HP INC — Director's Dealing 2004

Jun 2, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2004-06-01

Reporting Person: DUNN DEBRA L (Sr. Vice President,, Corporate Affairs)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-06-01	Common Stock	M	4094	$13.175	Acquired	22343.3813	Direct
2004-06-01	Common Stock	S	2144	$21.16	Disposed	20199.3813	Direct
2004-06-01	Common Stock	S	1950	$21.14	Disposed	18249.3813	Direct
2004-06-01	Common Stock	M	18750	$15.745	Acquired	36999.3813	Direct
2004-06-01	Common Stock	S	18750	$21.14	Disposed	18249.3813	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-06-01	Employee Stock Option	$13.175	M	4094	Disposed	2005-11-16	Common Stock (4094)	Direct
2004-06-01	Employee Stock Option	$15.745	M	18750	Disposed	2011-04-15	Common Stock (18750)	Direct

Footnotes

F1: Includes the acquisition of 8.6728 shares in January 2004 and 9.0118 shares in April 2004 under the Hewlett-Packard Company Share Ownership Plan in a transaction exempt under Rule 16b-3.

F2: This option became fully vested on November 17, 2000.

F3: Not applicable.

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