HP INC — Director's Dealing 2004

Jan 24, 2004

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2004-01-16

Reporting Person: BOUCHARD GILLES (Executive Vice President,, Chief Information Officer)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	19033.225	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$7.88	2004-11-16	Common Stock (3070)		Direct
Stock Option	$17.57	2005-11-16	Common Stock (3326)		Direct
Stock Option	$24.125	2007-11-19	Common Stock (2558)		Direct
Stock Option	$29.63	2009-02-11	Common Stock (14078)		Direct
Stock Option	$48.495	2010-02-14	Common Stock (67190)		Direct
Stock Option	$59.58	2010-06-04	Common Stock (200)		Direct
Stock Option	$58.365	2010-06-18	Common Stock (50000)		Direct
Stock Option	$30.09	2011-02-25	Common Stock (47000)		Direct
Stock Option	$18.8	2011-11-08	Common Stock (37500)		Direct
Stock Option	$21.75	2012-01-30	Common Stock (65000)		Direct
Stock Option	$15.745	2011-04-15	Common Stock (50000)		Direct

Footnotes

F1: Right to buy Hewlett-Packard Company common stock granted under the Hewlett-Packard Company 1990 Stock Option Plan complying with Rule 16b-3. This option became fully vested on 11/17/1999.

F2: Right to buy Hewlett-Packard Company common stock granted under the Hewlett-Packard Company 1990 Stock Option Plan complying with Rule 16b-3. This option became fully vested on 11/17/1999.

F3: Right to buy Hewlett-Packard Company common stock granted under the Hewlett-Packard Company 1990 Stock Option Plan complying with Rule 16b-3. This option became fully vested on 11/20/2000.

F4: Right to buy Hewlett-Packard Company common stock granted under the Hewlett-Packard Company 1995 Stock Option Plan complying with Rule 16b-3. This option became fully vested on 02/12/2002.

F5: Right to buy Hewlett-Packard Company common stock granted under the Hewlett-Packard Company 2000 Stock Option Plan complying with Rule 16b-3. This option became exercisable in 25% increments annually on 02/15/2001.

F6: Right to buy Hewlett-Packard Company common stock granted under the Hewlett-Packard Company 2000 Stock Option Plan complying with Rule 16b-3. This option will become fully exercisable after the fifth year.

F7: Right to buy Hewlett-Packard Company common stock granted under the Hewlett-Packard Company 2000 Stock Option Plan complying with Rule 16b-3. This option became exercisable in 25% increments annually on 06/19/2001.

F8: Right to buy Hewlett-Packard Company common stock granted under the Hewlett-Packard Company 2000 Stock Option Plan complying with Rule 16b-3. This option became exercisable in 25% increments annually on 02/26/2002.

F9: Right to buy Hewlett-Packard Company common stock granted under the Hewlett-Packard Company 2000 Stock Option Plan complying with Rule 16b-3. This option became exercisable in 25% increments annually on 11/09/2002.

F10: Right to buy Hewlett-Packard Company common stock granted under the Hewlett-Packard Company 2000 Stock Option Plan complying with Rule 16b-3. This option became exercisable in 25% increments annually on 01/31/2003.

F11: Right to buy Hewlett-Packard Company common stock granted under the Hewlett-Packard Company 2000 Stock Option Plan complying with Rule 16b-3. This option will become exercisable in 25% increments annually on 04/16/2004.