HP INC — Director's Dealing 2004

Jul 20, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2004-07-15

Reporting Person: Humphries Brian (Vice President,, Investor Relations)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-07-15	Stock Option	$19.77	A	20000	Acquired	2012-07-15	Common Stock (20000)	Direct

Footnotes

F1: Right to buy Hewlett-Packard Company common stock granted under the Hewlett-Packard Company 2000 Stock Option Plan complying with Rule 16b-3. This option will become exercisable in 25% increments annually beginning on July 15, 2005.

F2: Not applicable.