HP INC — Director's Dealing 2004

Jan 17, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2004-01-15

Reporting Person: DE ALONSO MARCELA PEREZ (Executive Vice President, Human Resources &Workforce Dev)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-15	Common Stock	A	40000	—	Acquired	40215.445	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-15	Employee Stock Option	$25.39	A	125000	Acquired	2014-01-14	Common Stock (125000)	Direct

Footnotes

F1: Award of restricted stock under the Hewlett-Packard Company 2000 Stock Plan in a transaction exempt under Rule 16b-3.

F2: Not applicable.

F3: 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 beginning on January 15, 2005.