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: 2006-12-05

Reporting Person: WAYMAN ROBERT PAUL (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-12-05	Common Stock	G	550	—	Disposed	161198.1135	Direct
2006-12-05	Common Stock	G	550	—	Acquired	550	Indirect
2006-12-05	Common Stock	G	4350	—	Disposed	156848.1135	Direct
2007-03-05	Common Stock	M	179176	$24.125	Disposed	336024.1135	Direct
2007-03-05	Common Stock	S	7476	$38.90	Disposed	328548.1135	Direct
2007-03-05	Common Stock	S	900	$38.91	Disposed	327648.1135	Direct
2007-03-05	Common Stock	S	1500	$38.9115	Disposed	326148.1135	Direct
2007-03-05	Common Stock	S	5000	$38.92	Disposed	321148.1135	Direct
2007-03-05	Common Stock	S	2300	$38.93	Disposed	318848.1135	Direct
2007-03-05	Common Stock	S	6500	$38.94	Disposed	312348.1135	Direct
2007-03-05	Common Stock	S	6500	$38.95	Disposed	305848.1135	Direct
2007-03-05	Common Stock	S	1800	$38.9115	Disposed	304048.1135	Direct
2007-03-05	Common Stock	S	4500	$38.96	Disposed	299548.1135	Direct
2007-03-05	Common Stock	S	1100	$38.9666	Disposed	298448.1135	Direct
2007-03-05	Common Stock	S	2000	$38.97	Disposed	296448.1135	Direct
2007-03-05	Common Stock	S	500	$38.9791	Disposed	295548.1135	Direct
2007-03-05	Common Stock	S	2000	$38.98	Disposed	293948.1135	Direct
2007-03-05	Common Stock	S	800	$38.988	Disposed	293148.1135	Direct
2007-03-05	Common Stock	S	7500	$38.99	Disposed	285648.1135	Direct
2007-03-05	Common Stock	S	4800	$39.00	Disposed	280848.1135	Direct
2007-03-05	Common Stock	S	200	$39.005	Disposed	280648.1135	Direct
2007-03-05	Common Stock	S	5200	$39.01	Disposed	275448.1135	Direct
2007-03-05	Common Stock	S	1100	$39.0122	Disposed	274348.1135	Direct
2007-03-05	Common Stock	S	8300	$39.02	Disposed	266048.1135	Direct
2007-03-05	Common Stock	S	9000	$39.03	Disposed	257048.1135	Direct
2007-03-05	Common Stock	S	8000	$39.04	Disposed	249048.1135	Direct
2007-03-05	Common Stock	S	500	$39.0425	Disposed	248548.1135	Direct
2007-03-05	Common Stock	S	3700	$39.05	Disposed	244848.1135	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-03-05	Employee Stock Option (right to buy)	$24.125	M	179176	Acquired	2007-11-20	Common Stock (179176)	Direct

Footnotes

F1: This is the first of three Form 4's to be filed, as the number of transactions reported on Table 1 exceeds the number of lines available on this form.

F2: Includes the acquisition of 15.7513 shares in January 2007, received in lieu of cash through the dividend reinvestment program under the Hewlett-Packard Company Share Ownership Plan (the "SOP"), in a transaction exempt under Rule 16b-3.

F3: This transaction involed a gift of securities by the reporting person to his son, who shares reporting person's household. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of the securities for the purpose of Section 16 or for any other purposes.

F4: This option became exercisable in four equal annual installments beginning on this date.

F5: This option is no longer exercisable beginning on this date.