HP INC — Director's Dealing 2004

Jun 5, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2004-06-04

Reporting Person: JOHNSON ALLISON (Sr. Vice President,, Global Brand and Communication)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-06-04	Common Stock	M	18750	$15.745	Acquired	19900	Direct
2004-06-04	Common Stock	S	18750	$21.31	Disposed	1150	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-06-04	Employee Stock Option	$15.745	M	18750	Disposed	2011-04-15	Common Stock (18750)	Direct

Footnotes

F1: Not included in the Reporting Persons direct holdings are 1,246.3560 shares held indirectly in the Hewlett-Packard Company 401(k) Plan (HP 401(k) Plan). The Reporting Persons indirect holdings include the acquisition of 85.245 shares in January 2004 and 112.285 shares in April 2004 under the HP 401(k) Plan.

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

F3: Not applicable.