HP INC — Director's Dealing 2003

Dec 10, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2003-12-08

Reporting Person: ZITZNER DUANE E (Executive Vice President,, Personal Systems Group)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-08	Common Stock	M	8916	$17.57	Acquired	77915.0602	Direct
2003-12-08	Common Stock	S	8916	$22.36	Disposed	68999.0602	Direct
2003-12-08	Common Stock	S	5000	$22.3	Disposed	63999.0602	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-08	Employee Stock Option	$17.57	M	8916	Disposed	2005-11-16	Common Stock (8916)	Direct

Footnotes

F1: This option became fully vested on Novemeber 17, 1999.

F2: This field is not required, "0" is being used as an incorrect placeholder until the system is modified.