HP INC — Director's Dealing 2006

Aug 29, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2006-08-24

Reporting Person: SALHANY LUCILLE S (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-08-24	Common Stock	M	15800	$25.35	Acquired	44188.5533	Direct
2006-08-24	Common Stock	M	2764	$12.68	Acquired	46952.5533	Direct
2006-08-24	Common Stock	S	1200	$35.22	Disposed	45752.5533	Direct
2006-08-24	Common Stock	S	5264	$35.24	Disposed	40488.5533	Direct
2006-08-24	Common Stock	S	4800	$35.25	Disposed	35688.5533	Direct
2006-08-24	Common Stock	S	5400	$35.26	Disposed	30288.5533	Direct
2006-08-24	Common Stock	S	1900	$35.27	Disposed	28388.5533	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-08-24	Employee Stock Option (right to buy)	$25.35	M	15800	Disposed	2007-04-24	Common Stock (15800)	Direct
2006-08-24	Employee Stock Option (right to buy)	$12.68	M	2764	Disposed	2007-04-24	Common Stock (2764)	Direct

Footnotes

F1: Includes the acquisition of 45.5533 shares in July 2006, received in lieu of cash through the Hewlett-Packard Company Dividend Reinvestment/Stock Purchase Plan, in a transaction exempt under Rule 16b-3.

F2: This option became exercisable in two equal annual installments beginning on this date.

F3: This option is no longer exercisable beginning on this date.

F4: This option became 100% exercisable beginning on this date.

F5: Not applicable.