HP INC — Director's Dealing 2003

Nov 22, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2003-11-21

Reporting Person: BLACKMORE PETER (Executive Vice President, Enterprise Systems Group)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-21	Common Stock	M	39530	$7.59	Acquired	75501.4976	Direct
2003-11-21	Common Stock	M	63250	$12.34	Acquired	138751.4976	Direct
2003-11-21	Common Stock	S	39530	$21.7268	Disposed	99221.4976	Direct
2003-11-21	Common Stock	S	63250	$21.7268	Disposed	35971.4976	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-21	Employee Stock Option	$7.59	M	39530	Disposed	2003-12-08	Common Stock (39530)	Direct
2003-11-21	Employee Stock Option	$12.34	M	63250	Disposed	2004-12-08	Common Stock (63250)	Direct

Footnotes

F1: This option became fully exercisable on May 3, 2002

F2: Includes the acquisition of 9.5312 shares in July 2002, 13.6005 shares in October 2002, 7.4832 shares in January 2003, 13.7737 shares in April 2003, 9.4954 shares in July 2003 and 10.6756 shares in October 2003 under the Compaq Computer Employee Stock Purchase Plan in a transaction exempt under Rule 16b-3. Includes the acquisition of 1,532.8020 shares in April 2003, 3.8373 shares in July 2003 and 4.2987 shares in October 2003 under the Hewlett-Packard Company Employee Stock Ownership Plan in a transaction exempt under Rule 16b-3.