HP INC — Director's Dealing 2007

Mar 7, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2007-03-06

Reporting Person: LIVERMORE ANN M (EVP TSG)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-03-06	Common Stock	M	75000	$23.125	Disposed	329190.3281	Direct
2007-03-06	Common Stock	S	39244	$39.28	Disposed	289946.3281	Direct
2007-03-06	Common Stock	S	900	$39.29	Disposed	289046.3281	Direct
2007-03-06	Common Stock	S	8500	$39.30	Disposed	280546.3281	Direct
2007-03-06	Common Stock	S	14400	$39.31	Disposed	266146.3281	Direct
2007-03-06	Common Stock	S	3600	$39.32	Disposed	262546.3281	Direct
2007-03-06	Common Stock	S	8056	$39.33	Disposed	254490.3281	Direct
2007-03-06	Common Stock	S	300	$39.34	Disposed	254190.3281	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-03-06	Employee Stock Option (right to buy)	$23.125	M	75000	Acquired	2008-11-19	Common Stock (75000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3856.702	Indirect

Footnotes

F1: Includes the acquisition of 8.2324 shares in January 2007 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 February 28, 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.