HP INC — Director's Dealing 2007

Feb 26, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2007-02-23

Reporting Person: SALHANY LUCILLE S (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-23	Common Stock	M	15825	$25.35	Acquired	44289.8105	Direct
2007-02-23	Common Stock	S	600	$40.79	Disposed	43689.8105	Direct
2007-02-23	Common Stock	S	3200	$40.80	Disposed	40489.8105	Direct
2007-02-23	Common Stock	S	12025	$40.81	Disposed	28464.8105	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-23	Employee Stock Option (right to buy)	$25.35	M	15825	Disposed	2007-04-24	Common Stock (15825)	Direct

Footnotes

F1: Includes the acquisition of 39.967313 shares in October 2006 and 36.289960 shares in January 2007, received in lieu of cash through the Hewlett-Packard Company Dividend Reinvestment/Stock Purchase Plan, in a transaction exempt under Rule 16b-3.

F2: This option became exercisable in four equal annual installments beginning on this date.

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