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CNBC EXCERPTS: CNBC EXCLUSIVE: CNBC’S DAVID FABER SPEAKS WITH MEG WHITMAN, HP PRESIDENT & CEO, ON CNBC’S “SQUAWK ON THE STREET” TODAY

WHEN: TODAY, TUESDAY, NOVEMBER 22ND

WHERE: CNBC’S “SQUAWK ON THE STREET

Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE interview with HP President & CEO Meg Whitman today on CNBC’s “Squawk on the Street.” All references must be sourced to CNBC.

Meg Whitman's First Report Card

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WHITMAN ON HP:

WE'RE MAKING INVESTMENTS IN R&D, WE'RE MAKING INVESTMENTS IN THE SALES FORCE AGAIN, WE'RE GOING TO RUN THIS COMPANY MORE EFFECTIVELY, AND THEN THERE'S SOME OF COURSE HANGOVER FROM THE TOUGH YEAR THAT HP HAD IN 2011 WE'LL STILL FEEL SOME OF THE EFFECTS I THINK IN THE BEGINNING OF 2012."

WHITMAN ON THE WEAK CONSUMER:

WHAT WE SAW IN 2011 WAS THE CONSUMER WAS WEAK FOR US THROUGHOUT THE YEAR. AND THEN THE COMMERCIAL MARKET STARTED WEAKENING IN Q 3 AND Q 4 AND Q 4 WAS WORSE THAN Q 3. I'M OPTIMISTIC THAT WE'LL BE ABLE TO TURN THIS AROUND, BUT WE HAVE REAL HEAD WINDS GOING INTO 2012."

WHITMAN ON BEING OPTIMISTIC:

"I'M OPTIMISTIC, THAT WE'LL BE ABLE TO TURN THIS AROUNDBUT WE HAVE REAL HEAD WINDS GOING INTO 2012, AND THAT'S WHY I FELT IT WAS PRUDENT TO GUIDE CONSERVATIVELY AND LAY OUT FOR THE INVESTOR COMMUNITY THE CHALLENGE THIS COMPANY IS FACING, BUT WHY THERE IS REAL OPTIMISM. BECAUSE WE'VE GOT AN INCREDIBLE SET OF ASSETS. WE'VE GOT GREAT PEOPLE. THERE'S LOTS TO BUILD ON HERE. BUT 2012 IS GOING TO BE A REBUILDING YEAR."

WHITMAN ON CONSUMER CONFIDENCE:

"ONE OF OUR LEADING INDICATORS ON CONSUMER CONFIDENCE BELIEVE IT OR NOT IS INK SUPPLIES HOW FAST DOES INK SELL THROUGH THE DISTRIBUTOR CHANNELS AND DIRECT TO OUR CUSTOMERS AND INK SUPPLY THE SELL THRU HAS BEEN WEAK IN EUROPE AND HISTORICALLY OVER THE LAST 30 YEARS ITS BEEN AN AMAZING PREDICTOR OF WHAT CONSUMERS ARE FEELING AND WHAT GDP IS LIKELY TO BE SO AT LEAST IF INK SALES ARE ANY INDICATOR EUROPES IN FOR A ROUGH SLED HERE AT LEAST FOR THE FIRST HALF. "

WHITMAN ON GUIDANCE:

"WHAT WE SAW IN 11 WAS CONSUMERS WAS WEAK FOR US THRU OUT THE YEAR AND THEN THE COMMERCIAL MARKET STARTED WEAKENING IN Q3 AND Q4 AND Q4 WAS WORSE THAN Q3 SO I'M OPTIMISTIC WE'LL BE ABLE TO TURN THIS AROUND BUT WEVE GOT SOME REAL HEADWINDS GOING INTO 2012 WHICH IS WHY I THOUGHT IT WAS PRUDENT TO GUIDE CONSERVATIVELY AND LAY OUT FOR INVESTOR COMMUNITY CHALLENGES THIS COMPANY IS FACING "

WHITMAN ON EARNINGS:

."I THINK THE INVESTOR COMMUNITY HAS LOST CONFIDENCE IN OUR ABILITY TO PREDICT AND DELIVER EPS AND I WANT TO FOCUS ON THAT. REVENUE IS IMPORTANT BUT I WANT TO FOCUS ON PROFITABLE REV AND PROFITABLE GROWTH PARTIVULARY IN OUR SERVICES BIZ WHERE WE HAVE TO IMPROVE THE MIX OF THE BIZ AND DELIVER MORE EARNINGS ON THAT REV SO REV GROWTH IS IMPORTANT BUT WANT TO SWITCH EMPHASIS ON EARNING AT LEAST FOR NEXT COUPLE OF YEARS."

WHITMAN ON BUYBACKS:

"CERTAINLY THEY'LL SLOW IN 12, PROBABLY NOT STOP ENTIRELY BUT THIS COMPANY GENERATES TREMENDOUS CASH LOAST YEAR WE GENERATED 12.6B IN FREE CASH FLOW WHICH WASN'T A RECORD YEAR FOR HP BUT BY ANY MEASURE IT WAS A VERY HEALTHY RESULT SO WE'RE GOING TO PAY DOWN DEBT REBUILD BALANCE SHEET."

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