HP INC — Director's Dealing 2005

Sep 6, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2005-09-01

Reporting Person: FLAXMAN JON E (SVP and Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-09-01	COMMON STOCK	M	37500	$15.745	Acquired	152641.5708	Direct
2005-09-01	COMMON STOCK	S	2000	$27.56	Disposed	150641.5708	Direct
2005-09-01	COMMON STOCK	S	1500	$27.55	Disposed	149141.5708	Direct
2005-09-01	COMMON STOCK	S	34000	$27.54	Disposed	115141.5708	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-09-01	Employee Stock Option (right to buy)	$15.745	M	37500	Disposed	2011-04-15	Common Stock (37500)	Direct

Footnotes

F1: Includes the acquisition of 141.101200 shares in April 2005 under the Hewlett-Packard Company Share Ownership Plan (the
"SOP") and 0.4696 shares in July 2005 received in lieu of cash through the dividend reinvestment program under the SOP, in
transactions exempt under Rule 16b-3.

F2: This option became exercisable in four equal annual installments beginning April 16, 2004.

F3: Not applicable.