HP INC — Director's Dealing 2004

Dec 8, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2004-12-07

Reporting Person: ROBISON SHANE V (Executive VP, Chief Strategy, and Technology Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-12-07	Common Stock	M	50000	$15.48	Acquired	136011.2966	Direct
2004-12-07	Common Stock	M	50000	$15.745	Acquired	186011.2966	Direct
2004-12-07	Common Stock	S	25000	$21.5	Disposed	161011.2966	Direct
2004-12-07	Common Stock	S	10000	$21.51	Disposed	151011.2966	Direct
2004-12-07	Common Stock	S	25000	$21.52	Disposed	126011.2666	Direct
2004-12-07	Common Stock	S	40000	$21.54	Disposed	86011.2966	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-12-07	Employee Stock Option	$15.48	M	50000	Disposed	2011-12-12	Common Stock (50000)	Direct
2004-12-07	Employee Stock Option	$15.745	M	50000	Disposed	2011-04-15	Common Stock (50000)	Direct

Footnotes

F1: Includes the acquisition of 6.3458 shares in January 2004, 6.5879 shares in April 2004, 7.4843 shares July 2004,7.9008 shares in October 2004 under the Hewlett-Packard Company Share Ownership Plan in transactions exempt under Rule 16-3.

F2: This option became exercisable in monthly prorated increments over 48 months beginning on January 13, 2001.

F3: Not applicable.

F4: This option became exercisable in 25% increments annually beginning on April 16, 2004.