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: Murrin James T (SVP and Controller)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	37364.2102	Direct
Common Stock	11263.8938	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$18.09	2007-11-20	Common Stock (4606)		Direct
Employee Stock Option (right to buy)	$29.63	2009-02-12	Common Stock (16636)		Direct
Employee Stock Option (right to buy)	$48.495	2010-02-15	Common Stock (17916)		Direct
Employee Stock Option (right to buy)	$59.58	2010-06-05	Common Stock (200)		Direct
Employee Stock Option (right to buy)	$60.86	2010-07-07	Common Stock (10000)		Direct
Employee Stock Option (right to buy)	$30.09	2011-02-26	Common Stock (18000)		Direct
Employee Stock Option (right to buy)	$17.88	2011-10-19	Common Stock (30000)		Direct
Employee Stock Option (right to buy)	$21.75	2012-01-31	Common Stock (60000)		Direct
Employee Stock Option (right to buy)	$15.745	2011-04-16	Common Stock (25000)		Direct
Employee Stock Option (right to buy)	$22.015	2012-03-18	Common Stock (42500)		Direct
Employee Stock Option (right to buy)	$21.765	2013-04-14	Common Stock (37500)		Direct
Employee Stock Option (right to buy)	$31.50	2014-01-23	Common Stock (25000)		Direct
Employee Stock Option (right to buy)	$31.215	2014-01-31	Common Stock (40000)		Direct

Footnotes

F1: Represents the reporting person's holdings under the Hewlett-Packard Company 401(k) Plan as of February 28, 2007.

F2: This option became 100% exercisable beginning on this date.

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

F4: This option became exercisable in four equal annual installments beginning on this date. The next three installments became exercisable on February 12, 2001, February 12, 2002, and February 12, 2003.

F5: This option became exercisable in four equal annual installments beginning on this date.. The next three installments became exercisable on February 15, 2002, February 15, 2003, and February 15, 2004.

F6: This option became exercisable in four equal annual installments beginning on this date.. The next three installments became exercisable on July 7, 2002, July 7, 2003, and July 7, 2004.

F7: This option became exercisable in four equal annual installments beginning on this date. The next three installments became exercisable on February 26, 2003, February 26, 2004, and February 26, 2005.

F8: This option became exercisable in four equal annual installments beginning on this date. The next three installments became exercisable on January 31, 2004, January 31, 2005 and January 31, 2006.

F9: 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 becomes exercisable on April 16, 2007.

F10: This option became exercisable in four equal annual installments beginning on this date. The next installment became exercisable on March 18, 2006. The last two installments become exercisable on March 18, 2007 and March 18, 2008.

F11: This option became exercisable in four equal annual installments beginning on this date. The next three installments become exercisable on April 14, 2007, April 14, 2008 and April 14, 2009.

F12: This option became exercisable in four equal annual installments beginning on this date. The next three installments become exercisable on January 23, 2008, January 23, 2009 and January 23, 2010.

F13: This option became exercisable in four equal annual installments beginning on this date. The next three installments become exercisable on January 31, 2008, January 31, 2009 and January 31, 2010.