HP INC — Director's Dealing 2007

Oct 2, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2007-10-01

Reporting Person: LESJAK CATHERINE A (EVP & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-10-01	Common Stock	M	4000	$20.70	Acquired	79795.2684	Direct
2007-10-01	Common Stock	M	10000	$21.75	Acquired	89795.2684	Direct
2007-08-23	Common Stock	S	14000	$49.81	Disposed	75795.2684	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-10-01	Employee Stock Option (right to buy)	$20.70	M	4000	Disposed	2011-09-18	Common Stock (4000)	Direct
2007-10-01	Employee Stock Option (right to buy)	$21.75	M	10000	Disposed	2012-01-31	Common Stock (10000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	306	Indirect

Footnotes

F1: The exercise and sale reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on June 6, 2007.

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

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