William and Flora Hewlett Foundation

William and Flora Hewlett Foundation as of Dec. 31, 2011

Portfolio Holdings for William and Flora Hewlett Foundation

William and Flora Hewlett Foundation holds 0 positions in its portfolio as reported in the December 2011 quarterly 13F filing

                {C}            {C}      {C}    {C}                {C}        {C}      {C}
                        Form 13F Information Table

               Tiltle          Value SHARES/      INVESTMENT          VOTING
Name of Issuer of Class CUSIP               PRN AMTD  DSCRETN    Managers AUTHRTY
Hewlett-       Common   428236   98,358,893    3,818,280 Sole       None     Sole
Packard Co              -10-3

Agilent        Common   846U101  100,249,030    2,869,998 Sole       None     Sole
Technologies Inc.



While the William and Flora Hewlett Foundation retains
ultimate investment discretion with respect to the HP and Agilent shares
once the decision is made to sell shares, the sales are
directed by PERSHING ADVISOR SOLUTIONS LLC, CREDIT SUISSE SECURITIES (USA) LLC, and other brokers.