HP INC — Director's Dealing 2007

Mar 7, 2007

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2007-03-01

Reporting Person: McMullen John N (SVP, Treasurer)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	54329.2058	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$56.73	2008-08-20	Common Stock (3162)		Direct
Employee Stock Option (right to buy)	$74.61	2009-01-28	Common Stock (4743)		Direct
Employee Stock Option (right to buy)	$35.97	2009-04-19	Common Stock (3963)		Direct
Employee Stock Option (right to buy)	$39.74	2009-12-08	Common Stock (18975)		Direct
Employee Stock Option (right to buy)	$43.29	2010-05-15	Common Stock (31625)		Direct
Employee Stock Option (right to buy)	$15.745	2011-04-16	Common Stock (7500)		Direct
Employee Stock Option (right to buy)	$22.015	2012-03-18	Common Stock (20000)		Direct
Employee Stock Option (right to buy)	$21.765	2013-04-14	Common Stock (18750)		Direct
Employee Stock Option (right to buy)	$31.50	2014-02-13	Common Stock (30000)		Direct

Footnotes

F1: This option became exercisable in 60 monthly installments beginning on this date. Due to acquisition of Compaq Computer Corporation ("Compaq"), the vesting schedule of any unvested shares was accelerated and they became fully exercisable on March 20, 2002.

F2: This option is no longer exercisable beginning on this date.

F3: This option became exercisable in 48 monthly installments beginning on this date. Due to acquisition of Compaq, the vesting schedule of any unvested shares was accelerated and they became fully exercisable on March 20, 2002.

F4: This option was to become 100% exercisable beginning on this date, but due to acquisition of Compaq, Due to acquisition of Compaq Computer Corporation ("Compaq"), the vesting schedule of any unvested shares was accelerated and they became fully exercisable on March 20, 2002.

F5: This option became exercisable in four equal annual installments beginning on this date. The next two installments became exercisable on April 16, 2005 and April 16, 2006. The last installment will become exercisable on April 16, 2007.

F6: An option to purchase 30,000 shares was originally granted. As of August 29, 2006, 22,500 shares have been exercised.

F7: This option became exercisable in four equal annual installments beginning on this date. The next installment became exercisable on March 18, 2006. The next two installments will become exercisable on March 18, 2007 and March 18, 2008.

F8: An option to purchase 40,000 shares was originally granted. As of August 29, 2006, 20,000 shares have been exercised.

F9: This option became exercisable in four equal annual installments beginning on this date. The next three installments will become exercisable on April 14, 2007, April 14, 2008 and April 14, 2009.

F10: An option to purchase 25,000 shares was originally granted. As of August 29, 2006, 6,250 shares have been exercised.

F11: This option will became exercisable in four equal annual installments beginning on this date. The next three installments will become exercisable on January 23, 2008, January 23, 2009 and January 23, 2010.