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: 2004-05-28

Reporting Person: JOSHI VYOMESH (Executive Vice President,, Imaging and Printing Group)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-28	Common Stock	M	100000	$15.745	Acquired	119268.4784	Direct
2004-05-28	Common Stock	S	95000	$21.2	Disposed	24268.4784	Direct
2004-05-28	Common Stock	S	5000	$21.21	Disposed	19268.4784	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-28	Employee Stock Option	$15.745	M	100000	Disposed	2011-04-15	Common Stock (100000)	Direct

Footnotes

F1: Includes the acquisition of 10.3015 shares in January 2004 and 10.6941 shares in April 2004 under the Hewlett-Packard Company Share Ownership Plan in a transaction exempt under Rule 16b-3.

F2: The Reporting Person holds an additional 50,690 shares indirectly in the 2001 Joshi Living Trust dated December 7, 2001.

F3: This option became exercisable in 25% increments annually on April 16, 2004.

F4: Not applicable.