HP INC — Director's Dealing 2003

May 30, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2003-05-30

Reporting Person: WAYMAN ROBERT PAUL (Executive Vice President, Chief Financial Officer)

Footnotes

F1: Includes the acquisition of 10.1287 shares in January 2003 and 13.4663 shares in April 2003 under the Hewlett-Packard Company Employee Share Ownership Plan in a transaction exempt under Rule 16b-3. Includes the acquisition of 236.398 share equivalents in February 2003 and 33.729 share equivalents in April 2003 under the Hewlett-Packard Company Tax Capital Accumulation Plan (a 401(k) plan) in a transaction exempt under Rule 16b-3

F2: Until the system is modified, a "0" is being used as an incorrect placeholder.

F3: This does not include the 1,120 shares of common stock held indirectly by Mr. Wayman on the behalf of his son.