HP INC — Director's Dealing 2003

Sep 9, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2003-09-05

Reporting Person: LESJAK CATHERINE A (Vice President, Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-04	COMMON STOCK	M	3070	$7.2	Acquired	3257.7307	Direct
2003-09-05	COMMON STOCK	S	2500	$20.27	Disposed	757.7307	Direct
2003-09-05	COMMON STOCK	S	570	$20.28	Disposed	187.7307	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-04	EMPLOYEE STOCK OPTION	$7.2	M	3070	Disposed	2003-11-16	COMMON STOCK (3070)	Direct

Footnotes

F1: This does not include the 211.849 shares of Common Stock held indirectly by Ms. Lesjak on behalf of her husband.

F2: This option became exercisable in 25% increments annually beginning on Novemeber 18, 1994.

F3: "O" is being used as an incorrect placeholder until the system is modified.