HP INC — Director's Dealing 2004

Mar 1, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2004-02-26

Reporting Person: BLACKMORE PETER (Executive Vice President,, Enterprise Systems Group)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-26	Common Stock	M	39531	$15.31	Acquired	90515.492	Direct
2004-02-26	Common Stock	M	39531	$15.31	Acquired	130046.492	Direct
2004-02-26	Common Stock	S	39531	$23.1002	Disposed	90515.492	Direct
2004-02-26	Common Stock	S	39531	$23.1002	Disposed	50984.492	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-02-26	Employee Stock Option	$15.31	M	39.531	Disposed	2005-12-07	Common Stock (39531)	Direct
2004-02-26	Employee Stock Option	$15.31	M	39531	Disposed	2005-12-07	Common Stock (39531)	Direct

Footnotes

F1: Includes the acquisition of 9.2571 shares in January 2004 under the Compaq Computer Employee Stock Purchase Plan in a transaction exempt under Rule 16b-3. Includes the acquisition of 3.7373 shares in January 2004 under the Hewlett-Packard Company Share Ownership Plan in a transaction exempt under Rule 16b-3.

F2: This option became fully vested on December 8, 1995.

F3: Not applicable.

F4: This option became fully vested on June 8, 1997.