HP INC — Director's Dealing 2003

Oct 29, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2003-10-28

Reporting Person: WINKLER MICHAEL J (Executive Vice President, Chief Marketing Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-10-28	Common Stock	F	8.029	$21.65	Disposed	49998.831	Direct

Footnotes

F1: Surrender of shares under the Compaq Computer Corporation Deferred Compensation and Supplemental Savings Plan to satisfy a tax withholding obligation in a transaction exempt under Rule 16b-3.

F2: The Reporting Person holds an additional 4,584.9810 shares indirectly in a 401(k) account. The referenced 4,584.9810 indirect shares also includes the acquisition of 15.975 shares in July 2003 under the Compaq Computer Corporation 401(k) Investment Plan in a transaction exempt under Rule 16b-3.