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: ROBISON SHANE V (EVP, Chief Technology and Strategy)

Footnotes

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

F2: Includes the acquisition of 9.1057 shares in July 2002, 12.9937 shares in October 2002, 7.1485 shares in January 2003 and 9.2116 shares in April 2003 under the Compaq Employee Stock Purchase Plan in a transaction exempt under Rule 16b-3. Includes the acquisition of .812 shares in July 2002 and 1.118 shares in October 2002 under the Compaq Computer Corporation Deferred Compensation and Supplemental Savings Plan in a transaction exempt under Rule 16b-3.

F3: Until the system if modified "0" is used as a incorrect placeholder.