HP INC — Director's Dealing 2004

Sep 8, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2004-09-07

Reporting Person: BOUCHARD GILLES (EVP, Chief Information Officer, and Global Operations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-09-07	Common Stock	M	3070	$7.88	Acquired	22103.225	Direct
2004-09-07	Common Stock	S	3070	$17.96	Disposed	19033.225	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-09-07	Employee Stock Option	$7.88	M	3070	Disposed	2004-11-16	Common Stock (3070)	Direct

Footnotes

F1: This option became fully vested on Novemeber 17, 1999.

F2: Not applicable.