Exhibit 11 THE MERGER OF HEWLETT-PACKARD AND COMPAQ (A): STRATEGY AND VALUATION Yield Curve for U.S. Treasury Bonds Date 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr 2/4/2002 1.7 1.77 1.87 2.19 2.99 3.52 4.29 4.69 4.94 5.57 5.35 3/14/2002 1.79 1.86 2.06 2.59 3.63 4.2 4.83 5.24 5.4 6.05 N/A change 0.09 0.09 0.19 0.4 0.64 0.5 0.54 0.55 0.46 0.48 Data source: U.S. Department of the Treasuy. Exhibit 11Exhibit 12 THE MERGER OF HEWLETT-PACKARD AND COMPAQ (A): STRATEGY AND VALUATION Basis-Point Spreads: U.S. Industrials to U.S. Governments (as of March 14, 2002) Bond Rating Term AAA AA A BBB 3 Mo 40.00 46.00 91.00 134.00 6 Mo 37.00 43.00 82.00 132.00 1 Yr 43.00 60.00 113.00 157.00 5 Yr 48.00 60.00 103.00 164.00 10 Yr 67.00 82.00 125.00 185.00 20 Yr 17.00 55.00 90.00 144.00 30 Yr 74.00 93.00 119.00 174.00 from these two exhibits, can you derive risk market premium and risk free rate?