HP INC — Director's Dealing 2006

Aug 30, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2006-08-25

Reporting Person: DE ALONSO MARCELA PEREZ (EVP, Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-08-25	Common Stock	M	62500	$25.385	Acquired	110129	Direct
2006-08-25	Common Stock	M	37500	$21.765	Acquired	147629	Direct
2006-08-25	Common Stock	S	25000	$35.18	Disposed	122629	Direct
2006-08-25	Common Stock	S	32700	$35.23	Disposed	89929	Direct
2006-08-25	Common Stock	S	18600	$35.24	Disposed	71329	Direct
2006-08-25	Common Stock	S	18700	$35.25	Disposed	52629	Direct
2006-08-25	Common Stock	S	5000	$35.26	Disposed	47629	Direct
2006-08-28	Common Stock	S	3029	$35.33	Disposed	44600	Direct
2006-08-28	Common Stock	S	9600	$35.34	Disposed	35000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-08-25	Employee Stock Option (right to buy)	$25.385	M	62500	Disposed	2012-01-15	Common Stock (62500)	Direct
2006-08-25	Employee Stock Option (right to buy	$21.765	M	37500	Disposed	2013-04-14	Common Stock (37500)	Direct

Footnotes

F1: This option became exercisable in four equal annual installments beginning on this date.

F2: This option is no longer exercisable beginning on this date.

F3: Not applicable.