HP INC — Director's Dealing 2003

Dec 6, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2003-12-04

Reporting Person: PAVLOVICH STEVE (Vice President, Investor Relations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-04	Common Stock	S	2058.6269	$22.49	Disposed	362	Direct
2003-12-05	Common Stock	S	362	$22.09	Disposed	0	Direct

Footnotes

F1: Includes the aquisition of 3.0628 shares in October 2002, 459.7885 shares in November 2002, 3.4188 shares in January, 450.2298 shares in April 2003, 4.6709 shares in July 2003 and 710.4777 shares October 2003 under the Hewlett-Packard Company Share Ownership Plan in a transaction exempt under Rule 16b-3.

F2: Not included in the Reporting Persons direct holdings are 2,930.0590 shares held indirectly in a 401(k) account. The Reporting Persons indirect 401(k) account holdings include the aquisition of 20.4360 shares in October 2002, 9.253 shares in April 2003, 15.619 shares in July 2003, 11.2 shares in October 2003 under the Hewlett-Packard Company Tax Accumulation Plan (a 401(k) plan) in a transaction exempt under Rule 16b-3. The Reporting Person also holds 2680.0000 shares indirectly on behalf of his spouse.