HP INC — Director's Dealing 2004

Nov 20, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2004-11-17

Reporting Person: ZITZNER DUANE E (Executive Vice President,, Personal Systems Group)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-17	Common Stock	M	49000	$15.745	Acquired	128956.7598	Direct
2004-11-17	Common Stock	S	49000	$21	Disposed	79956.7598	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-17	Employee Stock Option	$15.745	M	49000	Disposed	2011-04-15	Common Stock (49000)	Direct

Footnotes

F1: The sale reported on this Form 4 was effected pursuant to a Rule 10b5-1 Trading Plan adopted by the Reporting Person on September 2, 2004.

F2: This option became exercisable in 25% increments beginning on April 16, 2004.

F3: Not applicable.