HP INC — Director's Dealing 2003

May 19, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2003-05-15

Reporting Person: CLARKE JEFFREY J (Executive Vice President, Supply Chain and Customer Ops)

Footnotes

F1: Award of restricted stock under the Hewlett-Packard Company 2000 Stock Plan in a transaction exempt under Rule 16b-3.

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

F3: Includes the acquisition of 13.0223 shares in April 2003 under the Compaq Employee Stock Purchase Plan in a transaction exempt under Rule 16b-3. Includes the acquisition of 1.922 shares in April 2003 under the Compaq Computer Corporation 401(k) Investment Plan in a transaction exempt under Rule 16b-3. Includes the acquisition of .6438 shares in April 2003 under the Hewlett-Packard Company Stock Ownership Plan in a transaction exempt under Rule 16b-3.