 3D Printing supplies and Samsung-branded A4 and A3 supplies and OEM supplies, for recurring use in Consumer and Commercial Hardware.

Corporate Investments includes HP Labs and certain business incubation projects.

The accounting policies HP uses to derive segment results are substantially the same as those used in preparing these financial statements. HP derives the results of thebusiness segments directly from its internal management reporting system.

HP does not allocate certain operating expenses, which it manages at the corporate level, to its segments. These unallocated amounts include certain corporate governance costsand market-related retirement credits, stock-based compensation expense, restructuring and other charges, acquisition-related charges, amortization of intangible assets, definedbenefit plan settlement charges.

Realignment

Effective at the beginning of its first quarter of fiscal year 2018, HP implemented an organizational change to align its segment and business unit financial reporting moreclosely with its current business structure. The organizational change resulted in the transfer of long life consumables from Commercial to Supplies within the Printing segment.Certain revenues related to service arrangements, which are being eliminated for the purposes of reporting HP’s consolidated net revenue, have now been reclassified from Other tosegments. HP has reflected this change to its segment and business unit information in prior reporting periods on an as-if basis. The reporting change had no impact on previouslyreported consolidated net revenue, earnings from operations, net earnings or net earnings per share.

Segment Operating Results from Operations

Personal Systems Printing

Corporate Investments

Total Segments Other Total

In millionsThree months ended April 30, 2018 Net revenue $ 8,762 $ 5,241 $ 1 $ 14,004 $ (1) $ 14,003

Earnings (loss) from operations $ 331 $ 839 $ (21) $ 1,149

Three months ended April 30, 2017 Net revenue $ 7,653 $ 4,728 $ 3 $ 12,384 $ 1 $ 12,385

Earnings (loss) from operations $ 244 $ 820 $ (26) $ 1,038

Six months ended April 30, 2018 Net revenue $ 18,202 $ 10,317 $ 2 $ 28,521 $ (1) $ 28,520

Earnings (loss) from operations $ 668 $ 1,640 $ (40) $ 2,268

Six months ended April 30, 2017 Net revenue $ 15,869 $ 9,192 $ 5 $ 25,066 $ 3 $ 25,069

Earnings (loss) from operations $ 556 $ 1,534 $ (49) $ 2,041

The reconciliation of segment operating results to HP consolidated results was as follows:

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(Unaudited)

Note 2: Segment Information (Continued)


2018 2017 2018 2017 In millions

Net Revenue: Total segments $ 14,004 $ 12,384 $ 28,521 $ 25,066Other (1) 1 (1) 3

Total net revenue $ 14,003 $ 12,385 $ 28,520 $ 25,069

Earnings before taxes: Total segment earnings from operations $ 1,149 $ 1,038 $ 2,268 $ 2,041Corporate and unallocated costs and other — (11) 32 (4)Stock-based compensation expense (63) (48) (148) (123)Restructuring and other charges (57) (140) (88) (203)Acquisition-related charges (45) (20) (87) (36)Amortization of intangible assets (20) (1) (40) (1)Interest and other, net (881) (64) (949) (145)

Total earnings before taxes $ 83 $ 754 $ 988 $ 1,529

Net revenue by segment and business unit was as follows:


2018 2017 2018 2017 In millionsNotebooks $ 5,153 $ 4,493 $ 10,748 $ 9,383Desktops 2,752 2,377 5,707 4,911Workstations 538 495 1,081 986Other 319 288 666 589Personal Systems 8,762 7,653 18,202 15,869

Supplies 3,434 3,188 6,785 6,223Commercial Hardware 1,186 936 2,256 1,775Consumer Hardware 621 604 1,276 1,194Printing 5,241 4,728 10,317 9,192Corporate Investments 1 3 2 5

Total segment net revenue 14,004 12,384 28,521 25,066Other (1) 1 (1) 3

Total net revenue $ 14,003 $ 12,385 $ 28,520 $ 25,069

Note 3: Restructuring and Other Charges

Summary of Restructuring Plans

HP’s restructuring activities for the six months ended April 30, 2018 and 2017 summarized by the plans outlined below were as follows:

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(Unaudited)Note 3: Restructuring and Other Charges (Continued)

Fiscal 2017 Plan Fiscal 2015 Plan Fiscal 2012 Plan

Severance Infrastructure and other(1) Severance and

PRP (2) Infrastructure and other Severance andEER (3) Infrastructure and other Total

In millions Accrued balance as of October 31, 2017 $ 76 $ 19 $ 6 $ 2 $ 3 $ 2 $ 108

Charges 52 12 — — — — 64

Cash payments (86) (31) (1) (2) — — (120)

Non-cash and other adjustments — — 1 — — — 1

Accrued balance as of April 30, 2018 $ 42 $ — $ 6 $ — $ 3 $ 2 $ 53

Total costs incurred to date as of April 30, 2018 $ 193 $ 106 $ 171 $ 27 $ 1,075 $ 44 $ 1,616

Reflected in Consolidated Condensed Balance Sheets Other accrued liabilities $ 42 $ — $ 6 $ — $ 3 $ 1 $ 52

Other non-current liabilities — — — — — 1 1

Accrued balance as of October 31, 2016 $ 24 $ — $ 21 $ 4 $ 7 $ 2 $ 58

Charges 81 58 10 — 1 — 150

Cash payments (20) (4) (31) (2) (3) — (60)

Non-cash and other adjustments — (52) 1 — — — (51)

Accrued balance as of April 30, 2017 $ 85 $ 2 $ 1 $ 2 $ 5 $ 2 $ 97

HP’s restructuring charges for the three months ended April 30, 2018 summarized by the plans outlined below were as follows:

Fiscal 2017 Plan Fiscal 2015 Plan Fiscal 2012 Plan

Severance Infrastructureand other Severance

and PRP (2) Infrastructureand other Severance

and EER (3) Infrastructureand other

Total

In millions For the three months ended April 30,2018

$ 40 $ 6

$ —

$ —

$ —

$ —

$ 46

(1) Infrastructure and other includes asset impairment charges of $52 million for the three and six months ended April 30, 2017 associated with the consolidation of manufacturing into globalhubs.

(2) PRP represents Phased Retirement Program.(3) EER represents Enhanced Early Retirement.

Fiscal 2017 Plan

On October 10, 2016, HP’s Board of Directors approved a restructuring plan (the “Fiscal 2017 Plan”), which it had expected would be implemented through fiscal year 2019.HP estimated that it would incur aggregate pre-tax charges of approximately $500 million relating to labor and non-labor actions. HP expected around 4,000 employees to exit by theend of fiscal year 2019.

On May 26, 2018, HP’s Board of Directors approved amending the Fiscal 2017 Plan. HP now expects approximately 4,500 to 5,000 employees to exit by the end of fiscal year2019, subject to certain jurisdictional labor law requirements. HP estimates that it will now incur aggregate pre-tax charges of approximately $700 million relating to labor and non-labor actions. HP estimates that approximately half of the expected cumulative pre-tax costs will relate to severance and the remaining costs will relate to infrastructure, non-laboractions and other charges.

Fiscal 2015 Plan

In connection with the Separation, on September 14, 2015, HP’s Board of Directors approved a cost savings plan (the “Fiscal 2015 Plan”), which includes labor and non-laboractions. The Fiscal 2015 Plan was considered substantially complete as of October 31, 2016 and HP does not expect any further activity associated with this plan.

Fiscal 2012 Plan

HP initiated a restructuring plan in fiscal year 2012 (the “Fiscal 2012 Plan”), which includes severance and infrastructure costs. The Fiscal 2012 Plan was consideredsubstantially complete as of October 31, 2016 and HP does not expect any further activity associated with this plan.

14



(Unaudited)Note 3: Restructuring and Other Charges (Continued)

Other ChargesOther charges include non-recurring costs, including those as a result of Separation, and are distinct from ongoing operational costs. These costs primarily relate to information

technology costs such as advisory, consulting and non-recurring labor costs. For the three and six months ended April 30, 2018 , HP incurred $11 million and $24 million of othercharges, respectively. For the three and six months ended April 30, 2017 , HP incurred $22 million and $53 million of other charges, respectively.

Note 4: Retirement and Post-Retirement Benefit PlansThe components of HP’s pension and post-retirement benefit (credit) cost recognized in the Consolidated Condensed Statements of Earnings were as follows:

Three months ended April 30

U.S. Defined Benefit Plans Non-U.S. Defined Benefit Plans Post-Retirement Benefit Plans

2018 2017 2018 2017 2018 2017 In millionsService cost $ — $ — $ 14 $ 12 $ — $ —Interest cost 113 117 6 4 4 5Expected return on plan assets (179) (170) (10) (8) (6) (6)Amortization and deferrals: Actuarial loss (gain) 16 18 7 10 (4) (5)Prior service benefit — — (1) (1) (5) (5)

Net periodic (credit) benefit cost (50) (35) 16 17 (11) (11)Settlement loss — 3 — — — —Total periodic (credit) benefit cost $ (50) $ (32) $ 16 $ 17 $ (11) $ (11)


U.S. Defined Benefit Plans Non-U.S. Defined Benefit Plans Post- Retirement Benefit Plans

2018 2017 2018 2017 2018 2017 In millionsService cost $ — $ — $ 28 $ 24 $ — $ —Interest cost 226 234 12 8 8 9Expected return on plan assets (360) (339) (20) (16) (12) (12)Amortization and deferrals: Actuarial loss (gain) 31 36 14 20 (8) (7)Prior service benefit — — (2) (2) (10) (10)

Net periodic benefit (credit) cost (103) (69) 32 34 (22) (20)Settlement loss 1 3 — — — —Total periodic benefit (credit) cost $ (102) $ (66) $ 32 $ 34 $ (22) $ (20)

Employer Contributions and Funding Policy

HP’s policy is to fund its pension plans so that it makes at least the minimum contribution required by local government, funding and taxing authorities.

During fiscal year 2018 , HP anticipates making contributions of approximately $33 million to its non-U.S. pension plans, including an increase of $9 million related to theacquisition of Samsung’s printer business, approximately $33 million to its U.S. non-qualified plan participants and approximately $7 million to cover benefit claims under HP’spost-retirement benefit plans. During the six months ended April 30, 2018 , HP contributed $16 million to its non-U.S. pension plans and paid $20 million to cover benefit paymentsto U.S. non-qualified plan participants.

15



(Unaudited)

Note 4: Retirement and Post-Retirement Benefit Plans (Continued)

HP’s pension and other post-retirement benefit costs and obligations depend on various assumptions. Differences between expected and actual returns on investments andchanges in discount rates and other actuarial assumptions are reflected as unrecognized gains or losses, and such gains or losses are amortized to earnings in future periods. Adeterioration in the funded status of a plan could result in a need for additional company contributions or an increase in net pension and post-retirement benefit costs in futureperiods. Actuarial gains or losses are determined at the measurement date and amortized over the remaining service life for active plans or the life expectancy of plan participants forfrozen plans.

Note 5: Stock-Based Compensation

HP’s stock-based compensation plans permit the issuance of restricted stock awards, stock options and performance-based awards.

Stock-based compensation expense and the resulting tax benefits were as follows:


2018 2017 2018 2017 In millionsStock-based compensation expense $ 63 $ 48 $ 148 $ 123Income tax benefit (14) (15) (33) (39)

Stock-based compensation expense, net of tax $ 49 $ 33 $ 115 $ 84

Restricted Stock Awards

Restricted stock awards are non-vested stock awards that may include grants of restricted stock or restricted stock units. For the three and six months ended April 30, 2018 and2017 , HP granted only restricted stock units. HP uses the closing stock price on the grant date to estimate the fair value of service-based restricted stock units. HP did not grant anyrestricted stock units subject to performance-adjusted vesting conditions for the three months ended April 30, 2018 and 2017. HP estimates the fair value of restricted stock unitssubject to performance-adjusted vesting conditions using a combination of the closing stock price on the grant date and a Monte Carlo simulation model. The weighted-average fairvalue and the assumptions used to measure the fair value of restricted stock units subject to performance-adjusted vesting conditions in the Monte Carlo simulation model were asfollows:


2018 2017

Weighted-average fair value (1) $ 24 $ 20Expected volatility (2) 29.8% 30.5%Risk-free interest rate (3) 1.9% 1.4%Expected performance period in years (4) 2.9 2.9

(1) The weighted-average fair value was based on performance-adjusted restricted stock units granted during the period.(2) The expected volatility was estimated using the historical volatility derived from HP’s common stock.(3) The risk-free interest rate was estimated based on the yield on U.S. Treasury zero-coupon issues.(4) The expected performance period was estimated based on the length of the remaining performance period from the grant date.

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(Unaudited)Note 5: Stock-Based Compensation (Continued)

A summary of restricted stock unit activity was as follows:

Six months ended April 30, 2018

Shares

Weighted-Average Grant Date Fair Value

Per Share

In thousands Outstanding at beginning of period 31,822 $ 14Granted 13,862 $ 21Vested (13,706) $ 14Forfeited (577) $ 17

Outstanding at end of period 31,401 $ 17

As of April 30, 2018 , there was $282 million of unrecognized pre-tax stock-based compensation expense related to non-vested restricted stock units, which HP expects torecognize over the remaining weighted-average vesting period of 1.4 years.

Stock Options

HP utilizes the Black-Scholes-Merton option pricing model to estimate the fair value of stock options subject to service-based vesting conditions. HP estimates the fair value ofstock options subject to performance-contingent vesting conditions using a combination of a Monte Carlo simulation model and a lattice model, as these awards contain marketconditions. HP did not grant any stock options for the three and six months ended April 30, 2017. The weighted-average fair value and the assumptions used to measure the fairvalue of stock options for the three and six months ended April 30, 2018 were as follows:

Three months ended April

30, 2018 Six months ended April 30,

2018

Weighted-average fair value (1) $ 5 $ 5Expected volatility (2) 29.4% 29.4%Risk-free interest rate (3) 2.5% 2.5%Expected dividend yield (4) 2.6% 2.6%Expected term in years (5) 5 5

(1) The weighted-average fair value was based on stock options granted during the period.(2) The expected volatility was estimated based on a blended volatility ( 50% historical volatility and 50% implied volatility from traded options on HP's common stock).(3) The risk-free interest rate was estimated based on the yield on U.S. Treasury zero-coupon issues.(4) The expected dividend yield represents a constant dividend yield applied for the duration of the expected term of the award.(5) Due to the lack of historical exercise and post-vesting termination patterns of the post-Separation employee base, the expected term was estimated using the simplified

method; and for the performance-contingent awards, the expected term represents an output from the lattice model.

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(Unaudited)Note 5: Stock-Based Compensation (Continued)

A summary of stock option activity was as follows:


Shares

Weighted- Average

Exercise Price

Weighted- Average Remaining Contractual

Term Aggregate

Intrinsic Value

In thousands In years In millionsOutstanding at beginning of period 18,067 $ 13 Granted 54 $ 21 Exercised (6,942) $ 12 Forfeited and expired (110) $ 22

Outstanding at end of period 11,069 $ 14 4.4 $ 87

Vested and expected to vest 10,973 $ 14 4.4 $ 86

Exercisable 7,603 $ 13 4.0 $ 62

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that option holders would have realized had all option holders exercised their optionson the last trading day of the second quarter of fiscal year 2018 . The aggregate intrinsic value is the difference between HP’s closing stock price on the last trading day of the secondquarter of fiscal year 2018 and the exercise price, multiplied by the number of in-the-money options. The total intrinsic value of options exercised for the three and six months endedApril 30, 2018 was $40 million and $70 million respectively.

As of April 30, 2018 , there was $3 million of unrecognized pre-tax, stock-based compensation expense related to unvested stock options, which HP expects to recognize overthe remaining weighted-average vesting period of 0.4 years.

In January 2018, the Board approved an amendment and restatement of HP’s 2004 Stock Incentive Plan, which included retiring 80 million shares from the plan’s sharereserves.

Note 6: Taxes on Earnings

Tax Matters Agreement and Other Income Tax Matters

In connection with the Separation, HP entered into the tax matters agreement (“TMA”) with Hewlett Packard Enterprise, effective on November 1, 2015. The TMA providesthat HP and Hewlett Packard Enterprise will share certain pre-Separation income tax liabilities. In addition, if the distribution of Hewlett Packard Enterprise’s common shares to theHP stockholders is determined to be taxable, Hewlett Packard Enterprise and HP would share the tax liability equally, unless the taxability of the distribution is the direct result ofaction taken by either Hewlett Packard Enterprise or HP subsequent to the distribution, in which case the party causing the distribution to be taxable would be responsible for anytaxes imposed on the distribution.

HP records income tax indemnification receivables from various third parties for certain income tax liabilities that HP is jointly and severally liable for, but for which it isindemnified by those same third parties under existing legal agreements. The actual amount that the third parties pay may be obligated to pay HP could vary depending on theoutcome of certain unresolved tax matters, which may not be resolved for several years. The net receivable as of April 30, 2018 was $898 million .

Provision for Taxes

On December 22, 2017, the TCJA was signed by the President of the United States and enacted into law. The law includes significant changes to the U.S. corporate income taxsystem, including a federal corporate rate reduction from 35% to 21% , limitations on the deductibility of interest expense and executive compensation, and the transition of U.S.international taxation from a worldwide tax system to a territorial tax system. ASC 740, Accounting for Income Taxes, requires companies to recognize the effect of tax law changesin the period of enactment even though the effective date for most provisions is for tax years beginning after December 31, 2017 (the “Effective Date”), or in the case of certain otherprovisions, January 1, 2018 .

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(Unaudited)

Note 6: Taxes on Earnings (Continued)

When a U.S. federal tax rate change occurs during a fiscal year, taxpayers are required to compute a weighted daily average rate for the fiscal year of enactment. As a result ofthe TCJA, HP has calculated a blended U.S. federal statutory corporate income tax rate of 23% for the fiscal year ending October 31, 2018 and applied this rate in computing the firstand second quarters’ income tax provision for fiscal year 2018 . The blended U.S. federal statutory corporate income tax rate of 23% is the weighted daily average rate between thepre-enactment U.S. federal statutory tax rate of 35% applicable to HP’s 2018 fiscal year prior to the Effective Date and the post-enactment U.S. federal statutory tax rate of 21%applicable to the 2018 fiscal year thereafter. HP expects the U.S. federal statutory rate to be 21% for fiscal years beginning after October 31, 2018.

Given the significance of the legislation, the SEC staff issued Staff Accounting Bulletin No. 118 (SAB 118), which allows registrants to record provisional amounts during aone year “measurement period”. During the measurement period, impacts of the TCJA are expected to be recorded at the time a reasonable estimate for all or a portion of the effectscan be made, and provisional amounts can be recognized and adjusted as information becomes available, prepared or analyzed.

SAB 118 summarizes a three-step process to be applied at each reporting period to account for and qualitatively disclose: (1) the effects of the change in tax law for whichaccounting is complete; (2) provisional amounts (or adjustments to provisional amounts) for the effects of the tax law where accounting is not complete, but that a reasonableestimate has been determined; and (3) a reasonable estimate cannot yet be made and therefore taxes are reflected in accordance with law prior to the enactment of the TCJA.

As of April 30, 2018 , HP has not completed its accounting for the tax effects of the TCJA, however, in certain cases HP has made a reasonable estimate of the effects forremeasurement on its existing deferred tax balances and the one-time transition tax. With respect to the Global Intangible Low Taxed Income (“Global Minimum Tax”) provisions,further discussed below, HP has not been able to make a reasonable estimate and continues to account for this item based on its existing accounting under ASC 740, Income Taxes,and the provisions of the tax laws that were in effect immediately prior to enactment. The impact of the TCJA may differ materially from this estimate due to changes ininterpretations and assumptions HP has made, additional guidance that may be issued and actions HP may take as a result of the TCJA. The impacts of HP's estimates are describedfurther below.

While HP has not yet completed its analysis to the impact on its deferred tax balances, for the three months ended January 31, 2018, HP recorded provisional income taxexpense of $1.2 billion related to the remeasurement of its deferred tax assets and liabilities at the new statutory rate. In addition, for the three months ended April 30, 2018, due toadditional information and a subsequent refinement of its analysis HP recorded provisional tax expense of $379 million related to remeasurement of its U.S. deferred tax assets thatare expected to be realized at a lower rate by recording a valuation allowance. HP is still analyzing certain aspects of the TCJA and refining its calculations, which could potentiallyaffect the measurement of these balances or potentially give rise to new deferred tax amounts.

The TCJA also includes a one-time mandatory deemed repatriation transition tax on the net accumulated post-1986 earnings and profits (“E&P”) of a U.S. taxpayer’s foreignsubsidiaries. HP has computed a provisional deemed repatriation tax of approximately $3.1 billion , of which more than half is expected to be offset with existing and future taxattributes, reducing HP’s cash outlay. Companies may elect to pay this tax over 8 years, and HP intends to make this election. HP has not yet completed its calculation of the totalpost-1986 E&P for its foreign subsidiaries. Further, the transition tax is based, in part, on the amount of those earnings held in cash and other specified assets. This amount maychange when HP finalizes the calculation of post-1986 E&P previously deferred from U.S. federal taxation and finalizes the amounts held in cash or other specified assets. Noadditional income taxes have been provided for any remaining undistributed foreign earnings not subject to the transition tax, or any additional outside basis difference inherent inthese entities, as these amounts continue to be indefinitely reinvested in foreign operations.

As a result of the deemed repatriation tax noted above, which is based on HP’s total post-1986 deferred foreign income, HP redetermined $5.5 billion of its U.S. deferred taxliability on those unremitted earnings with a provisional tax payable of $3.1 billion , as noted above. This resulted in a net benefit. This tax benefit is provisional as HP is stillanalyzing certain aspects of the legislation and refining calculations, which could potentially materially affect the measurement of these amounts.

Upon further analysis of certain aspects of the TCJA and refinement of the calculations during the three months ended April 30, 2018, HP adjusted the provisional tax payableby recording a tax expense of $336 million primarily comprised of a tax expense of $379 million for reduction to its deferred tax assets and a tax benefit of $43 million as anadjustment to the provisional deemed repatriation tax amount due to further analysis and additional guidance. During the three months ended April 30, 2018, HP remeasured itsdeferred taxes to reflect the reduced rate that will apply when these deferred taxes are settled or realized in future periods. HP has not yet completed the accounting for theremeasurement of deferred taxes. To calculate the remeasurement of deferred taxes, HP has estimated when the existing deferred taxes will be settled or realized. The

19



(Unaudited)


remeasurement of deferred taxes included in the financial statements will be subject to further revisions if the current estimates are different from the actual future operating results.

In January 2018, the FASB released guidance on the accounting for tax on the Global Minimum Tax provisions of TCJA. The Global Minimum Tax provisions impose a tax onforeign income in excess of a deemed return on tangible assets of foreign corporations. The guidance indicates that either accounting for deferred taxes related to Global MinimumTax inclusions or to treat any taxes on Global Minimum Tax inclusions as period cost are both acceptable methods subject to an accounting policy election. HP is still evaluatingwhether to make a policy election to treat the Global Minimum Tax as a period cost or to provide U.S. deferred taxes on foreign temporary differences that are expected to generateGlobal Minimum Tax income when they reverse in future years. There could be additional changes to HP's deferred taxes once it completes its evaluations.

As a result of U.S. tax reform, HP revised its estimated annual effective tax rate to reflect the change in the U.S. federal statutory tax rate from 35% to 21% . Since HP has afiscal year ending October 31, it is subject to transitional tax rate rules. Therefore, a blended rate of 23% was computed as effective for the current fiscal year. HP’s effective tax ratewas ( 1,162% ) and 25.9% for the three months ended April 30, 2018 and 2017 , respectively, and ( 203% ) and 23.5% for the six months ended April 30, 2018 and April 30, 2017,respectively. The difference between the current fiscal year blended U.S. federal statutory tax rate of 23% and HP’s effective tax rate for the three and six months ended April 30,2018 is primarily due to transitional impacts of U.S. tax reform and resolution of various audits and tax litigation, partially offset by favorable tax rates associated with certainearnings from HP’s operations in lower-tax jurisdictions throughout the world. For the three and six months ended April 30, 2017 HP’s effective tax rate generally differs from theU.S. federal statutory rate of 35% due to favorable tax rates associated with certain earnings from HP’s operations in lower-tax jurisdictions throughout the world. HP has notprovided U.S. taxes for all foreign earnings because HP plans to reinvest some of those earnings indefinitely outside the United States.

During the three and six months ended April 30, 2018, HP recorded $1.1 billion and $2.2 billion , respectively, of net tax benefits related to discrete items in the provision fortaxes. As noted above, HP has not yet completed its analysis of the full impact of TCJA. However, for the three months ended January 31, 2018, HP recorded a provisional taxbenefit of $1.1 billion related to $5.5 billion net benefit for the decrease in our deferred tax liability on unremitted foreign earnings, partially offset by $3.2 billion net expense for thedeemed repatriation tax payable in installments over eight years and $1.2 billion net expense for remeasurement of its deferred tax assets and liabilities for the remeasurement of itsdeferred assets and liabilities to the new U.S. statutory tax rate. In addition, for the three months ended April 30, 2018, HP recorded provisional tax expense of $379 million relatedto remeasurement of its U.S. deferred tax assets that are expected to be realized at a lower rate and a $43 million tax benefit as an adjustment to the provisional deemed repatriationtax amount due to further analysis and additional guidance. This amount also included tax benefits related to audit settlements of $1.4 billion and $1.5 billion for the three and sixmonths ended April 30, 2018, respectively, and loss on extinguishment of debt of $33 million for the three and six months ended April 30, 2018. These tax benefits were offset byuncertain tax position charges of $8 million and $51 million for the three and six months ended April 30, 2018, respectively. During the three and six months ended April 30, 2018,in addition to the discrete items mentioned above, we recorded excess tax benefits of $6 million and $34 million , respectively, on stock options, restricted stock units andperformance-adjusted restricted stock units.

In the second quarter of 2018, HP settled audits with multiple tax jurisdictions covering numerous open years while also achieving resolution on certain tax litigations. HP hasagreed with all of the adjustments contained within the various final closing agreements and has redetermined its unrecognized tax positions for all open years based on the closingagreements and associated information and analysis of those agreements. HP recorded net benefit of $1.4 billion in the quarter due to the completion of the various audits, theresolution of certain tax litigations and associated reserve redeterminations.

During the three and six months ended April 30, 2017 , HP recorded $4 million and $5 million , respectively, of net tax benefit related to discrete items in the provision fortaxes. These amounts included a tax benefit of $12 million and $31 million for the three and six months ended April 30, 2017, respectively, related to restructuring charges. The threemonths ended April 30, 2017 also included various other tax charges of $8 million . The six months ended April 30, 2017 also included a tax charge of $26 million related to stateprovision to return adjustments.

Uncertain Tax Positions

As of April 30, 2018 , the amount of unrecognized tax benefits was $8.0 billion , of which up to $1.7 billion would affect HP’s effective tax rate if realized. The amount ofunrecognized tax benefits decreased by $2.8 billion for the six months ended April 30, 2018 , primarily related to the resolution of various audits. HP recognizes interest incomefrom favorable settlements and interest expense and penalties accrued on unrecognized tax benefits in the provision for taxes in the Consolidated Condensed Statements of Earnings.As of April 30, 2018 , HP had accrued $141 million for interest and penalties.

HP engages in continuous discussions and negotiations with taxing authorities regarding tax matters in various jurisdictions. HP expects to complete resolution of certain taxyears with various tax authorities within the next 12 months . It is

20



(Unaudited)


also possible that other federal, foreign and state tax issues may be concluded within the next 12 months . HP believes it is reasonably possible that its existing unrecognized taxbenefits may be reduced by up to $6.4 billion within the next 12 months . These unrecognized tax benefits have associated gain contingencies which will be settled in the sameperiod resulting in a net release of $822 million .

HP is subject to income tax in the United States and approximately 58 other countries and is subject to routine corporate income tax audits in many of these jurisdictions. Inaddition, HP is subject to numerous ongoing audits by federal, state and foreign tax authorities. The U.S. Internal Revenue Service is conducting an audit of HP’s 2013, 2014 and2015 income tax returns.

Note 7: Supplementary Financial Information

Accounts Receivable

As of

April 30, 2018 October 31, 2017 In millionsAccounts receivable $ 4,732 $ 4,515Allowance for doubtful accounts (127) (101)

$ 4,605 $ 4,414

The allowance for doubtful accounts related to accounts receivable and changes was as follows:

Six months ended April

30, 2018 In millionsBalance at beginning of period $ 101Provision for doubtful accounts 29Deductions, net of recoveries (3)

Balance at end of period $ 127

HP has third-party arrangements, consisting of revolving short-term financing, which provide liquidity to certain partners in order to facilitate their working capitalrequirements. These financing arrangements, which in certain circumstances may contain partial recourse, result in a transfer of HP’s receivables and risk to the third party. As thesetransfers qualify as true sales under the applicable accounting guidance, the receivables are derecognized from the Consolidated Condensed Balance Sheets upon transfer, and HPreceives a payment for the receivables from the third party within a mutually agreed upon time period. For arrangements involving an element of recourse, the recourse obligation ismeasured using market data from the similar transactions and reported as a current liability in the Consolidated Condensed Balance Sheets. The recourse obligations as of April 30,2018 and October 31, 2017 were not material. The costs associated with the sales of trade receivables for the three and six months ended April 30, 2018 and 2017 were not material.

The following is a summary of the activity under these arrangements:


2018 2017 2018 2017 In millionsBalance at beginning of period (1) $ 172 $ 104 $ 147 $ 149Trade receivables sold 2,434 2,252 5,370 4,701Cash receipts (2,430) (2,235) (5,351) (4,728)Foreign currency and other (5) 2 5 1

Balance at end of period (1) $ 171 $ 123 $ 171 $ 123

(1) Amounts outstanding from third parties reported in Accounts Receivable in the Consolidated Condensed Balance Sheets.

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(Unaudited)Note 7: Supplementary Financial Information (Continued)

Inventory

As of

April 30, 2018 October 31, 2017 In millionsFinished goods $ 3,579 $ 3,857Purchased parts and fabricated assemblies 1,978 1,929

$ 5,557 $ 5,786

Other Current Assets

As of

April 30, 2018 October 31, 2017 In millionsValue-added taxes receivable $ 803 $ 857Available-for-sale investments (1) 1,083 1,149Supplier and other receivables 1,945 1,891Prepaid and other current assets 1,193 1,224

$ 5,024 $ 5,121

(1) See Note 8, “Fair Value” and Note 9, “Financial Instruments” for detailed information.

Property, Plant and Equipment

As of

April 30, 2018 October 31, 2017 In millionsLand, buildings and leasehold improvements $ 1,900 $ 2,082Machinery and equipment, including equipment held for lease 4,110 3,876 6,010 5,958Accumulated depreciation (3,949) (4,080)

$ 2,061 $ 1,878

Other Non-Current Assets

As of

April 30, 2018 October 31, 2017 In millionsTax indemnifications receivable (1) $ 911 $ 1,695Deferred tax assets (2) 2,174 342Other (3) 1,567 1,058

$ 4,652 $ 3,095

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(Unaudited)Note 7: Supplementary Financial Information (Continued)

(1) During the three months ended April 30, 2018, HP adjusted $671 million of indemnification receivable, pursuant to resolution of various audit settlements. See Note 6,“Taxes on Earnings” for further information.

(2) See Note 6, “Taxes on Earnings” for detailed information.(3) Includes marketable equity securities and mutual funds classified as available-for-sale investments of $57 million and $61 million as of April 30, 2018 and October 31,

2017 , respectively.

Other Accrued Liabilities

As of

April 30, 2018 October 31, 2017 In millionsOther accrued taxes $ 897 $ 895Warranty 651 660Sales and marketing programs 2,650 2,441Other 1,999 1,945

$ 6,197 $ 5,941

Other Non-Current Liabilities

As of

April 30, 2018 October 31, 2017 In millionsPension, post-retirement, and post-employment liabilities $ 1,843 $ 1,999Deferred tax liability (1) 86 1,410Tax liability (1) 2,577 2,005Deferred revenue 956 921Other 867 827

$ 6,329 $ 7,162

(1) See Note 6, “Taxes on Earnings” for detailed information.

Interest and other, net


2018 2017 2018 2017 In millionsLoss on extinguishment of debt $ (126) $ — $ (126) $ —Tax indemnifications (1) (671) 5 (673) 14Interest expense on borrowings (88) (73) (175) (146)Foreign exchange loss (27) (18) (40) (47)Other, net 31 22 65 34

$ (881) $ (64) $ (949) $ (145)

(1) For the three and six months ended April 30, 2018, includes an adjustment of $671 million of indemnification receivable, pursuant to resolution of various audit settlements.See Note 6, “Taxes on Earnings” for further information.

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(Unaudited)

Note 8: Fair ValueFair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the

measurement date.

Fair Value Hierarchy

HP uses valuation techniques that are based upon observable and unobservable inputs. Observable inputs are developed using market data such as publicly availableinformation and reflect the assumptions market participants would use, while unobservable inputs are developed using the best information available about the assumptions marketparticipants would use. Assets and liabilities are classified in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement:

Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2—Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs otherthan quoted prices that are observable for the asset or liability and market-corroborated inputs.

Level 3—Unobservable inputs for the asset or liability.

The fair value hierarchy gives the highest priority to observable inputs and lowest priority to unobservable inputs.The following table presents HP’s assets and liabilities that are measured at fair value on a recurring basis:

As of April 30, 2018 As of October 31, 2017

Fair Value Measured Using Fair Value Measured Using

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total In millionsAssets: Cash Equivalents: Corporate debt $ — $ 960 $ — $ 960 $ — $ 1,390 $ — $ 1,390Financial institution instruments — 10 — 10 — 6 — 6Government debt (1) 1,641 56 — 1,697 3,902 100 — 4,002

Available-for-Sale Investments: Corporate debt — 554 — 554 — 629 — 629Financial institution instruments — 66 — 66 — 78 — 78Government debt (1) — 463 — 463 — 442 — 442Mutual funds 51 — — 51 49 — — 49Marketable equity securities 6 — — 6 6 6 — 12

Derivative Instruments: Foreign currency contracts — 189 10 199 — 110 10 120Other derivatives — 1 — 1 — 1 — 1

Total Assets $ 1,698 $ 2,299 $ 10 $ 4,007 $ 3,957 $ 2,762 $ 10 $ 6,729

Liabilities: Derivative Instruments: Interest rate contracts $ — $ 23 $ — $ 23 $ — $ 12 $ — $ 12Foreign currency contracts — 314 23 337 — 358 2 360

Total Liabilities $ — $ 337 $ 23 $ 360 $ — $ 370 $ 2 $ 372

__________________(1) Government debt includes instruments such as U.S. Treasury notes, U.S. agency securities and non-U.S. government bonds. Money market funds invested in government

debt and traded in active markets are included in Level 1.

There were no transfers between levels within the fair value hierarchy during the six months ended April 30, 2018 .

24



(Unaudited)Note 8: Fair Value (Continued)

Valuation Techniques

Cash Equivalents and Investments: HP holds time deposits, money market funds, mutual funds, other debt securities primarily consisting of corporate and government notesand bonds, and common stock and equivalents. HP values cash equivalents and equity investments using quoted market prices, alternative pricing sources, including net asset value,or models utilizing market observable inputs. The fair value of debt investments is based on quoted market prices or model-driven valuations using inputs primarily derived from orcorroborated by observable market data, and, in certain instances, valuation models that utilize assumptions which cannot be corroborated with observable market data.

Derivative Instruments: From time to time, HP uses forward contracts, interest rate and total return swaps and option contracts to hedge certain foreign currency and interestrate exposures. HP uses industry standard valuation models to measure fair value. Where applicable, these models project future cash flows and discount the future amounts topresent value using market-based observable inputs, including interest rate curves, HP and counterparty credit risk, foreign exchange rates, and forward and spot prices for currenciesand interest rates. See Note 9, “Financial Instruments” for a further discussion of HP’s use of derivative instruments.

Other Fair Value Disclosures

Short- and Long-Term Debt: HP estimates the fair value of its debt primarily using an expected present value technique, which is based on observable market inputs usinginterest rates currently available to companies of similar credit standing for similar terms and remaining maturities, and considering its own credit risk. The portion of HP’s debt thatis hedged is reflected in the Consolidated Condensed Balance Sheets as an amount equal to the debt’s carrying amount and a fair value adjustment representing changes in the fairvalue of the hedged debt obligations arising from movements in benchmark interest rates. The fair value of HP’s short- and long-term debt was $6.2 billion as of April 30, 2018 ,compared to its carrying amount of $6.1 billion at that date. The fair value of HP’s short- and long-term debt was $8.1 billion as of October 31, 2017, compared to its carrying valueof $7.8 billion at that date. If measured at fair value in the Consolidated Condensed Balance Sheets, short and long-term debt would be classified in Level 2 of the fair valuehierarchy.

Other Financial Instruments: For the balance of HP’s financial instruments, primarily accounts receivable, accounts payable and financial liabilities included in Other accruedliabilities on the Consolidated Condensed Balance Sheets, the carrying amounts approximate fair value due to their short maturities. If measured at fair value in the ConsolidatedCondensed Balance Sheets, these other financial instruments would be classified in Level 2 or Level 3 of the fair value hierarchy.

Non-Marketable Equity Investments and Non-Financial Assets: HP’s non-marketable equity investments and non-financial assets, such as goodwill, intangible assets andproperty, plant and equipment, are recorded at fair value in the period of acquisition and a subsequent impairment charge is recognized. If measured at fair value in the ConsolidatedCondensed Balance Sheets, non-marketable equity investments and non-financial assets would generally be classified within Level 3 of the fair value hierarchy.

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Note 9: Financial Instruments

Cash Equivalents and Available-for-Sale Investments


Cost Gross

Unrealized Gain Gross

Unrealized Loss Fair Value Cost Gross

Unrealized Gain Gross

Unrealized Loss Fair Value

In millionsCash Equivalents: Corporate debt $ 960 $ — $ — $ 960 $ 1,390 $ — $ — $ 1,390Financial institution instruments 10 — — 10 6 — — 6Government debt 1,697 — — 1,697 4,002 — — 4,002

Total cash equivalents 2,667 — — 2,667 5,398 — — 5,398Available-for-Sale Investments: Corporate debt (1) 557 — (3) 554 629 — — 629Financial institution instruments (1) 66 — — 66 78 — — 78Government debt (1) 465 — (2) 463 443 — (1) 442Marketable equity securities 4 2 — 6 5 7 — 12Mutual funds 41 10 — 51 39 10 — 49Total available-for-sale investments 1,133 12 (5) 1,140 1,194 17 (1) 1,210

Total cash equivalents and available-for-saleinvestments $ 3,800 $ 12 $ (5) $ 3,807 $ 6,592 $ 17 $ (1) $ 6,608

(1) HP classifies its marketable debt securities as available-for-sale investments within Other current assets on the Consolidated Condensed Balance Sheets, including those withmaturity dates beyond one year, based on their highly liquid nature and availability for use in current operations.

All highly liquid investments with original maturities of three months or less at the date of acquisition are considered cash equivalents. As of April 30, 2018 and October 31,2017 , the carrying amount of cash equivalents approximated fair value due to the short period of time to maturity. The estimated fair value of the available-for-sale investments maynot be representative of values that will be realized in the future.

Contractual maturities of investments in available-for-sale debt securities were as follows:

As of April 30, 2018

Amortized

Cost Fair Value In millionsDue in one year or less $ 757 $ 755Due in one to five years $ 331 $ 328

Equity securities in privately held companies include cost basis and equity method investments and are included in Other non-current assets on the Consolidated CondensedBalance Sheets. These amounted to $33 million and $37 million as of April 30, 2018 and October 31, 2017 , respectively.

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Note 9: Financial Instruments (Continued)

Derivative Instruments

HP uses derivatives to offset business exposure to foreign currency and interest rate risk on expected future cash flows and on certain existing assets and liabilities. As part ofits risk management strategy, HP uses derivative instruments, primarily forward contracts, interest rate swaps, total return swaps and, at times, option contracts to hedge certainforeign currency, interest rate and, to a lesser extent, equity exposures. HP may designate its derivative contracts as fair value hedges or cash flow hedges and classifies the cashflows with the activities that correspond to the underlying hedged items. Additionally, for derivatives not designated as hedging instruments, HP categorizes those economic hedgesas other derivatives. HP recognizes all derivative instruments at fair value in the Consolidated Condensed Balance Sheets.

As a result of its use of derivative instruments, HP is exposed to the risk that its counterparties will fail to meet their contractual obligations. Master netting agreements mitigatecredit exposure to counterparties by permitting HP to net amounts due from HP to counterparty against amounts due to HP from the same counterparty under certain conditions. Tofurther limit credit risk, HP has collateral security agreements that allow HP to hold collateral from, or require HP to post collateral to, counterparties when aggregate derivative fairvalues exceed contractually established thresholds which are generally based on the credit ratings of HP and its counterparties. If HP’s or the counterparty’s credit rating falls belowa specified credit rating, either party has the right to request full collateralization of the derivatives’ net liability position. The fair value of derivatives with credit contingent featuresin a net liability position was $217 million and $258 million as of April 30, 2018 and as of October 31, 2017 , respectively, all of which were fully collateralized within two businessdays.

Under HP’s derivative contracts, the counterparty can terminate all outstanding trades following a covered change of control event affecting HP that results in the survivingentity being rated below a specified credit rating. This credit contingent provision did not affect HP’s financial position or cash flows as of April 30, 2018 and October 31, 2017 .

Fair Value Hedges

HP enters into fair value hedges, such as interest rate swaps, to reduce the exposure of its debt portfolio to changes in fair value resulting from changes in interest rates byachieving a primarily U.S. dollar London Interbank Offered Rate (“LIBOR”)-based floating interest expense.

For derivative instruments that are designated and qualify as fair value hedges, HP recognizes the change in fair value of the derivative instrument, as well as the offsettingchange in the fair value of the hedged item, in Interest and other, net on the Consolidated Condensed Statements of Earnings in the period of change.

Cash Flow Hedges

HP uses forward contracts and at times, option contracts designated as cash flow hedges to protect against the foreign currency exchange rate risks inherent in its forecasted netrevenue and, to a lesser extent, cost of revenue, operating expenses, and intercompany loans denominated in currencies other than the U.S. dollar. HP’s foreign currency cash flowhedges mature generally within twelve months. However, hedges related to longer-term procurement arrangements extend several years and forward contracts associated withintercompany loans extend for the duration of the loan term, which typically range from two to five years.

For derivative instruments that are designated and qualify as cash flow hedges, HP initially records changes in fair value for the effective portion of the derivative instrument inaccumulated other comprehensive loss as a separate component of stockholders’ deficit on the Consolidated Condensed Balance Sheets and subsequently reclassifies these amountsinto earnings in the period during which the hedged transaction is recognized in earnings. HP reports the effective portion of its cash flow hedges in the same financial statement lineitem as the hedged transaction.

Other Derivatives

Other derivatives not designated as hedging instruments consist primarily of forward contracts used to hedge foreign currency-denominated balance sheet exposures. HP usestotal return swaps to hedge its executive deferred compensation plan liability.

For derivative instruments not designated as hedging instruments, HP recognizes changes in fair value of the derivative instrument in Interest and other, net in the ConsolidatedCondensed Statements of Earnings in the period of change.

Hedge Effectiveness

For interest rate swaps designated as fair value hedges, HP measures hedge effectiveness by offsetting the change in fair value of the hedged item with the change in fair valueof the derivative. For foreign currency options and forward contracts designated as cash flow hedges, HP measures hedge effectiveness by comparing the cumulative change in fairvalue of the hedge contract with the cumulative change in fair value of the hedged item, both of which are based on forward rates. HP recognizes any ineffective portion of the hedgein the Consolidated Condensed Statements of Earnings in the same period in

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which ineffectiveness occurs. Amounts excluded from the assessment of effectiveness are recognized in the Consolidated Condensed Statements of Earnings in the period they arise.

As of April 30, 2018 and April 30, 2017, no portion of the hedging instruments’ gain or loss was excluded from the assessment of effectiveness for fair value and cash flowhedges. Hedge ineffectiveness for fair value and cash flow hedges recognized in earnings were not material for the three and six months ended April 30, 2018 and 2017.

Fair Value of Derivative Instruments in the Consolidated Condensed Balance Sheets

The gross notional and fair value of derivative instruments in the Consolidated Condensed Balance Sheets were as follows:


Outstanding Gross Notional

Other CurrentAssets

Other Non-Current

Assets Other Accrued Liabilities


Outstanding Gross Notional

Other Current Assets

Other Non-Current

Assets Other Accrued Liabilities


In millions

Derivatives designated ashedging instruments

Fair value hedges:

Interest rate contracts $ 1,000 $ — $ — $ 1 $ 22 $ 2,500 $ — $ — $ — $ 12

Cash flow hedges: Foreign currencycontracts 17,361 147 20 225 97 16,149 92 12 245 100

Total derivativesdesignated as hedginginstruments 18,361 147 20 226 119 18,649 92 12 245 112Derivatives notdesignated as hedginginstruments Foreign currencycontracts 4,606 32 — 15 — 5,801 16 — 15 —

Other derivatives 111 1 — — — 123 1 — — —Total derivatives notdesignated as hedginginstruments 4,717 33 — 15 — 5,924 17 — 15 —

Total derivatives $ 23,078 $ 180 $ 20 $ 241 $ 119 $ 24,573 $ 109 $ 12 $ 260 $ 112

In March 2018, HP terminated several interest rate swaps with a notional amount of $1.5 billion that were de-designated as fair value hedges of certain fixed rate debtsecurities. See Note 10, “Borrowings” for detailed information.

Offsetting of Derivative Instruments

HP recognizes all derivative instruments on a gross basis in the Consolidated Condensed Balance Sheets. HP does not offset the fair value of its derivative instruments againstthe fair value of cash collateral posted under its collateral security agreements. As of April 30, 2018 and October 31, 2017 , information related to the potential effect of HP’s masternetting agreements and collateral security agreements was as follows:

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(Unaudited)


In the Consolidated Condensed Balance Sheets

Gross Amounts Not Offset

Gross AmountRecognized

(i)

Gross AmountOffset(ii)

Net AmountPresented(iii) = (i)–(ii)

Derivatives(iv)

FinancialCollateral

(v) Net Amount

(vi) = (iii)–(iv)–(v) In millionsAs of April 30, 2018 Derivative assets $ 200 $ — $ 200 $ 137 $ 13 (1) $ 50Derivative liabilities $ 360 $ — $ 360 $ 137 $ 219 (2) $ 4

As of October 31, 2017 Derivative assets $ 121 $ — $ 121 $ 108 $ 4 (1) $ 9Derivative liabilities $ 372 $ — $ 372 $ 108 $ 219 (2) $ 45

_______________________________________________________________________________

(1) Represents the cash collateral posted by counterparties as of the respective reporting date for HP’s asset position, net of derivative amounts that could be offset, as of,generally, two business days prior to the respective reporting date.

(2) Represents the collateral posted by HP through re-use of counterparty cash collateral as of the respective reporting date for HP’s liability position, net of derivative amountsthat could be offset, as of, generally, two business days prior to the respective reporting date.

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Effect of Derivative Instruments in the Consolidated Condensed Statements of Earnings

The pre-tax effect of derivative instruments and related hedged items in a fair value hedging relationship for the three and six months ended April 30, 2018 and 2017 were asfollows:

Gain (Loss) Recognized in Earnings on Derivative and Related Hedged Item

Derivative Instrument Location Three months ended

April 30, 2018 Six months endedApril 30, 2018 Hedged Item Location

Three months endedApril 30, 2018

Six months ended April30, 2018

In millions In millions

Interest rate contracts Interest and other,net $ 29 $ (11) Fixed-rate debt

Interest and other,net $ (29) $ 11

Gain (Loss) Recognized in Earnings on Derivative and Related Hedged Item

Derivative Instrument Location Three months ended

April 30, 2017 Six months endedApril 30, 2017 Hedged Item Location


Six months ended April30, 2017

In millions In millions

Interest rate contracts Interest and other,net $ 4 $ (48) Fixed-rate debt

Interest and other,net $ (4) $ 48

The pre-tax effect of derivative instruments in cash flow hedging relationships for the three and six months ended April 30, 2018 was as follows:

(Loss) Gain Recognized in Other Comprehensive

Income (“OCI”) on Derivatives (Effective Portion) (Loss) Gain Reclassified from Accumulated OCI Into

Earnings (Effective Portion)

Three months ended

April 30, 2018 Six months endedApril 30, 2018 Location


Six months endedApril 30, 2018

In millions In millions Cash flow hedges: Foreign currency contracts $ 297 $ (254) Net revenue $ (277) $ (329)

Cost of revenue — (18) Operating expenses 1 1

Total $ 297 $ (254) $ (276) $ (346)

The pre-tax effect of derivative instruments in cash flow hedging relationships for the three and six months ended April 30, 2017 was as follows:

Loss Recognized in Other Comprehensive

Income (“OCI”) on Derivatives (EffectivePortion)

Gain (Loss) Reclassified from Accumulated OCI IntoEarnings (Effective Portion)

Three months ended

April 30, 2017 Six months endedApril 30, 2017 Location


Six months endedApril 30, 2017

In millions In millions Cash flow hedges: Foreign currency contracts $ (70) $ (239) Net revenue $ 39 $ 115

Cost of revenue (19) (19) Interest and other, net (4) (9)

Total $ (70) $ (239) $ 16 $ 87

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As of April 30, 2018 , HP expects to reclassify an estimated accumulated other comprehensive loss (“AOCI”) of $75 million , net of taxes, to earnings within the next twelvemonths associated with cash flow hedges along with the earnings effects of the related forecasted transactions. The amounts ultimately reclassified into earnings could be differentfrom the amounts previously included in AOCI based on the change of market rate, and therefore could have a different impact on earnings.

The pre-tax effect of derivative instruments not designated as hedging instruments in the Consolidated Condensed Statements of Earnings for the three and six months endedApril 30, 2018 and 2017 was as follows:

Gain (Loss) Recognized in Earnings on Derivatives

Location Three months ended

April 30, 2018 Three months ended

April 30, 2017 Six months ended April

30, 2018 Six months endedApril 30, 2017

In millionsForeign currency contracts Interest and other, net $ 8 $ (47) $ (9) $ (49)Other derivatives Interest and other, net (2) 1 — 4

Total $ 6 $ (46) $ (9) $ (45)

Note 10: BorrowingsNotes Payable and Short-Term Borrowings


Amount

Outstanding Weighted-Average

Interest Rate Amount

Outstanding Weighted-Average

Interest Rate

In millions In millions Commercial paper $ 1,041 2.8% $ 943 1.8%Current portion of long-term debt 537 3.0% 96 3.5%Notes payable to banks, lines of credit and other 39 1.2% 33 1.5%

$ 1,617 $ 1,072

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Note 10: Borrowings (Continued)

Long-Term Debt

As of

April 30, 2018 October 31, 2017 In millions

U.S. Dollar Global Notes (1)

2009 Shelf Registration Statement:

$1,350 issued at discount to par at a price of 99.827% in December 2010 at 3.75%, due December 2020 $ 648 $ 648

$1,250 issued at discount to par at a price of 99.799% in May 2011 at 4.3%, due June 2021 666 1,249

$1,000 issued at discount to par at a price of 99.816% in September 2011 at 4.375%, due September 2021 537 999

$1,500 issued at discount to par at a price of 99.707% in December 2011 at 4.65%, due December 2021 693 1,498

$500 issued at discount to par at a price of 99.771% in March 2012 at 4.05%, due September 2022 499 499

$1,200 issued at discount to par at a price of 99.863% in September 2011 at 6.0%, due September 2041 1,199 1,199

2012 Shelf Registration Statement:

$750 issued at par in January 2014 at three-month USD LIBOR plus 0.94%, due January 2019 102 102

$1,250 issued at discount to par at a price of 99.954% in January 2014 at 2.75%, due January 2019 300 300 4,644 6,494

Other, including capital lease obligations, at 0.51%-8.50%, due in calendar years 2018-2025 430 360

Fair value adjustment related to hedged debt (26) 8

Less: Unamortized debt issuance cost (17) (19)

Less: current portion of long-term debt (537) (96)

Total long-term debt $ 4,494 $ 6,747

(1) HP may redeem some or all of the fixed-rate U.S. Dollar Global Notes at any time in accordance with the terms thereof. The U.S. Dollar Global Notes are senior unsecureddebt.

In December 2016, HP filed a shelf registration statement (the “2016 Shelf Registration Statement”) with the SEC to enable the company to offer for sale, from time to time, inone or more offerings, an unspecified amount of debt securities, common stock, preferred stock, depositary shares and warrants.

As disclosed in Note 9, “Financial Instruments”, HP uses interest rate swaps to mitigate some of the exposure of its debt portfolio to changes in fair value resulting fromchanges in interest rates by achieving a primarily U.S. dollar LIBOR-based floating interest expense. Interest rates shown in the table of long-term debt have not been adjusted toreflect the impact of any interest rate swaps.

Extinguishment of Debt

In March 2018, HP commenced and completed a cash tender offer (the “Tender Offer") to purchase approximately $1.85 billion in aggregate principal amount of outstandingU.S. Dollar 4.650% Global Notes due December 9, 2021, 4.375% Global Notes due September 15, 2021 and 4.300% Global Notes due June 1, 2021. In connection with the TenderOffer, HP also solicited consents from holders of its 4.650% Notes due December 2021, (the “ 4.650% Notes”) to amend the indenture under which the 4.650% Notes were issued to,among other things, eliminate substantially all of the restrictive covenants of the indenture (the “Proposed Amendments”). Holders of a majority in principal amount of theoutstanding 4.650% Notes consented to the Proposed Amendments, and as a result, a supplemental indenture was executed on March 26, 2018 to effect the Proposed Amendments.This extinguishment of debt resulted in a loss of $126 million , which was recorded as "Interest and other, net" on the Consolidated Condensed Statements of Earnings.

Commercial Paper

On November 1, 2015, HP’s Board of Directors authorized HP to borrow up to a total outstanding principal balance of $4.0 billion , or the equivalent in foreign currencies, forthe use and benefit of HP and HP’s subsidiaries, by the issuance of commercial paper or through the execution of promissory notes, loan agreements, letters of credit, agreements forlines of credit or overdraft facilities. HP increased the issuance authorization under its commercial paper program from $4.0 billion to $6.0 billion in November 2017. As of April 30,2018 , HP maintained two commercial paper programs. HP’s U.S. program provides for the issuance of U.S. dollar-denominated commercial paper up to a maximum aggregateprincipal amount of $6.0 billion . HP’s Euro program provides for the issuance of commercial paper outside of the United States denominated in U.S. dollars, Euros or Britishpounds up to a maximum aggregate principal amount of $6.0 billion or the equivalent in those alternative

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Note 10: Borrowings (Continued)

currencies. The combined aggregate principal amount of commercial paper outstanding under those programs at any one time cannot exceed the $6.0 billion authorized by HP’sBoard of Directors.

Credit Facility

As of April 30, 2018 , HP maintains a $4.0 billion , senior unsecured committed revolving credit facility to support the issuance of commercial paper or for general corporatepurposes. Commitments under the revolving credit facility will be available until March 30, 2023. Commitment fees, interest rates and other terms of borrowing under the creditfacilities vary based on HP’s external credit ratings. As of April 30, 2018 , HP was in compliance with the financial covenants in the credit agreement governing the revolving creditfacility.

In December 2017, HP also entered into an additional revolving credit facility with certain institutional lenders that provides HP with $1.5 billion of available borrowings untilNovember 30, 2018.

Available Borrowing Resources

As of April 30, 2018 , HP and its subsidiaries had available borrowing resources of $722 million from uncommitted lines of credit in addition to the commercial paper andrevolving credit facilities discussed above.

Note 11: Stockholders’ Deficit

Share Repurchase Program

HP’s share repurchase program authorizes both open market and private repurchase transactions. During the three and six months ended April 30, 2018 , HP executed sharerepurchases of 35 million shares and 56 million shares and settled total shares for $0.8 billion and $1.3 billion , respectively. During the three and six months ended April 30, 2017 ,HP executed share repurchases of 13 million shares and 39 million shares and settled total shares for $0.2 billion and $0.6 billion , respectively. Share repurchases executed duringthe three months ended April 30, 2018 and April 30, 2017 included 0.6 million and 1 million shares settled in May 2018 and May 2017, respectively.

The shares repurchased during the six months ended April 30, 2018 and 2017 were all open market repurchase transactions. As of April 30, 2018 , HP had approximately $1.2billion remaining under the share repurchase authorizations approved by HP’s Board of Directors.

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Note 11: Stockholder’s Deficit (Continued)

Tax effects related to Other Comprehensive Income (Loss)


2018 2017 2018 2017 In millionsTax effect on change in unrealized components of available-for-sale securities:

Tax benefit (provision) on unrealized (losses) gains arising during the period $ — $ — $ 1 $ (1) — — 1 (1)Tax effect on change in unrealized components of cash flow hedges:

Tax (provision) benefit on unrealized gains (losses) arising during the period (37) 10 33 7Tax (benefit) provision on losses (gains) reclassified into earnings (29) 7 (32) 11

(66) 17 1 18Tax effect on change in unrealized components of defined benefit plans:

Tax provision on gains arising during the period — (4) — (4)Tax provision on amortization of actuarial loss and prior service benefit (3) (5) (6) (11)Tax provision on curtailments, settlements and other — (1) — (9)

(3) (10) (6) (24)

Tax (provision) benefit on other comprehensive income $ (69) $ 7 $ (4) $ (7)

Changes and reclassifications related to Other Comprehensive Income (Loss), net of taxes


2018 2017 2018 2017 In millionsOther comprehensive income (loss), net of taxes: Change in unrealized components of available-for-sale securities:

Unrealized (losses) gains arising during the period $ (2) $ 1 $ (4) $ 3Gains reclassified into earnings — — (5) —

(2) 1 (9) 3Change in unrealized components of cash flow hedges:

Unrealized gains (losses) arising during the period 260 (60) (221) (232)Losses (gains) reclassified into earnings (1) 247 (9) 314 (76)

507 (69) 93 (308)Change in unrealized components of defined benefit plans:

Gains arising during the period — 9 — 9Amortization of actuarial loss and prior service benefit (2) 10 12 19 26Curtailments, settlements and other — 2 1 (6)

10 23 20 29

Other comprehensive income (loss), net of taxes $ 515 $ (45) $ 104 $ (276)

(1) Reclassification of pre-tax losses (gains) on cash flow hedges into the Consolidated Condensed Statements of Earnings was as follows:

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Note 11: Stockholder’s Deficit (Continued)


2018 2017 2018 2017 In millionsNet revenue $ 277 $ (39) $ 329 $ (115)Cost of revenue — 19 18 19Operating expenses (1) — (1) —Interest and other, net — 4 — 9

Total $ 276 $ (16) $ 346 $ (87)(2) These components are included in the computation of net pension and post-retirement benefit (credit) charges in Note 4, “Retirement and Post-Retirement Benefit Plans.”

The components of accumulated other comprehensive loss, net of taxes and changes were as follows:


Net unrealized gains on

available-for-sale securities

Net unrealized gains (losses) on cash

flow hedges

Unrealized components of defined benefit plans

Accumulated other

comprehensive loss

In millionsBalance at beginning of period $ 12 $ (240) $ (1,190) $ (1,418)Other comprehensive loss before reclassifications (4) (221) — (225)Reclassifications of (gains) losses into earnings (5) 314 19 328Reclassifications of curtailments, settlements and other intoearnings — — 1 1

Balance at end of period $ 3 $ (147) $ (1,170) $ (1,314)

Note 12: Net Earnings Per Share

HP calculates basic net EPS using net earnings and the weighted-average number of shares outstanding during the reporting period. Diluted net EPS includes any dilutiveeffect of restricted stock awards, stock options, performance-based awards and shares purchased under the 2011 employee stock purchase plan.

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(Unaudited)Note 12: Net Earnings Per Share (Continued)

A reconciliation of the number of shares used for basic and diluted net EPS calculations is as follows:


2018 2017 2018 2017 In millions, except per share amountsNumerator: Net earnings $ 1,058 $ 559 $ 2,996 $ 1,170

Denominator: Weighted-average shares used to compute basic net EPS 1,630 1,688 1,640 1,696Dilutive effect of employee stock plans 16 21 18 20

Weighted-average shares used to compute diluted net EPS 1,646 1,709 1,658 1,716

Net earnings per share: Basic $ 0.65 $ 0.33 $ 1.83 $ 0.69

Diluted $ 0.64 $ 0.33 1.81 0.68

Anti-dilutive weighted-average stock-based compensation awards (1) — 3 — 4

(1) HP excludes stock options and restricted stock units where the assumed proceeds exceed the average market price from the calculation of diluted net EPS because theireffect would be anti-dilutive. The assumed proceeds of a stock option include the sum of its exercise price, and average unrecognized compensation cost. The assumedproceeds of a restricted stock unit represent unrecognized compensation cost.

Note 13: Litigation and Contingencies

HP is involved in lawsuits, claims, investigations and proceedings, including those identified below, consisting of intellectual property, commercial, securities, employment,employee benefits and environmental matters that arise in the ordinary course of business. HP accrues a liability when management believes that it is both probable that a liabilityhas been incurred and the amount of loss can be reasonably estimated. HP believes it has recorded adequate provisions for any such matters and, as of April 30, 2018, it was notreasonably possible that a material loss had been incurred in excess of the amounts recognized in HP’s financial statements. HP reviews these matters at least quarterly and adjusts itsaccruals to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. Pursuant to the separationand distribution agreement, HP shares responsibility with Hewlett Packard Enterprise for certain matters, as indicated below, and Hewlett Packard Enterprise has agreed toindemnify HP in whole or in part with respect to certain matters. Based on its experience, HP believes that any damage amounts claimed in the specific matters discussed below arenot a meaningful indicator of HP’s potential liability. Litigation is inherently unpredictable. However, HP believes it has valid defenses with respect to legal matters pending againstit. Nevertheless, cash flows or results of operations could be materially affected in any particular period by the resolution of one or more of these contingencies.

Litigation, Proceedings and Investigations

Copyright Levies . Proceedings are ongoing or have been concluded involving HP in certain European countries, including litigation in Belgium and other countries, seekingto impose or modify levies upon IT equipment (such as multifunction devices (“MFDs”) and PCs), alleging that these devices enable the production of private copies of copyrightedmaterials. The levies are generally based upon the number of products sold and the per-product amounts of the levies, which vary. Some European countries that do not yet havelevies on digital devices are expected to implement similar legislation to enable them to extend existing levy schemes, while other European countries have phased out levies or areexpected to limit the scope of levy schemes and applicability in the digital hardware environment, particularly with respect to sales to business users. HP, other companies andvarious industry associations have opposed the extension of levies to the digital environment and have advocated alternative models of compensation to rights holders.

Reprobel, a collecting society administering the remuneration for reprography to Belgian copyright holders, requested by extrajudicial means that HP amend certain copyrightlevy declarations submitted for inkjet MFDs sold in Belgium from January 2005 to December 2009 to enable it to collect copyright levies calculated based on the generally highercopying speed when the MFDs are operated in draft print mode rather than when operated in normal print mode. In March 2010, HP filed a lawsuit against Reprobel in the Court ofFirst Instance of Brussels seeking a declaratory judgment that no copyright levies are payable

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Note 13: Litigations and Contingencies (Continued)

on sales of MFDs in Belgium or, alternatively, that payments already made by HP are sufficient to comply with its obligations. The Court of Appeal in Brussels (the “Court ofAppeal”) stayed the proceedings and referred several questions to the Court of Justice of the European Union (“CJEU”). On November 12, 2015, the CJEU published its judgmentproviding that a national legislation such as the Belgian one at issue in the main proceedings is incompatible with EU law on multiple legal points, as argued by HP, and returned theproceedings to the referring court. On May 12, 2017, the Court of Appeal held that (1) reprographic copyright levies are due notwithstanding the lack of conformity of the Belgiansystem with EU law in certain aspects and (2) the applicable levies are to be calculated based on the objective speed of each MFD as established by an expert appointed by the Courtof Appeal. HP appealed this decision before the Belgian Supreme Court on January 18, 2018.

Based on industry opposition to the extension of levies to digital products, HP’s assessments of the merits of various proceedings and HP’s estimates of the number of unitsimpacted and the amounts of the levies, HP has accrued amounts that it believes are adequate to address the ongoing disputes.

Hewlett-Packard Company v. Oracle Corporation . On June 15, 2011, HP filed suit against Oracle Corporation (“Oracle”) in California Superior Court in Santa Clara Countyin connection with Oracle’s March 2011 announcement that it was discontinuing software support for HP’s Itanium-based line of mission-critical servers. HP asserted, among otherthings, that Oracle’s actions breached the contract that was signed by the parties as part of the settlement of the litigation relating to Oracle’s hiring of Mark Hurd. The mattereventually progressed to trial, which was bifurcated into two phases. HP prevailed in the first phase of the trial, in which the court ruled that the contract at issue required Oracle tocontinue to offer its software products on HP’s Itanium-based servers for as long as HP decided to sell such servers. The second phase of the trial was then postponed by Oracle’sappeal of the trial court’s denial of Oracle’s “anti-SLAPP” motion, in which Oracle argued that HP’s damages claim infringed on Oracle’s First Amendment rights. On August 27,2015, the California Court of Appeals rejected Oracle’s appeal. The matter was remanded to the trial court for the second phase of the trial, which began on May 23, 2016 and wassubmitted to the jury on June 29, 2016. On June 30, 2016, the jury returned a verdict in favor of HP, awarding HP approximately $3.0 billion in damages, which includedapproximately $1.7 billion for past lost profits and $1.3 billion for future lost profits. On October 20, 2016, the court entered judgment for HP for this amount with interest accruinguntil the judgment is paid. Oracle’s motion for a new trial was denied on December 19, 2016, and Oracle filed its notice of appeal from the trial court’s judgment on January 17,2017. On February 2, 2017, HP filed a notice of cross-appeal challenging the trial court’s denial of prejudgment interest. The schedule for appellate briefing and argument has not yetbeen established. HP expects that the appeals process could take several years to complete. Litigation is unpredictable, and there can be no assurance that HP will recover damages,or that any award of damages will be for the amount awarded by the jury’s verdict. The amount ultimately awarded, if any, would be recorded in the period received. No adjustmenthas been recorded in the financial statements in relation to this potential award. Pursuant to the terms of the separation and distribution agreement, HP and Hewlett PackardEnterprise will share equally in any recovery from Oracle once Hewlett Packard Enterprise has been reimbursed for all costs incurred in the prosecution of the action prior to theSeparation.

Forsyth, et al. v. HP Inc. and Hewlett Packard Enterprise . This is a purported class and collective action filed on August 18, 2016 in the United States District Court, NorthernDistrict of California, against HP and Hewlett Packard Enterprise alleging the defendants violated the Federal Age Discrimination in Employment Act (“ADEA”), the California FairEmployment and Housing Act, California public policy and the California Business and Professions Code by terminating older workers and replacing them with younger workers.Plaintiffs seek to certify a nationwide collective class action under the ADEA comprised of all U.S. residents employed by defendants who had their employment terminatedpursuant to a workforce reduction (“WFR”) plan on or after May 23, 2012 and who were 40 years of age or older. Plaintiffs also seek to represent a Rule 23 class under Californialaw comprised of all persons 40 years or older employed by defendants in the state of California and terminated pursuant to a WFR plan on or after May 23, 2012. Following apartial motion to dismiss, a motion to strike and a motion to compel arbitration that the defendants filed in November 2016, the plaintiffs amended their complaint. New plaintiffswere added, but the plaintiffs agreed that the class period for the nationwide collective action should be shortened and now starts on December 9, 2014. On January 30, 2017, thedefendants filed another partial motion to dismiss and motions to compel arbitration as to several of the plaintiffs. On March 20, 2017, the defendants filed additional motions tocompel arbitration as to a number of the opt-in plaintiffs. On September 20, 2017, the Court granted the motions to compel arbitration as to the plaintiffs and opt-ins who signedWFR release agreements ( 17 individuals), and also stayed the entire case until the arbitrations are completed. On November 30, 2017, three named plaintiffs and twelve opt-inplaintiffs filed a single arbitration demand. On December 22, 2017, the defendants filed a motion to (1) stay the case pending arbitrations and (2) enjoin the demanded arbitrationand require each plaintiff to file a separate arbitration demand. On February 6, 2018, the Court granted the motion to stay and denied the motion to enjoin.

Jackson, et al. v. HP Inc. and Hewlett Packard Enterprise . This putative nationwide class action was filed on July 24, 2017 in federal district court in San Jose, California. Theplaintiffs purport to bring the lawsuit on behalf of themselves and

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other similarly situated African-Americans and individuals over the age of forty. The plaintiffs allege that the defendants engaged in a pattern and practice of racial and agediscrimination in lay-offs and promotions. The plaintiffs filed an amended complaint on September 29, 2017. On January 12, 2018, the defendants moved to transfer the matter to thefederal district court in the Northern District of Georgia. The defendants also moved to dismiss the claims on various grounds and to strike certain aspects of the proposed classdefinition. The defendants’ motions remain pending.

India Directorate of Revenue Intelligence Proceedings . On April 30 and May 10, 2010, the India Directorate of Revenue Intelligence (the “DRI”) issued show cause noticesto Hewlett-Packard India Sales Private Limited (“HP India”), a subsidiary of HP, seven HP India employees and one former HP India employee alleging that HP India underpaidcustoms duties while importing products and spare parts into India and seeking to recover an aggregate of approximately $370 million , plus penalties. Prior to the issuance of theshow cause notices, HP India deposited approximately $16 million with the DRI and agreed to post a provisional bond in exchange for the DRI’s agreement to not seize HP Indiaproducts and spare parts and to not interrupt the transaction of business by HP India.

On April 11, 2012, the Bangalore Commissioner of Customs issued an order on the products-related show cause notice affirming certain duties and penalties against HP Indiaand the named individuals of approximately $386 million , of which HP India had already deposited $9 million . On December 11, 2012, HP India voluntarily deposited anadditional $10 million in connection with the products-related show cause notice. The differential duty demand is subject to interest. On April 20, 2012, the Commissioner issued anorder on the parts-related show cause notice affirming certain duties and penalties against HP India and certain of the named individuals of approximately $17 million , of which HPIndia had already deposited $7 million . After the order, HP India deposited an additional $3 million in connection with the parts-related show cause notice so as to avoid certainpenalties.

HP India filed appeals of the Commissioner’s orders before the Customs Tribunal along with applications for waiver of the pre-deposit of remaining demand amounts as acondition for hearing the appeals. The Customs Department has also filed cross-appeals before the Customs Tribunal. On January 24, 2013, the Customs Tribunal ordered HP Indiato deposit an additional $24 million against the products order, which HP India deposited in March 2013. The Customs Tribunal did not order any additional deposit to be madeunder the parts order. In December 2013, HP India filed applications before the Customs Tribunal seeking early hearing of the appeals as well as an extension of the stay of depositas to HP India and the individuals already granted until final disposition of the appeals. On February 7, 2014, the application for extension of the stay of deposit was granted by theCustoms Tribunal until disposal of the appeals. On October 27, 2014, the Customs Tribunal commenced hearings on the cross-appeals of the Commissioner’s orders. The CustomsTribunal rejected HP India’s request to remand the matter to the Commissioner on procedural grounds. The hearings scheduled to reconvene on April 6, 2015 and again onNovember 3, 2015 and April 11, 2016 were canceled at the request of the Customs Tribunal. Pursuant to the separation and distribution agreement, Hewlett Packard Enterprise hasagreed to indemnify HP in part, based on the extent to which any liability arises from the products and spare parts of Hewlett Packard Enterprise’s businesses.

Russia GPO Anti-Corruption Investigation . The German Public Prosecutor’s Office (“German PPO”) conducted an investigation into allegations that current and formeremployees of HP engaged in bribery, embezzlement and tax evasion relating to a transaction between Hewlett-Packard ISE GmbH in Germany, a former subsidiary of HP, and theGeneral Prosecutor’s Office of the Russian Federation. The approximately $35 million transaction, which was referred to as the Russia GPO deal, spanned the years 2001 to 2006and was for the delivery and installation of an IT network. The German PPO issued an indictment of four individuals, including one current and two former HP employees, oncharges including bribery, breach of trust and tax evasion. The German PPO also requested that HP be made an associated party to the case, and, if that request is granted, HP wouldparticipate in any portion of the court proceedings that could ultimately bear on the question of whether HP should be subject to potential disgorgement of profits based on theconduct of the indicted current and former employees. On August 29, 2017, the Regional Court of Leipzig decided not to admit the matter to trial. The German PPO appealed thisdecision. On March 20, 2018, the Higher Regional Court in Dresden agreed with the decision to not admit the matter to trial. In light of this decision, the prosecution is expected tocome to an end.

Class Actions re Authentication of Supplies

Five purported consumer class actions were filed against HP, arising out of the supplies authentication protocol in certain OfficeJet printers. This authentication protocolrejects some third-party ink cartridges that use non-HP security chips. Two of the cases were dismissed, and the remaining cases were consolidated in the United States DistrictCourt for the Northern District of California, captioned In re HP Printer Firmware Update Litigation . The remaining plaintiffs’ consolidated amended complaint was filed onFebruary 15, 2018, alleging eleven causes of action: (1) unfair and unlawful business practices in violation of the Unfair Competition Law, Cal. Bus. & Prof. Code § 17200, et seq. ;(2) fraudulent business practices in violation of the Unfair Competition Law, Cal. Bus. & Prof. Code § 17200, et seq. ; (3) violations of the False Advertising Law, Cal. Bus.

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& Prof. Code § 17500, et seq. ; (4) violations of the Consumer Legal Remedies Act, Cal. Civ. Code § 1750, et seq. ; (5) violations of the Texas Deceptive Trade Practices ‒Consumer Protection Act, Tex. Bus. & Com. Code Ann. § 17.01, et seq. ; (6) violations of the Washington Consumer Protection Act, Wash. Rev. Code Ann. § 19.86.010, et seq. ; (7)violations of the New Jersey Consumer Fraud Act, New Jersey Statutes Ann. 56:8-1, et seq. ; (8) violations of the Computer Fraud and Abuse Act, 18 U.S.C. § 1030, et seq. ; (9)violations of the California Computer Data Access and Fraud Act, Cal. Penal Code § 502; (10) Trespass to Chattels; and (11) Tortious Interference with Contractual Relations and/orProspective Economic Advantage. On February 7, 2018, the plaintiffs moved to certify an injunctive relief class of “[a]ll persons in California who own a Class Printer” under the“unfair” prong of the California unfair competition statute and a class of “[a]ll persons in the United States who purchased a Class Printer and experienced a print failure while usinga non-HP aftermarket cartridge during the period between March 1, 2015 and December 31, 2017” under the Computer Fraud and Abuse Act and common law trespass to chattels.On March 29, 2018, the court granted in part and denied in part HP’s motion to dismiss. The court dismissed the plaintiffs’ claim under the “unfair” prong of the California unfaircompetition statute, claims under the non-California consumer protection statutes, and claim for tortious interference with contractual relations and/or prospective economicadvantage. The court also dismissed in part the plaintiffs’ fraud-based claims under the California consumer protection statutes and computer hacking claims under the ComputerFraud and Abuse Act and California Computer Data Access and Fraud Act. The court denied HP’s motion to dismiss with respect to the plaintiffs’ claim for trespass to chattels andclaim under the “unlawful” prong of the California unfair competition statute. The court granted the plaintiffs leave to amend on all of the dismissed claims, except the CaliforniaComputer Data Access and Fraud Act claim to the extent it was based on two specific subsections of that statute. The deadline for the plaintiffs to file a consolidated secondamended complaint is July 12, 2018.

Autonomy-Related Legal Matters

Investigations . As a result of the findings of an ongoing investigation, HP has provided information to the U.K. Serious Fraud Office, the U.S. Department of Justice (“DOJ”)and the SEC related to the accounting improprieties, disclosure failures and misrepresentations at Autonomy that occurred prior to and in connection with HP’s acquisition ofAutonomy. On January 19, 2015, the U.K. Serious Fraud Office notified HP that it was closing its investigation and had decided to cede jurisdiction of the investigation to the U.S.authorities. On November 14, 2016, the DOJ announced that a federal grand jury indicted Sushovan Hussain, the former CFO of Autonomy. Mr. Hussain was charged withconspiracy to commit wire fraud, securities fraud, and multiple counts of wire fraud. The indictment alleged that Mr. Hussain engaged in a scheme to defraud purchasers and sellersof securities of Autonomy and HP about the true performance of Autonomy’s business, its financial condition, and its prospects for growth. A jury trial commenced on February 26,2018. On April 30, 2018, the jury found Mr. Hussain guilty of all charges against him. On November 15, 2016, the SEC announced that Stouffer Egan, the former CEO ofAutonomy’s U.S.-based operations, settled charges relating to his participation in an accounting scheme to meet internal sales targets and analyst revenue expectations. HP iscontinuing to cooperate with the ongoing enforcement actions.

Autonomy Corporation Limited v. Michael Lynch and Sushovan Hussain . On April 17, 2015, four former-HP subsidiaries that became subsidiaries of Hewlett PackardEnterprise at the time of the Separation (Autonomy Corporation Limited, Hewlett Packard Vision BV, Autonomy Systems, Limited, and Autonomy, Inc.) initiated civil proceedingsin the U.K. High Court of Justice against two members of Autonomy’s former management, Michael Lynch and Sushovan Hussain. The Particulars of Claim seek damages in excessof $5 billion from Messrs. Lynch and Hussain for breach of their fiduciary duties by causing Autonomy group companies to engage in improper transactions and accountingpractices. On October 1, 2015, Messrs. Lynch and Hussain filed their defenses. Mr. Lynch also filed a counterclaim against Autonomy Corporation Limited seeking $160 million indamages, among other things, for alleged misstatements regarding Lynch. The Hewlett Packard Enterprise subsidiary claimants filed their replies to the defenses and the assertedcounter-claim on March 11, 2016. The parties are actively engaged in the disclosure process. A six -month trial is scheduled to begin on March 25, 2019.

Environmental

HP’s operations and products are subject to various federal, state, local and foreign laws and regulations concerning environmental protection, including laws addressing thedischarge of pollutants into the air and water, the management and disposal of hazardous substances and wastes, the cleanup of contaminated sites, the content of HP’s products andthe recycling, treatment and disposal of those products. In particular, HP faces increasing complexity in its product design and procurement operations as it adjusts to new and futurerequirements relating to the chemical and materials composition of its products, their safe use, and the energy consumption associated with those products, including requirementsrelating to climate change. HP is also subject to legislation in an increasing number of jurisdictions that makes producers of electrical goods, including computers and printers,financially responsible for specified collection, recycling, treatment and disposal of past and future covered products (sometimes referred to as “product take-back legislation”). HPcould incur substantial costs, its products could be restricted from entering certain jurisdictions, and it could face other sanctions, if it were to violate or become liable under

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environmental laws or if its products become noncompliant with environmental laws. HP’s potential exposure includes fines and civil or criminal sanctions, third-party propertydamage or personal injury claims and clean-up costs. The amount and timing of costs to comply with environmental laws are difficult to predict.

HP is party to, or otherwise involved in, proceedings brought by U.S. or state environmental agencies under the Comprehensive Environmental Response, Compensation andLiability Act (“CERCLA”), known as “Superfund,” or state laws similar to CERCLA, and may become a party to, or otherwise involved in, proceedings brought by private partiesfor contribution towards clean-up costs. HP is also conducting environmental investigations or remediations at several current or former operating sites pursuant to administrativeorders or consent agreements with state environmental agencies.

The separation and distribution agreement includes provisions that provide for the allocation of environmental liabilities between HP and Hewlett Packard Enterprise includingcertain remediation obligations; responsibilities arising from the chemical and materials composition of their respective products, their safe use and their energy consumption;obligations under product take back legislation that addresses the collection, recycling, treatment and disposal of products; and other environmental matters. HP will generally beresponsible for environmental liabilities related to the properties and other assets, including products, allocated to HP under the separation and distribution agreement and otherancillary agreements. Under these agreements, HP will indemnify Hewlett Packard Enterprise for liabilities for specified ongoing remediation projects, subject to certain limitations,and Hewlett Packard Enterprise has a payment obligation for a specified portion of the cost of those remediation projects. In addition, HP will share with Hewlett Packard Enterpriseother environmental liabilities as set forth in the separation and distribution agreement. HP is indemnified in whole or in part by Hewlett Packard Enterprise for liabilities arisingfrom the assets assigned to Hewlett Packard Enterprise and for certain environmental matters as detailed in the separation and distribution agreement.

Note 14: Guarantees, Indemnifications and Warranties

Guarantees

In the ordinary course of business, HP may issue performance guarantees to certain of its clients, customers and other parties pursuant to which HP has guaranteed theperformance obligations of third parties. Some of those guarantees may be backed by standby letters of credit or surety bonds. In general, HP would be obligated to perform over theterm of the guarantee in the event a specified triggering event occurs as defined by the guarantee. HP believes the likelihood of having to perform under a material guarantee isremote.

Indemnifications

In the ordinary course of business, HP enters into contractual arrangements under which HP may agree to indemnify a third party to such arrangement from any losses incurredrelating to the services they perform on behalf of HP or for losses arising from certain events as defined within the particular contract, which may include, for example, litigation orclaims relating to past performance. HP also provides indemnifications to certain vendors and customers against claims of intellectual property infringement made by third partiesarising from the vendors’ and customers’ use of HP’s software products and services and certain other matters. Some indemnifications may not be subject to maximum loss clauses.Historically, payments made related to these indemnifications have been immaterial.

Cross-Indemnifications with Hewlett Packard Enterprise

Under the separation and distribution agreement, HP agreed to indemnify Hewlett Packard Enterprise, each of its subsidiaries and each of their respective directors, officers andemployees from and against all liabilities relating to, arising out of or resulting from, among other matters, the liabilities allocated to HP as part of the Separation. Hewlett PackardEnterprise similarly agreed to indemnify HP, each of its subsidiaries and each of their respective directors, officers and employees from and against all liabilities relating to, arisingout of or resulting from, among other matters, the liabilities allocated to Hewlett Packard Enterprise as part of the Separation. HP expects Hewlett Packard Enterprise to fullyperform under the terms of the separation and distribution agreement.

For information on the cross-indemnifications related to the tax matter agreements and litigations effective upon the Separation on November 1, 2015, see Note 6, “Taxes onEarnings”, and Note 13, “Litigation and Contingencies”, respectively.

Warranties

HP accrues the estimated cost of product warranties at the time it recognizes revenue. HP engages in extensive product quality programs and processes, including activelymonitoring and evaluating the quality of its component suppliers; however, contractual warranty terms, repair costs, product call rates, average cost per call, current period productshipments and ongoing

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Note 14: Guarantees, Indemnifications and Warranties (Continued)

product failure rates, as well as specific product class failures outside of HP’s baseline experience, affect the estimated warranty obligation.HP’s aggregate product warranty liabilities and changes were as follows:

Six months ended April 30,

2018 In millionsBalance at beginning of period $ 898Accruals for warranties issued 501Adjustments related to pre-existing warranties (including changes in estimates) (8)Settlements made (in cash or in kind) (490)

Balance at end of period $ 901

Note 15: Acquisitions

On November 1, 2017, HP completed the acquisition of Samsung’s printer business. With this acquisition, HP now offers the industry’s strongest portfolio of A3 multifunctionprinters that deliver the simplicity of printers with the high performance of copiers. The fully integrated portfolio, including next-generation PageWide technologies, offersopportunities to grow managed print and document services as sales models shift from transactional to contractual. HP reports the financial results of the above business in thePrinting segment.

The table below presents the preliminary purchase price allocation for HP's acquisition as of November 1, 2017 and reflects various preliminary fair value estimates andanalyses, including preliminary work performed by third-party valuation specialists, which are subject to change within the measurement period as valuations are finalized. Theprimary areas of the preliminary purchase price allocation that are not yet finalized relate to the fair values of certain tangible assets and liabilities acquired, the valuation ofintangible assets acquired, certain legal matters, income and non-income based taxes, and residual goodwill. HP expects to continue to obtain information to assist it in determiningthe fair value of the net assets acquired at the acquisition date during the measurement period.

In millionsGoodwill $ 319Amortizable intangible assets 520Net assets assumed 184Total fair value of consideration $ 1,023

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Note 16: Intangibles

HP’s acquired intangible assets were composed of:

Weighted-Average

Useful Lives


Gross AccumulatedAmortization Net Gross Accumulated

Amortization Net

In years In millions

Customer contracts, customer lists and distribution agreements 8 $ 112 $ 86 $ 26 $ 85 $ 84 $ 1

Technology and patents 7 591 134 457 98 96 2

Total intangible assets $ 703 $ 220 $ 483 $ 183 $ 180 $ 3

During the six months ended April 30, 2018 , the increase in gross intangible assets was primarily due to intangible assets resulting from the acquisition of Samsung’s printerbusiness. The reported amounts are based on preliminary fair value estimates of the assets acquired.

As of April 30, 2018, estimated future amortization expense related to intangible assets was as follows:

Fiscal year In millionsRemainder of 2018 $ 392019 792020 792021 792022 79Thereafter 128

Total $ 483

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Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.


Management’s Discussion and Analysis of

Financial Condition and Results of Operations

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is organized as follows:

• Overview. A discussion of our business and other highlights affecting the company to provide context for the remainder of this MD&A.

• Critical Accounting Policies and Estimates. A discussion of accounting policies and estimates that we believe are important to understanding the assumptions andjudgments incorporated in our reported financial results.

• Results of Operations. An analysis of our operations financial results comparing the three and six months ended April 30, 2018 to the prior-year period. A discussion ofthe results of operations is followed by a more detailed discussion of the results of operations by segment.

• Liquidity and Capital Resources. An analysis of changes in our cash flows and a discussion of our liquidity and financial condition.

• Contractual and Other Obligations. An overview of contractual obligations, retirement and post-retirement benefit plan contributions, cost-saving plans, uncertain taxpositions and off-balance sheet arrangements of our operations.

The discussion of financial condition and results of our operations that follows provides information that will assist the reader in understanding our Consolidated CondensedFinancial Statements, the changes in certain key items in those financial statements from year to year, and the primary factors that accounted for those changes, as well as howcertain accounting principles, policies and estimates affect our Consolidated Condensed Financial Statements. This discussion should be read in conjunction with our ConsolidatedCondensed Financial Statements and the related notes that appear elsewhere in this document.

OVERVIEW

We are a leading global provider of personal computing and other access devices, imaging and printing products, and related technologies, solutions, and services. We sell toindividual consumers, SMBs and large enterprises, including customers in the government, health, and education sectors. We have three segments for financial reporting purposes:Personal Systems, Printing and Corporate Investments. The Personal Systems segment offers Commercial and Consumer desktop and notebook PCs, workstations, thin clients,Commercial mobility devices, retail point-of-sale systems, displays and other related accessories, software, support, and services for the commercial and consumer markets. ThePrinting segment provides Consumer and Commercial printer hardware, Supplies, solutions and services, as well as scanning devices. Corporate Investments include HP Labs andcertain business incubation projects.

• In Personal Systems, our strategic focus is on profitable growth through hyper market segmentation with respect to enhanced innovation in multi-operating systems, multi-architecture, geography, customer segments and other key attributes. Additionally, we are investing in premium and mobility form factors such as convertible notebooks,detachable notebooks, and mobility devices in order to meet customer preference for mobile, thinner and lighter devices. The beginning of a market shift to contractualsolutions includes an increased focus on Device as a Service. We believe that we are well positioned due to our competitive product lineup.

• In Printing, our strategic focus is on business printing, a shift to contractual solutions and Graphics, as well as expanding our footprint in the 3D printingmarketplace. Business printing includes delivering solutions to SMBs and enterprise customers, such as multi-function and PageWide printers, including our JetIntelligencelineup of LaserJet printers. The shift to contractual solutions includes an increased focus on Managed Print Services and Instant Ink, which presents strong after-marketsupplies opportunities. In the Graphics space, we are focused on innovations such as our Indigo and Latex product offerings. We plan to continue to focus on shifting themix in the installed base to higher value units and expanding our innovative Ink, Laser, Graphics and 3D printing programs. We continue to execute on our key initiatives offocusing on high-value products targeted at high usage categories and introducing new revenue delivery models. Our focus is on placing higher value printer units whichoffer strong annuity of toner and ink, the design and deployment of A3 products and solutions, accelerating growth in Graphic solutions and 3D printing.

We continue to experience challenges that are representative of trends and uncertainties that may affect our business and results of operations. One set of challenges relates todynamic market trends, such as flat PC device and home printing markets.

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Financial Condition and Results of Operations (Continued)

A second set of challenges relates to changes in the competitive landscape. Our primary competitors are exerting competitive pressure in targeted areas and are entering new markets,our emerging competitors are introducing new technologies and business models, and our alliance partners in some businesses are increasingly becoming our competitors in others.A third set of challenges relates to business model changes and our go-to-market execution.

• In Personal Systems, we face challenges with continued increases in commodity costs, especially in memory, and logistics costs, and the uncertainty of the market’s abilityto absorb price increases driven by these costs.

• In Printing, we are seeing signs of stabilization of demand in consumer and commercial markets, but are still experiencing an overall competitive pricing environment. Weobtain a number of components from single sources due to technology, availability, price, quality or other considerations. For instance, we source the majority of our A4and a portion of our A3 portfolio of laser printer engines and laser toner cartridges from Canon. Any decision by either party to not renew our agreement with Canon or tolimit or reduce the scope of the agreement could adversely affect our net revenue from LaserJet products; however, we have a long-standing business relationship withCanon and anticipate renewal of this agreement. We are also seeing increases in commodity costs, such as oil prices, impacting our bill of materials.

Our business and financial performance also depend significantly on worldwide economic conditions. Accordingly, we face global macroeconomic challenges , uncertainty in themarkets, volatility in exchange rates and weaker macroeconomic conditions. The impact of these and other global macroeconomic challenges on our business cannot be known atthis time.

To address these challenges, we continue to pursue innovation with a view towards developing new products and services aligned with generating market demand and meetingthe needs of our customers and partners. In addition, we need to continue to improve our operations, with a particular focus on enhancing our end-to-end processes and efficiencies.We also need to continue to optimize our sales coverage models, align our sales incentives with our strategic goals, improve channel execution, strengthen our capabilities in ourareas of strategic focus, and develop and capitalize on market opportunities.

We typically experience higher net revenues in our first and fourth quarters compared to other quarters in our fiscal year due in part to seasonal holiday demand. Historicalseasonal patterns should not be considered reliable indicators of our future net revenues or financial performance.

For a further discussion of trends, uncertainties and other factors that could impact our operating results, see the sections entitled “Risk Factors” in Item 1A of Part II of ourQuarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2018 and Item 1A of part I in our Annual Report on Form 10-K for the fiscal year ended October 31, 2017.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The MD&A is based on our Consolidated Condensed Financial Statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financialstatements requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, net revenues and expenses, and disclosure ofcontingent liabilities. Our management believes that, other than with respect to Taxes on Earnings, there have been no significant changes during the six months ended April 30,2018 to the items that we disclosed as our critical accounting policies and estimates in MD&A in our Annual Report on Form 10-K for the fiscal year ended October 31, 2017 .Taxes on Earnings

The TCJA made significant changes to the U.S. tax law. The TCJA lowered our U.S. statutory federal income tax rate from 35% to 21% effective January 1, 2018, while alsoimposing a one-time transition tax on accumulated foreign earnings. For the three months ended January 31, 2018, we recorded a provisional tax benefit of $1.1 billion. In addition,for the three months ended April 30, 2018, we recorded provisional tax expense of $379 million related to remeasurement of our U.S. deferred tax assets that are expected to berealized at a lower rate, which are considered provisional estimates under the Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin (“SAB”) No. 118.

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In December 2017, the SEC staff issued SAB No. 118, which addresses how a company recognizes provisional estimates when a company does not have the necessaryinformation available, prepared or analyzed (including computations) in reasonable detail to complete its accounting for the effect of the changes in the TCJA. The measurementperiod ends when a company has obtained, prepared, and analyzed the information necessary to finalize its accounting, but cannot extend beyond one year. The final impact of theTCJA may differ from the provisional estimates due to changes in interpretations of the TCJA, legislative action to address questions that arise because of the TCJA, changes inaccounting standard for income taxes and related interpretations in response to the TCJA, and updates or changes to estimates used in the provisional amounts. For the three monthsended January 31, 2018, we recorded a provisional tax benefit of $1.1 billion related to the $5.5 billion net benefit for the decrease in our deferred tax liability on unremitted foreignearnings, partially offset by a $3.2 billion net expense for the deemed repatriation tax payable in installments over eight years and a $1.2 billion net expense for remeasurement ofour deferred tax assets and liabilities for the revaluation of our deferred assets and liabilities to the new U.S. statutory tax rate. In addition, for the three months ended April 30, 2018,we recorded provisional tax expense of $379 million related to realization on U.S. deferred taxes that are expected to be realized at a lower rate and a $43 million tax benefit as anadjustment to the provisional deemed repatriation tax amount due to further analysis and additional guidance. Resolution of the provisional estimates of the TCJA effects that aredifferent from the assumptions made by us could have a material impact on our financial condition and operating results.

Prior to the enactment of the TCJA, our effective tax rate included the impact of certain undistributed foreign earnings for which we have not provided U.S. federal taxesbecause we had planned to reinvest such earnings indefinitely outside the United States. We plan distributions of foreign earnings based on projected cash flow needs as well as theworking capital and long-term investment requirements of our foreign subsidiaries and our domestic operations. Based on these assumptions, we estimate the amount we expect toindefinitely invest outside the United States and the amounts we expect to distribute to the United States and provide the U.S. federal taxes due on amounts expected to be distributedto the United States. Further, as a result of certain employment actions and capital investments we have undertaken, income from manufacturing activities in certain jurisdictions issubject to reduced tax rates and, in some cases, is wholly exempt from taxes for fiscal years through 2027. Material changes in our estimates of cash, working capital and long-terminvestment requirements in the various jurisdictions in which we do business could impact how future earnings are repatriated to the United States, and our related future effectivetax rate. The effects of the TCJA related to these policies are referenced and discussed in detail in Note 6, “Taxes on Earnings” to the Consolidated Condensed Financial Statementsin Item 1 of Part I of this report, which is incorporated herein by reference.

ACCOUNTING PRONOUNCEMENTS

For a summary of recent accounting pronouncements applicable to our Consolidated Condensed Financial Statements see Note 1, “Basis of Presentation”, to the ConsolidatedCondensed Financial Statements in Item 1 of Part I of this report, which is incorporated herein by reference.

RESULTS OF OPERATIONS

Revenue from our international operations has historically represented, and we expect will continue to represent, a majority of our overall net revenue. As a result, our netrevenue growth has been impacted, and we expect it will continue to be impacted, by fluctuations in foreign currency exchange rates. In order to provide a framework for assessingperformance excluding the impact of foreign currency fluctuations, we supplement the year-over-year percentage change in net revenue with the year-over-year percentage change innet revenue on a constant currency basis, which excludes the effect of foreign currency exchange fluctuations calculated by translating current period revenues using monthlyaverage exchange rates from the comparative period and hedging activities from the prior-year period and does not adjust for any repricing or demand impacts from changes inforeign currency exchange rates. This information is provided so that net revenue can be viewed with and without the effect of fluctuations in foreign currency exchange rates, whichis consistent with how management evaluates our net revenue results and trends, as management does not believe that the excluded items are reflective of ongoing operating results.The constant currency measures are provided in addition to, and not as a substitute for, the year-over-year percentage change in net revenue on a GAAP basis. Other companies maycalculate and define similarly labeled items differently, which may limit the usefulness of this measure for comparative purposes.

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Results of operations in dollars and as a percentage of net revenue were as follows:


2018 2017 2018 2017

Dollars % of NetRevenue Dollars

% of NetRevenue Dollars

% of NetRevenue Dollars

% of NetRevenue

Dollars in millionsNet revenue $ 14,003 100.0 % $ 12,385 100.0 % $ 28,520 100.0 % $ 25,069 100.0 %Cost of revenue (11,301) (80.7)% (10,002) (80.8)% (23,236) (81.5)% (20,438) (81.5)%Gross profit 2,702 19.3 % 2,383 19.2 % 5,284 18.5 % 4,631 18.5 %

Research and development (356) (2.5)% (314) (2.5)% (703) (2.5)% (610) (2.4)%Selling, general and administrative (1,260) (9.1)% (1,090) (8.8)% (2,429) (8.5)% (2,107) (8.5)%Restructuring and other charges (57) (0.4)% (140) (1.1)% (88) (0.3)% (203) (0.8)%Acquisition-related charges (45) (0.3)% (20) (0.2)% (87) (0.3)% (36) (0.1)%Amortization of intangible assets (20) (0.1)% (1) — % (40) (0.1)% (1) — %Earnings from operations 964 6.9 % 818 6.6 % 1,937 6.8 % 1,674 6.7 %

Interest and other, net (881) (6.3)% (64) (0.5)% (949) (3.3)% (145) (0.6)%Earnings before taxes 83 0.6 % 754 6.1 % 988 3.5 % 1,529 6.1 %

Benefit from (provision for) taxes 975 7.0 % (195) (1.6)% 2,008 7.0 % (359) (1.4)%

Net earnings $ 1,058 7.6 % $ 559 4.5 % $ 2,996 10.5 % $ 1,170 4.7 %

Net Revenue

For the three months ended April 30, 2018 , total net revenue increased 13.1% (increased 9.9% on a constant currency basis) as compared to the prior-year period. U.S. netrevenue increased 5.0% to $4.7 billion, while net revenue from international operations increased 17.6% to $9.3 billion. For the six months ended April 30, 2018, total net revenueincreased 13.8% (increased 11.4% on a constant currency basis) as compared to the prior-year period. U.S. net revenue increased 7.2% to $9.7 billion, while net revenue frominternational operations increased 17.5% to $18.8 billion. The increase in net revenue was primarily driven by growth in Notebooks, Desktops, Commercial Printing Hardware andSupplies revenue and favorable foreign currency impacts.

A detailed discussion of the factors contributing to the changes in segment net revenue is included in “Segment Information” below.

Gross Margin

For the three months ended April 30, 2018 , our gross margin increased 0.1 percentage points as compared to the prior-year period. The increase was primarily driven by animproved rate in Personal Systems due to higher average selling prices (“ASPs”), partially offset by higher commodity costs in Personal Systems and higher Commercial Hardwareunit placements in Printing. For the six months ended April 30, 2018 , our gross margin remained flat, as compared to the prior-year period.

A detailed discussion of the factors contributing to the changes in segment gross margins is included under “Segment Information” below.

Operating Expenses

Research and Development

Research and development (“R&D”) expense increased 13.4% and 15.2% for the three and six months ended April 30, 2018 , respectively, as compared to the prior-yearperiods, primarily due to continuing investment in Printing, including the acquisition of Samsung’s printer business.

Selling, General and Administrative

Selling, general and administrative expense increased 15.6% and 15.3% for the three and six months ended April 30, 2018 , respectively, as compared to the prior-year periods,primarily driven by the acquisition of Samsung’s printer business and incremental go-to-market investments to support revenue growth.

Restructuring and Other Charges

Restructuring and other charges for the three and six months ended April 30, 2018 relate primarily to the Fiscal 2017 Plan and certain non-recurring costs, including those as aresult of the Separation.

Acquisition-related charges

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Acquisition-related charges for the three and six months ended April 30, 2018 relate primarily to third-party professional and legal fees, and integration-related costs, as wellas fair value adjustments of certain acquired assets such as inventory.

Amortization of Intangible Assets

Amortization of intangible assets for the three and six months ended April 30, 2018 relate to intangible assets resulting from the acquisition of Samsung’s printer business.

Interest and Other, Net

Interest and other, net expense increased by $817 million and $804 million for the three and six months ended April 30, 2018 , respectively, as compared to the prior-yearperiods, primarily due to reversal of indemnification receivables from Hewlett Packard Enterprise pertaining to various audit settlements, and loss on extinguishment of debt.

Benefit from (Provision for) Taxes

As a result of U.S. tax reform, we revised our estimated annual effective tax rate to reflect the change in the U.S. federal statutory tax rate from 35% to 21%. Since we have afiscal year ending October 31, we are subject to transitional tax rate rules. Therefore, a blended rate of 23% was computed as effective for the current fiscal year. Our effective taxrate was ( 1162% ) and 25.9% for the three months ended April 30, 2018 and 2017, respectively and (203%) and 23.5% for the six months ended April 30, 2018 and 2017,respectively. The difference between the current fiscal year blended U.S. federal statutory tax rate of 23% and the Company’s effective tax rate for the three months and six monthsended April 30, 2018 is primarily due to transitional impacts of U.S. tax reform, resolution of various audits and tax litigation, and favorable tax rates associated with certainearnings from our operations in lower-tax jurisdictions throughout the world. For the three and six months ended April 30, 2017 our effective tax rate generally differs from the U.S.federal statutory rate of 35% due to favorable tax rates associated with certain earnings from our operations in lower-tax jurisdictions throughout the world. We have not providedU.S. taxes for all foreign earnings because we plan to reinvest some of those earnings indefinitely outside the United States.

During the three and six months ended April 30, 2018 , we recorded $ 1.1 billion and $2.2 billion , respectively, of net tax benefits related to discrete items in the provision fortaxes. As discussed in the Note 6 we have not yet completed our analysis of the full impact of TCJA. However, for the three months ended January 31, 2018, we recorded aprovisional tax benefit of $1.1 billion related to $5.5 billion net benefit for the decrease in our deferred tax liability on unremitted foreign earnings, partially offset by $3.2 billion netexpense for the deemed repatriation tax payable in installments over eight years and $1.2 billion net expense for remeasurement of our deferred tax assets and liabilities for therevaluation of our deferred assets and liabilities to the new U.S. statutory tax rate. In addition, for the three months ended April 30, 2018, we recorded provisional tax expense of$379 million related to remeasurement of our U.S. deferred taxes that are expected to be realized at a lower rate and a $43 million tax benefit as an adjustment to the provisionaldeemed repatriation tax amount due to further analysis and additional guidance. This amount also included tax benefits related to audit settlements of $1.4 billion and $1.5 billion forthe three and six months ended April 30, 2018, respectively, and loss on extinguishment of debt of $33 million for the three and six months ended April 30, 2018. These tax benefitswere offset by uncertain tax position charges of $8 million and $51 million for the three and six months ended April 30, 2018, respectively. During the three and six months endedApril 30, 2018, in addition to the discrete items mentioned above, we recorded excess tax benefits of $6 million and $34 million, respectively, on stock options, restricted stock unitsand performance-adjusted restricted stock units.

In the second quarter of 2018, we settled audits with multiple tax jurisdictions covering numerous open years while also achieving resolution on certain tax litigation. We haveagreed with all of the adjustments contained within the various final closing agreements and have redetermined our unrecognized tax positions for all open years based on the closingagreements and associated information and analysis of those agreements. We recorded net benefit of $1.4 billion in the quarter due to the completion of the various audits, theresolution of certain tax litigation and associated reserve redeterminations.

During the three and six months ended April 30, 2017, we recorded $4 million and $5 million , respectively, of net tax benefits related to discrete items in the provision fortaxes for continuing operations. These amounts included a tax benefit of $12 million and $31 million for the three and six months ended April 30, 2017, respectively, related torestructuring charges. The three months ended April 30, 2017 also included various other tax charges of $8 million. The six months ended April 30, 2017 also included a tax chargeof $26 million related to state provision to return adjustm ents.

Segment Information

A description of the products and services for each segment can be found in Note 2, “Segment Information” to the Consolidated Condensed Financial Statements in Item 1 ofPart I of this report, which is incorporated herein by reference. Future changes to this organizational structure may result in changes to the segments disclosed.

RealignmentEffective at the beginning of its first quarter of fiscal year 2018, HP implemented an organizational change to align its segment and business unit financial reporting more

closely with its current business structure. The organizational change resulted in the transfer of long-life consumables from Commercial to Supplies within the Printing segment.Certain revenues related to service arrangements, which are being eliminated for the purposes of reporting HP’s consolidated net revenue, have

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now been reclassified from Other to segments. HP has reflected this change to its segment and business unit information in prior reporting periods on an as-if basis. The reportingchange had no impact on previously reported consolidated net revenue, earnings from operations, net earnings or net earnings per share.

Personal Systems


2018 2017 % Change 2018 2017 % Change Dollars in millionsNet revenue $ 8,762 $ 7,653 14.5% $ 18,202 $ 15,869 14.7%Earnings from operations $ 331 $ 244 35.7% $ 668 $ 556 20.1%Earnings from operations as a % of net revenue 3.8% 3.2% 3.7% 3.5%

The components of net revenue and the weighted net revenue change by business unit were as follows:


Net Revenue Weighted Net

Revenue Change

Net Revenue Weighted Net

Revenue Change 2018 2017 2018 2017

Dollars in millions Percentage Points Dollars in millions Percentage PointsNotebooks $ 5,153 $ 4,493 8.6 $ 10,748 $ 9,383 8.6Desktops 2,752 2,377 4.9 5,707 4,911 5.0Workstations 538 495 0.6 1,081 986 0.6Other 319 288 0.4 666 589 0.5

Total Personal Systems $ 8,762 $ 7,653 14.5 $ 18,202 $ 15,869 14.7

Three months ended April 30, 2018 compared with three months ended April 30, 2017

Personal Systems net revenue increased 14.5% (increased 10.7% on a constant currency basis) for the three months ended April 30, 2018 as compared to the prior-yearperiod. The net revenue increase was primarily due to growth in Notebooks and Desktops and favorable foreign currency impacts. The net revenue increase was driven by a 7.0%increase in both unit volume and ASPs as compared to the prior-year period. The increase in unit volume was primarily due to growth in Notebooks and Desktops. The increase inASPs was due to foreign currency impacts, positive mix shifts and favorable pricing rate.

Consumer revenue increased 10.5% for the three months ended April 30, 2018 as compared to the prior-year period, driven by growth in Notebooks and Desktops as aresult of higher unit volume combined with higher ASPs. Commercial revenue increased 16.4% as compared to the prior-year period, driven by growth in Notebooks, Desktops andWorkstations.

Net revenue increased 15.8% in Desktops, 14.7% in Notebooks and 8.7% in Workstations as compared to the prior-year period.Personal Systems earnings from operations as a percentage of net revenue increased by 0.6 percentage points for the three months ended April 30, 2018 as compared to the

prior-year period, primarily due to an increase in gross margin. The increase in gross margin was primarily due to higher ASPs partially offset by an increase in logistics andcommodity costs.

Six months ended April 30, 2018 compared with six months ended April 30, 2017

Personal Systems net revenue increased 14.7% (increased 11.9% on a constant currency basis) for the six months ended April 30, 2018 as compared to the prior-yearperiod. The net revenue increase was primarily due to growth in Notebooks and Desktops and favorable foreign currency impacts. The net revenue increase was driven by a 7.1%increase in both unit volume and ASPs as compared to the prior-year period. The increase in unit volume was primarily due to growth in Notebooks and Desktops. The increase inASPs was due to favorable pricing rate, foreign currency impacts and positive mix shifts.

Consumer revenue increased 11.7% for the six months ended April 30, 2018 as compared to the prior-year period, driven by growth in Notebooks and Desktops as a resultof higher unit volume combined with higher ASPs. Commercial revenue increased 16.3% as compared to the prior-year period, driven by growth in Notebooks, Desktops andWorkstations.

Net revenue increased 16.2% in Desktops, 14.5% in Notebooks and 9.6% in Workstations as compared to the prior-year period.Personal Systems earnings from operations as a percentage of net revenue increased by 0.2 percentage points for the six months ended April 30, 2018 as compared to the

prior-year period, primarily due to a decrease in operating expenses. Gross

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margin as a percentage of net revenue was flat due to higher ASPs, offset by an increase in commodity costs. Operating expenses as a percentage of net revenue decreased primarilydue to operating expense management.

Printing


2018 2017 % Change 2018 2017 % Change

Dollars in millionsNet revenue $ 5,241 $ 4,728 10.9% $ 10,317 $ 9,192 12.2%Earnings from operations $ 839 $ 820 2.3% $ 1,640 $ 1,534 6.9%Earnings from operations as a % of net revenue 16.0% 17.3% 15.9% 16.7%

The components of net revenue and the weighted net revenue change by business unit were as follows:


Net Revenue Net Revenue

2018 2017 Weighted Net

Revenue Change 2018 2017 Weighted Net

Revenue Change

Dollars in millions Percentage Points Dollars in millions Percentage PointsSupplies $ 3,434 $ 3,188 5.2 $ 6,785 $ 6,223 6.1Commercial Hardware 1,186 936 5.3 2,256 1,775 5.2Consumer Hardware 621 604 0.4 1,276 1,194 0.9

Total Printing $ 5,241 $ 4,728 10.9 $ 10,317 $ 9,192 12.2

Three months ended April 30, 2018 compared with three months ended April 30, 2017

Printing net revenue increased 10.9% (increased 8.7% on a constant currency basis) for the three months ended April 30, 2018 as compared to the prior-year period. Theincrease in net revenue was driven by increases in both Supplies and Hardware revenue, and favorable foreign currency impacts. Net revenue for Supplies increased 7.7% ascompared to the prior-year period, including the acquisition of Samsung’s printer business. Printer unit volume increased 13.3% while ASPs increased 1.6% as compared to theprior-year period. The increase in printer unit volume was primarily driven by unit increases in Commercial Hardware, including the Samsung-branded printers. Printer ASPsincreased primarily due to favorable foreign currency impacts, partially offset by the dilution impact from Samsung-branded low-end A4 products.

Net revenue for Commercial Hardware increased by 26.7% as compared to the prior-year period, including revenue from Samsung-branded printers, LaserJet and PageWideprinters. The unit volume in Commercial Hardware increased primarily due to Samsung-branded printers. The ASP decrease in Commercial Hardware was primarily due to dilutionimpact from Samsung-branded low-end A4 products.

Net revenue for Consumer Hardware increased 2.8% as compared to the prior-year period, primarily due to a 3.7% increase in printer unit volume, whereas the ASPs remainedroughly flat. The unit volume increase was primarily driven by the Inkjet and LaserJet Home business. The ASPs remained flat due to favorable foreign currency impacts, offset byunfavorable mix shift to Deskjet and higher discounts due to competitive pressures.

Printing earnings from operations as a percentage of net revenue decreased by 1.3 percentage points for the three months ended April 30, 2018 as compared to the prior-yearperiod, primarily due to an increase in operating expenses and decline in overall gross margin. The gross margin decrease was primarily driven by dilution impact from Samsung-branded low-end products and increase in commodity costs, partially offset by favorable foreign currency impacts. Operating expenses increased primarily driven by the acquisitionof Samsung’s printer business and increases in investments in key growth initiatives and go-to-market.

Six months ended April 30, 2018 compared with six months ended April 30, 2017Printing net revenue increased 12.2% (increased 10.4% on a constant currency basis) for the six months ended April 30, 2018 as compared to the prior-year period. The

increase in net revenue was primarily driven by increase in Supplies and Hardware revenue, and favorable foreign currency impacts. Net revenue for Supplies increased by 9.0% ascompared to the

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prior-year period, including the acquisition of Samsung’s printer business. Printer unit volume increased 13.8% while ASPs increased 3.8% as compared to the prior-year period.The increase in printer unit volume was primarily driven by unit increases in Commercial and Consumer Hardware, including the Samsung-branded printers. Printer ASPs increasedprimarily due to a mix shift to higher-end printers and favorable foreign currency impacts, partially offset by the dilution impact from Samsung-branded low-end A4 products.

Net revenue for Commercial Hardware increased 27.1% as compared to the prior-year period, including revenue from Samsung-branded printers, LaserJet and PageWideprinters and 3D printers. The unit volume in Commercial Hardware increased primarily due to Samsung-branded printers. The ASP decrease in Commercial Hardware was primarilydue to the dilution impact from Samsung-branded low-end A4 products.

Net revenue for Consumer Hardware increased 6.9% as compared to the prior-year period due to a 5.3% increase in printer unit volume and a 2.3% increase in ASPs. The unitvolume increase was primarily driven by InkJet Home business. The ASP increase was primarily driven by favorable foreign currency impacts.

Printing earnings from operations as a percentage of net revenue decreased by 0.8 percentage points for the six months ended April 30, 2018 as compared to the prior-yearperiod primarily due to an increase in operating expenses, partially offset by improved gross margin. The gross margin increased due to operational improvements and favorableforeign currency impacts, partially offset by dilution impact of Samsung-branded low-end products. Operating expenses increased primarily driven by the acquisition of Samsung’sprinter business and increases in investments in key growth initiatives and go-to-market.Corporate Investments

The loss from operations in Corporate Investments for the three months and six months ended April 30, 2018 was primarily due to expenses associated with our incubationprojects.

LIQUIDITY AND CAPITAL RESOURCES

We use cash generated by operations as our primary source of liquidity. We believe that internally generated cash flows are generally sufficient to support our operatingbusinesses, capital expenditures, restructuring activities, maturing debt, income tax payments and the payment of stockholder dividends, in addition to investments and sharerepurchases. We are able to supplement this short-term liquidity, if necessary, with broad access to capital markets and credit facilities made available by various domestic andforeign financial institutions. While our access to capital markets may be constrained and our cost of borrowing may increase under certain business, market and economicconditions, our access to a variety of funding sources to meet our liquidity needs is designed to facilitate continued access to capital resources under all such conditions. Our liquidityis subject to various risks including the risks identified in the section entitled “Risk Factors” in Item 1A of Part I in our Annual Report on Form 10-K for the fiscal year endedOctober 31, 2017 and the market risks identified in the section entitled “Quantitative and Qualitative Disclosures about Market Risk” in Item 3 of Part I of this report, which areincorporated herein by reference.

Our cash balances are held in numerous locations throughout the world, with the majority of those amounts held outside of the United States. We utilize a variety of planningand financing strategies in an effort to ensure that our worldwide cash is available when and where it is needed. Our cash position remains strong, and we expect that our cashbalances, anticipated cash flow generated from operations and access to capital markets will be sufficient to cover our expected near-term cash outlays.

Amounts held outside of the United States are generally utilized to support non-U.S. liquidity needs, and may from time to time be distributed to the United States. The TCJAmade significant changes to the U.S. tax law, including a one-time transition tax on accumulated foreign earnings. The payments associated with this one-time transition tax will bepaid over eight years beginning 2019. We expect a significant portion of the cash and cash equivalents held by our foreign subsidiaries will no longer be subject to U.S. income taxconsequences upon a subsequent repatriation to the United States as a result of the transition tax on accumulated foreign earnings. However, a portion of this cash may still besubject to foreign income tax or withholding tax consequences upon repatriation. As we evaluate the impact of the TCJA and the future cash needs of our operations, we may revisethe amount of foreign earnings considered to be permanently reinvested in our foreign subsidiaries and how to utilize such funds, including reducing our gross debt level, returningcapital to shareholders with a focus on incremental share repurchase or other uses.

Liquidity

Our key cash flow metrics were as follows:

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2018 2017 In millionsNet cash provided by operating activities $ 2,046 $ 1,222Net cash used in investing activities (1,102) (241)Net cash used in financing activities (3,694) (1,046)

Net decrease in cash and cash equivalents $ (2,750) $ (65)

Operating Activities

Compared to the corresponding period in fiscal year 2017 , net cash provided by operating activities increased by $0.8 billion for the six months ended April 30, 2018 ,primarily due to higher earnings from operations and an increase in other liabilities.

Working Capital Metrics

Management utilizes current cash conversion cycle information to manage HP’s working capital levels. Our working capital metrics and cash conversion cycle impacts were asfollows:

As of As of

April 30, 2018 October 31, 2017 Change April 30, 2017 October 31, 2016 Change Y/Y Change

Days of sales outstanding in accounts receivable (“DSO”) 30 29 1 27 30 (3) 3Days of supply in inventory (“DOS”) 44 46 (2) 43 39 4 1Days of purchases outstanding in accounts payable (“DPO”) (104) (105) 1 (100) (98) (2) (4)

Cash conversion cycle (30) (30) — (30) (29) (1) —

April 30, 2018 as compared to April 30, 2017

The cash conversion cycle is the sum of DSO and DOS less DPO. Items which may cause the cash conversion cycle in a particular period to differ from a long-termsustainable rate include, but are not limited to, changes in business mix, changes in payment terms, extent of receivables factoring, seasonal trends and the timing of revenuerecognition and inventory purchases within the period.

DSO measures the average number of days our receivables are outstanding. DSO is calculated by dividing ending accounts receivable, net of allowance for doubtful accounts,by a 90-day average net revenue. The increase in DSO was primarily due to unfavorable revenue linearity.

DOS measures the average number of days from procurement to sale of our product. DOS is calculated by dividing ending inventory by a 90-day average cost of revenue. Theincrease in DOS was primarily due to leveraging our balance sheet, particularly through strategic inventory investments.

DPO measures the average number of days our accounts payable balances are outstanding. DPO is calculated by dividing ending accounts payable by a 90-day average cost ofrevenue. The increase in DPO was primarily due to higher inventory purchasing volume and negotiated payment terms with our product suppliers.

Investing Activities

Compared to the corresponding period in fiscal year 2017 , net cash used in investing activities increased by $0.9 billion for the six months ended April 30, 2018 , primarilydue to payment for the acquisition of Samsung’s printer business.

Financing Activities

Compared to the corresponding period in fiscal year 2017 , net cash used in financing activities increased by $2.6 billion for the six months ended April 30, 2018 , primarilydue to the payment for the repurchase of debt of $1.85 billion and a higher share repurchase settlement amount of $0.7 billion .

Capital Resources

Debt Levels

We maintain debt levels that we establish through consideration of a number of factors, including cash flow expectations, cash requirements for operations, investment plans(including acquisitions), share repurchase activities, our cost of capital and targeted capital structure. Outstanding borrowings decreased to $ 6.1 billion as of April 30, 2018 ascompared to $7.8 billion as

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of October 31, 2017 , bearing weighted-average interest rates of 4.2% and 4.0% for April 30, 2018 and October 31, 2017, respectively, primarily due to the payment for therepurchase of approximately $1.85 billion in aggregate principal amount of U.S. Dollar Global Notes.

Our weighted-average interest rate reflects the average effective rate on our borrowings prevailing during the period and reflects the impact of interest rate swaps. For moreinformation on our interest rate swaps, see Note 9, “Financial Instruments”, to the Consolidated Condensed Financial Statements in Item 1 of Part I of this report, which isincorporated herein by reference.

As of April 30, 2018 , we maintain a senior unsecured committed revolving credit facility with aggregate lending commitments of $4.0 billion , which will be available untilMarch 30, 2023 and is primarily to support the issuance of commercial paper. Funds borrowed under this revolving credit facility may also be used for general corporate purposes.As of April 30, 2018 , we had $1.0 billion of commercial paper outstanding.

We increased our issuance authorization under our commercial paper program from $4.0 billion to $6.0 billion in November 2017. In December 2017, we also entered into anadditional revolving credit facility with certain institutional lenders that provides us with $1.5 billion of available borrowings until November 30, 2018.Available Borrowing Resources

We had the following resources available to obtain short or long-term financing in addition to the commercial paper and revolving credit facilities discussed above:

As of April 30, 2018 In millions2016 Shelf Registration Statement UnspecifiedUncommitted lines of credit $ 722

For more information on our borrowings, see Note 10, “Borrowings”, to the Consolidated Condensed Financial Statements in Item 1 of Part I of this report, which isincorporated herein by reference.

Credit Ratings

Our credit risk is evaluated by major independent rating agencies based upon publicly available information as well as information obtained in our ongoing discussions withthem. While we do not have any rating downgrade triggers that would accelerate the maturity of a material amount of our debt, previous downgrades have increased the cost ofborrowing under our credit facilities, have reduced market capacity for our commercial paper and have required the posting of additional collateral under some of our derivativecontracts. In addition, any further downgrade to our credit ratings by any rating agencies may further impact us in a similar manner, and, depending on the extent of any suchdowngrade, could have a negative impact on our liquidity and capital position. We can access alternative sources of funding, including drawdowns under our credit facilities, ifnecessary, to offset potential reductions in the market capacity for our commercial paper.

CONTRACTUAL AND OTHER OBLIGATIONS

Contractual Obligations

During the three months ended April 30, 2018, we renegotiated certain purchase agreements, pursuant to which our unconditional purchase obligations as of April 30, 2018were $0.9 billion, as compared to $1.2 billion as of October 31, 2017.

Retirement and Post-Retirement Benefit Plan Contributions

As of April 30, 2018 , we anticipate making contributions for the remainder of fiscal year 2018 of approximately $17 million to our non-U.S. pension plans, $13 million tocover benefit payments to U.S. non-qualified pension plan participants and $7 million to cover benefit claims for our post-retirement benefit plans. Our policy is to fund our pensionplans so that we meet at least the minimum contribution requirements, as established by local government, funding and taxing authorities. For more information on our retirementand post-retirement benefit plans, see Note 4, “Retirement and Post-Retirement Benefit Plans”, to the Consolidated Condensed Financial Statements in Item 1 of Part I of this report,which is incorporated herein by reference.

Cost Savings Plan

We expect to make future cash payments of approximately $346 million in connection with our cost savings plans through fiscal year 2019. For more information on ourrestructuring activities that are part of our cost improvements, see Note 3, “Restructuring and Other Charges”, to the Consolidated Condensed Financial Statements in Item 1 of Part Iof this report, which is incorporated herein by reference.

Uncertain Tax Positions

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As of April 30, 2018 , we had approximately $1.4 billion of recorded liabilities and related interest and penalties pertaining to uncertain tax positions. We are unable to make areasonable estimate as to when cash settlement with the tax authorities might occur due to the uncertainties related to these tax matters. Payments of these obligations would resultfrom settlements with taxing authorities. For more information on our uncertain tax positions, see Note 6, “Taxes on Earnings”, to the Consolidated Condensed Financial Statementsin Item 1 of Part I of this report, which is incorporated herein by reference.

Payment of one-time transition taxes under the TCJA

The TCJA made significant changes to U.S. tax law resulting in a one-time gross transition tax of $3.1 billion on accumulated foreign earnings. We expect the actual cashpayments for the tax to be much lower as we expect to reduce the overall liability by more than half once existing and future credits and other balance sheet attributes are used.

OFF-BALANCE SHEET ARRANGEMENTS

As part of our ongoing business, we have not participated in transactions that generate material relationships with unconsolidated entities or financial partnerships, such asentities often referred to as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet arrangements or othercontractually narrow or limited purposes.

We have third-party short-term financing arrangements intended to facilitate the working capital requirements of certain customers. For more information on our third-partyshort-term financing arrangements, see Note 7, “Supplementary Financial Information”, to the Consolidated Condensed Financial Statements in Item 1 of Part I of this report, whichis incorporated herein by reference.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

For quantitative and qualitative disclosures about market risk affecting HP, see “Quantitative and Qualitative Disclosures About Market Risk” in Item 7A of Part II of ourAnnual Report on Form 10-K for the fiscal year ended October 31, 2017 , which is incorporated herein by reference. Our exposure to market risk has not changed materially sinceOctober 31, 2017 .

Item 4. Controls and Procedures.

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation ofthe effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of the end of theperiod covered by this report (the “Evaluation Date”). Based on this evaluation, our principal executive officer and principal financial officer concluded as of the Evaluation Datethat our disclosure controls and procedures were effective such that the information relating to HP, including our consolidated subsidiaries, required to be disclosed in our SECreports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to HP’smanagement, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation ofany changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during our most recentlycompleted fiscal quarter. Based on that evaluation, our principal executive officer and principal financial officer concluded that there has not been any change in our internal controlover financial reporting during that quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

Information with respect to this item may be found in Note 13, “Litigation and Contingencies” to the Consolidated Condensed Financial Statements in Item 1 of Part I of thisreport, which is incorporated herein by reference.

Item 1A. Risk Factors.

Our operations and financial results are subject to various risks and uncertainties, including those described in Part I, Item 1A, “Risk Factors” in our Annual Report onForm 10-K for the fiscal year ended October 31, 2017 and Part II, Item 1A, “Risk Factors” in our Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2018,which could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our common and capital stock. There have been no materialchanges in our risk factors since our Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2018 .

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Recent Sales of Unregistered Securities

There were no unregistered sales of equity securities during the period covered by this report.

Issuer Purchases of Equity Securities

Period

Total Number of Shares Purchased

Average Price Paid per Share

Total Number of Shares Purchased as Part of Publicly Announced Plans

or Programs

Approximate Dollar Value of Shares that May Yet Be

Purchased under the Plans or Programs

In thousands, except per share amountsFebruary 2018 6,223 $ 21.93 6,223 $ 1,862,059March 2018 20,875 $ 23.17 20,875 $ 1,378,403April 2018 8,342 $ 21.63 8,342 $ 1,197,931

Total 35,440 35,440

On October 10, 2016, HP’s Board of Directors authorized $3.0 billion for future repurchases of its outstanding shares of common stock. This program, which does not have aspecific expiration date, authorizes repurchases in the open market or in private transactions. HP intends to use repurchases from time to time to offset the dilution created by sharesissued under employee stock plans and to repurchase shares opportunistically. All share repurchases settled in the second quarter of fiscal year 2018 were open market transactions.As of April 30, 2018 , HP had approximately $1.2 billion remaining under the share repurchase authorizations.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.Not applicable .

Item 6. Exhibits.

The Exhibit Index beginning on page 57 of this report sets forth a list of exhibits.

55

Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto dulyauthorized.

HP INC. /s/ CATHERINE A. LESJAK Catherine A. Lesjak

Chief Financial Officer(Principal Financial Officer and

Authorized Signatory)

Date: June 5, 2018

56

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HP INC. AND SUBSIDIARIESEXHIBIT INDEX

ExhibitNumber

Incorporated by Reference

Exhibit Description Form File No. Exhibit(s) Filing Date

2(a)

Separation and Distribution Agreement, dated as of October 31, 2015, byand among Hewlett-Packard Company, Hewlett Packard EnterpriseCompany and the Other Parties Thereto. **

8-K

001-04423

2.1

November 5, 2015

2(b)

Transition Services Agreement, dated as of November 1, 2015, by andbetween Hewlett-Packard Company and Hewlett Packard EnterpriseCompany .**

8-K

001-04423

2.2

November 5, 2015

2(c) Tax Matters Agreement, dated as of October 31, 2015, by and betweenHewlett-Packard Company and Hewlett Packard Enterprise Company. **

8-K

001-04423

2.3 November 5, 2015

2(d)

Employee Matters Agreement, dated as of October 31, 2015, by andbetween Hewlett-Packard Company and Hewlett Packard EnterpriseCompany. **

8-K

001-04423

2.4

November 5, 2015

2(e)

Real Estate Matters Agreement, dated as of October 31, 2015, by andbetween Hewlett-Packard Company and Hewlett Packard EnterpriseCompany. **

8-K

001-04423

2.5

November 5, 2015

3(a) Registrant’s Certificate of Incorporation . 10-Q 001-04423 3(a) June 12, 19983(b) Registrant’s Amendment to the Certificate of Incorporation. 10-Q 001-04423 3(b) March 16, 2001

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ExhibitNumber



3(c) Registrant’s Certificate of Amendment to the Certificate ofIncorporation.

8-K

001-04423

3.2 October 22, 2015

3(d) Registrant’s Certificate of Amendment to the Certificate ofIncorporation.

8-K

001-04423

3.1 April 7, 2016

3(e) Registrant’s Amended and Restated Bylaws. 8-K 001-04423 3.1 July 26, 20174(a) Form of Senior Indenture S-3 333-215116 4.1 December 15, 20164(b) Form of Subordinated Indenture. S-3 333-21516 4.2 December 15, 20164(c)

Form of Registrant’s 3.750% Global Note due December 1, 2020 andform of related Officers’ Certificate.

8-K

001-04423

4.2 and 4.3 December 2, 2010

4(d) Form of Registrant’s 4.300% Global Note due June 1, 2021 and form ofrelated Officers’ Certificate.

8-K

001-04423

4.5 and 4.6 June 1, 2011

4(e)

Form of Registrant’s 4.375% Global Note due September 15, 2021 and6.000% Global Note due September 15, 2041 and form of relatedOfficers’ Certificate.

8-K

001-04423

4.4 , 4.5 and4.6

September 19, 2011

4(f) Form of Registrant’s 4.650% Global Note due December 9, 2021 andrelated Officers’ Certificate.

8-K

001-04423

4.3 and 4.4 December 12, 2011

4(g) Form of Registrant’s 4.050% Global Note due September 15, 2022 andrelated Officers’ Certificate.

8-K

001-04423

4.2 and 4.3 March 12, 2012

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Table of Contents

ExhibitNumber


Exhibit Description Form File No. Exhibit(s) Filing Date4(h)

Form of Registrant’s 2.750% Global Note due January 14, 2019 andFloating Rate Global Note due January 14, 2019 and related Officers’Certificate.

8-K

001-04423

4.1 , 4.2 and4.3

January 14, 2014

4(i) Specimen certificate for the Registrant’s common stock. 8-K/A 001-04423 4.1 June 23, 20064(j)

First Supplemental Indenture, dated as of March 26, 2018, to theIndenture, dated as of June 1, 2000, by and between the Registrant andThe Bank of New York Mellon Trust Company, N.A. ‡

10(a) Registrant’s 2004 Stock Incentive Plan. * S-8 333-114253 4.1 April 7, 200410(b)

Registrant’s Excess Benefit Retirement Plan, amended and restated as ofJanuary 1, 2006. *

8-K

001-04423

10.2 September 21, 2006

10(c) Hewlett-Packard Company Cash Account Restoration Plan, amended andrestated as of January 1, 2005.*

8-K

001-04423

99.3 November 23, 2005

10(d) Registrant’s 2005 Pay-for-Results Plan, as amended.* 10-K 001-04423 10(h) December 14, 201110(e) Registrant’s Executive Severance Agreement.* 10-Q 001-04423 10(u)(u) June 13, 200210(f) Registrant’s Executive Officers Severance Agreement.* 10-Q 001-04423 10(v)(v) June 13, 200210(g)

Form letter regarding severance offset for restricted stock and restrictedunits.*

8-K

001-04423

10.2 March 22, 2005

10(h) Form of Agreement Regarding Confidential Information and ProprietaryDevelopments (California). *

8-K

001-04423

10.2 January 24, 2008

10(i) Form of Agreement Regarding Confidential Information and ProprietaryDevelopments (Texas).*

10-Q

001-04423

10(o)(o) March 10, 2008

10(j) Form of Stock Option Agreement for Registrant’s 2004 Stock IncentivePlan.*

10-Q

001-04423

10(p)(p) March 10, 2008

10(k) Form of Option Agreement for Registrant’s 2000 Stock Plan.* 10-Q 001-04423 10(t)(t) June 6, 200810(1)

Form of Common Stock Payment Agreement for Registrant’s 2000 StockPlan.*

10-Q

001-04423

10(u)(u) June 6, 2008

10(m) Form of Stock Notification and Award Agreement for awards of non-qualified stock options.*

10-K

001-04423

10(y)(y) December 18, 2008

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ExhibitNumber



10(n) First Amendment to the Hewlett-Packard Company Excess BenefitRetirement Plan.*

10-Q

001-04423

10(b)(b)(b) March 10, 2009

10(o) Form of Stock Notification and Award Agreement for awards of non-qualified stock options. *

10-K

001-04423

10(i)(i)(i) December 15, 2010

10(p) Form of Agreement Regarding Confidential Information and ProprietaryDevelopments (California—new hires) .*

10-K

001-04423

10(j)(j)(j) December 15, 2010

10(q) Form of Agreement Regarding Confidential Information and ProprietaryDevelopments (California—current employees) .*

10-K

001-04423

10(k)(k)(k) December 15, 2010

10(r) Second Amended and Restated Hewlett-Packard Company 2004 StockIncentive Plan, as amended effective February 28, 2013. *

8-K

001-04423

10.2 March 21, 2013

10(s) Form of Stock Notification and Award Agreement for awards ofrestricted stock units. *

10-Q

001-04423

10(u)(u) March 11, 2014

10(t) Form of Stock Notification and Award Agreement for awards of foreignstock appreciation rights .*

10-Q

001-04423

10(v)(v) March 11, 2014

10(u) Form of Stock Notification and Award Agreement for long-term cashawards.*

10-Q

001-04423

10(w)(w) March 11, 2014

10(v) Form of Stock Notification and Award Agreement for awards of non-qualified stock options.*

10-Q

001-04423

10(x)(x) March 11, 2014

10(w) Form of Grant Agreement for grants of performance-adjusted restrictedstock units. *

10-Q

001-04423

10(y)(y) March 11, 2014

10(x) Form of Stock Notification and Award Agreement for awards ofrestricted stock. *

10-Q

001-04423

10(z)(z) March 11, 2014

10(y) Form of Stock Notification and Award Agreement for awards ofperformance-contingent non-qualified stock options. *

10-Q

001-04423

10(a)(a)(a) March 11, 2014

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Table of Contents

ExhibitNumber



10(z) Form of Grant Agreement for grants of performance-contingent non-qualified stock options.*

10-Q

001-04423

10(b)(b)(b) March 11, 2014

10(a)(a) Form of Grant Agreement for grants of restricted stock units. * 10-Q 001-04423 10(c)(c)(c) March 11, 201510(b)(b)

Form of Grant Agreement for grants of foreign stock appreciationrights.*

10-Q

001-04423

10(d)(d)(d) March 11, 2015

10(c)(c) Form of Grant Agreement for grants of long-term cash awards.* 10-Q 001-04423 10(e)(e)(e) March 11, 201510(d)(d) Form of Grant Agreement for grants of non-qualified stock options.* 10-Q 001-04423 10(f)(f)(f) March 11, 201510(e)(e)

Form of Grant Agreement for grants of performance-adjusted restrictedstock units.*

10-Q

001-04423

10(g)(g)(g) March 11, 2015

10(f)(f) Form of Grant Agreement for grants of restricted stock awards.* 10-Q 001-04423 10(h)(h)(h) March 11, 201510(g)(g)

Form of Grant Agreement for grants of performance-contingent non-qualified stock options.*

10-Q

001-04423

10(i)(i)(i) March 11, 2015

10(h)(h)

Term Loan Agreement, dated as of April 30, 2015, among the Registrant,the lenders named therein and JPMorgan Chase Bank, N.A., asadministrative agent.

10-Q

001-04423

10(b)(b)(b)

June 8, 2015

10(i)(i)

Amendment, dated as of June 1, 2015, to the Term Loan Agreement,dated as of April 30, 2015, among the Registrant, the lenders namedtherein and JPMorgan Chase Bank, N.A., as administrative agent.

10-Q

001-04423

10(c)(c)(c)

June 8, 2015

10(j)(j)

Second Amended and Restated Five-Year Credit Agreement, dated as ofApril 2, 2014, as Amended and Restated as of November 1, 2015, asfurther Amended and Restated as of March 30, 2018, among theRegistrant, the lenders named therein and Citibank, N.A., asadministrative processing agent and co-administrative agent, andJPMorgan Chase Bank, N.A., as co-administrative agent .‡

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Table of Contents

ExhibitNumber

Incorporated by Reference Exhibit Description Form File No. Exhibit(s) Filing Date

10(k)(k) Form of Grant Agreement for grants of foreign stock appreciationrights.*

10-K 001-04423 10(e)(e)(e) December 16, 2015

10(l)(l) Form of Grant Agreement for grants of performance-contingent non-qualified stock options.*

10-K 001-04423 10(f)(f)(f) December 16, 2015

10(m)(m) Form of Grant Agreement for grants of non-qualified stock options.* 10-K 001-04423 10(g)(g)(g) December 16, 2015

10(n)(n) Registrant’s 2005 Executive Deferred Compensation Plan, amended andrestated effective November 1, 2015.*

10-Q 001-04423 10(n)(n) March 3, 2016

10(o)(o) Registrant’s Severance and Long-Term Incentive Change in Control Planfor Executive Officers, amended and restated effective November 1,2015.*

10-Q 001-04423 10(o)(o) March 3, 2016

10(p)(p) Form of Stock Notification and Award Agreement for awards ofperformance-contingent non-qualified stock options (launch grant).*

10-Q 001-04423 10(p)(p) March 3, 2016

10(q)(q) Form of Stock Notification and Award Agreement for awards ofrestricted stock units (launch grant).*

10-Q 001-04423 10(q)(q) March 3, 2016

10(r)(r) Form of Stock Notification and Award Agreement for awards ofrestricted stock units.*

10-Q 001-04423 10(r)(r) March 3, 2016

10(s)(s) Form of Stock Notification and Award Agreement for awards ofperformance-adjusted restricted stock units.*

10-Q 001-04423 10(s)(s) March 3, 2016

10(t)(t) Form of Amendment to Award Agreements for awards of restricted stockunits or performance-adjusted restricted stock units, effective January 1,2016.*

10-Q 001-04423 10(t)(t) March 3, 2016

10(u)(u) First Amendment to Severance and Long-Term Incentive Change inControl Plan for Executive Officers, as amended and restated effectiveNovember 1, 2015.*

10-K 001-04423 10(u)(u) December 15, 2016

10(v)(v)

Second Amendment to Severance and Long-Term Incentive Change inControl Plan for Executive Officers, as amended and restated effectiveNovember 1, 2015.*

10-Q

001-04423

10(v)(v)

March 2, 2017

10(w)(w) 2017 Amendment to the Hewlett-Packard Company Cash AccountRestoration Plan.*

10-Q

001-04423

10(w)(w) March 2, 2017

10(x)(x) Second Amendment to the Hewlett-Packard Company Excess BenefitRetirement Plan.*

10-Q

001-04423

10(x)(x) March 2, 2017

10(y)(y) Second Amended and Restated HP Inc. 2004 Stock Incentive Plan, asamended and restated effective January 23, 2017.*

10-Q

001-04423

10(y)(y) March 2, 2017

10(z)(z) Form of Grant Agreement for grants of performance-adjusted restrictedstock units (for use from November 1, 2016).*

10-Q

001-04423

10(z)(z) March 2, 2017

10(a)(a)(a) Form of Grant Agreement for grants of restricted stock units (for usefrom November 1, 2016).*

10-Q

001-04423

10(a)(a)(a) March 2, 2017

10(b)(b)(b) Second Amended and Restated HP Inc. 2004 Stock Incentive Plan (asamended effective January 29, 2018).*

10-Q

001-04423

10(b)(b)(b) March 1, 2018

10(c)(c)(c) Form of Grant Agreement for grants of restricted stock units (for usefrom November 1, 2017).*

10-Q

001-04423

10(c)(c)(c) March 1, 2018

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Table of Contents

10(d)(d)(d) Form of Grant Agreement for grants of performance-adjusted restrictedstock units (for use from November 1, 2017).*

10-Q

001-04423

10(d)(d)(d) March 1, 2018

10(e)(e)(e) Form of Grant Agreement for grants of restricted stock units for directors(for use from November 1, 2017).*

10-Q

001-04423

10(e)(e)(e) March 1, 2018

10(f)(f)(f) Form of Grant Agreement for grants of stock options for directors (foruse from November 1, 2017).*

10-Q

001-04423

10(f)(f)(f) March 1, 2018

31.1 Certification of Chief Executive Officer pursuant to Rule 13a-14(a) andRule 15d-14(a) of the Securities Exchange Act of 1934, as amended.‡

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Table of Contents

ExhibitNumber

Incorporated by Reference Exhibit Description Form File No. Exhibit(s) Filing Date

31.2 Certification of Chief Financial Officer pursuant to Rule 13a-14(a) andRule 15d-14(a) of the Securities Exchange Act of 1934, as amended.‡

32 Certification of Chief Executive Officer and Chief Financial Officerpursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of theSarbanes-Oxley Act of 2002.†

101.INS XBRL Instance Document.‡ 101.SCH XBRL Taxonomy Extension Schema Document.‡ 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document.‡ 101.DEF XBRL Taxonomy Extension Definition Linkbase Document.‡ 101.LAB XBRL Taxonomy Extension Label Linkbase Document.‡ 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document.‡

_______________________________________________________________________________

* Indicates management contract or compensatory plan, contract or arrangement.

** Certain schedules and exhibits to this agreement have been omitted pursuant to Item 601(b)(2) of Registration S-K. A copy of any omitted schedule and/or exhibit will befurnished supplementally to the SEC upon request.

‡ Filed herewith.

† Furnished herewith.

The registrant agrees to furnish to the Commission supplementally upon request a copy of (1) any instrument with respect to long-term debt not filed herewith as to which thetotal amount of securities authorized thereunder does not exceed 10% of the total assets of the registrant and its subsidiaries on a consolidated basis and (2) any omitted schedules toany material plan of acquisition, disposition or reorganization set forth above.

64

Exhibit 4(j)

FIRST SUPPLEMENTAL INDENTURE

FIRST SUPPLEMENTAL INDENTURE, dated as of March 26, 2018 (the “ First Supplemental Indenture ”), to the Indenture (definedbelow) by and between HP Inc., a Delaware corporation (the “ Company ”), and The Bank of New York Mellon Trust Company, N.A. (assuccessor to The Bank of New York Trust Company, N.A., as successor to J.P. Morgan Trust Company, National Association, as successor toChase Manhattan Bank and Trust Company, National Association, the “Trustee”).

RECITALS

WHEREAS , the Company has heretofore executed and delivered to the Trustee an Indenture, dated as of June 1, 2000 (the “ Indenture ”),under which the Company has issued the 4.650% Global Notes due December 9, 2021 (the “ 4.650% Notes ”);

WHEREAS , the Company has offered to purchase (the “ Tender Offer ”) up to a combined aggregate principal amount equal to$1,849,841,000 of the 4.650% Notes, 4.375% Global Notes due September 15, 2021, 4.300% Global Notes due June 1, 2021, 4.050% Global Notesdue September 15, 2022, 3.750% Global Notes due December 1, 2020, 6.000% Global Notes due September 15, 2041, and 2.750% Global Notesdue January 14, 2019, upon the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement and theaccompanying Consent and Letter of Transmittal, each dated as of March 9, 2018, as amended, modified or supplemented through the date hereof(collectively, the “ Offer to Purchase ”);

WHEREAS , in connection with the Tender Offer, the Company has also solicited consents from the holders of the 4.650% Notes tocertain proposed amendments (the “ Proposed Amendments ”) to the Indenture as described in the Offer to Purchase and set forth in Article II ofthis First Supplemental Indenture, with the operation of such Proposed Amendments being subject to the satisfaction or waiver, where permissible,by the Company of the conditions to the Tender Offer and the acceptance for purchase by the Company of the 4.650% Notes validly tendered andnot withdrawn pursuant to the Tender Offer;

WHEREAS , Section 902 of the Indenture provides, among other things, that the Company and the Trustee may, subject to certainexceptions noted therein, amend the Indenture or the 4.650% Notes with the written consent of the Holders (as defined in the Indenture) of at leasta majority in principal amount of the then outstanding 4.650% Notes;

WHEREAS , the Company has received and caused to be delivered to the Trustee evidence of the consents from holders of at least amajority of the outstanding aggregate principal amount of 4.650% Notes to effect the Proposed Amendments under the Indenture with respect tothe 4.650% Notes (the “ Requisite Consent Condition ”);

WHEREAS , the Company is undertaking to execute and deliver this First Supplemental Indenture to delete or amend, as applicable,certain provisions and covenants in the Indenture

with respect to the 4.650% Notes in connection with the Tender Offer and the related consent solicitation;

WHEREAS , the Company has requested that the Trustee execute and deliver this First Supplemental Indenture; and

WHEREAS , the execution and delivery of this First Supplemental Indenture has been duly authorized by the parties hereto, and all otheracts and requirements necessary to make this First Supplemental Indenture a valid and binding supplement to the Indenture effectively amendingthe Indenture as set forth herein (including satisfaction of the Requisite Consent Condition) have been duly taken.

NOW, THEREFORE, for and in consideration of the premises contained herein, each party agrees for the benefit of each other party andfor the equal and ratable benefit of the holders, as follows:

ARTICLE ONE

DEFINITIONS

Section 1.01 Capitalized Terms .

Capitalized terms used but not defined in this First Supplemental Indenture shall have the meanings ascribed to them in the Indenture, asapplicable.

ARTICLE TWO

AMENDMENTS TO THE INDENTURE

Section 2.01 Amendments to the Indenture .

(a) With respect to the 4.650% Notes only, the Indenture shall hereby be amended by deleting the following Sections or Clauses of theIndenture and all references and definitions related thereto in their entirety, except to the extent otherwise provided below, and these Sections andClauses shall be of no further force and effect, and shall no longer apply to the 4.650% Notes, and the words “[INTENTIONALLY DELETED]”shall be inserted, in each case, in place of the deleted text:

Section 801 ( Company may Consolidate, etc. only on Certain Terms )

Section 1008 ( Limitation on Liens )

Section 1009 ( Change of Control Repurchase Event )

(b) With respect the 4.650% Notes only, Section 802 of the Indenture ( Successor Substituted ) is hereby deleted and replaced in itsentirety by the following:

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“Upon any consolidation of the Company with, or merger of the Company into, any other Person or any conveyance, transfer or lease of theproperties and assets of the Company substantially as an entirety, the successor Person formed by such consolidation or into which the Company ismerged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and shall assume all of the Company’sobligations under the Securities and this Indenture, and may exercise every right and power of, the Company under this Indenture with the sameeffect as if such successor Person had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shallbe relieved of all obligations and covenants under this Indenture and the Securities.”

(c) With respect the 4.650% Notes only, Section 1010 of the Indenture ( Waiver of Certain Covenants ) is hereby deleted and replaced inits entirety by the following:

“Except as otherwise specified as contemplated by Section 301 for Securities of such series, or in a supplemental indenture the Companymay, with respect to the Securities of any series, omit in any particular instance to comply with any term, provision or condition set forth in anycovenant provided pursuant to Section 301(19), 901(2), 901(7), 1006 or 1007 if before the time for such compliance the Holders of at least amajority in principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in suchinstance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision orcondition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties ofthe Trustee in respect of any such term, provision or condition shall remain in full force and effect.”

(d) The failure to comply with the terms of any of the Sections or Clauses of the Indenture set forth in clauses (a) and (c) above shall nolonger constitute a default or Event of Default under the Indenture with respect to the 4.650% Notes and shall no longer have any consequenceunder the Indenture.

ARTICLE THREE

MISCELLANEOUS

Section 3.01 References .

References in this First Supplemental Indenture to article and section numbers shall be deemed to be references to article and sectionnumbers of this First Supplemental Indenture unless otherwise specified.

Section 3.02 Ratification of Indenture .

The Indenture, as supplemented by this First Supplemental Indenture, is in all respects ratified and confirmed, and this First SupplementalIndenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. To the extent not

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expressly amended or modified by this First Supplemental Indenture, the Indenture shall remain in full force and effect.

Section 3.03 Trust Indenture Act Controls .

The Indenture, as supplemented by this First Supplemental Indenture, incorporates and is governed by the provisions of the Trust IndentureAct that are required to be part of and to govern indentures qualified under the Trust Indenture Act. If any provision of this First SupplementalIndenture limits, qualifies or conflicts with the duties imposed by, or with another provision included or that is required to be included in theIndenture by the Trust Indenture Act, the duty or provision required by the Trust Indenture Act shall control.

Section 3.04 Governing Law .

THIS FIRST SUPPLEMENTAL INDENTURE AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATEDTO THE INDENTURE, THIS FIRST SUPPLEMENTAL INDENTURE, OR THE 4.650% NOTES SHALL BE GOVERNED BY, ANDCONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. The Company submits to the jurisdiction of the courtsof the State of New York sitting in the Borough of Manhattan, City of New York, and of the United States District Court for the Southern Districtof New York, in any action or proceeding to enforce any of its obligations under the Indenture, this First Supplemental Indenture, or the 4.650%Notes, and agrees not to seek a transfer of any such action or proceeding on the basis of inconvenience of the forum or otherwise (but the Companyshall not be prevented from removing any such action or proceeding from a state court to the United States District Court for the Southern Districtof New York). The Company agrees that process in any such action or proceeding may be served upon it by registered mail or in any other mannerpermitted by the rules of the court in which the action or proceeding is brought.

Section 3.05 Severability .

In case any provision in this First Supplemental Indenture shall be invalid, illegal, or unenforceable, the validity, legality, and enforceabilityof the remaining provisions shall not in any way be affected or impaired thereby.

Section 3.06 Successors .

All agreements of the Company in the Indenture, this First Supplemental Indenture, and the 4.650% Notes shall bind its successors. Allagreements of the Trustee in the Indenture and this First Supplemental Indenture shall bind its successors.

Section 3.07 Effectiveness .

This First Supplemental Indenture shall become effective upon execution by all parties hereto.

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Section 3.08 Endorsement and Change of Form of 4.650% Notes .

Any 4.650% Notes authenticated and delivered after the close of business on the date that this First Supplemental Indenture becomeseffective may be affixed to, stamped, imprinted, or otherwise legended by the Trustee, with a notation as follows:

“Effective as of March 26, 2018, certain restrictive covenants in the Indenture have been eliminated and certain other provisions have beeneliminated or modified, as provided in the First Supplemental Indenture, dated as of March 26, 2017. Reference is hereby made to said FirstSupplemental Indenture, copies of which are on file with the Trustee, for a description of the amendments made therein.”

Section 3.09 Counterparts .

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all suchcounterparts shall together constitute but one and the same instrument.

Section 3.10 Waiver of Jury Trial .

EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTEDBY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATINGTO THE INDENTURE, THIS FIRST SUPPLEMENTAL INDENTURE, THE 4.650% NOTES, OR THE TRANSACTION CONTEMPLATEDHEREBY.

Section 3.11 Trustee .

The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this First SupplementalIndenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company, and the Trustee assumes noresponsibility for their correctness.

[ Signature pages follow ]

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IN WITNESS WHEREOF , the parties to this First Supplemental Indenture have caused it to be duly executed as of the day and year firstabove written.

HP INC.

By: /s/ Steven J. FielerName: Steven J. Fieler Title: Treasurer

By: /s/ Ruairidh Ross Name: Ruairidh Ross Title: Assistant Secretary

[Signature Page to First Supplemental Indenture]

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.as Trustee

By /s/ R. Tarnas Name: R. Tarnas Title: Vice President

[Signature Page to First Supplemental Indenture]

Exhibit 10(j)(j)

SECOND AMENDED AND RESTATED FIVE-YEAR CREDIT AGREEMENT

dated as of

April 2, 2014, as Amended and Restated as of November 1, 2015,

as further Amended and Restated as of March 30, 2018,

among

HP INC.,

The Lenders Party Hereto,

CITIBANK, N.A., as Administrative Processing Agent and Co-Administrative Agent

and

JPMORGAN CHASE BANK, N.A., as Co-Administrative Agent

___________________________

CITIGROUP GLOBAL MARKETS INC.,

JPMORGAN CHASE BANK, N.A.,

BNP PARIBAS SECURITIES CORP.,

HSBC SECURITIES (USA) INC.,

and

MERRILL LYNCH, PIERCE, FENNER & SMITH, INCORPORATED,

as Joint Lead Arrangers and Joint Bookrunners

___________________________

BNP PARIBAS,HSBC BANK USA, NATIONAL ASSOCIATION,

andBANK OF AMERICA, N.A.,

as Co-Syndication Agents

TABLE OF CONTENTS

ARTICLE I

Definitions SECTION 1.01. Defined Terms 1SECTION 1.02. Classification of Loans and Borrowings 27SECTION 1.03. Terms Generally 27SECTION 1.04. Accounting Terms; GAAP 27SECTION 1.05. Exchange Rates 28

ARTICLE II

The Credits

SECTION 2.01. Commitments 28SECTION 2.02. Loans and Borrowings 28SECTION 2.03. Requests for Revolving Borrowings 29SECTION 2.04. Swingline Loans 30SECTION 2.05. Funding of Borrowings 32SECTION 2.06. Interest Elections 33SECTION 2.07. Termination and Reduction of Commitments 34SECTION 2.08. Repayment of Loans; Evidence of Debt 35SECTION 2.09. Prepayment of Loans 36SECTION 2.10. Fees 37SECTION 2.11. Interest 37SECTION 2.12. Alternate Rate of Interest 38SECTION 2.13. Increased Costs 39SECTION 2.14. Break Funding Payments 40SECTION 2.15. Taxes 41SECTION 2.16. Payments Generally; Pro Rata Treatment; Sharing of Setoffs 45SECTION 2.17. Mitigation Obligations; Replacement of Lenders 47SECTION 2.18. Defaulting Lenders 47SECTION 2.19. Increase in Revolving Commitments 49SECTION 2.20. Extension of Maturity Date 51SECTION 2.21. Additional Reserve Costs 52SECTION 2.22. Redenomination of Certain Designated Foreign Currencies 52

ARTICLE III

Representations and Warranties SECTION 3.01. Organization; Powers 53SECTION 3.02. Authorization; Enforceability 53SECTION 3.03. Governmental Approvals; No Conflicts 53SECTION 3.04. Financial Condition; No Material Adverse Change 53SECTION 3.05. Litigation and Environmental Matters 54SECTION 3.06. Compliance with Laws and Agreements 54SECTION 3.07. Investment Company Status 55SECTION 3.08. Taxes 55SECTION 3.09. ERISA 55SECTION 3.10. Federal Reserve Regulations 55

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SECTION 3.11. Pari Passu Status 55SECTION 3.12. Anti-Corruption Laws and Sanctions 55SECTION 3.13. EEA Financial Institution 56

ARTICLE IV

Conditions

SECTION 4.01. Second Restatement Effective Date 56SECTION 4.02. Each Credit Event 57

ARTICLE V

Affirmative Covenants

SECTION 5.01. Financial Statements and Other Information 58SECTION 5.02. Notices of Material Events 59SECTION 5.03. Existence; Conduct of Business 60SECTION 5.04. Payment of Obligations 60SECTION 5.05. Maintenance of Properties; Insurance 60SECTION 5.06. Books and Records; Inspection Rights 60SECTION 5.07. Compliance with Laws 61SECTION 5.08. Use of Proceeds 61

ARTICLE VI

Negative Covenants

SECTION 6.01. Subsidiary Indebtedness 61SECTION 6.02. Liens 63SECTION 6.03. Sale and Leaseback Transactions 65SECTION 6.04. Fundamental Changes 65SECTION 6.05. Financial Covenants 65

ARTICLE VII

Events of Default

ARTICLE VIII

The Administrative Agent

ARTICLE IX

Miscellaneous

SECTION 9.01. Notices 71SECTION 9.02. Waivers; Amendments 72SECTION 9.03. Expenses; Indemnity; Damage Waiver 74SECTION 9.04. Successors and Assigns 76

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SECTION 9.05. Survival 79SECTION 9.06. Counterparts; Integration; Effectiveness 80SECTION 9.07. Severability 80SECTION 9.08. Right of Setoff 80SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process 81SECTION 9.10. WAIVER OF JURY TRIAL 81SECTION 9.11. Headings 82SECTION 9.12. Confidentiality 82SECTION 9.13. Authorization to Distribute Certain Materials to Public-Siders; Material Non-Public Information 83SECTION 9.14. Patriot Act 83SECTION 9.15. Conversion of Currencies 84SECTION 9.16. No Fiduciary Duty 84SECTION 9.17. Acknowledgement and Consent to Bail-In of EEA Financial Institutions 84SECTION 9.18. Certain ERISA Matters 85

SCHEDULES:

Schedule 2.01 - Commitments Schedule 3.05 - Litigation and Environmental Matters Schedule 6.01- Existing Subsidiary Indebtedness

EXHIBITS:

Exhibit A - Form of Assignment and Assumption Exhibit B - Form of Opinion of Borrower’s Counsel Exhibit C-1 – Form of U.S. Tax Certificate for Non-U.S. Lenders that are not Partnerships for U.S. Federal Income Tax Purposes Exhibit C-2 – Form of U.S. Tax Certificate for Non-U.S. Lenders that are Partnerships for U.S. Federal Income Tax Programs Exhibit C-3 – Form of U.S. Tax Certificate for Non-U.S. Participants that are not Partnerships for U.S. Federal Income Tax Purposes Exhibit C-4 – Form of U.S. Tax Certificate for Non-U.S. Participants that are Partnerships for U.S, Federal Income Tax Purposes

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SECOND AMENDED AND RESTATED FIVE-YEAR CREDIT AGREEMENT dated as of March 30, 2018 (the “Agreement ”), among HP INC., the LENDERS party hereto, CITIBANK, N.A., as Administrative Processing Agent and Co-Administrative Agent, and JPMORGAN CHASE BANK, N.A., as Co-Administrative Agent.

The Borrower, the Co-Administrative Agents and the lenders party thereto have previously entered into a Credit Agreement dated asof April 2, 2014 (the “ Original Credit Agreement ”).

The Original Credit Agreement was amended and restated (as so amended and restated, the “ First Amended and Restated CreditAgreement ”) as of November 1, 2015 (the “ First Restatement Effective Date ”).

The Borrower has requested that the Lenders agree to amend and restate the First Amended and Restated Credit Agreement in theform hereof in order, among other things, to continue the revolving credit facility provided therein and to extend the Maturity Date thereof. TheLenders are willing to amend and restate the First Amended and Restated Credit Agreement in the form hereof and to extend credit to the Borrowerpursuant hereto, in each case on the terms and subject to the conditions herein set forth. Accordingly, the parties hereto agree as follows:

ARTICLE I

Definitions

SECTION 1.01. Defined Terms. As used in this Agreement, including the recitals above, the following terms have the meaningsspecified below:

“ ABR ”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing,bears interest at a rate determined by reference to the Alternate Base Rate.

“ Adjusted LIBO Rate ” means, with respect to any Eurocurrency Borrowing denominated in Dollars for any Interest Period (or,solely for purposes of clause (c) of the defined term “Alternate Base Rate”, for purposes of determining the Alternate Base Rate as of any date), aninterest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period (or such date,as applicable) multiplied by (b) the Statutory Reserve Rate.

“ Administrative Agent ” means the Administrative Processing Agent or any successor thereto appointed in accordance withArticle VIII, or when such term is used in relation to Multicurrency Swingline Loans (including with respect to delivery of notices), theMulticurrency Swingline Agent.

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“ Administrative Processing Agent ” means Citibank, N.A., in its capacity as administrative processing agent for the Lendershereunder.

“ Administrative Questionnaire ” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

“ Affiliate ” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries,Controls or is Controlled by or is under common Control with the Person specified.

“ Agent Parties ” has the meaning assigned to such term in Section 9.01(d).

“ Agreement ” has the meaning assigned to such term in the preamble.

“ Agreement Currency ” has the meaning assigned to such term in Section 9.15(b).

“ Alternate Base Rate ” means, for any day, a rate per annum equal to the highest of (a) the Prime Rate in effect on such day, (b) theFederal Funds Effective Rate in effect on such day plus ½ of 1%, and (c) the Adjusted LIBO Rate for a one-month Interest Period commencing onsuch day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%; provided that, for the avoidance of doubt, forpurposes of this definition, the Adjusted LIBO Rate on any day shall be based on the rate per annum equal to the London interbank offered rate asadministered by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for deposits in Dollars (fordelivery on such day) with a term of one month as displayed on the Reuters screen page that displays such rate (currently page LIBOR01) (or, inthe event such rate does not appear on a page of the Reuters screen, on the appropriate page of such other information service that publishes suchrate as shall be selected by the Administrative Agent from time to time in its reasonable discretion) at approximately 11:00 a.m., London time, twoBusiness Days prior to such day; provided further that if such rate shall be less than zero, such rate shall be deemed to be zero for all purposes ofthis Agreement. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBORate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the AdjustedLIBO Rate, respectively.

“ Anti-Corruption Laws ” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower and the Subsidiariesfrom time to time concerning or relating to bribery or corruption.

“ Applicable Creditor ” has the meaning assigned to such term in Section 9.15(b).

“ Applicable Funding Account ” means an account of the Borrower that is specified in a written notice from a Financial Officer ofthe Borrower delivered to and

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reasonably approved by the Administrative Agent for the funding of the proceeds of Loans hereunder.

“ Applicable Percentage ” means, with respect to any Lender and any Class of Loans or Commitments, the percentage of theCommitments of such Class represented by such Lender’s Commitments of such Class; provided that in the case of Section 2.18 when a DefaultingLender shall exist, “Applicable Percentage” shall mean the percentage of the total Commitments (disregarding any Defaulting Lender’sCommitment) represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall bedetermined based upon the Commitments of the relevant Class most recently in effect, giving effect to any assignments and to any Lender’s statusas a Defaulting Lender at the time of determination.

“ Applicable Rate ” means, for any day on or after the Second Restatement Effective Date and with respect to any ABR Loan,Eurocurrency Loan, or the commitment fees payable hereunder, the applicable rate per annum set forth below in basis points per annum under thecaption “ABR Spread,” “Eurocurrency Spread” or “Commitment Fee Rate,” as the case may be, based upon the Ratings of S&P, Moody’s andFitch, respectively, applicable on such date to the Index Debt:

Index Debt Ratings:ABR Spread

Eurocurrency Spread

Commitment Fee Rate

Category 1Rating of A, A2 or A (or higher)

0.0 87.5 7.0

Category 2Rating of A-, A3 or A-

0.0 100.0 9.0

Category 3Rating of BBB+, Baa1 or BBB+

12.5 112.5 12.5

Category 4Rating of BBB, Baa2 or BBB

25.0 125.0 15.0

Category 5Rating of BBB-, Baa3 or BBB-

37.5 137.5 20.0

Category 6Rating of BB+, Ba1 or BB+ (or lower)

62.5 162.5 25.0

“ Assignment and Assumption ” means an assignment and assumption entered into by a Lender and an assignee (with the consent ofany party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A hereto or any other formapproved by the Administrative Agent.

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“ Attributable Debt ” means, with respect to any Sale and Leaseback Transaction, the present value (discounted at the rate set forthor implicit in the terms of the lease included in such Sale and Leaseback Transaction, compounded semiannually) of the total obligations of thelessee for rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction (including any period for whichsuch lease has been extended). In the case of any lease that is terminable by the lessee upon payment of a penalty, the Attributable Debt shall be thelesser of the Attributable Debt determined assuming termination upon the first date such lease may be terminated (in which case the AttributableDebt shall also include the amount of the penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first dateupon which it may be so terminated) or the Attributable Debt determined assuming no such termination. Any determination of any rate implicit inthe terms of the lease included in such Sale and Leaseback Transaction made in accordance with generally accepted financial practices by theBorrower shall be binding and conclusive absent manifest error.

“ Availability Period ” means the period from and including the Second Restatement Effective Date to but excluding the earlier ofthe Maturity Date and the date of termination of the Commitments.

“ Bail-In Action ” means, as to any EEA Financial Institution, the exercise of any Write-Down and Conversion Powers by theapplicable EEA Resolution Authority in respect of any liability of such EEA Financial Institution.

“ Bail-In Legislation ” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of theEuropean Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time that isdescribed in the EU Bail-In Legislation Schedule.

“ Bankruptcy Event ” means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvencyproceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged withthe reorganization or liquidation of its business publicly appointed for it, or, in the good faith determination of the Administrative Agent, has takenany action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that aBankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by aGovernmental Authority or instrumentality thereof, unless such ownership interest results in or provides such Person with immunity from thejurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (orsuch Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

“ Benefit Plan ” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”as defined in Section 4975 of the

5

Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975of the Code) the assets of any such “employee benefit plan” or “plan”

“ Board ” means the Board of Governors of the Federal Reserve System of the United States of America.

“ Borrower ” means HP Inc., a Delaware corporation.

“ Borrower Agent ” means agents of the Borrower acting in capacity with, or benefitting from, this Agreement or the proceeds ofany Borrowing.

“ Borrowing ” means (a) a group of Loans of the same Type, made, converted or continued on the same date and, in the case ofEurocurrency Loans, as to which a single Interest Period is in effect and denominated in the same currency or (b) a Swingline Loan.

“ Borrowing Minimum ” means (a) in the case of a Borrowing denominated in Dollars, US$25,000,000 and (b) in the case of aBorrowing denominated in any Designated Foreign Currency, the smallest amount of such Designated Foreign Currency that is a multiple of1,000,000 units of such currency that has a US Dollar Equivalent in excess of US$25,000,000.

“ Borrowing Multiple ” means (a) in the case of a Borrowing denominated in Dollars, US$5,000,000 and (b) in the case of aBorrowing denominated in any Designated Foreign Currency, 1,000,000 units of such currency.

“ Borrowing Request ” means a request by the Borrower for a Revolving Borrowing in accordance with Section 2.03.

“ Business Day ” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City areauthorized or required by law to remain closed; provided that, (a) when used in connection with a Eurocurrency Loan, a European Swingline Loanor a UK Swingline Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in deposits in the applicablecurrency in the London interbank market, and (b) when used in connection with a Loan denominated in Euro (including a European SwinglineLoan), the term “Business Day” shall also exclude any day on which the TARGET2 payment system is not open for the settlement of payments inEuro.

“ Capital Lease Obligations ” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (orother arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classifiedand accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalizedamount thereof determined in accordance with GAAP; provided that (a) any lease that was

6

treated as an operating lease under GAAP at the time it was entered into that later becomes a capital lease as a result of a change in GAAP duringthe life of such lease, including any renewals, and (b) any lease entered into after the First Restatement Effective Date that would have beenconsidered an operating lease under the provisions of GAAP in effect as of October 31, 2014, in each case, shall be treated as an operating lease forall purposes under this Agreement, including for purposes of determining “Attributable Debt”.

“ Category ” means a category of Index Debt Ratings set forth in the table included in the definition of Applicable Rate in thisSection 1.01.

“ Change in Control ” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person orgroup (within the meaning of the Securities Exchange Act of 1934, as amended and the rules of the Securities and Exchange Commissionthereunder as in effect on the date hereof) of shares representing more than 37.5% of the aggregate ordinary voting power represented by the issuedand outstanding capital stock of the Borrower, or (b) (i) the Borrower consolidates with or merges into another corporation (where the Borrower isnot the surviving corporation) or conveys, transfers or leases all or substantially all of its properties and assets (determined on a consolidated basisfor the Borrower and the Subsidiaries taken as a whole) to any Person or (ii) any corporation consolidates with or merges into the Borrower or aSubsidiary in a transaction in which the outstanding voting stock of the Borrower is changed into or exchanged for cash, securities or otherproperty, other than a transaction solely between the Borrower and a Subsidiary or a transaction involving only stock consideration which ispermitted under Section 6.04.

“ Change in Law ” means (a) the adoption of any law, rule or regulation after the Second Restatement Effective Date, (b) anychange in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Second RestatementEffective Date, or (c) compliance by any Lender (or, for purposes of Section 2.13(b), by any lending office of such Lender or by such Lender’sdirect or indirect holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any GovernmentalAuthority made or issued after the Second Restatement Effective Date; provided that (i) the Dodd-Frank Wall Street Reform and ConsumerProtection Act and all requests, rules, guidelines, requirements and directives thereunder, issued in connection therewith or in implementationthereof, and (ii) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the BaselCommittee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each casepursuant to Basel III, shall in each case be deemed to be a Change in Law, regardless of the date enacted, adopted, issued or implemented.

“ Class ”, when used in reference to (a) any Loan or Borrowing, refers to whether such Loan, or the Loans comprising suchBorrowing, are Revolving Loans or

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Swingline Loans, and (b) any Commitment, refers to whether such Commitment is a Revolving Commitment or a Swingline Commitment.

“ Co-Administrative Agent ” means Citibank, N.A. or JPMorgan Chase Bank, N.A., each in its capacity as co-administrative agentfor the Lenders hereunder.

“ Code ” means the Internal Revenue Code of 1986, as amended from time to time.

“ Commitment ” means a Revolving Commitment or a Swingline Commitment.

“ Commitment Letter ” means the Commitment Letter dated March 14, 2018, among the Borrower, Citigroup Global Markets, Inc.,JPMorgan Chase Bank, N.A., BNP Paribas, BNP Paribas Securities Corp., HSBC Bank USA, National Association, HSBC Securities (USA) Inc.,Bank of America, N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated.

“ Communications ” has the meaning assigned to such term in Section 5.01(e).

“ Consolidated Current Liabilities ” means, on any date, the consolidated current liabilities (other than the short-term portion of anylong-term Indebtedness of the Borrower or any Subsidiary) of the Borrower and the Subsidiaries, as such amounts would appear on a consolidatedbalance sheet of the Borrower prepared as of such date in accordance with GAAP.

“ Consolidated EBITDA ” means, for any period, Consolidated Net Income for such period plus (a) without duplication and to theextent deducted in determining such Consolidated Net Income, the sum of (i) consolidated interest expense for such period, (ii) consolidatedincome tax expense for such period, (iii) all amounts attributable to depreciation and amortization for such period, (iv) any extraordinary or non-recurring non-cash charges, including non-cash restructuring charges, for such period (it being understood that non-cash goodwill and intangibleasset impairment charges will be deemed to be non-recurring non-cash charges); provided , however , that cash expenditures in respect of chargesreferred to in this clause (iv) shall be deducted in determining Consolidated EBITDA for the period during which such expenditures are made, (v)stock-based employee compensation expense, and (vi) losses from sales and dispositions of assets outside the ordinary course of business, andminus (b) without duplication and to the extent included in determining such Consolidated Net Income, (i) any extraordinary or non-recurring gainsfor such period and (ii) gains from sales or dispositions of assets outside the ordinary course of business, all determined on a consolidated basis inaccordance with GAAP.

“ Consolidated Intangible Assets ” means, on any date, the consolidated intangible assets of the Borrower and the Subsidiaries, assuch amounts would appear on

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a consolidated balance sheet of the Borrower prepared in accordance with GAAP. As used herein, “intangible assets” means the value (net of anyapplicable reserves) as shown on such balance sheet of (i) all patents, patent rights, trademarks, trademark registrations, servicemarks, trade names,business names, brand names, copyrights, designs (and all reissues, divisions, continuations and extensions thereof), or any right to any of theforegoing, (ii) goodwill, and (iii) all other intangible assets.

“ Consolidated Net Assets ” means, on any date, the excess of Consolidated Total Assets over Consolidated Current Liabilities.

“ Consolidated Net Income ” means, for any period, the net income or loss of the Borrower and the Subsidiaries for such perioddetermined on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) the income of any Person (other than theBorrower or any Subsidiary) in which any other Person (other than the Borrower or any Subsidiary or any director holding qualifying shares incompliance with applicable law) owns an Equity Interest, except to the extent of the amount of dividends or other distributions actually paid to theBorrower or any of the Subsidiaries during such period and (b) the income or loss of any Person accrued prior to the date it becomes a Subsidiaryor is merged into or consolidated with the Borrower or any Subsidiary or the date that such Person’s assets are acquired by the Borrower or anySubsidiary.

“ Consolidated Net Interest Expense ” means, for any period, the excess of (a) the sum of (i) the interest expense (including imputedinterest expense in respect of Capital Lease Obligations) of the Borrower and the Subsidiaries for such period, determined on a consolidated basisin accordance with GAAP, (ii) any interest accrued during such period in respect of Indebtedness of the Borrower or any Subsidiary that is requiredto be capitalized rather than included in consolidated interest expense for such period in accordance with GAAP, plus (iii) any cash payments madeduring such period in respect of obligations referred to in clause (b)(iii) below that were amortized or accrued in a previous period, minus (b) thesum of (i) interest income of the Borrower and the Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP,(ii) to the extent included in such consolidated interest expense for such period, non-cash amounts attributable to amortization of financing costspaid in a previous period, plus (iii) to the extent included in such consolidated interest expense for such period, non-cash amounts attributable toamortization of debt discounts or accrued interest payable in kind for such period.

“ Consolidated Net Tangible Assets ” means, on any date, the excess of Consolidated Total Assets over the sum of (i) ConsolidatedCurrent Liabilities and (ii) Consolidated Intangible Assets.

“ Consolidated Total Assets ” means, on any date, the consolidated total assets of the Borrower and the Subsidiaries, as suchamounts would appear on a consolidated balance sheet of the Borrower prepared as of such date in accordance with GAAP.

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“ Consolidated Total Debt ” means, on any date, the aggregate principal amount on such date of all Indebtedness of the Borrowerand its consolidated Subsidiaries (x) of the types referred in clauses (a), (b), (c), (d), (f), (g) and (i) of the definition of such term, and (y) of thetypes referred to in clauses (e), (f) and (h) of such definition relating to Indebtedness of others of the types referred to in clause (a), in each case inthe amount that would be reflected as a liability on a balance sheet of the Borrower and the Subsidiaries prepared as of such date on a consolidatedbasis in accordance with GAAP; provided , however , that for the avoidance of doubt, Consolidated Total Debt shall exclude fair value adjustmentsunder the acquisition method of accounting to the book balances of Indebtedness.

“ Consolidated Total Revenues ” means, for any period, the consolidated total revenues of the Borrower and the Subsidiaries forsuch period determined on a consolidated basis in accordance with GAAP.

“ Control ” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policiesof a Person, whether through the ability to exercise voting power, by contract or otherwise. “ Controlled ” has a meaning correlative thereto.

“ Credit Party ” means the Administrative Agent, each Swingline Lender and each other Lender.

“ Default ” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would,unless cured or waived, become an Event of Default.

“ Defaulting Lender ” means any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, (i)to fund any portion of its Loans, (ii) to fund any portion of its participations in Swingline Loans or (iii) to pay to any Credit Party any other amountrequired to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failureis the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified in such writing, including, ifapplicable, by reference to a specific Default) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made apublic statement, to the effect that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless suchwriting or public statement indicates that such position is based on such Lender’s good-faith determination that a condition precedent (specificallyidentified in such writing, including, if applicable, by reference to a specific Default) to funding a Loan cannot be satisfied) or generally underother agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by a Credit Party made in good faithto provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meetsuch obligations) to fund prospective Loans and participations in Swingline Loans, provided that such Lender shall cease to be a Defaulting Lenderpursuant to this clause (c) upon such Credit Party’s

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receipt of such certification in form and substance satisfactory to it and the Administrative Agent or (d) has (i) become the subject of a BankruptcyEvent, (ii) had publicly appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similarPerson charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other stateor federal regulatory authority acting in such a capacity or (iii) become subject to a Bail-In Action; provided that a Lender shall not be a DefaultingLender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by aGovernmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courtswithin the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such GovernmentalAuthority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the AdministrativeAgent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifesterror, and such Lender shall be deemed to be a Defaulting Lender upon delivery of written notice of such determination to the Borrower, eachSwingline Lender and each other Lender.

“ Designated Foreign Currency ” means (a) Euro and (b) Sterling.

“ Dollars ”, “ US$ ” or “ $ ” refers to lawful money of the United States of America.

“ EEA Financial Institution ” means (a) any credit institution or investment firm established in any EEA Member Country that issubject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country that is a parent of an institutiondescribed in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country that is a subsidiary of an institutiondescribed in clause (a) or (b) of this definition and is subject to consolidated supervision with its parent.

“ EEA Member Country ” means any member state of the European Union, Iceland, Liechtenstein and Norway.

“ EEA Resolution Authority ” means any public administrative authority or any person entrusted with public administrativeauthority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

“ Electronic Signature ” means an electronic sound, symbol or process attached to, or associated with, a contract or other record andadopted by a person with the intent to sign, authenticate or accept such contract or record.

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“ EMU Legislation ” means the legislative measures of the European Union for the introduction of, changeover to or operation ofthe Euro in one or more member states.

“ Environmental Laws ” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, or bindingagreements issued, promulgated or entered into by any Governmental Authority, relating in any way to (i) the environment, (ii) preservation orreclamation of natural resources, (iii) the generation, use, handling, transportation, storage, treatment, disposal, release or threatened release of anyHazardous Material, or (iv) to the extent related to exposure to, or to the sale, distribution or marketing of products containing, Hazardous Material,health and safety matters.

“ Environmental Liability ” means any liability, contingent or otherwise (including any liability for damages, costs of environmentalremediation, fines, penalties or indemnities), directly or indirectly resulting from or based upon (a) the violation of any Environmental Law, (b) thegeneration, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials,(d) the release or threatened release of any Hazardous Materials into the environment, or (e) any contract, agreement or other consensualarrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

“ Equity Interests ” means shares of capital stock, partnership interests, membership interests in a limited liability company,beneficial interests in a trust or other equity interests in any Person, or any obligations convertible into or exchangeable for, or giving any Person aright, option or warrant to acquire such equity interests or such convertible or exchangeable obligations.

“ ERISA ” means the Employee Retirement Income Security Act of 1974, as amended from time to time.

“ ERISA Affiliate ” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a singleemployer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as asingle employer under Section 414 of the Code.

“ ERISA Event ” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder withrespect to a Plan (other than an event for which the 30-day notice period is waived), (b) the existence with respect to any Plan of an “accumulatedfunding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived, (c) the filing pursuant toSection 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan,(d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of anyPlan, (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to

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terminate any Plan or Plans or to appoint a trustee to administer any Plan, (f) the incurrence by the Borrower or any of its ERISA Affiliates of anyliability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan, (g) the receipt by the Borrower or any ERISAAffiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning theimposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IVof ERISA, (h) the occurrence of a “prohibited transaction” with respect to which the Borrower or any of the Subsidiaries is a “disqualified person”(within the meaning of Section 4975 of the Code) or with respect to which the Borrower or any such Subsidiary could otherwise be liable, or(i) any other event or condition with respect to a Plan or Multiemployer Plan that could result in liability of the Borrower or any Subsidiary underTitle IV of ERISA.

“ EU Bail-In Legislation Schedule ” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or anysuccessor person), as in effect from time to time.

“ Euro ” means the single currency of the European Union as constituted by the Treaty on European Union and as referred to in theEMU Legislation.

“ Euro Overnight Rate ” means, with respect to any European Swingline Loan, the London interbank offered rate as administered bythe ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for deposits in Euros for an overnightperiod as displayed on the Reuters screen page that displays such rate (currently LIBOR01) (or, in the event such rate does not appear on a page ofthe Reuters screen, on the appropriate page of such other information service that publishes such rate as shall be selected by the AdministrativeAgent from time to time in its reasonable discretion); provided that (A) if the Euro Overnight Rate, determined as provided above, would be lessthan zero, the Euro Overnight Rate shall be zero for all purposes of this Agreement and (B) if such rate is not available at such time for any reason,then (x) the “Euro Overnight Rate” shall be (i) a comparable successor or alternative interbank rate that is, at such time, broadly accepted by thesyndicated loan market in the United States in lieu of the “Euro Overnight Rate” and is reasonably acceptable to the Borrower and theAdministrative Agent or (ii) solely if no such broadly accepted comparable successor interbank rate exists at such time, a successor or alternativeindex rate as the Administrative Agent and the Borrower may determine, which shall become effective five (5) Business Days after theAdministrative Agent has given written notice to the Lenders of the same (unless within that time Lenders constituting Required Lenders object tosuch successor or alternative index rate) and (y) until any such successor or alternative index rate has been determined pursuant to clause (x), noSwingline Lender shall be obligated to make a European Swingline Loan.

“ Eurocurrency ”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising suchBorrowing, bear interest at a rate determined by reference to the Adjusted LIBO Rate or LIBO Rate (but no ABR Loan or

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ABR Borrowing will in any event be deemed to be a Eurocurrency Loan or Eurocurrency Borrowing hereunder).

“ European Swingline Loan ” means a Swingline Loan denominated in Euro.

“ Event of Default ” has the meaning assigned to such term in Article VII.

“ Exchange Rate ” means on any day, for purposes of determining the US Dollar Equivalent of any other currency, the rate at whichsuch other currency may be exchanged into Dollars, as set forth at approximately 11:00 a.m., London time, on such day on the Reuters WorldCurrency Page for such currency, or any successor or substitute screen provided by Reuters. In the event that such rate does not appear on anyReuters World Currency Page or any successor or substitute screen provided by Reuters or its successors, the Exchange Rate shall be determinedby reference to such other publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and theBorrower.

“ Excluded Taxes ” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld ordeducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated) and franchise Taxes, in eachcase imposed by the jurisdiction under the laws of which such Recipient is organized or in which its principal office is located or, in the case of anyLender, in which its applicable lending office is located, (b) Other Connection Taxes, (c) any branch profits Taxes imposed by the United States ofAmerica or any similar Tax imposed by any other jurisdiction described in clause (a) above, (d) any Taxes, including withholding taxes, imposedunder FATCA, (e) in the case of a Lender, any U.S. federal withholding Tax resulting from any laws in effect and that would apply to amountspayable to such Lender with respect to an applicable interest in a Loan or Commitment at the time such Lender acquired such interest in the Loanor Commitment (other than pursuant to an assignment request by the Borrower under Section 2.17(b)) or designates a new lending office, except tothe extent that such Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receiveadditional amounts from the Borrower with respect to such withholding Taxes pursuant to Section 2.15(a), and (f) any Taxes attributable to suchRecipient’s failure to comply with Section 2.15(g).

“ Existing Maturity Date ” has the meaning assigned to such term in Section 2.20(a).

“ Extension Effective Date ” has the meaning assigned to such term in Section 2.20(a).

“ Extension Notice ” has the meaning assigned to such term in Section 2.20(a).

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“ FATCA ” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor versionthat is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretationsthereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, as such Code section exists as of the date of this Agreement (orany amended or successor version that is substantively comparable and not materially more onerous to comply with), any applicableintergovernmental agreements with respect thereto and any fiscal or regulatory legislation, rules or practices adopted pursuant to any of theforegoing (including any intergovernmental agreement, treaty or convention among Governmental Authorities).

“ Federal Funds Effective Rate ” means, for any day, the rate calculated by the NYFRB based on such day’s federal fundstransactions by depository institutions (as determined in such manner as the NYFRB shall set forth on its public website from time to time) andpublished on the next succeeding Business Day by the NYFRB as the federal funds effective rate; provided that if such rate shall be less than zero,such rate shall be deemed to be zero for all purposes of this Agreement.

“ Financial Officer ” means, with respect to any Person, the chief financial officer, principal accounting officer, treasurer orcontroller of such Person.

“ First Amended and Restated Credit Agreement ” has the meaning assigned to such term in the recitals hereto.

“ First Restatement Effective Date ” has the meaning assigned to such term in the recitals hereto.

“ Fitch ” means Fitch Ratings, Inc., or any successor to its rating agency business.

“ Foreign Lender ” means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower islocated. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitutea single jurisdiction.

“ Foreign Subsidiary ” means any Subsidiary that is organized under the laws of a jurisdiction other than the United States ofAmerica or any state thereof or the District of Columbia.

“ GAAP ” means generally accepted accounting principles in the United States of America.

“ Governmental Authority ” means the government of the United States of America, any other nation or any political subdivisionthereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,legislative, judicial, taxing, regulatory or administrative powers or

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functions of or pertaining to government (including any supra-national body exercising such powers or functions, such as the European Union orthe European Central Bank).

“ Guarantee ” of or by any Person (the “ guarantor ”) means any obligation, contingent or otherwise, of the guarantor guaranteeingor having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “ primary obligor ”) in any manner,whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply fundsfor the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) anysecurity for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtednessor other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity ofthe primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (d) as an account party in respect of anyletter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided that the term “Guarantee” shall not includeendorsements for collection or deposit in the ordinary course of business.

“ Hazardous Materials ” means all explosive, radioactive, hazardous, or toxic substances, wastes or materials, including petroleumor petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes, and all othersubstances or wastes regulated pursuant to any Environmental Law.

“ Hedging Agreement ” means any interest rate protection agreement, foreign currency exchange agreement, commodity priceprotection agreement or other interest or currency exchange rate or commodity price hedging arrangement.

“ Incremental Facility Amendment ” means an Incremental Facility Amendment, in form and substance reasonably satisfactory tothe Administrative Agent, among the Borrower, the Administrative Agent and one or more Incremental Lenders, establishing IncrementalRevolving Commitments as are contemplated by Section 2.19.

“ Incremental Lender ” means a Lender with an Incremental Revolving Commitment.

“ Incremental Revolving Commitment ” means, with respect to any Lender, the commitment, if any, of such Lender, establishedpursuant to an Incremental Facility Amendment and Section 2.19, to make Revolving Loans and to acquire participations in Swingline Loanshereunder, expressed as an amount representing the maximum aggregate permitted amount of such Lender’s Revolving Exposure under suchIncremental Facility Amendment.

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“ Incremental Revolving Facility ” means an incremental portion of the Revolving Commitments established hereunder pursuant toan Incremental Facility Amendment providing for Incremental Revolving Commitments.

“ Indebtedness ” of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect todeposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligationsof such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (d) all obligations of suchPerson in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course ofbusiness), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, tobe secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed (but ifsuch Indebtedness has not been assumed by and is otherwise non-recourse to such Person, only to the extent of the lesser of the fair market value ofthe property subject to such Lien and the amount of such Indebtedness), (f) all Guarantees by such Person of Indebtedness of others (except to theextent that such Guarantees guarantee Indebtedness or other obligations of a Subsidiary), (g) all Capital Lease Obligations of such Person, (h) allobligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, and (i) all obligations,contingent or otherwise, of such Person in respect of bankers’ acceptances. The Indebtedness of any Person shall include the Indebtedness of anyother entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of suchPerson’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person isnot liable therefor.

“ Indemnified Taxes ” means Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on accountof any obligation of the Borrower under any Loan Document.

“ Index Debt ” means senior unsecured long-term indebtedness for borrowed money of the Borrower that is not guaranteed by anyother Person or subject to any other credit enhancement.

“ Information ” has the meaning assigned to such term in Section 9.12.

“ Interest Election Request ” means a request by the Borrower to convert or continue a Revolving Borrowing in accordance withSection 2.06.

“ Interest Payment Date ” means (a) with respect to any ABR Loan (other than a Swingline Loan), the last day of each March, June,September and December, (b) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable to the Borrowing of which suchLoan is a part and, in the case of a Eurocurrency Borrowing with an Interest Period of more than three months’ duration, each day prior to the lastday of such Interest Period that occurs at intervals of three months’ duration after

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the first day of such Interest Period, and (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid.

“ Interest Period ” means, with respect to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing andending on the corresponding day of the next week thereafter or the numerically corresponding day in the calendar month that is one, two, three orsix months (or, if available to each Lender, 14 days or 12 months) thereafter, as the Borrower may elect; provided that (i) if any Interest Periodwould end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, in the case of anInterest Period of one, two, three, six or 12 months, such next succeeding Business Day would fall in the next calendar month, in which case suchInterest Period shall end on the next preceding Business Day and (ii) any Interest Period of one, two, three, six or 12 months pertaining to aEurocurrency Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numericallycorresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such InterestPeriod. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be theeffective date of the most recent conversion or continuation of such Borrowing.

“ Interpolated Rate ” means, with respect to any Eurocurrency Borrowing for any Impacted Interest Period, a rate per annum whichresults from interpolating on a linear basis between (a) the applicable Screen Rate for the longest maturity for which a Screen Rate is available thatis shorter than such Impacted Interest Period and (b) the applicable Screen Rate for the shortest maturity for which a Screen Rate is available that islonger than such Impacted Interest Period, in each case at approximately 11:00 a.m., London time, two Business Days prior to the commencementof such Interest Period (or in the case of a Eurocurrency Borrowing denominated in Sterling, at approximately 11:00 a.m., London time, on the dateof such Borrowing).

“ Judgment Currency ” has the meaning assigned to such term in Section 9.15(b).

“ Lender Parent ” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.

“ Lenders ” means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to anAssignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless thecontext requires otherwise, the term “Lenders” includes the Swingline Lenders.

“ LIBO Rate ” means, with respect to any Eurocurrency Borrowing in any currency for any Interest Period, the rate equal to theLondon interbank offered rate as administered by the ICE Benchmark Administration (or any other Person that takes over the administration ofsuch rate) for deposits in the applicable currency (for delivery on

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the first day of such Interest Period) for a period equal in length to such Interest Period with a term equivalent to such Interest Period as displayedon the Reuters screen page that displays such rate (currently page LIBOR01) or, in the event such rate does not appear on a page of the Reutersscreen, on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent fromtime to time in its reasonable discretion (in each case, the “ Screen Rate ”), at approximately 11:00 a.m., London time, two Business Days prior tothe commencement of such Interest Period (or in the case of a Borrowing denominated in Sterling, at approximately 11:00 a.m. on the date of suchBorrowing); provided that if the LIBO Screen Rate is less than zero, such rate will be deemed to be zero for purposes of this Agreement; provided ,further , that if (A) the Screen Rate shall not be available at such time for such Interest Period (an “ Impacted Interest Period ”) with respect to theapplicable currency, then the LIBO Rate will be the Interpolated Rate and if any Interpolated Rate is less than zero, such rate will be deemed to bezero for purposes of this Agreement and (B) if the Screen Rate and the Interpolated Rate are not available at such time for any reason, then the“LIBO Rate” for such Interest Period shall be (x) a comparable successor or alternative interbank rate for deposits in the applicable currency that is,at such time, broadly accepted by the syndicated loan market in the United States in lieu of the “LIBO Rate” and is reasonably acceptable to theBorrower and the Administrative Agent or (y) solely if no such broadly accepted comparable successor interbank rate exists at such time, asuccessor or alternative index rate as the Administrative Agent and the Borrower may determine, which shall become effective five (5) BusinessDays after the Administrative Agent has given written notice to the Lenders of the same (unless within that time Lenders constituting RequiredLenders object to such successor or alternative index rate).

“ Lien ” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge orsecurity interest in, on or of such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or titleretention agreement (or any financing lease having substantially the same economic effect as any of the foregoing but excluding any operatingleases) relating to such asset.

“ Loan Documents ” means this Agreement, including without limitation, schedules and exhibits hereto) and any agreements enteredinto by the Borrower with or in favor of the Administrative Agent and/or the Lenders in connection with this Agreement, including any promissorynotes delivered pursuant to Section 2.08(e) and any amendments, modifications or supplements thereto or waivers thereof.

“ Loans ” means the loans made by the Lenders to the Borrower pursuant to this Agreement.

“ Local Time ” means (a) with respect to a Loan or Borrowing denominated in Dollars, New York City time, and (b) with respect toa Loan or Borrowing denominated in any Designated Foreign Currency, London time.

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“ Margin Stock ” means “margin stock” as defined in Regulation U.

“ Material Adverse Effect ” means a material adverse effect on (a) the actual business, assets, operations and financial condition ofthe Borrower and the Subsidiaries, taken as a whole, (b) the ability of the Borrower to perform any of its material obligations under this Agreement,or (c) the rights of or benefits available to the Lenders under this Agreement.

“ Material Indebtedness ” means Indebtedness (other than the Loans), or obligations in respect of one or more Hedging Agreements,of any one or more of the Borrower and the Subsidiaries in an aggregate principal amount exceeding $250,000,000. For purposes of determiningMaterial Indebtedness, the “principal amount” of the obligations of the Borrower or any Subsidiary in respect of any Hedging Agreement at anytime shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Subsidiary would be required topay if such Hedging Agreement were terminated at such time.

“ Material Subsidiary ” means each Significant Subsidiary and any two or more Subsidiaries (which may but need not include aSignificant Subsidiary) each of which has become the subject of any event or circumstance referred to in clause (h), (i) or (j) of Article VII, andwhich, if considered together as a single consolidated Subsidiary, would collectively constitute a “Significant Subsidiary” within the meaning ofthe definition of such term herein.

“ Maturity Date ” means the fifth anniversary of the Second Restatement Effective Date, as such date may be extended pursuant toSection 2.20 hereof; provided that, if such date is not a Business Day, the Maturity Date shall be the immediately preceding Business Day.

“ Moody’s ” means Moody’s Investors Service, Inc., or any successor thereto.

“ Multicurrency Swingline Agent ” means Citibank Europe plc, UK Branch, in its capacity as the swingline agent for MulticurrencySwingline Loans.

“ Multicurrency Swingline Loan ” means a European Swingline Loan or a UK Swingline Loan.

“ Multiemployer Plan ” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

“ NYFRB ” means the Federal Reserve Bank of New York.

“ Original Credit Agreement ” has the meaning assigned to such term in the recitals hereto.

“ Original Effective Date ” means April 2, 2014.

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“ Other Connection Taxes ” means, with respect to any Recipient, Taxes imposed as a result of a present or former connectionbetween such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered,become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any othertransaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

“ Other Taxes ” means any and all present or future recording, stamp, court or documentary, intangible, filing or similar Taxes,charges or levies arising from any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise withrespect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to the sale of a participation interestor an assignment (other than an assignment made pursuant to Section 2.17(b)).

“ Participant ” has the meaning assigned to such term in Section 9.04(e).

“ Participant Register ” has the meaning assigned to such term in Section 9.04(e).

“ Patriot Act ” has the meaning assigned to such term in Section 9.14.

“ PBGC ” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performingsimilar functions.

“ Permitted Encumbrances ” means

(i) Liens imposed by law for Taxes that are not yet due or are being contested in compliance with Section 5.04,

(ii) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinarycourse of business and securing obligations that are not overdue by more than 30 days or are being contested in compliance withSection 5.04,

(iii) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemploymentinsurance and other social security laws or regulations,

(iv) margin deposits posted to secure obligations in respect of Hedging Agreements entered into in the ordinary course of business;

(v) pledges of cash and deposits to secure the performance of bids, trade and commercial contracts (including ordinary courseaccounts payable), leases, statutory obligations, appeal bonds and other obligations of a like nature, in each case in the ordinary course ofbusiness,

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(vi) deposits and customary pledges securing obligations under surety and performance bonds,

(vii) judgment liens (and pledges of cash and deposits securing surety and appeal bonds) in respect of judgments that do notconstitute an Event of Default under clause (k) of Article VII,

(viii) easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in theordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affectedproperty or interfere with the ordinary conduct of business of the Borrower or any Subsidiary, and

(ix) Liens under ordinary course commercial contracts securing trade payables covering the goods purchased (and proceeds andproducts thereof), pending payment;

provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness.

“ Person ” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership,Governmental Authority or other entity.

“ Plan ” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISAor Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan wereterminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

“ Platform ” has the meaning assigned to such term in Section 5.01(e).

“ Prime Rate ” means the rate of interest per annum publicly announced from time to time by Citibank, N.A. as its prime rate ineffect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publiclyannounced as being effective.

“ PTE ” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may beamended from time to time.

“ Public-Sider ” means a Lender or any representative of such Lender that does not want to receive material non-public informationwithin the meaning of the federal and state securities laws.

“ Ratings ” means, as of any date of determination, the Index Debt ratings of the Borrower that have been most recently assigned byS&P, Moody’s or Fitch. For purposes of the foregoing, (a) if any of S&P, Moody’s or Fitch shall not have in effect a

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Rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition), then such rating agency shallbe deemed to have established a Rating in Category 6 under the definition of the term Applicable Rate, (b) if the Ratings established or deemed tohave been established by S&P, Moody’s and Fitch for the Index Debt shall fall within different Categories, (i) if two of the Ratings fall within thesame Category and the other Rating is one Category higher or one Category lower than the two same Ratings, the Applicable Rate shall be basedon the two Ratings within the same Category, (ii) if two of the Ratings fall within the same Category and the other Rating is two or moreCategories above the two same Ratings, the Applicable Rate shall be determined by reference to the Category next above that of the two sameRatings, (iii) if two of the Ratings are in the same Category and the other Rating is two or more Categories below the two same Ratings, theApplicable Rate shall be determined by reference to the Category next below that of the two same Ratings, and (iv) if each of the three Ratings fallwithin different Categories, then the Applicable Rate shall be based on the assigned Rating that is in between the highest and the lowest of suchRatings, and (c) if the Ratings established or deemed to have been established by S&P, Moody’s and Fitch for the Index Debt shall be changed(other than as a result of a change in the rating system of S&P, Moody’s or Fitch), such change shall be effective as of the date on which it is firstannounced by the applicable rating agency. Each change in the Applicable Rate shall apply during the period commencing on the effective date ofsuch change and ending on the date immediately preceding the effective date of the next such change. If the rating system of S&P, Moody’s orFitch shall change, if any such rating agency shall cease to be in the business of rating corporate debt obligations or if any such rating agency shallcease to rate any Index Debt of the Borrower (and such decision is not based directly or indirectly on any action taken by the Borrower, or thefailure by the Borrower to take any action, in each case with respect to such rating agency or otherwise), the Borrower and the Lenders shallnegotiate in good faith to amend the definition of Applicable Rate to reflect such changed rating system or the unavailability of Ratings from suchrating agency and, pending the effectiveness of any such amendment, the Applicable Rate shall be determined by reference to the Rating mostrecently in effect prior to such change or cessation.

“ Recipient ” means (a) the Administrative Agent, and (b) any Lender, as applicable.

“ Register ” has the meaning set forth in Section 9.04(c).

“ Regulation D ” means Regulation D of the Board from time to time in effect and all official rulings and interpretations thereunderor thereof.

“ Regulation T ” means Regulation T of the Board from time to time in effect and all official rulings and interpretations thereunderor thereof.

“ Regulation U ” means Regulation U of the Board from time to time in effect and all official rulings and interpretations thereunderor thereof.

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“ Regulation X ” means Regulation X of the Board from time to time in effect and all official rulings and interpretations thereunderor thereof.

“ Related Parties ” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers,employees and agents of such Person and such Person’s Affiliates.

“ Required Lenders ” means, at any time, Lenders having Revolving Exposures and unused Revolving Commitments representingmore than 50% of the sum, without duplication, of the total Revolving Exposures and unused Revolving Commitments at such time; provided that,whenever there is one or more Defaulting Lenders, the Revolving Exposure of, and the unused Revolving Commitment of, each Defaulting Lendershall be excluded for purposes of making a determination of Required Lenders.

“ Revolving Commitment ” means, with respect to each Lender, the commitment, if any, of such Lender to make Revolving Loansand to acquire participations in Swingline Loans hereunder, expressed as an amount representing the maximum aggregate permitted amount of suchLender’s Revolving Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.07, (b) increased orestablished from time to time pursuant to Section 2.19 and (c) reduced or increased from time to time pursuant to assignments by or to such Lenderpursuant to Section 9.04. The amount of each Lender’s Revolving Commitment on the Second Restatement Effective Date is set forth on Schedule2.01, or in the Assignment and Assumption or the Incremental Facility Amendment pursuant to which such Lender shall have assumed itsRevolving Commitment, as applicable. The aggregate amount of the Lenders’ Revolving Commitments on the Second Restatement Effective Dateis $4,000,000,000.

“ Revolving Exposure ” means, at any time, the sum of (a) the US Dollar Equivalent of Revolving Loans outstanding at such timeand (b) the Swingline Exposure at such time. The Revolving Exposure of any Lender at any time shall be such Lender’s Applicable Percentage ofthe total Revolving Exposure at such time.

“ Revolving Loan ” means a Loan made pursuant to Section 2.01.

“ Sale and Leaseback Transaction ” means any arrangement whereby the Borrower or a Subsidiary shall sell or transfer anyproperty, real or personal, used or useful in its business, whether now owned or hereinafter acquired, and thereafter rent or lease from the buyer ortransferee of the sold or transferred property that it intends to use for substantially the same purpose or purposes as the property sold or transferred;provided that any (i) such sale of any fixed or capital assets that is made for cash consideration in an amount not less than the cost of such fixed orcapital asset and is consummated within 90 days after the acquisition or completion of the fixed or capital asset and (ii) any such transactioneffected entirely between the Borrower and any

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Subsidiaries or entirely between one or more Subsidiaries shall not be deemed to be a Sale and Leaseback Transaction.

“ Sanctioned Country ” means, at any time, a country or territory which is the target of comprehensive Sanctions (at the time of thisAgreement, Crimea, Cuba, Iran, North Korea and Syria).

“ Sanctioned Person ” means, at any time, (a) any Person listed in any Sanctions-related list of designated or blocked Personsmaintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United NationsSecurity Council, the United Kingdom, the European Union or any EU member state, (b) any Person organized or ordinarily resident in aSanctioned Country or (c) any Person owned or controlled by, or acting on behalf of, any such Person described in the foregoing clauses (a) and(b).

“ Sanctions ” means economic or financial measures against targeted countries, governments, territories, individuals, entities orvessels, as enumerated in national legislation, regulation or other mechanism carrying the force of law, and which are imposed, administered orenforced from time to time by (a) the U.S. government, including the Office of Foreign Assets Control of the U.S. Department of the Treasury orthe U.S. Department of State, or (b) the European Union or Her Majesty’s Treasury of the United Kingdom.

“ Screen Rate ” has the meaning set forth in the definition of “LIBO Rate”.

“ SEC ” means the United States Securities and Exchange Commission.

“ Second Restatement Effective Date ” means the date on which the conditions set forth in Section 4.01 to the amendment andrestatement of the First Amended and Restated Credit Agreement in the form hereof are satisfied.

“ Securitization Transaction ” means the sale or transfer by the Borrower or the Subsidiaries of lease and other accounts receivableto a limited purpose financing vehicle (which may be a Subsidiary) which finances such acquisition, in part, by issuing debt securities or equityinterests to third parties either directly or through one or more intermediaries, in each case in a manner that does not result in either (i) theincurrence by the Borrower or the Subsidiaries of Indebtedness that would be reflected on a consolidated balance sheet of the Borrower and theSubsidiaries prepared in accordance with GAAP or (ii) the incurrence by the Borrower or the Subsidiaries of Indebtedness with recourse to theBorrower or the Subsidiaries (other than recourse against the Borrower’s or such Subsidiaries’ retained interest in the limited purpose financingvehicle which finances the acquisition of the lease or other accounts receivable).

“ Significant Subsidiary ” means any Subsidiary (i) the net assets of which were greater than 5% of Consolidated Net Assets as ofthe last day of the most recent fiscal period for which financial statements have been delivered pursuant to

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Section 5.01(a) or (b) (or, prior to the first delivery of such financial statements, greater than 5% of Consolidated Net Assets as of the date of themost recent financial statements referred to in Section 3.04(a)) or (ii) the total revenues of which were greater than 10% of Consolidated TotalRevenues for the four-fiscal-quarter period ending on the last day of the most recent fiscal period for which financial statements have beendelivered pursuant to Section 5.01(a) or (b) (or, prior to the first delivery of such financial statements, greater than 10% of Consolidated TotalRevenues for the four-fiscal-quarter period ending on the last day of the most recent fiscal period set forth in the most recent financial statementsreferred to in Section 3.04(a)). For purposes of making the determinations required by this definition, total revenues and net assets of ForeignSubsidiaries shall be converted into Dollars at the rates used in preparing the financial statements of the Borrower to be delivered pursuant toSection 5.01(a) or (b) (or, prior to the first delivery of such financial statements, at the rates used in preparing the Borrower’s most recent financialstatements referred to in Section 3.04(a)).

“ S&P ” means Standard & Poor’s Financial Services LLC, a division of S&P Global Inc., and any successor to its rating agencybusiness.

“ Statutory Reserve Rate ” means a percentage expressed as a decimal equal to the aggregate of the maximum reserve percentages(including any marginal, special, emergency or supplemental reserves) established by the Board to which the Administrative Agent or any Lenderis subject, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D). Such reserve percentages shall includethose imposed pursuant to such Regulation D. Eurocurrency Loans shall be deemed to constitute eurocurrency funding and to be subject to suchreserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender undersuch Regulation D or any comparable regulation.

“ Sterling ” means the lawful money of the United Kingdom.

“ Sterling Overnight Rate ” means, with respect to any UK Swingline Loan, the London interbank offered rate as administered bythe ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for deposits in Sterling for an overnightperiod as displayed on the Reuters screen page that displays such rate (currently LIBOR01) (or, in the event such rate does not appear on a page ofthe Reuters screen, on the appropriate page of such other information service that publishes such rate as shall be selected by the AdministrativeAgent from time to time in its reasonable discretion); provided that (A) if the Sterling Overnight Rate, determined as provided above, would be lessthan zero, the Sterling Overnight Rate shall be zero for all purposes of this Agreement and (B) if the Sterling Overnight Rate is not available atsuch time for any reason, then (x) the “Sterling Overnight Rate” shall be (i) a comparable successor or alternative interbank rate that is, at suchtime, broadly accepted by the syndicated loan market in the United States in lieu of the “Sterling Overnight Rate” and is reasonably acceptable tothe Borrower and the Administrative Agent or (ii) solely if no such broadly accepted comparable successor interbank rate exists at such time, a

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successor or alternative index rate as the Administrative Agent and the Borrower may determine, which shall become effective five (5) BusinessDays after the Administrative Agent has given written notice to the Lenders of the same (unless within that time Lenders constituting RequiredLenders object to such successor or alternative index rate) and (y) until any such successor or alternative index rate has been determined pursuantto clause (x), no Swingline Lender shall be obligated to make a UK Swingline Loan.

“ subsidiary ” means, with respect to any Person (the “ parent ”) at any date, any corporation, limited liability company, partnership,association or other entity (a) the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statementsif such financial statements were prepared in accordance with GAAP as of such date, (b) of which securities or other ownership interestsrepresenting more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of thegeneral partnership interests are, as of such date, owned, controlled or held, or (c) that is, as of such date, otherwise Controlled, by the parent or oneor more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.

“ Subsidiary ” means any subsidiary of the Borrower.

“ Swingline Commitment ” means, with respect to a Swingline Lender, the commitment of such Lender to make Swingline Loans inan aggregate principal amount at any time outstanding not in excess of the US Dollar Equivalent amount set forth with respect to such SwinglineLender on Schedule 2.01. The aggregate amount of the Swingline Commitments on the Second Restatement Effective Date is US$1,500,000,000.

“ Swingline Exposure ” means at any time, the sum of the US Dollar Equivalents of the outstanding Swingline Loans at such time.The Swingline Exposure of any Lender at any time shall be its Applicable Percentage of the total Swingline Exposure at such time.

“ Swingline Lender ” means each Lender with a Swingline Commitment referred to as such in Schedule 2.01.

“ Swingline Loan ” means a Loan made pursuant to Section 2.04.

“ Taxes ” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by anyGovernmental Authority.

“ Total Leverage Ratio ” means on any date of determination, the ratio of (a) Consolidated Total Debt on such date to (b)Consolidated EBITDA for the period of four consecutive fiscal quarters of the Borrower most recently ended on or prior to such date.

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“ Transactions ” means the execution, delivery and performance by the Borrower of this Agreement, the borrowing of Loans, the useof the proceeds thereof, and the transactions to be effected on the Second Restatement Effective Date.

“ Type ”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loanscomprising such Borrowing, is determined by reference to the LIBO Rate (including the Adjusted LIBO Rate) or the Alternate Base Rate.

“ UK Swingline Loan ” means a Swingline Loan denominated in Sterling.

“ US Dollar Equivalent ” means, on any date of determination, (a) with respect to any amount in Dollars, such amount, and (b) withrespect to any amount in any Designated Foreign Currency, the equivalent in Dollars of such amount, determined by the Administrative Agentpursuant to Section 1.05 using the Exchange Rate with respect to such Designated Foreign Currency at the time in effect for such amount under theprovisions of such Section.

“ US Person ” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

“ US Swingline Loan ” means a Swingline Loan denominated in US Dollars.

“ Wholly Owned Subsidiary ” means a Subsidiary of which securities or other ownership interests (except for directors’ qualifyingshares and other de minimis amounts of outstanding securities or ownership interests) representing 100% of the ordinary voting power or, in thecase of a partnership, 100% of the general partnership interests are, at the time any determination is being made, owned, controlled or held by theBorrower or one or more Wholly Owned Subsidiaries of the Borrower or by the Borrower and one or more Wholly Owned Subsidiaries of theBorrower.

“ Withdrawal Liability ” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from suchMultiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

“ Write-Down and Conversion Powers ” means, with respect to any EEA Resolution Authority, the write-down and conversionpowers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.

SECTION 1.02. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred toby Class ( e.g. , a “Revolving Loan”) or by Type ( e.g. , a “Eurocurrency Loan”) or by Class and Type ( e.g. , a “Eurocurrency Revolving Loan”).Borrowings also may be classified and referred to by

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Class ( e.g. , a “Revolving Borrowing”) or by Type ( e.g. , a “Eurocurrency Borrowing”) or by Class and Type ( e.g. , a “Eurocurrency RevolvingBorrowing”).

SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the termsdefined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words“include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed tohave the same meaning and effect as the word “shall.” Unless the context requires otherwise, (a) any definition of or reference to any agreement,instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to timeamended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein),(b) any reference to any statute, regulation or other law shall be construed (i) as referring to such statute, regulation or other law as from time totime amended, supplemented or otherwise modified (including by succession of comparable successor statutes, regulations or other laws) and (ii) toinclude all official rulings and interpretations thereunder, (c) any reference herein to any Person shall be construed to include such Person’ssuccessors and assigns, (d) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to thisAgreement in its entirety and not to any particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and Schedules shall beconstrued to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (f) the phrase “to the best of the knowledge” shallmean the belief of the officers of the Borrower and the Subsidiaries directly participating in or associated with the due diligence and negotiations inconnection with the Transactions, and (g) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer toany and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

SECTION 1.04. Accounting Terms; GAAP. Except as otherwise expressly provided herein, including in the definition of “CapitalLease Obligations”, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time;provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate theeffect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if theAdministrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardlessof whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted onthe basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have beenwithdrawn or such provision amended in accordance herewith.

SECTION 1.05. Exchange Rates. The Administrative Agent shall determine the US Dollar Equivalent of any Borrowing (other thana Swingline Loan)

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denominated in a currency other than Dollars as of the date of the commencement of the initial Interest Period therefor and as of the last BusinessDay of each calendar month, in each case using the Exchange Rate for such currency in relation to Dollars in effect on the date that is threeBusiness Days prior to the date on which the initial Interest Period shall commence or the last Business Day of a calendar month, as the case maybe, and each such amount shall, except as provided in the last sentence of this Section, be the US Dollar Equivalent of such Borrowing until thenext required calculation thereof pursuant to this sentence. The Administrative Agent shall determine the US Dollar Equivalent of any SwinglineLoan denominated in Euro or Sterling as of the date on which such Loan is made, using the Exchange Rate for Euro or Sterling, as the case may be,in relation to Dollars in effect on such date, and each such amount shall, except as provided in the last sentence of this Section, be the US DollarEquivalent of such Swingline Loan. The Administrative Agent shall notify the Borrower and the Lenders of each calculation of the US DollarEquivalent of each Borrowing. For purposes of Section 6.05, amounts in currencies other than Dollars shall be translated into Dollars at thecurrency exchange rates used in preparing the Borrower’s annual and quarterly financial statements.

ARTICLE II

The Credits

SECTION 2.01. Commitments. Subject to the terms and conditions and relying on the representations and warranties (subject toSection 4.02(a)) set forth herein, each Lender agrees, severally and not jointly, to make Revolving Loans to the Borrower from time to time duringthe Availability Period in Dollars or a Designated Foreign Currency in an aggregate principal amount that will not result in (i) such Lender’sRevolving Exposure exceeding such Lender’s Revolving Commitment or (ii) the sum of the total Revolving Exposures exceeding the totalRevolving Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepayand reborrow Revolving Loans during the Availability Period.

SECTION 2.02. Loans and Borrowings. (a) Each Revolving Loan shall be made as part of a Borrowing consisting of RevolvingLoans of the same Type and denominated in the same currency made by the Lenders ratably in accordance with their individual RevolvingCommitments. The failure of any Lender to make any Revolving Loan required to be made by it shall not relieve any other Lender of itsobligations hereunder; provided that the Revolving Commitments of the Lenders are several and no Lender shall be responsible for any otherLender’s failure to make Revolving Loans as required.

(b) Subject to Section 2.12, (i) each Revolving Borrowing denominated in Dollars shall be comprised entirely of (A)Eurocurrency Loans or (B) ABR Loans, as the Borrower may request in accordance herewith, and each Revolving Borrowing denominated ina Designated Foreign Currency shall be comprised entirely of Eurocurrency Loans. Each Lender at its option may make any

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Eurocurrency Loan or (in the case of any Swingline Lender) Swingline Loan by causing any domestic or foreign branch or Affiliate of suchLender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan inaccordance with the terms of this Agreement.

(c) At the commencement of each Interest Period for any Eurocurrency Borrowing, such Borrowing shall be in an aggregateamount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum. At the time that each ABRRevolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $5,000,000 and not less than$25,000,000. Each Swingline Loan shall be in an amount that is an integral multiple of the Borrowing Multiple and not less than theBorrowing Minimum. Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at anytime be more than a total of 10 Eurocurrency Revolving Borrowings outstanding.

(d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convertor continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.

SECTION 2.03. Requests for Revolving Borrowings. To request a Revolving Borrowing, the Borrower shall notify theAdministrative Agent of such request by telephone or by telecopy (a) in the case of a Eurocurrency Borrowing, not later than 12:00 noon, LocalTime, three Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 12:00 noon, LocalTime, on the Business Day of the proposed Borrowing. Each such Borrowing Request shall be irrevocable and, if telephonic, shall be confirmedpromptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request in a form agreed to by the AdministrativeAgent and the Borrower and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following informationin compliance with Section 2.02:

(i) the currency and aggregate amount of the requested Borrowing;

(ii) the date of such Borrowing, which shall be a Business Day;

(iii) the Type of the requested Borrowing;

(iv) in the case of a Eurocurrency Borrowing, the initial Interest Period to be applicable thereto, which shall be a periodcontemplated by the definition of the term “Interest Period”; and

(v) the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirementsof Section 2.05.

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If no election as to the Type of Revolving Borrowing is specified, then the requested Revolving Borrowing shall be (A) in the case of a Borrowingdenominated in Dollars, an ABR Borrowing, and (B) in the case of a Borrowing denominated in a Designated Foreign Currency, a EurocurrencyBorrowing. If no Interest Period is specified with respect to any requested Eurocurrency Revolving Borrowing, then the Borrower shall be deemedto have selected an Interest Period of one month’s duration. Any Borrowing Request that shall fail to specify any of the information required byclause (i), (ii) or (v) of the immediately preceding paragraph may be rejected by the Administrative Agent if such failure is not corrected promptlyafter the Administrative Agent shall give written or telephonic notice thereof to the Borrower and, if so rejected, will be of no force or effect.Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of thedetails thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.

SECTION 2.04. Swingline Loans. (a) Subject to the terms and conditions set forth herein, each Swingline Lender agrees to makeSwingline Loans to the Borrower denominated in Dollars or Designated Foreign Currencies from time to time during the Availability Period, in anaggregate amount at any time outstanding that will not result in (i) the Swingline Exposure exceeding US$1,500,000,000, (ii) the aggregate DollarEquivalent amount of outstanding Swingline Loans made by any Swingline Lender exceeding such Lender’s Swingline Commitment, (iii) theaggregate Dollar Equivalent Amount of such Swingline Lender’s outstanding Revolving Loans and Swingline Loans (including participations inoutstanding Swingline Loans) exceeding the amount of such Swingline Lender’s Revolving Commitment, or (iv) the aggregate RevolvingExposure exceeding the aggregate amount of the Revolving Commitments; provided that no Swingline Lender shall be required to make aSwingline Loan to refinance an outstanding Swingline Loan. Each Swingline Loan denominated in Dollars will be an ABR Loan. Within theforegoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans.

(b) To request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request in writing (or, in the caseof a US Swingline Loan, by telephone (confirmed by telecopy)) not later than (i) 12:00 noon, Local Time, on the day of any such proposed USSwingline Loans and (ii) 10:00 a.m., Local Time, on the day of any such proposed European Swingline Loans or UK Swingline Loans. Eachsuch notice shall be irrevocable and shall specify the requested borrowing date (which shall be a Business Day), the currency and theaggregate principal amount of the requested Swingline Loan (which shall comply with Section 2.02(c)). The Administrative Agent willpromptly notify each Swingline Lender of any such notice received from the Borrower and of such Swingline Lender’s share of the requestedSwingline Borrowing. Each Swingline Lender shall make its share of each requested Swingline Loan available to the Borrower (pro rata inaccordance with the relative amounts of the Swingline Commitments of the Swingline Lenders) in the requested currency by means of atransfer of funds by 2:00 p.m., Local Time, on the requested date of such Swingline

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Loan, (i) to the Applicable Funding Account, in the case of US Swingline Loans, and (ii) to the account of the Administrative Agent mostrecently designated by it for such purpose, in the case of Multicurrency Swingline Loans. The Administrative Agent will make suchMulticurrency Swingline Loans available to the Borrower by promptly transferring the amounts so received pursuant to clause (ii) of theimmediately preceding sentence, in like funds, to the Applicable Funding Account.

(c) Any Swingline Lender may by written notice given to the Administrative Agent not later than 10:00 a.m., Local Time, onany Business Day require the Lenders to acquire and fund participations on such Business Day in all or a portion of the Swingline Loans ofsuch Swingline Lender outstanding. Such notice shall specify the aggregate amount and currency of the Swingline Loans in which the Lenderswill participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender, specifying in suchnotice each Lender’s share, based on such Lender’s Applicable Percentage, of such Swingline Loans. Each Lender hereby absolutely andunconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent (in Dollars or the relevant DesignatedForeign Currency, as the case may be), for the account of the applicable Swingline Lender, such Lender’s Applicable Percentage of suchSwingline Loan or Loans. Each Lender acknowledges and agrees that its obligation to acquire and fund participations in Swingline Loanspursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrenceand continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset,abatement, withholding or reduction whatsoever. Each Lender shall comply with its obligations under this paragraph by wire transfer ofimmediately available funds, in the same manner as provided in Section 2.05 with respect to Loans made by such Lender (and Section 2.05,including with respect to interest payable in respect of unfunded amounts, shall apply, mutatis mutandis , to the payment obligations of theLenders), and the Administrative Agent shall promptly pay to the applicable Swingline Lender the amounts so received by it from the Lenders.The Administrative Agent shall notify the Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph andthereafter any amounts received by the Administrative Agent from the Borrower (or other party on behalf of the Borrower) in respect of aSwingline Loan shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their payments pursuant to thisparagraph and to the applicable Swingline Lender, as their interests may appear; provided that any such payment so remitted shall be repaid tothe Administrative Agent if and to the extent such payment is required to be refunded to the Borrower for any reason. The purchase ofparticipations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof.Notwithstanding the foregoing, a Lender shall not have any obligation to acquire a participation in a Swingline Loan pursuant to this paragraphif an Event of Default shall have occurred and be continuing at the time such Swingline Loan was made and such Lender shall have notifiedthe applicable

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Swingline Lender in writing, at least one Business Day prior to the time such Swingline Loan was made, that such Event of Default hasoccurred and that such Lender will not acquire participations in Swingline Loans made while such Event of Default is continuing.

(d) Notwithstanding anything to the contrary in this Agreement, if any Swingline Exposure exists at the time a Lender becomesa Defaulting Lender, (i) the Borrower shall make arrangements satisfactory to the Swingline Lenders eliminating the risk of the SwinglineLenders with respect to each Defaulting Lender’s participation therein or (ii) in the event no such satisfactory arrangements are made, theBorrower shall be required to prepay the outstanding Swingline Loans in an amount equal to the Swingline Exposure of the Defaulting Lenderor, if agreed by each Swingline Lender, cash collateralize Swingline Loans in the amount of the Swingline Exposure of the Defaulting Lenderon terms satisfactory to each Swingline Lender (in which case any such cash collateral held by the Administrative Agent for the account of anySwingline Lender will be applied as a payment of Swingline Loans immediately prior to any exercise by such Swingline Lender of its rights torequire the funding of participations in such Loans pursuant to Section 2.04(c)). In the event the Borrower prepays or cash collateralizes theSwingline Loans in the amount of the Swingline Exposure of the Defaulting Lender pursuant to clause (ii) above, then the Lenders other thanthe Defaulting Lender will be required to fund participations in the remaining Swingline Loans under Section 2.04(c) in accordance with theirApplicable Percentages determined, in accordance with the definition of such term herein, without taking into account the Commitment ofsuch Defaulting Lender (it being understood that such funding of participations shall not result in such Lender’s Revolving Exposureexceeding such Lender’s Revolving Commitment).

SECTION 2.05. Funding of Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the proposed datethereof by wire transfer of immediately available funds in the applicable currency, in the case of a Eurocurrency Loan by 12:00 noon, Local Time,and in the case of an ABR Loan by 2:00 p.m., Local Time, to the account of the Administrative Agent most recently designated by it for suchpurpose by notice to the Lenders; provided that Swingline Loans shall be made as provided in Section 2.04. The Administrative Agent will makesuch Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to the Applicable Funding Account.

(b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing thatsuch Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent mayassume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in relianceupon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of theapplicable Borrowing

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available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agentforthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is madeavailable to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, (x) in the case ofLoans in Dollars, the greater of (A) the Federal Funds Effective Rate and (B) a rate determined by the Administrative Agent in accordancewith banking industry rules on interbank compensation and (y) in the case of Loans in Designated Foreign Currencies, the rate reasonablydetermined by the Administrative Agent to be the cost to it of funding such amount, or (ii) in the case of the Borrower, the interest rateapplicable to a Swingline Loan in the relevant currency. If such Lender pays such amount to the Administrative Agent, then such amount shallconstitute such Lender’s Loan included in such Borrowing.

SECTION 2.06. Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Requestand, in the case of a Eurocurrency Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, theBorrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurocurrency Borrowing,may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of theaffected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing,and the Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings,which may not be converted or continued.

(b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election bytelephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowingof the Type and in the currency resulting from such election to be made on the effective date of such election; provided that any notice ofelection to convert a Eurocurrency Borrowing into an ABR Borrowing at the end of its then-current Interest Period must be made by the timethat a Borrowing Request for a Eurocurrency Borrowing would be required under Section 2.03. Each such telephonic Interest Election Requestshall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest ElectionRequest in a form approved by the Administrative Agent and signed by the Borrower. Notwithstanding any other provision of this Section, theBorrower will not be permitted to change the currency of any Borrowing.

(c) Each telephonic and written Interest Election Request shall specify the following information in compliance withSection 2.02:

(i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to differentportions thereof, the

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portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv)below shall be specified for each resulting Borrowing);

(ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

(iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; and

(iv) if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period to be applicable thereto after giving effect to suchelection, which shall be a period contemplated by the definition of the term “Interest Period.”

If any such Interest Election Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the Borrower shall bedeemed to have selected an Interest Period of one month’s duration.

(d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the detailsthereof and of such Lender’s portion of each resulting Borrowing.

(e) If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing prior to the endof the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period suchBorrowing shall be converted to a one-month Eurocurrency Borrowing. Notwithstanding any contrary provision hereof, if an Event of Defaulthas occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long asan Event of Default is continuing (i) no outstanding Borrowing denominated in Dollars may be converted to or continued as a EurocurrencyBorrowing and (ii) unless repaid, each Eurocurrency Borrowing denominated in Dollars shall be converted to an ABR Borrowing at the end ofthe Interest Period applicable thereto.

SECTION 2.07. Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminateon the Maturity Date.

(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Commitments; provided that (i) eachreduction of the Revolving Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $25,000,000 and(ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Loans inaccordance with Section 2.09, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments .

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(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitmentsunder paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying suchelection and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of thecontents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination ofthe Revolving Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other creditfacilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specifiedeffective date) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments shall be permanent. Eachreduction of the Revolving Commitments shall be made ratably among the Lenders in accordance with their individual ApplicablePercentages.

SECTION 2.08. Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay (i) to theAdministrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan (other than a Swingline Loan) onthe Maturity Date, and (ii) to the Administrative Agent for the account of each Swingline Lender the then unpaid principal amount of eachSwingline Loan on the earlier of the Maturity Date and the first date after such Swingline Loan is made that is the 15th or the last day of a calendarmonth and is at least five Business Days after the date on which such Swingline Loan is made (it being understood that Swingline Loans may beprepaid at anytime in accordance with Section 2.09); provided that, on each date that a Revolving Borrowing is made in any currency, theBorrower shall repay all Swingline Loans denominated in such currency that were outstanding on the date such Borrowing was requested.

(b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of theBorrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid tosuch Lender from time to time hereunder.

(c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount and currency of each Loan madehereunder, the Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to becomedue and payable from the Borrower to each Lender hereunder, and (iii) the amount of any sum received by the Administrative Agenthereunder for the account of the Lenders and each Lender’s share thereof.

(d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence ofthe existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintainsuch accounts or any error therein shall not

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in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement.

(e) Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shallprepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and itsregistered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interestthereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such formpayable to the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns).

SECTION 2.09. Prepayment of Loans. (a) The Borrower shall have the right at any time and from time to time to prepay anyBorrowing in whole or in part, subject to prior notice in accordance with paragraph (d) of this Section and payment of any amounts required underSection 2.14.

(b) In the event and on each occasion that the sum of the total Revolving Exposures exceeds the total Revolving Commitments,then (i) on the last day of any Interest Period for any Eurocurrency Borrowing and (ii) on each other date on which any ABR RevolvingBorrowing or Swingline Loan shall be outstanding, the Borrower shall prepay Loans in an aggregate amount equal to the lesser of (A) theamount necessary to eliminate such excess (after giving effect to any other prepayment of Loans on such day) and (B) the amount of theapplicable Revolving Borrowings and Swingline Loans referred to in clause (i) or (ii), as applicable; provided , however , that, in any event,the Borrower shall prepay Revolving Loans or Swingline Loans in an aggregate amount sufficient to eliminate such excess by the 90th dayafter such excess first arises. If at any time the sum of the total Revolving Exposures exceeds 105% of the total Revolving Commitments, thenthe Borrower shall, not later than the next Business Day, prepay one or more Borrowings in an aggregate principal amount sufficient to(x) reduce the sum of the total Revolving Exposures to an amount not in excess of the total Revolving Commitments.

(c) Prior to any prepayment of Borrowings the Borrower shall select the Borrowing or Borrowings to be prepaid and shallspecify such selection in the notice of such prepayment pursuant to paragraph (d) below.

(d) The Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the SwinglineLenders) by telephone (confirmed by telecopy) or by telecopy of any prepayment hereunder (i) in the case of prepayment of a EurocurrencyRevolving Borrowing, not later than 12:00 noon, Local Time, three Business Days before the date of prepayment, (ii) in the case ofprepayment of an ABR Revolving Borrowing or a US Swingline Borrowing, not later than 12:00 noon, Local Time, on the Business Day ofprepayment and (iii) in

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the case of a prepayment of a Multicurrency Swingline Borrowing, by 10:00 a.m., Local Time, on the Business Day of prepayment. Each suchnotice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof, to be prepaid;provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplatedby Section 2.07, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.07.Promptly following receipt of any such notice relating to a Revolving Borrowing, the Administrative Agent shall advise the applicable Lendersof the contents thereof. Each partial prepayment of any Revolving Borrowing shall be in an amount that would be permitted in the case of aRevolving Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Revolving Borrowing shall be applied ratably tothe Loans included in the prepaid Borrowing, and each prepayment of a Swingline Borrowing shall be applied ratably to the Swingline Loans(or participations therein) included in such prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required bySection 2.11.

SECTION 2.10. Fees. (a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment feeat a per annum rate equal to the Applicable Rate in effect from time to time applied to the daily unused amount of the Revolving Commitment ofsuch Lender during the period from and including the Second Restatement Effective Date to but excluding the Maturity Date or such earlier date onwhich the Revolving Commitments terminate. Accrued commitment fees shall be payable in arrears on the last day of March, June, September andDecember of each year and on the date on which the Revolving Commitments terminate, commencing on the first such date to occur after theOriginal Effective Date. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number ofdays elapsed (including the first day but excluding the last day).

(b) The Borrower agrees to pay the Administrative Agent, for its own account, the fees in the amounts and at the timespreviously agreed upon by the Borrower and the Administrative Agent.

(c) All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent fordistribution, in the case of commitment fees, to the Lenders.

SECTION 2.11. Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus theApplicable Rate.

(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate, in the case ofBorrowings in Dollars, and at the LIBO Rate, in the case of Borrowings in a Designated Foreign Currency, for the Interest Period in effect forsuch Borrowing plus the Applicable Rate.

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(c) Each Swingline Loan shall bear interest (i) in the case of a US Swingline Loan, at the Alternate Base Rate plus theApplicable Rate, (ii) in the case of a European Swingline Loan, at the Euro Overnight Rate plus the Applicable Rate applicable toEurocurrency Loans, and (iii) in the case of a UK Swingline Loan, at the Sterling Overnight Rate plus the Applicable Rate applicable toEurocurrency Loans.

(d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by theBorrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interestfrom the date on which such amount became due until such amount is paid in full, after as well as before judgment, at a rate per annum equalto (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphsof this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.

(e) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case ofRevolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (d) of this Sectionshall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR RevolvingLoan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date ofsuch repayment or prepayment, and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Periodtherefor, accrued interest on such Loan shall be payable on the effective date of such conversion. All interest shall be payable in the currencyin which the applicable Loan is denominated.

(f) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to theAlternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or366 days in a leap year) and interest on any Loan denominated in Sterling shall be computed on the basis of a year of 365 days, and in eachcase shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate BaseRate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absentmanifest error.

SECTION 2.12. Alternate Rate of Interest. Subject, in each case, to the provisos set forth in the definitions of Euro Overnight Rate,LIBO Rate and Sterling Overnight Rate, if prior to the commencement of any Interest Period for a Eurocurrency Borrowing:

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(i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate andreasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable (including, without limitation,because the Screen Rate is not available or published on a current basis), for the applicable currency and such Interest Period; or

(ii) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, forsuch Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in suchBorrowing for such Interest Period;

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicablethereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longerexist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a EurocurrencyBorrowing of the affected type (including Loans denominated in a particular currency, as applicable) shall be ineffective, and such Borrowing shallbe converted to or continued on the last day of the Interest Period applicable thereto as (A) if such Borrowing is denominated in Dollars, an ABRRevolving Borrowing, or (B) if such Borrowing is denominated in any other currency, a Revolving Borrowing bearing interest at such rate as theaffected Lenders and the Borrower may agree adequately reflects the costs to such Lenders of making or maintaining their Loans (or, in the absenceof such agreement, shall be repaid as of the last day of the current Interest Period applicable thereto), and (ii) if any Borrowing Request requests aEurocurrency Revolving Borrowing in Dollars, such Borrowing shall be made as an ABR Borrowing (or such Borrowing shall not be made if theBorrower revokes (and in such circumstances, such Borrowing Request may be revoked notwithstanding any other provision of this Agreement)such Borrowing Request by telephonic notice, confirmed promptly in writing, not later than one Business Day prior to the proposed date of suchBorrowing) and (iii) any request by a Borrower for a Eurocurrency Borrowing denominated in a currency other than Dollars shall be ineffective;provided that if the circumstances giving rise to such notice affect only one type of Borrowings (for example, Loans having certain Interest Periodsor denominated in a particular currency), then the other types of Borrowing shall be permitted.

SECTION 2.13. Increased Costs. (a) If any Change in Law shall:

(i) impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement against assets of, deposits withor for the account of, or credit extended by, any Lender (except any such reserve or other requirement reflected in the Adjusted LIBO Rateor in additional interest paid pursuant to Section 2.21); or

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(ii) impose on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting thisAgreement or Eurocurrency Loans made by such Lender;

and the result of any of the foregoing shall be to increase the cost to such Lender of making, continuing, converting to or maintaining anyEurocurrency Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by suchLender hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender such additional amount or amounts aswill compensate such Lender for such additional costs incurred or reduction suffered.

(b) If any Lender determines that any Change in Law affecting such Lender or any lending office of such Lender or suchLender’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return onsuch Lender’s capital or on the capital of such Lender’s direct or indirect holding company, if any, as a consequence of this Agreement or theLoans made by such Lender, to a level below that which such Lender or such Lender’s direct or indirect holding company could have achievedbut for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s direct or indirect holdingcompany with respect to capital or liquidity adequacy), then from time to time the Borrower will pay to such Lender such additional amount oramounts as will compensate such Lender or such Lender’s direct or indirect holding company for any such reduction suffered.

(c) A certificate of a Lender setting forth in reasonable detail the amount or amounts necessary to compensate such Lender orits direct or indirect holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrowerand shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10days after receipt thereof.

(d) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver ofsuch Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to thisSection for any increased costs or reductions incurred more than 120 days prior to the date that such Lender notifies the Borrower of theChange in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; providedfurther that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 120-day period referred to aboveshall be extended to include the period of retroactive effect thereof.

(e) Notwithstanding any other provision of this Section 2.13, no Lender shall demand compensation for any increased costs orreduction referred to above if it shall not be the general policy or practice of such Lender to demand such compensation in similarcircumstances and unless such demand is generally

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consistent with such Lender’s treatment of comparable borrowers of such Lender in the United States with respect to similarly affectedcommitments or loans under agreements with such borrowers having provisions similar to this Section 2.13 (it being understood that thissentence shall not limit the discretion of any Lender to waive the right to demand such compensation in any given case).

(f) If any Lender shall subsequently recoup any costs (other than from the Borrower) for which such Lender has previouslybeen compensated by the Borrower under this Section 2.13, such Lender shall remit to the Borrower an amount equal to the amount of suchrecoupment.

SECTION 2.14. Break Funding Payments. In the event of (a) the payment of any principal of any Eurocurrency Loan prior to thelast day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan prior tothe last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurocurrency Loan on the datespecified in any notice delivered pursuant hereto (except in the case when such notice may be revoked under Section 2.09(d) or Section 2.12 and isrevoked in accordance therewith), or (d) the assignment of any Eurocurrency Loan other than on the last day of the Interest Period applicablethereto as a result of a request by the Borrower pursuant to Section 2.17, then, in any such event, the Borrower shall compensate each Lender forthe loss (excluding loss of margin), cost and expense it may reasonably incur as a result of such event; provided , however , that the Borrower shallnot compensate any Lender for any cost of terminating or liquidating any hedge or related trading position (such as a rate swap, basis swap,forward rate transaction, interest rate option, cap, collar or floor transaction, swaption or any other similar transaction). Such compensable loss, costor expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interestwhich would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate or LIBO Rate, as the casemay be, that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Periodtherefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over(ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it tobid, at the commencement of such period, for dollar deposits of a comparable amount and period from other banks in the Eurocurrency market. Acertificate of any Lender setting forth in reasonable detail any amount or amounts that such Lender is entitled to receive pursuant to this Sectionshall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due onany such certificate within 10 days after receipt thereof.

SECTION 2.15. Taxes. (a) Any and all payments by or on account of any obligation of the Borrower hereunder shall be made freeand clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrower shall

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be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so thatafter making all such required deductions (including such deductions applicable to additional sums payable under this Section) the AdministrativeAgent or Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) theBorrower shall make such deductions, and (iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority inaccordance with applicable law.

(b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicablelaw.

(c) The Borrower shall indemnify the Administrative Agent and each Lender, within 15 days after written demand therefor, forthe full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or such Lender, as the case may be, on or withrespect to any payment by or on account of any obligation of the Borrower hereunder (including Indemnified Taxes or Other Taxes imposed orasserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable expenses arising therefrom or withrespect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevantGovernmental Authority; provided, further, that the indemnification obligations of the Borrower under this Section 2.15 shall not apply if theAdministrative Agent or applicable Lender is not seeking recovery of similar Indemnified Taxes or Other Taxes from other similarly situatedborrowers. A certificate setting forth in reasonable detail the amount of such payment or liability delivered to the Borrower by a Lender, or bythe Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

(d) Each Lender shall severally indemnify the Administrative Agent, within 15 days after written demand therefor, for the fullamount of any Taxes attributable to such Lender that are paid or payable by the Administrative Agent in connection with this Agreement (but,in the case of any Indemnified Taxes or Other Taxes, only to the extent that the Borrower has not already indemnified the AdministrativeAgent for such Indemnified Taxes or Other Taxes and without limiting the obligation of the Borrower to do so) and any penalties, interest andreasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by therelevant Governmental Authority. A certificate setting forth in reasonable detail the amount of such payment or liability delivered to theapplicable Lender by the Administrative Agent shall be conclusive absent manifest error.

(e) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a GovernmentalAuthority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such GovernmentalAuthority evidencing such payment, a copy of the return

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reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

(f) If the Administrative Agent or a Lender determines, in its good-faith judgment, that it has received a refund of any Taxes orOther Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuantto this Section 2.15, it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or additional amountspaid, by the Borrower under this Section 2.15 with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocketexpenses of the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authoritywith respect to such refund); provided that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay theamount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to theAdministrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to suchGovernmental Authority. This Section shall not be construed to require the Administrative Agent or any Lender to make available its Taxreturns (or any other information relating to its Taxes which it deems confidential) to the Borrower or any other Person.

(g) (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made underany Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower orthe Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the AdministrativeAgent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonablyrequested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonablyrequested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or notsuch Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the precedingtwo sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.15(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission wouldsubject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of suchLender.

(ii) Without limiting the generality of the foregoing:

(a) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which suchLender becomes a Lender under this Agreement (and from time to time thereafter upon the

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reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exemptfrom U.S. federal backup withholding tax;

(b) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (insuch number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender underthis Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever ofthe following is applicable:

(i) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) withrespect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN or W-8BEN-E, as applicable,establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and(y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or W-8BEN-E, as applicable,establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income”article of such tax treaty;

(ii) executed originals of IRS Form W-8ECI;

(iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of theCode, (x) a certificate substantially in the form of Exhibit C-1 to the effect that such Foreign Lender is not a “bank” within themeaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax ComplianceCertificate”) and (y) executed originals of IRS Form W-8BEN or W-8BEN-E, as applicable; or

(iv) to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied byIRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit C-2or Exhibit C-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if theForeign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interestexemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit C-4 on behalfof each such direct and indirect partner

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(c) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (insuch number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender underthis Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executedoriginals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholdingTax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower orthe Administrative Agent to determine the withholding or deduction required to be made; and

(d) If a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed byFATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained inSection 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent, at the timeor times prescribed by applicable law and at such time or times reasonably requested by the Administrative Agent or the Borrower, suchdocumentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additionaldocumentation reasonably requested by the Administrative Agent or the Borrower as may be necessary for the Administrative Agent or theBorrower, as the case may be, to comply with its obligations under FATCA, to determine that such Lender has or has not complied withsuch Lender’s obligations under FATCA and, as necessary, to determine the amount to deduct and withhold from such payment. Solely forpurposes of this Section 2.15(g)(ii), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall updatesuch form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

(h) For purposes of determining withholding Taxes imposed under FATCA, from and after the Second Restatement EffectiveDate, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Loans asnot qualifying as a "grandfathered obligation" within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

SECTION 2.16. Payments Generally; Pro Rata Treatment; Sharing of Setoffs. (a) The Borrower shall make each payment requiredto be made by it hereunder (whether of principal, interest or fees, or of amounts payable under Sections 2.13, 2.14 or 2.15, or otherwise) prior to2:00 p.m., Local Time, on the date when due, in immediately available funds, without setoff or counterclaim. Any amounts received after such timeon any date may, in the discretion of the Administrative Agent, be deemed to

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have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to suchaccount as may be specified by the Administrative Agent for the account of the applicable Lenders, except that payments pursuant to Sections 2.13,2.14, 2.15 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received byit for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on aday that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any paymentaccruing interest, interest thereon shall be payable for the period of such extension (but in no case shall any payment so extended be due after theMaturity Date). All payments hereunder of principal or interest in respect of any Loan (or of any breakage indemnity in respect of any Loan) shallbe made in the currency of such Loan; all other payments hereunder and under each other Loan Document shall be made in Dollars, except asotherwise expressly provided. Any payment required to be made by the Administrative Agent hereunder shall be deemed to have been made by thetime required if the Administrative Agent shall, at or before such time, have taken the necessary steps to make such payment in accordance with theregulations or operating procedures of the clearing or settlement system used by the Administrative Agent to make such payment.

(b) If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts ofprincipal, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder,ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towardspayment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due tosuch parties.

(c) If any Lender shall, by exercising any right of set off or counterclaim or otherwise, obtain payment in respect of anyprincipal of or interest on any of its Loans or participations in Swingline Loans resulting in such Lender receiving payment of a greaterproportion of the aggregate amount of its Loans of the relevant Class and accrued interest thereon than the proportion received by any otherLender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans of other Lendersof such Class to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with theaggregate amount of principal of and accrued interest on their respective Loans of such Class; provided that (i) if any such participations arepurchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase pricerestored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any paymentmade by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender asconsideration for the assignment of or sale of a participation in any of its Loans to any assignee or Participant, other than to the

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Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to theforegoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to theforegoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as ifsuch Lender were a direct creditor of the Borrower in the amount of such participation.

(d) Unless the Administrative Agent shall have received written notice from the Borrower prior to the date on which anypayment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, theAdministrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance uponsuch assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of theLenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interestthereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the AdministrativeAgent, at (i) the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with bankingindustry rules on interbank compensation (in the case of an amount denominated in Dollars) and (ii) the rate reasonably determined by theAdministrative Agent to be the cost to it of funding such amount (in the case of an amount denominated in any Designated Foreign Currency).

(e) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.04(c), 2.05(a) or 2.16(d), thenthe Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by theAdministrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfiedobligations are fully paid.

SECTION 2.17. Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under Section 2.13, or ifthe Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant toSection 2.15, or if the Borrower is required to pay any additional interest to any Lender pursuant to Section 2.21, then such Lender shall usereasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunderto another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduceamounts payable pursuant to Section 2.13, 2.15 or 2.21, as the case may be, in the future and (ii) would not subject such Lender to anyunreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.

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(b) If (i) any Lender requests compensation under Section 2.13, (ii) the Borrower is required to pay any additional amount toany Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15, (iii) the Borrower is required to pay anyadditional interest to any Lender pursuant to Section 2.21, (iv) any Lender becomes a Defaulting Lender, or (v) any Lender is a Non-Consenting Lender under Section 2.20, then the Borrower may, at its sole expense and effort, upon notice to such Lender and theAdministrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictionscontained in, and consents required by, Section 9.04), all its interests, rights and obligations under this Agreement to an assignee that shallassume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) to the extent requiredby Section 9.04, the Borrower shall have received the prior written consent of the Administrative Agent and the Swingline Lenders, whichconsent shall not be unreasonably withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of itsLoans and participations in Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from theassignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts), and(iii) in the case of any such assignment resulting from a claim for compensation under Section 2.13 or payments required to be made pursuantto Section 2.15 or additional interest required pursuant to Section 2.21, such assignment will result in a material reduction in suchcompensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiverby such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

SECTION 2.18. Defaulting Lenders.

Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the followingprovisions shall apply for so long as such Lender is a Defaulting Lender:

(a) fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.10;

(b) the Commitment and Revolving Exposure of such Defaulting Lender shall not be included in determining whether the RequiredLenders or any other requisite Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver orother modification pursuant to Section 9.02); provided , that this clause (b) shall not apply to the vote of a Defaulting Lender in the case ofan amendment, waiver or other modification requiring the consent of all Lenders or each Lender affected thereby;

(c) if any Swingline Exposure exists at the time such Lender becomes a Defaulting Lender then:

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(i) all or any part of the Swingline Exposure of such Defaulting Lender shall be reallocated among the non-DefaultingLenders in accordance with their respective Applicable Percentages, but only to the extent that the sum of all non-DefaultingLenders’ Revolving Exposures plus such Defaulting Lender’s Swingline Exposure does not exceed the total of all non-DefaultingLenders’ Commitments; provided that no reallocation under this clause (i) shall constitute a waiver or release of any claim of anyparty hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of anon-Defaulting Lender as a result of such non-Defaulting Lender’s increased exposure following such reallocation;

(ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within oneBusiness Day following notice by the Administrative Agent prepay such Swingline Exposure; and

(d) so long as such Lender is a Defaulting Lender, no Swingline Lender shall be required to fund any Swingline Loan, unless it issatisfied that the related exposure will be fully covered by the Commitments of the non-Defaulting Lenders, and participating interests inany newly made Swingline Loan shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.18(c)(i) (and suchDefaulting Lender shall not participate therein).

If (i) a Bankruptcy Event with respect to a Lender Parent shall occur following the date hereof and for so long as such event shallcontinue or (ii) any Swingline Lender has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more otheragreements in which such Lender commits to extend credit, no Swingline Lender shall be required to fund any Swingline Loan, unless theSwingline Lenders shall have entered into arrangements with the Borrower or such Lender, satisfactory to the Swingline Lenders to defease anyrisk to the Swingline Lenders in respect of such Lender hereunder.

In the event that the Administrative Agent, the Borrower and each Swingline Lender agree that a Defaulting Lender has adequatelyremedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure of the Lenders shall be readjusted to reflectthe inclusion of such Lender’s Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders (other thanSwingline Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with itsApplicable Percentage; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf ofthe Borrower while such Lender was a Defaulting Lender; provided , further , that, except as otherwise expressly agreed by the affected parties, nochange hereunder of a Lender’s status from a Defaulting Lender to a non-

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Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender’s having been a DefaultingLender..

SECTION 2.19. Increase in Revolving Commitments. (a) The Borrower may on one or more occasions during the AvailabilityPeriod request, by written notice to the Administrative Agent, the establishment of Incremental Revolving Commitments to be provided byIncremental Lenders and in connection therewith cause additional Swingline Commitments to be provided by such Incremental Lenders (notexceeding, in the aggregate for all such new or increased Swingline Commitments, the aggregate amount of such Incremental Commitments);provided , however , that (i) the amount of each Incremental Facility shall be no less than $75,000,000 and (ii) the aggregate amount of all theIncremental Revolving Commitments established hereunder shall not exceed $500,000,000. Each such notice shall specify (i) the date on which theBorrower proposes that the Incremental Revolving Commitments shall be effective, which shall be a date not less than 10 Business Days (or suchshorter period as may be agreed to by the Administrative Agent) after the date on which such notice is delivered to the Administrative Agent and(ii) the amount of the Incremental Revolving Commitments being requested (it being agreed that (A) any Lender approached to provide anyIncremental Revolving Commitment may elect or decline, in its sole discretion, to provide such Incremental Revolving Commitment and (B) anyPerson other than an existing Lender that the Borrower proposes to become an Incremental Lender shall be subject to the approval of theAdministrative Agent and the Swingline Lenders (which approval shall not be unreasonably withheld).

(b) The terms and conditions of any Incremental Revolving Commitments and Loans and other extensions of credit to be madethereunder shall be identical to those of the Revolving Commitments hereunder and the Loans and other extensions of credit made thereunder,and shall be treated as a single class with such Revolving Commitments and Loans.

(c) The Incremental Revolving Commitments shall be effected pursuant to one or more Incremental Facility Amendmentsexecuted and delivered by the Borrower, each Incremental Lender providing such Incremental Revolving Commitments and theAdministrative Agent; provided that no Incremental Facility or Incremental Revolving Commitments or new or increased SwinglineCommitments relating thereto will become effective unless (i) no Default shall have occurred and be continuing at the time of, andimmediately after giving effect to, the effectiveness of such Incremental Revolving Commitments, (ii) on the date of effectiveness thereof, therepresentations and warranties set forth in Article III hereof shall be true and correct in all material respects on and as of the date of sucheffectiveness, except where such representations and warranties expressly relate to an earlier date, in which case such representations andwarranties shall have been true and correct in all material respects as of such earlier date, (iii) the Administrative Agent shall have received acertificate dated the date of such effectiveness confirming satisfaction as of such date of the conditions referred to in

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clauses (i) and (ii), (iv) the Borrower shall make any payments required to be made pursuant to Section 2.14 in connection with suchIncremental Revolving Commitments and the related transactions under this Section, and (v) the Borrower shall have delivered to theAdministrative Agent such legal opinions, board resolutions, secretary’s certificates, officer’s certificates and other documents, consistent withthose delivered under Section 4.01 hereof, as shall reasonably be requested by the Administrative Agent in connection with such IncrementalFacility. Each Incremental Facility Amendment may, without the consent of any Lender other than the Incremental Lenders party thereto,effect such amendments to this Agreement as may be necessary or appropriate, in the opinion of the Administrative Agent, to give effect to theprovisions of this Section.

(d) Upon the effectiveness of an Incremental Revolving Commitment of any Incremental Lender, (i) such Incremental Lendershall be deemed to be a “Revolving Lender” and, as applicable, a Swingline Lender, hereunder, and shall thereafter be entitled to all the rightsof, and benefits accruing to, Lenders hereunder and shall be bound by all agreements, acknowledgements and other obligations of Lendershereunder, and (ii)(A) such Incremental Revolving Commitment shall constitute (or, in the event such Incremental Lender already has aRevolving Commitment, shall increase) the Revolving Commitment of such Incremental Lender and (B) the aggregate RevolvingCommitments shall be increased by the amount of such Incremental Revolving Commitment, in each case, subject to further increase orreduction from time to time as set forth in the definition of the term “Revolving Commitment”. For the avoidance of doubt, upon theeffectiveness of any Incremental Revolving Commitments, the Revolving Exposure of the Incremental Revolving Lender holding suchCommitment, and the Applicable Percentages of all the Revolving Lenders, shall automatically be adjusted to give effect thereto.

(e) On the date of effectiveness of any Incremental Revolving Commitments, each Revolving Lender shall assign to eachIncremental Revolving Lender holding such Incremental Revolving Commitment, and each such Incremental Revolving Lender shall purchasefrom each Revolving Lender, at the principal amount and in the currency thereof (together with accrued interest in the applicable currency),such interests in the outstanding Revolving Loans and funded participations in Swingline Loans outstanding on such date as shall be necessaryin order that, after giving effect to all such assignments and purchases, such Revolving Loans and funded participations in Swingline Loanswill be held by all the Revolving Lenders (including such Incremental Revolving Lenders) ratably in accordance with their ApplicablePercentages after giving effect to the effectiveness of such Incremental Revolving Commitment.

(f) The Administrative Agent shall notify the Lenders promptly upon receipt by the Administrative Agent of any notice fromthe Borrower referred to in paragraph (a) of this Section and of the effectiveness of any Incremental Revolving

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Facility, in each case advising the Lenders of the details thereof and of the Applicable Percentages of the Revolving Lenders after giving effectthereto and of the assignments required to be made pursuant to paragraph (e) of this Section.

SECTION 2.20. Extension of Maturity Date. (a) The Borrower may, on no more than two occasions during the Availability Period,by written notice (an “ Extension Notice ”) delivered to the Administrative Agent not less than 30 days and not more than 60 days prior to anyanniversary of the Second Restatement Effective Date, request a one-year extension of the Maturity Date then in effect (the “ Existing MaturityDate ”) to be effective on such anniversary (the “ Extension Effective Date ”); provided that (i) no Default shall have occurred and be continuing onthe Extension Effective Date, (ii) the representations and warranties set forth in Article III hereof shall be true and correct in all material respects onand as of the Extension Effective Date, except where such representations and warranties expressly relate to an earlier date, in which case suchrepresentations and warranties shall have been true and correct in all material respects as of such earlier date, and (iii) the Administrative Agentshall have received a certificate, dated the Extension Effective Date and signed by a Vice President or a Financial Officer of the Borrower,confirming compliance with the conditions precedent set forth in clauses (i) and (ii) of this paragraph (a).

(b) The effectiveness of any extension of the Maturity Date shall require the prior written consent of the Required Lenders, eachLender participating in such extension of the Maturity Date, and the Administrative Agent. The Administrative Agent shall promptly furnish acopy of the Extension Notice to each Lender, and shall request that each Lender either agree or not agree to such extension no later than10 days prior to the requested Extension Effective Date. Any Lender not responding within the above time period shall be deemed not to haveconsented to such extension. The decision to agree or withhold agreement to any extension of the Maturity Date hereunder shall be at the solediscretion of each Lender. The Revolving Commitment of any Lender that has declined to agree to any requested extension of the MaturityDate (a “ Non-Consenting Lender ”) shall terminate on the Existing Maturity Date, and the principal amount of any outstanding Loans madeby such Lender, together with any accrued interest thereon, and any accrued fees and other amounts payable to or for the account of suchLender hereunder, shall be due and payable on the Existing Maturity Date, and such Non-Consenting Lender shall cease to be a party heretobut shall continue to be entitled to the benefits of Sections 2.13, 2.14, 2.15 and 9.03 with respect to facts and circumstances occurring prior tothe date it ceased being a party. Notwithstanding the foregoing provisions of this paragraph, the Borrower shall have the right, prior to anExtension Effective Date, pursuant to, and in accordance with, Section 2.17(b), to replace a Non-Consenting Lender with a Lender or otherfinancial institution that will agree to an extension of the Maturity Date.

SECTION 2.21. Additional Reserve Costs.

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(a) If and so long as any Lender is required to comply with reserve assets, liquidity, cash margin or other requirements of anymonetary or other authority (including any such requirement imposed by the European Central Bank or the European System of CentralBanks, but excluding requirements reflected in the Statutory Reserve Rate) in respect of any of such Lender’s Eurocurrency Loans in anyDesignated Foreign Currency, such Lender may require the Borrower to pay, contemporaneously with each payment of interest on each ofsuch Lender’s Eurocurrency Loans subject to such requirements, additional interest on such Loan at a rate per annum specified by such Lenderto be the cost to such Lender of complying with such requirements in relation to such Loan.

(b) Any additional interest owed pursuant to paragraph (a) above shall be determined by the relevant Lender, whichdetermination shall be conclusive absent manifest error, and notified to the Borrower (with a copy to the Administrative Agent) at least fiveBusiness Days before each date on which interest is payable for the relevant Loan, and such additional interest so notified to the Borrower bysuch Lender shall be payable to the Administrative Agent for the account of such Lender on each date on which interest is payable for suchLoan.

SECTION 2.22. Redenomination of Certain Designated Foreign Currencies. (a) Each obligation of any party to this Agreement tomake a payment denominated in the national currency unit of any member state of the European Union that adopts the Euro as its lawful currencyafter the date hereof shall be redenominated into Euro at the time of such adoption (in accordance with the EMU Legislation). If, in relation to thecurrency of any such member state, the basis of accrual of interest expressed in this Agreement in respect of that currency shall be inconsistent withany convention or practice in the London Interbank Market for the basis of accrual of interest in respect of the Euro, such expressed basis shall bereplaced by such convention or practice with effect from the date on which such member state adopts the Euro as its lawful currency (and theAdministrative Agent shall give notice thereof to the Borrower and the Lenders); provided that if any Borrowing in the currency of such memberstate is outstanding immediately prior to such date, such replacement shall take effect, with respect to such Borrowing, at the end of the thencurrent Interest Period.

(b) Without prejudice and in addition to any method of conversion or rounding prescribed by any EMU Legislation and(i) without limiting the liability of the Borrower for any amount due under this Agreement and (ii) without increasing any Commitment of anyLender, all references in this Agreement to minimum amounts (or integral multiples thereof) denominated in the national currency unit of anymember state of the European Union that adopts the Euro as its lawful currency after the date hereof shall, immediately upon such adoption, bereplaced by references to such minimum amounts (or integral multiples thereof) as shall be specified herein with respect to Borrowingsdenominated in Euro.

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(c) Each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent(with the consent of the Borrower (not to be unreasonably withheld)) may from time to time specify to be appropriate to reflect the adoption ofthe Euro by any member state of the European Union and any relevant market conventions or practices relating to the Euro.

ARTICLE III

Representations and Warranties

The Borrower represents and warrants to the Lenders that:

SECTION 3.01. Organization; Powers. Each of the Borrower and the Significant Subsidiaries is duly organized, validly existing andin good standing (if applicable) under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business asnow conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a MaterialAdverse Effect, is qualified to do business and in good standing (if applicable) in every jurisdiction where such qualification is required.

SECTION 3.02. Authorization; Enforceability. The Transactions are within the Borrower’s and the applicable Subsidiaries’corporate powers and have been duly authorized by all necessary corporate and, if required, stockholder action. This Agreement has been dulyexecuted and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable in accordance with itsterms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject togeneral principles of equity, regardless of whether considered in a proceeding in equity or at law.

SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registrationor filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect,(b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Borrower or any of theSignificant Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, materialagreement or other material instrument binding upon the Borrower or any of the Significant Subsidiaries or its assets, or give rise to a rightthereunder to require any payment to be made by the Borrower or any of the Significant Subsidiaries, and (d) will not result in the creation orimposition of any Lien on any material amount of assets of the Borrower or any of the Significant Subsidiaries.

SECTION 3.04. Financial Condition; No Material Adverse Change. (a) The Borrower has heretofore furnished to the Administrative Agent for delivery to the Lenders its consolidated balance sheet and statements ofincome, stockholders’ equity and cash flows as of and for the fiscal year ended October 31, 2017, reported on by Ernst & Young LLP, independentregistered public accounting firm. Such financial statements

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present fairly, in all material respects, the financial position and results of operations and cash flows of the Borrower and the Subsidiaries as ofsuch date and for such period in accordance with GAAP.

(b) Since October 31, 2017, there has been no material adverse change in the actual business, assets, operations or financialcondition of the Borrower and the Subsidiaries, taken as a whole.

SECTION 3.05. Litigation and Environmental Matters. (a) Except as disclosed in the Borrower’s Annual Report on Form 10-K forthe fiscal year ended October 31, 2017, the quarterly reports on Form 10-Q or current reports on Form 8-K filed subsequent thereto but prior to theSecond Restatement Effective Date, or any amendments thereof filed subsequent thereto but prior to the Second Restatement Effective Date, andexcept as set forth on Schedule 3.05, there are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending or, tothe knowledge of the Borrower, threatened against the Borrower or any of the Significant Subsidiaries (i) as to which there is a reasonablepossibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result ina Material Adverse Effect or (ii) that involve this Agreement or the Transactions.

(b) Except as disclosed in the Borrower’s Annual Report on Form 10-K for the fiscal year ended October 31, 2017, thequarterly reports on Form 10-Q or current reports on Form 8-K filed subsequent thereto but prior to the Second Restatement Effective Date, orany amendments thereof filed subsequent thereto but prior to the Second Restatement Effective Date, except as set forth on Schedule 3.05 andexcept with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material AdverseEffect, neither the Borrower nor any of the Significant Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintainor comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any EnvironmentalLiability, or (iii) has received notice of any claim with respect to any Environmental Liability.

SECTION 3.06. Compliance with Laws and Agreements. None of the Borrower or any of the Significant Subsidiaries or any of theirrespective properties or assets is in violation of, nor will the continued operation of their properties and assets as currently conducted violate, anylaw, rule or regulation or indenture, agreement or other instrument, or is in default with respect to any judgment, writ, injunction, decree or order ofany Governmental Authority or indenture, agreement or other instrument, where such violation or default could reasonably be expected to result ina Material Adverse Effect. No Default has occurred and is continuing.

SECTION 3.07. Investment Company Status. The Borrower is not, and is not “controlled” by, an “investment company” as definedin, or subject to regulation under, the Investment Company Act of 1940.

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SECTION 3.08. Taxes. Each of the Borrower and the Subsidiaries has timely filed or caused to be filed all Tax returns and reportsrequired by law to have been filed, and has paid or caused to be paid all Taxes shown to be due and payable on such Tax returns, except (a) anyTaxes that are being contested in good faith by appropriate proceedings and for which the Borrower or such Subsidiary, as applicable, has set asideon its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

SECTION 3.09. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all othersuch ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. Anyunderfunding with respect to one or more Plans (based on the assumptions used for purposes of Financial Accounting Standards No. 87) could notreasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

SECTION 3.10. Federal Reserve Regulations. (a) Neither the Borrower nor any of the Subsidiaries is engaged principally, or as oneof its important activities, in the business of extending credit for the purpose of buying or carrying Margin Stock.

(b) No part of the proceeds of any Loan will be used, whether directly or indirectly, and whether immediately, incidentally orultimately, for any purpose that entails a violation of, or that is inconsistent with, the provisions of the Regulations of the Board, includingRegulation T, Regulation U and Regulation X. If required by law and requested by the Administrative Agent or any Lender, the Borrower willfurnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3or FR Form U-1 referred to in Regulation U.

SECTION 3.11. Pari Passu Status. The obligations of the Borrower under this Agreement rank, and will rank, at least pari passu inpriority of payment and in all other respects with all unsecured Indebtedness of the Borrower.

SECTION 3.12. Anti-Corruption Laws and Sanctions . The Borrower has implemented and maintains in effect policies andprocedures designed to promote compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and BorrowerAgents with Anti-Corruption Laws and applicable Sanctions. None of the Borrower or any Subsidiary of the Borrower is a Sanctioned Person. TheBorrower and its Subsidiaries and, to the knowledge of the Borrower, its and their respective directors, officers, employees and Borrower Agentsare in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. No proceeds of any Loans will be used directly, orto the knowledge of the Borrower, indirectly for the purpose of financing the activities of any Sanctioned Person or in any Sanctioned Country(unless, in each case, authorized by Sanctions), or for the purpose of engaging in any activity in violation of Sanctions.

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SECTION 3.13. EEA Financial Institution . The Borrower is not an EEA Financial Institution.

ARTICLE IV

Conditions

SECTION 4.01. Second Restatement Effective Date. The amendment and restatement of the First Amended and RestatedAgreement in the form hereof, and the obligations of the Lenders to make Loans and acquire participations in Swingline Loans pursuant hereto,shall become effective on the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):

(a) The Administrative Agent (or its counsel) shall have received from the Borrower, each Lender and the AdministrativeAgent either (i) a counterpart of this Agreement (which may include telecopy or electronic transmission of a signed signature page of thisAgreement) signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent that such party has signed acounterpart of this Agreement.

(b) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and theLenders and dated the Second Restatement Effective Date) of Ruairidh Ross, Vice President, Deputy General Counsel and Assistant Secretaryof the Borrower (or any internal or outside counsel designated by the Borrower), substantially in the form of Exhibit B, and covering suchmatters relating to the Borrower, this Agreement or the Transactions as the Lenders shall reasonably request. The Borrower hereby requestssuch counsel to deliver such opinion.

(c) The Administrative Agent shall have received such documents and certificates as the Administrative Agent mayreasonably request relating to the organization, existence and good standing of the Borrower in its jurisdiction of organization, theauthorization of the Transactions and any other legal matters relating to the Borrower, the Subsidiaries, this Agreement or the Transactions, allin form and substance reasonably satisfactory to the Administrative Agent.

(d) The Administrative Agent shall have received a certificate dated the Second Restatement Effective Date signed by a VicePresident or a Financial Officer of the Borrower confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02as of such date (but without excluding the representation and warranty set forth in Section 3.04(b) or Section 3.05).

(e) Accrued interest on all loans outstanding under the First Amended and Restated Credit Agreement to the SecondRestatement Effective Date and all fees, cost reimbursements and out-of-pocket expenses accrued to or required

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to be paid or reimbursed on or prior to the Second Restatement Effective Date pursuant hereto (including under the First Amended andRestated Credit Agreement) or pursuant to the Commitment Letter (including upfront fees), to the extent invoiced prior to (or, in the case ofcost reimbursement and out-of-pocket expenses, not fewer than two Business Days prior to) the Second Restatement Effective Date, shall havebeen paid or will be paid on the Second Restatement Effective Date substantially concurrently with the effectiveness of this Agreement.

(f) The Administrative Agent shall have received all documentation and other information required by bank regulatory authoritiesunder applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act.

The Administrative Agent shall notify the Borrower and the Lenders of the Second Restatement Effective Date, and such notice shall be conclusiveand binding. Notwithstanding the foregoing, the amendment and restatement of the First Amended and Restated Credit Agreement in the formhereof and obligations of the Lenders to make Loans hereunder shall not become effective unless each of the foregoing conditions is satisfied (orwaived pursuant to Section 9.02) at or prior to 5:00 p.m., New York City time, on April 30, 2018 (and, in the event such conditions are not sosatisfied or waived, the Commitments shall terminate at such time).

SECTION 4.02. Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing is subject tothe satisfaction of the following conditions:

(a) The representations and warranties of the Borrower set forth in this Agreement (other than the representations andwarranties set forth in Section 3.04(b) and Section 3.05) shall be true and correct on and as of the date of such Borrowing.

(b) At the time of and immediately after giving effect to such Borrowing, no Default shall have occurred and be continuing.

Each Borrowing shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the mattersspecified in paragraphs (a) and (b) of this Section.

ARTICLE V

Affirmative Covenants

Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payablehereunder shall have been paid in full, the Borrower covenants and agrees with the Lenders that:

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SECTION 5.01. Financial Statements and Other Information. The Borrower will furnish to the Administrative Agent for delivery toeach Lender:

(a) on or before the earlier of (i) the date by which the Annual Report on Form 10-K of the Borrower (without giving effect toany extension thereof) for each fiscal year is required to be filed under the rules and regulations of the SEC and (ii) 90 days after the end ofsuch fiscal year, its audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the endof and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by Ernst & YoungLLP or other independent registered public accounting firm of recognized national standing (without a “going concern” or like qualification orexception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statementspresent fairly in all material respects the financial condition and results of operations of the Borrower and the Subsidiaries on a consolidatedbasis in accordance with GAAP consistently applied;

(b) on or before the earlier of (i) the date by which the Quarterly Report on Form 10-Q of the Borrower for each of the firstthree fiscal quarters of each fiscal year is required to be filed under the rules and regulations of the SEC (without giving effect to any extensionthereof) and (ii) 45 days after the end of each of the first three fiscal quarters of such fiscal year, its consolidated balance sheet and relatedstatements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of thefiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balancesheet, as of the end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects thefinancial condition and results of operations of the Borrower and the Subsidiaries on a consolidated basis in accordance with GAAPconsistently applied, subject to normal year-end audit adjustments and the absence of footnotes;

(c) not later than the date by which financial statements are required to be delivered under clause (a) or (b) above, a certificateof a Financial Officer of the Borrower (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the detailsthereof and any action taken or proposed to be taken with respect thereto and (ii) setting forth reasonably detailed calculations demonstratingcompliance with Section 6.05;

(d) promptly following any request therefor, such other information regarding the operations, business affairs and financialcondition of the Borrower or any Subsidiary, or compliance with the terms of this Agreement or with the requirements of the Patriot Act orany other “know your customer” or similar laws or regulations, as the Administrative Agent or any Lender may reasonably request (it beingunderstood that the Borrower shall not be required to provide any information

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which is subject to confidentiality restrictions, the nature of which prohibit such disclosure notwithstanding the provisions of Section 9.12hereof); and

(e) all information, documents and other materials that the Borrower is obligated to deliver to the Administrative Agent underthis Agreement, including all notices, requests, and other reports, certificates and other information materials, but excluding any suchinformation that (i) is required to be delivered pursuant to clauses (a) and (b) of this Section 5.01, (ii) relates to a request for a new, or aconversion of an existing, Borrowing or other extension of credit (including any Interest Election Request or Interest Period relating thereto),(iii) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (iv) provides noticeof any Default or Event of Default, or (v) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreementand/or any Borrowing or other extension of credit hereunder (all such non-excluded information being referred to herein collectively as “Communications ”), by transmitting the Communications in an electronic/soft medium in a format acceptable to the Administrative Agent. Inaddition, the Borrower agrees to continue to provide the Communications to the Administrative Agent in the manner specified in thisAgreement, but only to the extent requested by the Administrative Agent. The Borrower further agrees that the Administrative Agent maymake the Communications available to the Lenders by posting the Communications on Intralinks or a substantially similar electronictransmission system, access to which is controlled by the Administrative Agent (the “ Platform ”).

Reports required to be delivered pursuant to clauses (a) and (b) of this Section 5.01 shall be deemed to have been delivered on the date on whichthe Borrower posts such reports on its website at www.hp.com or when such reports are posted on the SEC’s website at www.sec.gov; providedthat the Borrower shall deliver to the Administrative Agent, not later than the date on which financial statements are required to be delivered underclause (b) above, the certification of a Financial Officer, as required by clause (b).

SECTION 5.02. Notices of Material Events. Promptly after a Financial Officer or any other executive officer of the Borrowerbecomes aware of the following, the Borrower will furnish to the Administrative Agent for delivery to each Lender written notice of the following:

(a) any Event of Default or Default, specifying the nature and extent thereof and the corrective action (if any) taken or proposed tobe taken with respect thereto;

(b) the filing or commencement of, or any written notice of intention of any Person to file or commence, any action, suit orproceeding, whether at law or in equity or by or before any arbitrator or Governmental Authority, against or affecting the Borrower or anyAffiliate thereof that, if not cured or if adversely determined, could reasonably be expected to result in a Material Adverse Effect;

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(c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, if not cured or ifadversely determined, could reasonably be expected to result in liability of the Borrower and the Subsidiaries in an aggregate amountexceeding $200,000,000; and

(d) any other development or event that has resulted in, or could reasonably be expected to result in, a Material Adverse Effect.

Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the Borrowersetting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

SECTION 5.03. Existence; Conduct of Business. The Borrower will, and will cause each of the Significant Subsidiaries to, do orcause to be done all things reasonably necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses,permits, privileges and franchises material to the conduct of its business; provided that the foregoing shall not prohibit any merger, consolidation,liquidation, dissolution or asset disposition permitted under Section 6.04; provided further that neither the Borrower nor any of the SignificantSubsidiaries shall be required to preserve any rights, licenses, permits, privileges or franchises or any Significant Subsidiary’s existence if theBorrower or such Subsidiary determines that the preservation thereof is no longer desirable in the conduct of the business of the Borrower or suchSubsidiary, as the case may be, and that the loss thereof would not materially adversely affect the Borrower, such Subsidiary or the Lenders withrespect to any Commitments or Borrowing hereunder.

SECTION 5.04. Payment of Obligations. The Borrower will, and will cause each of the Subsidiaries to, pay its obligations, otherthan Indebtedness but including Tax liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquentor in default, except where (a) the validity or amount thereof is being contested in good faith, (b) the Borrower or such Subsidiary has set aside onits books adequate reserves with respect thereto in accordance with GAAP, and (c) the failure to make payment pending such contest could notreasonably be expected to result in a Material Adverse Effect.

SECTION 5.05. Maintenance of Properties; Insurance. The Borrower will, and will cause each of the Subsidiaries to, (a) keep andmaintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, except wherethe failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, and (b) maintain, withfinancially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained bycompanies engaged in the same or similar businesses operating in the same or similar locations; provided , however , that the Borrower and theSubsidiaries may instead self-insure to the same general extent as other companies of similar size, type and financial condition as

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the Borrower or such Subsidiary, and to the extent such policies are consistent with prudent business practice.

SECTION 5.06. Books and Records; Inspection Rights. The Borrower will, and will cause each of the Subsidiaries to, keep properbooks of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activitiessufficient to permit the preparation of the consolidated financial statements of the Borrower and the Subsidiaries in accordance with GAAP. TheBorrower will, and will cause each of the Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender (whichrepresentatives shall be reasonably acceptable to the Borrower), upon reasonable prior notice, to visit and inspect its properties, to examine andmake extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at suchreasonable times and as often as reasonably requested; provided that such designated representatives agree to any reasonable confidentialityobligations proposed by the Borrower, including, but not limited to, confidentiality obligations agreed to by the Lenders under or in connectionwith this Agreement.

SECTION 5.07. Compliance with Laws. (a) The Borrower will, and will cause each of the Subsidiaries to, comply with all laws,rules, regulations and orders of any Governmental Authority applicable to it or its property, including all Environmental Laws, except where thefailure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

(b) The Borrower will maintain in effect and enforce in all material respects policies and procedures designed to promotecompliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and Borrower Agents with Anti-Corruption Lawsand applicable Sanctions.

SECTION 5.08. Use of Proceeds. (a) The proceeds of the Loans will be used only for general corporate purposes. No part of theproceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board,including Regulation T, Regulation U and Regulation X.

(b) The Borrower will not permit the proceeds of any Loans to be used directly, or to the knowledge of the Borrower, indirectlyfor the purpose of financing the activities of any Sanctioned Person or in any Sanctioned Country (unless, in each case, authorized by Sanctions),or for the purpose of engaging in any activity in violation of Sanctions.

ARTICLE VI

Negative Covenants

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Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunderhave been paid in full, the Borrower covenants and agrees with the Lenders that:

SECTION 6.01. Subsidiary Indebtedness . The Borrower will not permit any Subsidiary to create, incur, assume or permit to existany Indebtedness or Attributable Debt, except:

(a) Indebtedness, including Guarantees and obligations in respect of letters of credit and letters of guaranty, existing on the SecondRestatement Effective Date and set forth on Schedule 6.01 (i) individually, identifying the relevant Subsidiary and Indebtedness, in the caseof any issue or item of Indebtedness having an outstanding principal amount in excess of $100,000,000 and (ii) in the aggregate withrespect to all other such Indebtedness;

(b) Guarantees of Indebtedness of any Subsidiary to the extent such Indebtedness is otherwise permitted under this Agreement;

(c) Indebtedness of any Subsidiary to the Borrower or any other Subsidiary;

(d) Indebtedness of any Person that becomes a Subsidiary (or of any Person not previously a Subsidiary that is merged orconsolidated with or into a Subsidiary in a transaction permitted hereunder) after the Second Restatement Effective Date; or Indebtedness ofany Person that is assumed by any Subsidiary in connection with an acquisition of assets by such Subsidiary, provided that (i) suchIndebtedness exists at the time such Person becomes a Subsidiary (or is so merged or consolidated) or such assets are acquired and is notcreated in contemplation of or in connection with such Person becoming a Subsidiary (or such merger or consolidation) or such assets beingacquired and (ii) no other Subsidiary (other than a Subsidiary into which the acquired Person is merged or any Subsidiary of the acquiredPerson) shall Guarantee or otherwise become liable for the payment of such Indebtedness, except to the extent that such Guarantee isincurred pursuant to Section 6.01(g);

(e) Indebtedness incurred to finance the purchase price, construction cost or improvement cost incurred in connection with theacquisition, construction or improvement of assets, including Capital Lease Obligations; provided that (i) such Indebtedness is incurredprior to or within one year after, the date of acquisition, construction or improvement of such assets, (ii) such Indebtedness does not exceedthe amount of such purchase price or cost of the asset and (iii) any Lien securing such Indebtedness is permitted under Section 6.02(f);

(f) Indebtedness of Subsidiaries that are limited purpose financing vehicles for Securitization Transactions incurred to finance suchSecuritization

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Transactions, provided that such Securitization Transactions otherwise comply with the provisions hereof;

(g) other Indebtedness of Subsidiaries, including Attributable Debt in respect of Sale and Leaseback Transactions permitted bySection 6.03; provided that the sum, without duplication, of (i) the aggregate outstanding principal amount of Indebtedness permitted bythis clause (g), plus (ii) the aggregate outstanding principal amount of Indebtedness and other obligations secured by Liens permitted bySection 6.02(g), plus (iii) the outstanding Attributable Debt in respect of Sale and Leaseback Transactions permitted by Section 6.03 shallnot exceed at any time the greater of $700,000,000 and 12.5% of Consolidated Net Tangible Assets as of the most recent fiscal quarter endfor which financial statements of the Borrower have been delivered pursuant to Section 5.01(a) or (b);

(h) Indebtedness incurred in connection with the extension of maturity of, or refunding or refinancing of, in whole or in part, anyIndebtedness or Attributable Debt outstanding pursuant to Section 6.01(a),(d), (e) or (g), provided that (i) such extension of, or refundingrefinancing shall not increase the principal amount of the Indebtedness or Attributable Debt being extended, or refunded or refinanced bymore than the amount of accrued interest thereon and fees, expenses and premiums paid in connection with such extension, refunding orrefinancing and (ii) any such refinancing Indebtedness in respect of Indebtedness incurred under Section 6.01(g) will be deemed to utilizethe basket referred to in Section 6.01(g), but such Indebtedness shall be permitted even if such Indebtedness is incurred at a time when suchIndebtedness would not otherwise be permitted to be incurred under such clause;

(i) Indebtedness arising in connection with customary cash management services and from the honoring by a bank or financialinstitution of a check, draft or similar instrument drawn against insufficient funds, in each case in the ordinary course of business; and

(j) Indebtedness as an account party in respect of trade letters of credit.

SECTION 6.02. Liens. The Borrower will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist anyLien on any property or asset now owned or hereafter acquired by it, except:

(a) Permitted Encumbrances;

(b) Liens on any property or asset of a Subsidiary securing Indebtedness of such Subsidiary to the Borrower or to anotherSubsidiary;

(c) any Lien on any property or asset of the Borrower or any Subsidiary existing on the Second Restatement Effective Date;provided that (i) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary

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other than extensions and accessions thereto and (ii) such Lien shall secure only those obligations which it secures on the SecondRestatement Effective Date and extensions, renewals and replacements thereof permitted by Section 6.01(g);

(d) any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Subsidiary or existing on anyproperty or asset of any Person that becomes a Subsidiary after the Second Restatement Effective Date prior to the time such Personbecomes a Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Personbecoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Borrower or any Subsidiaryother than extensions and accessions thereto and (iii) such Lien shall secure only those obligations which it secures on the date of suchacquisition or the date such Person becomes a Subsidiary, as the case may be, and extensions, renewals, refinancings and replacementsthereof that do not increase the outstanding principal amount thereof by more than the amount of accrued interest thereon and fees, expensesand premiums paid in connection with such refinancing;

(e) Liens arising under Securitization Transactions entered into on lease and other accounts receivable sold or transferred pursuant tosuch Securitization Transactions or on interests retained by the Borrower or any Subsidiary in any securitization vehicle utilized to effectsuch a Securitization Transaction;

(f) any Lien given to secure Indebtedness or other obligations (including, in the case of Subsidiaries, Indebtedness incurred pursuantto Section 6.01(e)) incurred to finance the payment of the purchase price, construction cost or improvement cost of the acquisition,construction or improvement of assets; provided that (i) such Lien shall attach solely to the assets acquired, constructed or improved(including any assets which are attached or otherwise adjoining such assets), (ii) such Lien has been created or incurred by the Borrower ora Subsidiary simultaneously with, or within one year after, the date of acquisition, construction or improvement of such assets, (iii) theIndebtedness or other obligations secured thereby shall not exceed the amount of such purchase price or cost of the asset and (iv) such Lienshall secure only those obligations which it secures on the date of such acquisition, construction or improvement of assets, as the case maybe, and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof by more than theamount of accrued interest thereon and fees, expenses and premiums paid in connection with such refinancing;

(g) other Liens securing Indebtedness or other obligations of the Borrower or any Subsidiary; provided that the sum, withoutduplication, at any time of (i) the aggregate outstanding principal amount of Indebtedness and other obligations secured by Liens permittedby this clause (g) plus (ii) the aggregate outstanding principal amount of Indebtedness of Subsidiaries permitted by

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Section 6.01(g), plus (iii) the outstanding Attributable Debt in respect of Sale and Leaseback Transactions permitted by Section 6.03 shallnot exceed at any one time the greater of $700,000,000 and 12.5% of Consolidated Net Tangible Assets as of the most recent fiscal quarterend for which financial statements of the Borrower have been delivered pursuant to Section 5.01(a) or (b); and

(h) Liens in respect of Indebtedness incurred in connection with the extension of maturity of, or refunding or refinancing of, inwhole or in part, any secured Indebtedness incurred under Section 6.02(g), provided that (i) such extension of, or refunding or refinancingshall not increase the principal amount of the secured Indebtedness or Attributable Debt being extended, or refunded or refinanced by morethan the amount of accrued interest thereon and fees, expenses and premiums paid in connection with such extension, refunding orrefinancing and (ii) any such secured Indebtedness will be deemed to utilize the basket referred to in Section 6.02(g), but such securedIndebtedness (and the Liens in respect thereof) shall be permitted even if the such secured Indebtedness is incurred at a time when suchsecured Indebtedness would not otherwise be permitted to be incurred under such clause.

SECTION 6.03. Sale and Leaseback Transactions. The Borrower will not, and will not permit any Subsidiary to, enter into any Saleand Leaseback Transaction; provided that the Borrower may, and may permit any Subsidiary to, enter into Sale and Leaseback Transactionsprovided the sum, without duplication, of (i) the aggregate outstanding Attributable Debt in respect of Sale and Leaseback Transactions permittedby this Section plus (ii) the aggregate outstanding principal amount of Indebtedness of Subsidiaries permitted by Section 6.01(g), plus (ii) theaggregate outstanding principal amount of Indebtedness or other obligations secured by Liens permitted by Section 6.02(g) shall not exceed at anyone time the greater of $700,000,000 and 12.5% of Consolidated Net Tangible Assets as of the most recent fiscal quarter end for which financialstatements of the Borrower have been delivered pursuant to Section 5.01(a) or (b).

SECTION 6.04. Fundamental Changes. The Borrower will not, and will not permit any Significant Subsidiary to, merge into orconsolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (inone transaction or in a series of transactions) all or substantially all of the assets of the Borrower and its Subsidiaries taken as a whole (in each case,whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto noDefault shall have occurred and be continuing, (i) any Subsidiary or other Person may merge into or consolidate with the Borrower in a transactionin which the Borrower is the surviving corporation, (ii) any Subsidiary may merge into or consolidate with any Subsidiary in a transaction in whichthe surviving entity is a Wholly Owned Subsidiary, (iii) any Subsidiary may sell, transfer, lease or otherwise dispose of its assets to the Borrower orto a Wholly Owned Subsidiary, (iv) any Subsidiary may liquidate or dissolve if the Borrower determines in good faith

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that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders, (v) any Subsidiarymay merge into or consolidate with any other Person if the surviving Person is or becomes by virtue of such transaction a Wholly OwnedSubsidiary, and the Borrower determines in good faith that such merger or consolidation is in the best interests of the Borrower and would notmaterially adversely affect the Lenders, (vi) the Borrower or any Subsidiary may merge into or consolidate with any other Person; provided thatthe Borrower or such Subsidiary is the surviving corporation and (vii) any Subsidiary may merge with any other Person in a transaction in whichthe surviving entity is not a Subsidiary; provided that such transaction does not constitute the disposition of all or substantially all assets of theBorrower and its subsidiaries taken as a whole.

SECTION 6.05. Financial Covenants. (a) The Borrower will not permit the Total Leverage Ratio on the last day of any fiscal quarterending after the Second Restatement Effective Date to exceed 4.0 to 1.0

(b) The Borrower will not permit the ratio of Consolidated EBITDA to Consolidated Net Interest Expense for any period of fourconsecutive fiscal quarters ending prior to the Maturity Date to be less than 3.0 to 1.0.

ARTICLE VII

Events of Default

If any of the following events (“ Events of Default ”) shall occur:

(a) the Borrower shall fail to pay any principal of any Loan when and as the same shall become due and payable;

(b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to inclause (a) of this Article) payable under this Agreement, when and as the same shall become due and payable, and such failure shallcontinue unremedied for a period of five Business Days;

(c) any representation or warranty made or, pursuant to Section 4.02, deemed made by or on behalf of the Borrower or anySubsidiary in or in connection with this Agreement or any amendment or modification hereof or waiver hereunder, or in any report,certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any amendment ormodification hereof or waiver hereunder, shall prove to have been false or misleading in any material respect when made or deemed made;

(d) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02(a), 5.03 (withrespect to the Borrower’s existence), 5.08(b) or Article VI;

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(e) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than thosespecified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of 30 days after notice thereof fromthe Administrative Agent or any Lender to the Borrower (which notice will be given at the request of any Lender);

(f) the Borrower or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) inrespect of any Material Indebtedness when and as the same shall become due and payable and such failure shall continue after theapplicable grace period, if any, specified in the agreement or instrument relating to such Material Indebtedness;

(g) any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or thatrequires the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shallnot apply to (i) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing suchIndebtedness, (ii) any conversion, repurchase or redemption of any Material Indebtedness scheduled by the terms thereof to occur on aparticular date and not subject to any contingent event or condition related to the creditworthiness, financial performance or financialcondition of the Borrower or the applicable Subsidiaries, or (iii) any repurchase or redemption of any Material Indebtedness pursuant to anyput option exercised by the holder of such Material Indebtedness; provided that such put option is exercisable at times specified in the termsof the Material Indebtedness and is not subject to any contingent event or condition related to the creditworthiness, financial performance orfinancial condition of the Borrower or the applicable Subsidiaries;

(h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization orother relief in respect of the Borrower or any Material Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state orforeign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee,custodian, sequestrator, conservator or similar official for the Borrower or any Material Subsidiary or for a substantial part of its assets, and,in any such case referred to in (i) or (ii) above, such proceeding or petition shall continue undismissed for 60 days or an order or decreeapproving or ordering any of the foregoing shall be entered;

(i) the Borrower or any Material Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation,reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter ineffect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described inclause (h) of this Article, (iii) apply for or consent to the appointment of a

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receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Material Subsidiary or for a substantial partof its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, or (v) make a generalassignment for the benefit of creditors;

(j) the Borrower or any Material Subsidiary shall admit in writing its inability, or fail generally, to pay its debts as they become due;

(k) one or more judgments for the payment of money in an aggregate amount in excess of $250,000,000 shall be rendered by a courtof competent jurisdiction against the Borrower, any Subsidiary or any combination thereof, and the same shall remain undischarged for aperiod of 45 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgmentcreditor to attach or levy upon any assets of the Borrower or any Subsidiary to enforce any such judgment;

(l) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISAEvents that have occurred, could reasonably be expected to result in a Material Adverse Effect; or

(m) a Change in Control shall occur;

then, and in every such event (other than an event with respect to the Borrower described in clause (h) or (i) of this Article), and at any timethereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to theBorrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon theCommitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which caseany principal not so declared to be due and payable may thereafter be declared to be due and payable so long as, at the time of such laterdeclaration, an Event of Default is continuing), and thereupon the principal of the Loans so declared to be due and payable, together with accruedinterest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, withoutpresentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with respect tothe Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the Loans thenoutstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automaticallybecome due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.

ARTICLE VIII

The Administrative Agent

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Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent, and authorizes the Administrative Agent totake such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with suchactions and powers as are reasonably incidental thereto.

The bank serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as anyother Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from,lend money to, and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not theAdministrative Agent hereunder.

The Administrative Agent shall not have any duties or obligations except those expressly set forth herein. Without limiting thegenerality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether aDefault has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise anydiscretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent is required to exercise inwriting by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided inSection 9.02); provided that the Administrative Agent shall not be required to take any action that, in its opinion, could expose the AdministrativeAgent to liability or be contrary to applicable law, and (c) except as expressly set forth herein, the Administrative Agent shall not have any duty todisclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of the Subsidiaries that is communicatedto or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable forany action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders asshall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct. TheAdministrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the AdministrativeAgent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) anystatement, warranty or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other documentdelivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditionsset forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document, or(v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to bedelivered to the Administrative Agent. In addition, for the avoidance of doubt, the Lenders hereby acknowledge that none of the Joint LeadArrangers, Joint Bookrunners, or Co-Syndication Agents, set forth on the cover page of this Agreement shall have any powers, duties orresponsibilities

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under this Agreement, except in its capacity, as applicable, as the Administrative Agent, Swingline Lender or a Lender hereunder.

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request,certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting orother distribution) believed by it to be genuine and to have been signed or sent by the proper Person (whether or not such Person in fact meets therequirements set forth herein for being the signatory, sender or authenticator thereof). The Administrative Agent also may rely upon any statementmade to it orally or by telephone and believed by it to be made by the proper Person (whether or not such Person in fact meets the requirements setforth herein for being the signatory, sender or authenticator thereof), and shall not incur any liability for relying thereon. The Administrative Agentmay consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not beliable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exerciseits rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent selected by the Administrative Agent with reasonable care and to the Related Parties of the Administrative Agent and any such sub-agent,and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities asAdministrative Agent.

Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the AdministrativeAgent may resign at any time by notifying the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right, inconsultation with the Borrower, to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall haveaccepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring AdministrativeAgent may, on behalf of the Lenders, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, oran Affiliate of any such bank. If the Person serving as the Administrative Agent becomes a Defaulting Lender under clause (d) of the definition ofsuch term, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person, remove suchPerson as Administrative Agent and, in consultation with the Borrower, appoint a successor. If no such successor shall have been so appointed bythe Required Lenders and shall have accepted such appointment by the 30th day following the date of such notice (or such earlier day as shall beagreed by the Required Lenders), then such removal shall nonetheless become effective in accordance with such notice on such 30th day (or agreedearlier date). Upon

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the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with allthe rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from itsduties and obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to itspredecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s resignation hereunder, theprovisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and theirrespective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent.

Each Lender represents that it is engaged in making, acquiring and holding commercial loans in the ordinary course of its businessand that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents andinformation as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender and to make, acquireand hold Loans hereunder. Each Lender shall, independently and without reliance upon the Administrative Agent or any other Lender and based onsuch documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking actionunder or based upon this Agreement, any related agreement or any document furnished hereunder or thereunder and in deciding whether or to theextent to which it will continue as a Lender or assign or otherwise transfer its rights, interests and obligations hereunder.

Each Lender, by delivering its signature page to this Agreement, or delivering its signature page to an Assignment and Assumptionpursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, eachdocument required to be delivered to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Second RestatementEffective Date.

ARTICLE IX

Miscellaneous

SECTION 9.01. Notices. (a) Except in the case of notices and other communications expressly permitted to be given by telephoneand as otherwise set forth in subsection (b), all notices and other communications provided for herein shall be in writing and shall be delivered byhand or overnight courier service, mailed, e-mail, by certified or registered mail or sent by telecopy, as follows:

(i) if to the Borrower, to it at HP Inc., 1501 Page Mill Road, Palo Alto, CA 94304-1112, Attention of Assistant Treasurer (ZacNesper (email [email protected])), with a copy to [email protected] and to Katie Colendich (email [email protected]) at the sameaddress;

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(ii) if to the Administrative Agent, Citibank, N.A., 1615 Brett Road, New Castle, Delaware 19720, Attention: Bank LoanSyndications, Telecopy Number: (646) 274-5080, Email: [email protected], with a copy to Citibank, N.A., One SansomeStreet, San Francisco, California 94104, Email: [email protected]; provided that if any notice or other communication relates toMulticurrency Swingline Loans, then an additional copy shall be delivered, mailed or sent by telecopy to Citigroup Centre, 25 CanadaSquare, 5th Floor, Canary Wharf, London E14 5LB, Attention: EMEA Loans Agency, Fax No. +44 (0) 20 7492 3980; and

(iii) if to any other Lender, to it at its address (or e-mail or fax number) set forth on Schedule 2.01 or in its AdministrativeQuestionnaire.

(b) Communications to the Lenders may be delivered or furnished by electronic communication (including e-mail and Internetor intranet websites, including the Platform) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shallnot apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable of receivingnotices under such Article by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to acceptnotices and other Communications pursuant to procedures approved by it; provided that approval of such procedures may be limited toparticular notices or Communications.

(c) The Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its e-mail addressset forth above shall constitute effective delivery of the Communications to the Administrative Agent for purposes of this Agreement. EachLender agrees that notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform shallconstitute effective delivery of the Communications to such Lender for purposes of this Agreement. Each Lender agrees (A) to notify theAdministrative Agent in writing (including by electronic communication) from time to time of such Lender’s e-mail address to which theforegoing notice may be sent by electronic transmission and (B) that the foregoing notice may be sent to such e-mail address.

(d) The Platform is provided “as is” and “as available”. The Agent Parties (as defined below) do not warrant the accuracy orcompleteness of the Communications or the adequacy of the Platform and expressly disclaim liability for errors or omissions in theCommunications. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particularpurpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by the Agent Parties in connection withthe Communications or the Platform. In no event shall the Administrative Agent or any of its Affiliates or any of their respective officers,directors, employees, agents,

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advisors or representatives (collectively, “ Agent Parties ”) have any liability to the Borrower, any Lender or any other Person or entity fordamages of any kind, including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract orotherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of Communications through the Internet, except to theextent the liability of any Agent Party is found in a final, nonappealable judgment by a court of competent jurisdiction to have resultedprimarily from the gross negligence or wilful misconduct of, or breach of this Agreement by, such Agent Party.

Any party hereto may change its address, telecopy number or e-mail address for notices and other communications hereunder bynotice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of thisAgreement shall be deemed to have been given on the date of receipt.

SECTION 9.02. Waivers; Amendments. (a) No failure or delay by the Borrower, the Administrative Agent or any Lender inexercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or anyabandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any otherright or power. The rights and remedies of the Borrower, the Administrative Agent and the Lenders hereunder are cumulative and are not exclusiveof any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by theBorrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver orconsent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, themaking of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may have hadnotice or knowledge of such Default at the time.

(b) Except as otherwise expressly provided herein, neither this Agreement nor any provision hereof may be waived, amended ormodified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrowerand the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase or extend theCommitment of any Lender without the written consent of such Lender, (ii) decrease the principal amount of any Loan or decrease the rate ofinterest thereon, or decrease any fees payable hereunder, without the written consent of each Lender affected thereby, (iii) postpone thescheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees payable hereunder, or decrease the amountof, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of eachLender affected thereby, (iv) change Section 2.16(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby,without the written

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consent of each Lender, (v) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision hereofspecifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grantany consent hereunder, without the written consent of each Lender, or (vi) change any provisions of this Agreement in a manner that by itsterms adversely affects the rights in respect of payments due to Lenders holding Loans of any Class differently than those holding Loans ofany other Class, without the written consent of Lenders holding a majority in interest of the outstanding Loans and unused Commitments ofeach affected Class; and provided further that (A) no such agreement shall amend, modify or otherwise affect the rights or duties of theAdministrative Agent or the Swingline Lenders hereunder without the prior written consent of the Administrative Agent or the SwinglineLenders, as the case may be and (B) any waiver, amendment or modification of this Agreement that by its terms affects the rights or dutiesunder this Agreement of the Revolving Lenders (but not the Swingline Lender) or the Swingline Lender (but not the Revolving Lenders) maybe effected by an agreement or agreements in writing entered into by the Borrower and the requisite percentage in interest of the affected Classof Lenders that would be required to consent thereto under this Section if such Class of Lenders were the only Class of Lenders hereunder atthe time. Notwithstanding the foregoing, any provision of this Agreement may be amended by an agreement in writing entered into by theBorrower, the Required Lenders and the Administrative Agent (and, if their rights or obligations are affected thereby, the Swingline Lenders)if (i) by the terms of such agreement the Commitment of each Lender not consenting to the amendment provided for therein shall terminateupon the effectiveness of such amendment and (ii) at the time such amendment becomes effective, each Lender not consenting thereto receivespayment in full of the principal of and interest accrued on each Loan made by it and all other amounts owing to it or accrued for its accountunder this Agreement. Notwithstanding the foregoing, (1) any provision of this Agreement may be amended by an agreement in writingentered into by the Borrower and the Administrative Agent to cure any ambiguity, omission, mistake, defect or inconsistency so long as, ineach case, the Lenders shall have received at least five Business Days prior written notice thereof and the Administrative Agent shall not havereceived, within five Business Days of the date of such notice to the Lenders, a written notice from (x) the Required Lenders stating that theRequired Lenders object to such amendment or (y) if affected by such amendment, any Swingline Lender stating that it objects to suchamendment, and (2) the Commitments and Revolving Exposure of any Lender that is at the time a Defaulting Lender shall not be included indetermining whether all Lenders or the Required Lenders have taken or may take any action hereunder (including any consent to anyamendment or waiver pursuant to this Section 9.02); provided that any waiver, amendment or modification requiring the consent of all Lendersor each affected Lender which affects such Defaulting Lender differently than other affected Lenders shall require the consent of suchDefaulting Lender. Notwithstanding the foregoing, the Borrower and the Administrative Agent may amend this agreement to incorporate andreflect any successor interest rate

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contemplated by the provisos set for in the definitions of Euro Overnight Rate, LIBO Rate and Sterling Overnight Rate, which amendmentmay be effectuated without requiring the consent of any Lender except to the extent required by the provisos to such definitions.

SECTION 9.03. Expenses; Indemnity; Damage Waiver. (a) The Borrower shall pay (i) all reasonable out-of-pocket expensesincurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the AdministrativeAgent, in connection with the due diligence investigation of the Borrower, the syndication of the credit facilities provided for herein, thepreparation and administration of this Agreement or any amendments, modifications or waivers of the provisions hereof (whether or not thetransactions contemplated hereby or thereby shall be consummated); provided , however , that only one outside counsel may act on behalf of theAdministrative Agent and the Lenders in connection with the preparation and negotiation of this Agreement, and (ii) all reasonable anddocumented out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the reasonable and documented fees, chargesand disbursements of any counsel for the Administrative Agent or any Lender (such fees, charges and disbursements not to include allocated costsof internal counsel), in connection with the enforcement or protection of its rights in connection with this Agreement, including its rights under thisSection, or in connection with the Loans made hereunder, including all such reasonable and documented out-of pocket expenses incurred duringany workout, restructuring or negotiations in respect of such Loans.

(b) The Borrower shall indemnify the Administrative Agent and each Lender, and each Related Party of any of the foregoingPersons (each such Person being called an “ Indemnitee ”) against, and hold each Indemnitee harmless from, any and all losses, claims,damages, liabilities and related expenses, including the reasonable and documented fees, charges and disbursements of any counsel for anyIndemnitee (not to include allocated costs of internal counsel), incurred by or asserted against any Indemnitee arising out of, in connectionwith, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance bythe parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplatedhereby, (ii) any Loan or the use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or fromany property owned or operated by the Borrower or any of the Subsidiaries, or any Environmental Liability related in any way to the Borroweror any of the Subsidiaries; provided that any such losses, claims, damages, liabilities and expenses arise out of or in connection with suchIndemnitee’s acting as Administrative Agent, Co-Administrative Agent or a Lender under this Agreement, or (iv) any actual or prospectiveclaim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whetherbrought by a third party or by the Borrower or any Subsidiary and regardless of whether any Indemnitee is a party thereto; provided that suchindemnity set forth in the foregoing

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clauses (i), (ii), (iii) and (iv) shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or relatedexpenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligenceor wilful misconduct of, or violation of law by, such Indemnitee. The Borrower will not be liable under this Agreement for any amount paid byan Indemnitee to settle any claims or actions if the settlement is entered into without the Borrower’s consent, which consent may not bewithheld unless such settlement is unreasonable in light of such claims or actions against, and defenses available to, such Indemnitee.Anything in this Section 9.03(b) to the contrary notwithstanding, the Borrower shall not be liable for the fees and expenses of more than oneprimary outside counsel and one local outside counsel per jurisdiction retained by each Indemnitee in connection with the defense of anyaction for which indemnification is sought hereunder. The Borrower shall have no obligation to any Indemnitee under this Section 9.03(b) formatters for which such Indemnitee has been fully compensated pursuant to any other provision of this Agreement. This Section 9.03(b) shallnot apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

(c) To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent or anySwingline Lender under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent or suchSwingline Lender, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursedexpense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage,liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent or such Swingline Lender in itscapacity as such. For purposes hereof, a Lender’s “pro rata share” shall be determined based upon its share of the sum of the total Loans andunused Revolving Commitments at the time of such determination.

(d) To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against anyIndemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arisingout of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions or any Loanor the use of the proceeds thereof.

(e) All amounts due under this Section shall be payable promptly after written demand therefor.

(f) The provisions of this Section 9.03 shall remain operative and in full force and effect regardless of the expiration of the termof this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Loans, the expiration of theCommitments, the invalidity or unenforceability of any

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term or provision of this Agreement or any investigation made by or on behalf of the Administrative Agent or any Lender.

SECTION 9.04. Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of theparties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of itsrights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower withoutsuch consent shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than theparties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Related Parties ofeach of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

(b) Any Lender may assign to one or more assignees (other than any Defaulting Lender, natural person or investment vehicle ortrust for the primary benefit of a natural person or relatives of a natural person), all or a portion of its rights and obligations under thisAgreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that (i) except in the case of anassignment to a Lender or an Affiliate of a Lender, each of the Borrower and the Administrative Agent (and, in the case of an assignment,other than to an existing Lender or an Affiliate of a Lender, of all or a portion of a Commitment or any Lender’s obligations in respect of itsSwingline Exposure, each of the Swingline Lenders) must give their prior written consent to such assignment (each such consent not to beunreasonably withheld or delayed), (ii) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of theentire remaining amount of the assigning Lender’s Commitment, the amount of the Commitment of the assigning Lender subject to each suchassignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the AdministrativeAgent) shall not be less than $5,000,000 and shall be an integral multiple of $5,000,000 unless each of the Borrower and the AdministrativeAgent otherwise consents, (iii) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’srights and obligations under this Agreement, except that this clause (iii) shall not be construed to prohibit the assignment of a proportionatepart of all the assigning Lender’s rights and obligations in respect of one Class of Loans, (iv) the parties to each assignment shall execute anddeliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 (payable by theassignor or assignee), (v) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire,and (vi) except in the case of an assignment to a Swingline Lender, no assignment of all or any portion of a Swingline Commitment shallbecome effective until after the Multicurrency Swingline Agent has received all information that it has reasonably requested pursuant to“know your customer” or similar laws or regulations; and provided

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further that any consent of the Borrower otherwise required under this paragraph shall not be required if an Event of Default under clause (a),(b), (h) or (i) of Article VII has occurred and is continuing at the time of such assignment. Subject to acceptance and recording thereofpursuant to paragraph (d) of this Section, from and after the effective date specified in each Assignment and Assumption, the assigneethereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, shall have the rights andobligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by suchAssignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumptioncovering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shallcontinue to be (i) entitled to the benefits of Sections 2.13, 2.14, 2.15 and 9.03 with respect to facts and circumstances occurring prior to theeffective date of such assignment, and (ii) subject to the confidentiality provisions hereof). Any purported sale, assignment, delegation ortransfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be null and void and insteadbe treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance withparagraph (e) of this Section.

(c) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices in TheCity of New York a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses ofthe Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans owing to, each Lender pursuant to the termshereof from time to time (the “ Register ”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, theAdministrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lenderhereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by theBorrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

(d) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, theassignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordationfee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, theAdministrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; providedthat if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Sections 2.04(b)or (c), 2.05(b), 2.16(d) or 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and recordthe information therein in the Register unless and until such payment shall have been made in full, together with accrued interest thereon. No

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assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

(e) Any Lender may, without the consent of the Borrower, the Administrative Agent or the Swingline Lenders, sellparticipations to one or more banks or other entities (each, a “ Participant ”) in all or a portion of such Lender’s rights and obligations underthis Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (i) such Lender’s obligations under thisAgreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of suchobligations, and (iii) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lenderin connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sellssuch a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment,modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not,without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) thataffects such Participant. Subject to paragraph (f) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits ofSections 2.13, 2.14 and 2.15 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) ofthis Section; provided that such Participant agrees to be subject to the provisions of Section 2.17 as if it were an assignee under paragraph (b)of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were aLender; provided such Participant agrees to be subject to Section 2.16(c) as though it were a Lender. Each Lender that sells a participationshall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address ofeach Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under thisAgreement (the “ Participant Register ”); provided that no Lender shall have any obligation to disclose all or any portion of the ParticipantRegister to any Person (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments,Loans or its other obligations under this Agreement) except to the extent that such disclosure is necessary to establish that such Commitment,Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in theParticipant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in theParticipant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.

(f) A Participant shall not be entitled to receive any greater payment under Sections 2.13 or 2.15 than the applicable Lenderwould have been entitled to receive with respect to the participation sold to such Participant, except to the extent

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such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicableparticipation. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.15 unless theBorrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply withSection 2.15(g) as though it were a Lender.

(g) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement tosecure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or central bank, andthis Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a securityinterest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a partyhereto.

SECTION 9.05. Survival. All covenants, agreements, representations and warranties made by the Borrower herein and in thecertificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by theother parties hereto and shall survive the execution and delivery of this Agreement ( provided , however , that such representations and warrantiesshall be made or deemed made only as of the Original Effective Date, the First Restatement Effective Date, the Second Restatement Effective Date,the times of any Borrowings hereunder, or such other dates on or as of which such representations and warranties are specifically required to bemade pursuant to the provisions hereof, including, as applicable, in connection with any Incremental Facility under Section 2.19 or any extensionof the Maturity Date pursuant to Section 2.20) and the making of any Loans, regardless of any investigation made by any such other party or on itsbehalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrectrepresentation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or anyaccrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and so long as theCommitments have not expired or terminated. The provisions of Sections 2.13, 2.14, 2.15 and 9.03 and Article VIII shall survive and remain in fullforce and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or terminationof the Commitments or the termination of this Agreement or any provision hereof.

SECTION 9.06. Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different partieshereto on different counterparts), each of which shall constitute an original, but all of which, when taken together, shall constitute a single contract.This Agreement and any separate letter agreements with respect to fees payable to the Administrative Agent and certain Lenders constitute theentire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral orwritten, relating to

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the subject matter hereof. The amendment and restatement of the First Amended and Restated Credit Agreement effected hereby will not constitutea novation of the obligations of the Borrower under the First Amended and Restated Credit Agreement, which shall (except as paid or discharged inconnection with the effectiveness hereof) continue as obligations of the Borrower hereunder. Except as provided in Section 4.01, this Agreementshall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have receivedcounterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon andinure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of thisAgreement by facsimile or other electronic imaging shall be effective as delivery of a manually executed counterpart of this Agreement. The words“execution,” “signed,” “signature,” “delivery” and words of like import in or relating to any document to be signed in connection with thisAgreement and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records inelectronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical deliverythereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including theFederal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any othersimilar state laws based on the Uniform Electronic Transactions Act.

SECTION 9.07. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall,as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality andenforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate suchprovision in any other jurisdiction.

SECTION 9.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliatesis hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general orspecial, time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for thecredit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement held bysuch Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may beunmatured. Each Lender shall promptly notify the Borrower and the Administrative Agent after any such setoff and application made by suchLender. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which suchLender may have.

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SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordancewith and governed by the law of the State of New York.

(b) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusivejurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the SouthernDistrict of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or forrecognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims inrespect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in suchFederal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforcedin other jurisdictions by suit on the judgment or in any other manner provided by law.

(c) Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectivelydo so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating tothis Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullestextent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENTPERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL SUIT, ACTION ORPROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONSCONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLYOR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THEFOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTERINTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

SECTION 9.11. Headings. Article and Section headings and the Table of Contents used herein are for convenience of referenceonly, are not part of this

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Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

SECTION 9.12. Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of theInformation (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents,including accountants, legal counsel, insurers, reinsurers, insurance brokers and other advisors on a need-to-know basis (it being understood thatthe Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep suchInformation confidential), (b) to the extent requested by any regulatory authority, (c) to the extent required by applicable laws or regulations or byany subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder orany suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an agreement containing provisionssubstantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of itsrights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any securitization, swap or derivativetransaction relating to the Borrower, any Subsidiary, and the obligations hereunder, (g) on a confidential basis to any rating agency in connectionwith rating the Borrower or the credit facilities provided for herein, (h) with the consent of the Borrower, or (i) to the extent such Information(i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent or any Lenderon a nonconfidential basis from a source other than the Borrower. If any Lender or the Administrative Agent is required by any GovernmentalAuthority or any other Person to disclose Information or otherwise intends to disclose any Information pursuant to clause (c) of this Section, unlessprohibited by law such Lender or the Administrative Agent, as the case may be, shall promptly notify the Borrower in writing so as to provide theBorrower with the opportunity to seek a protective order or take such other actions that are deemed appropriate by the Borrower to protect theconfidentiality of the Information. For the purposes of this Section, “ Information ” means all information received from the Borrower relating tothe Borrower or its business, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basisprior to disclosure by the Borrower and other than information pertaining to this Agreement routinely provided by arrangers to data serviceproviders, including league table providers, that serve the lending industry. Any Person required to maintain the confidentiality of Information asprovided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care tomaintain the confidentiality of such Information as such Person would accord to its own confidential information. Each Lender confirms that itmaintains internal policies and procedures, including “ethical wall” procedures, intended to protect against the unlawful use of confidentialinformation and such procedures apply to the Information.

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SECTION 9.13. Authorization to Distribute Certain Materials to Public-Siders; Material Non-Public Information. (a) EACHLENDER ACKNOWLEDGES THAT INFORMATION FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDEMATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS SUBSIDIARIES OR SECURITIES THEREOFAND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLICINFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSEPROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS..

(b) ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THEBORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THISAGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLICINFORMATION ABOUT THE BORROWER AND ITS SUBSIDIARIES OR SECURITIES THEREOF. ACCORDINGLY, EACHLENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITSADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAINMATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.

(c) If the Borrower does not file this Agreement with the SEC, then the Borrower hereby authorizes the Administrative Agent todistribute the execution version of this Agreement and the Loan Documents to all Lenders, including their Public-Siders. The Borroweracknowledges its understanding that Public-Siders and their firms may be trading in any of the Parties’ respective securities while inpossession of the Loan Documents

(d) The Borrower represents and warrants that none of the information in the Loan Documents constitutes or contains materialnon-public information within the meaning of the federal and state securities laws. To the extent that any of the executed Loan Documentsconstitutes at any time a material non-public information within the meaning of the federal and state securities laws after the date hereof, theCompany agrees that it will promptly make such information publicly available by press release or public filing with the SEC

SECTION 9.14. Patriot Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “ Patriot Act ”), it is required to obtain, verify and record information thatidentifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender toidentify the Borrower in accordance with the Patriot Act.

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SECTION 9.15. Conversion of Currencies. (a) If, for the purpose of obtaining judgment in any court, it is necessary to convert asum owing hereunder in one currency into another currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rateof exchange used shall be that at which in accordance with normal banking procedures in the relevant jurisdiction the first currency could bepurchased with such other currency on the Business Day immediately preceding the day on which final judgment is given.

(b) The obligations of the Borrower in respect of any sum due to any party hereto or any holder of the obligations owinghereunder (the “ Applicable Creditor ”) shall, notwithstanding any judgment in a currency (the “ Judgment Currency ”) other than the currencyin which such sum is stated to be due hereunder (the “ Agreement Currency ”), be discharged only to the extent that, on the Business Dayfollowing receipt by the Applicable Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may inaccordance with normal banking procedures in the relevant jurisdiction purchase the Agreement Currency with the Judgment Currency; if theamount of the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor in the Agreement Currency, theBorrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor against such loss. Theobligations of the Borrower contained in this Section 9.15 shall survive the termination of this Agreement and the payment of all otheramounts owing hereunder.

SECTION 9.16. No Fiduciary Duty. The Borrower acknowledges that the Administrative Agent, the Co-Administrative Agent, eachLender and the Affiliates of each of the foregoing may have economic interests that conflict with those of the Borrower, the Subsidiaries and theirAffiliates. The Borrower, on behalf of itself and the Subsidiaries, agrees that in connection with all aspects of the Transactions and anycommunications in connection therewith, the Borrower, the Subsidiaries and their Affiliates, on the one hand, and the Administrative Agent, theCo-Administrative Agent, each Lender and the Affiliates of each of them, on the other hand, will have a business relationship that does not create,by implication or otherwise, any fiduciary duty on the part of the Administrative Agent, the Co-Administrative Agent, the Lenders or any Affiliateof any of them, and no such duty will be deemed to have arisen in connection with any such transactions or communications.

SECTION 9.17. Acknowledgement and Consent to Bail-In of EEA Financial Institutions . Notwithstanding anything to the contraryin any Loan Document or in any other agreement, arrangement or understanding among the parties hereto with respect to the subject matter hereof,each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability isunsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, andacknowledges and agrees to be bound by:

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(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arisinghereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

(b) the effects of any Bail-In Action on any such liability, including, if applicable:

(i) a reduction in full or in part or cancellation of any such liability;

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA FinancialInstitution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or otherinstruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or anyother Loan Document; or

(iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers ofany EEA Resolution Authority.

In the event a Lender has been notified by an EEA Resolution Authority that it has been or may be subject to a Bail-In Action, it shall immediatelynotify the Administrative Agent and the Borrower.

SECTION 9.18. Certain ERISA Matters . (a) Each Lender (x) represents and warrants, as of the date such Person became a Lenderparty hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender partyhereto, for the benefit of, the Co-Administrative Agents and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit ofthe Borrower or any other Loan Party, that at least one of the following is and will be true:

(i) such Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) ofERISA) of one or more Benefit Plans in connection with the Loans or the Commitments,

(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactionsdetermined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involvinginsurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooledseparate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23(a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such

89

Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement,

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning ofPart VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender toenter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into,participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements ofsub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a)of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performanceof the Loans, the Commitments and this Agreement, or

(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in itssole discretion, and such Lender.

(b) In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender hasnot provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), suchLender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date suchPerson became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Co-AdministrativeAgents and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that:

(i) none of the Co-Administrative Agents or any of their respective Affiliates is a fiduciary with respect to the assets of suchLender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement,any Loan Document or any documents related to hereto or thereto),

(ii) the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in,administration of and performance of the Loans, the Commitments and this Agreement is independent (within the meaning of 29CFR § 2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has undermanagement or control, total assets of at least $50 million, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E),

(iii) the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in,administration of

90

and performance of the Loans, the Commitments and this Agreement is capable of evaluating investment risks independently, bothin general and with regard to particular transactions and investment strategies (including in respect of the obligations),

(iv) the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in,administration of and performance of the Loans, the Commitments and this Agreement is a fiduciary under ERISA or the Code, orboth, with respect to the Loans, the Commitments and this Agreement and is responsible for exercising independent judgment inevaluating the transactions hereunder, and

(v) no fee or other compensation is being paid directly to the Co-Administrative Agents or any their respective Affiliates forinvestment advice (as opposed to other services) in connection with the Loans, the Commitments or this Agreement.

(c) The Co-Administrative Agents hereby inform the Lenders that each such Person is not undertaking to provide impartialinvestment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person hasa financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other paymentswith respect to the Loans, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans or the Commitments for anamount less than the amount being paid for an interest in the Loans or the Commitments by such Lender or (iii) may receive fees or otherpayments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitmentfees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees,utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processingfees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.

91

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officersas of the day and year first above written.

HP INC.,

by /s/ Steve Fieler Name: Steve Fieler Title: Global Head of Treasury

CITIBANK, N.A., individually and as Administrative Processing Agent and Co-AdministrativeAgent,

by /s/ Sean Klimchalk Name: Sean Klimchalk Title: Vice President

CITIBANK EUROPE PLC, UK BRANCH, as Multicurrency Swingline Agent,

by /s/ Steve Wright Name: Steve Wright Title: Vice President

JPMORGAN CHASE BANK, N.A., individually and as Co-Administrative Agent,

by /s/ Peter B. Thauer Name: Peter B. Thauer Title: Managing Director

92

SIGNATURE PAGE TO THE HEWLETT-PACKARD FIVE-YEAR CREDIT AGREEMENT

BANK OF AMERICA, N.A.

by /s/ Janet Fung Name: Janet Fung Title: Vice President


BNP PARIBAS

by /s/ Brendan Heneghan Name: Brendan Heneghan

Title:Director

by /s/ Ade Adedeji Name: Ade Adedeji

Title:Director

93


HSBC Bank USA, NATIONALASSOCIATION,

by /s/ David Wagstaff Name: David Wagstaff

Title:Managing Director

HSBC SECURITIES (USA) INC.,

by /s/ David Wagstaff Name: David Wagstaff

Title:Director

94


MIZUHO BANK LTD.,

by /s/ Daniel Guevara Name: Daniel Guevara

Title:Authorized Signatory

95


THE BANK OF TOKYO-MITSUBISHI UFI, LTD.,

by /s/ Matthew Antioco Name: Matthew AntiocoTitle: Director

96


MORGAN STANLEY BANK, N.A.,

by /s/ Michael King Name: Michael King


97


WELLS FARGO BANK, NATIONAL ASSOCIATION

by /s/ Lacy Houston Name: Lacy Houston

Title:Director

98


BANCO SANTANDER, S.A., NEW YORK BRANCH,

by /s/ Rita Waiz-Cuccioll Name: Rita Waiz Cuccioll

Title:Executive Director

by /s/ Terence Corcoran Name: Terence Corcoran

Title:Executive Director

99


Barclays Bank PLC,

by /s/ Chris Walton Name: Chris Walton

Title:Director

100


U.S. BANK NATIONAL ASSOCIATION,

by /s/ Richard J. Ameny Jr. Name: Richard J. Ameny Jr.

Title:Vice President

101


Bank of China, Los Angeles Branch,

by /s/ Lixin Guo Name: Lixin Guo

Title:SVP and Branch Manager

102


CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,

by /s/ Gordon Yip Name: Gordon Yip

Title:Director

by /s/ Mark Koneval Name: Mark Koneval

Title:Managing Director

103


CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

by /s/ Judith E. Smith Name: Judith E. Smith


by /s/ Brady Bingman Name: Brady Bingman


104


GOLDMAN SACHS BANK USA,

by /s/ Rebecca Kratz Name: Rebecca Kratz


105


ING Bank N.V., Dublin Branch,

by /s/ Sean Hassett Name: Sean Hassett

Title:Director

by /s/ Padraig Matthews Name: Padraig Matthews

Title:Director

106


Standard Chartered Bank,

by /s/ Daniel Wattern Name: Daniel Wattern

Title:Associate Director

Exhibit 31.1

CERTIFICATION

I, Dion J. Weisler, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of HP Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of thecircumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results ofoperations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that materialinformation relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which thisreport is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonableassurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accountingprinciples;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosurecontrols and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant'sfourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financialreporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and theaudit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect theregistrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 5, 2018

/s/ DION J. WEISLER

Dion J. Weisler

President and Chief Executive Officer

Exhibit 31.2

CERTIFICATION

I, Catherine A. Lesjak, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of HP Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of thecircumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results ofoperations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that materialinformation relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which thisreport is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonableassurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accountingprinciples;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosurecontrols and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant'sfourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financialreporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and theaudit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect theregistrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 5, 2018

/s/ CATHERINE A. LESJAK Catherine A. Lesjak

Chief Financial Officer(Principal Financial Officer)

Exhibit 32

CERTIFICATIONOF

CHIEF EXECUTIVE OFFICERAND

CHIEF FINANCIAL OFFICERPURSUANT TO 18 U.S.C. 1350,AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Dion J. Weisler, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q ofHP Inc. for the second quarter ended April 30, 2018 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that informationcontained in such Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of HP Inc.

June 5, 2018

/s/ DION J. WEISLER By: Dion J. Weisler

President and Chief Executive Officer________________________________________________________________________________________________________________________

I, Catherine A. Lesjak, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q ofHP Inc. for the second quarter ended April 30, 2018 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that informationcontained in such Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of HP Inc.

June 5, 2018

/s/ CATHERINE A. LESJAK By: Catherine A. Lesjak

Chief Financial Officer________________________________________________________________________________________________________________________

A signed original of this written statement required by Section 906 has been provided to HP Inc. and will be retained by HP Inc. and furnished to the Securities and ExchangeCommission or its staff upon request.