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: LAMPMAN DICK (Sr. Vice President,, Director of HP Labs)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-06-01	Common Stock	M	5733	$9.855	Acquired	68747.5756	Direct
2004-06-01	Common Stock	S	5733	$21.15	Disposed	63014.5756	Direct
2004-06-01	Common Stock	S	10000	$21.15	Disposed	53014.5756	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-06-01	Employee Stock Option	$9.855	M	5733	Disposed	2004-11-16	Common Stock (5733)	Direct

Footnotes

F1: Includes the acquisition of 16.5010 shares in April 2004 under the Hewlett-Packard Company Share Ownership Plan in a transaction exempt under Rule 16b-3.

F2: The Reporting Persons holdings reflect a reduction of the number of shares held under the Hewlett-Packard Company Share Ownership Plan, a 423 Plan, due to an administrative error in a transaction exempt under Rule 16b-3.

F3: This option became fully vested on November 17, 1998.

F4: Not applicable.