HP INC — Director's Dealing 2007

Sep 6, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2007-09-04

Reporting Person: LIVERMORE ANN M (EVP TSG)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-09-04	Common Stock	M	50000	$15.745	Acquired	137415.5273	Direct
2007-09-04	Common Stock	S	8449	$50.23	Disposed	128966.5273	Direct
2007-09-04	Common Stock	S	22600	$50.22	Disposed	106366.5273	Direct
2007-09-04	Common Stock	S	3500	$50.21	Disposed	102866.5273	Direct
2007-09-04	Common Stock	S	150	$50.20	Disposed	102716.5273	Direct
2007-09-04	Common Stock	S	2600	$50.19	Disposed	100116.5273	Direct
2007-09-04	Common Stock	S	9800	$50.18	Disposed	90316.5273	Direct
2007-09-04	Common Stock	S	800	$50.17	Disposed	89516.5273	Direct
2007-09-04	Common Stock	S	1	$50.16	Disposed	89515.5273	Direct
2007-09-04	Common Stock	S	2100	$50.15	Disposed	87415.5273	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-09-04	Employee Stock Option (right to buy)	$15.745	M	50000	Disposed	2011-04-16	Common Stock (50000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3886.854	Indirect

Footnotes

F1: Includes the acquisition of 7.7248 shares in July 2007, received through dividends that are automatically paid out in shares under the Hewlett-Packard Company Share Ownership Plan, in a transaction exempt under Rule 16b-3.

F2: Represents the reporting person's holdings under the Hewlett-Packard Company 401(k) Plan as of August 31, 2007.

F3: This option became exercisable in four equal annual installments beginning on this date.

F4: This option is no longer exercisable beginning on this date.