HP INC — Director's Dealing 2007

Jan 25, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2007-01-23

Reporting Person: BRADLEY RICHARD TODD (EVP, PSG)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-23	Common Stock	F	6044	$41.215	Disposed	155354.699	Direct
2007-01-23	Common Stock	M	75000	$31.50	Acquired	230354.699	Direct
2007-01-23	Common Stock	S	300	$41.82	Disposed	230054.699	Direct
2007-01-23	Common Stock	M	700	$41.83	Disposed	229354.699	Direct
2007-01-23	Common Stock	S	300	$41.90	Disposed	229054.699	Direct
2007-01-23	Common Stock	S	600	$41.92	Disposed	228454.699	Direct
2007-01-23	Common Stock	S	1000	$41.93	Disposed	227454.699	Direct
2007-01-23	Common Stock	S	600	$41.94	Disposed	226854.699	Direct
2007-01-23	Common Stock	S	800	$41.96	Disposed	226054.699	Direct
2007-01-23	Common Stock	S	400	$41.97	Disposed	225654.699	Direct
2007-01-23	Common Stock	S	3100	$41.99	Disposed	222554.699	Direct
2007-01-23	Common Stock	S	900	$42.01	Disposed	221654.699	Direct
2007-01-23	Common Stock	S	100	$42.03	Disposed	221554.699	Direct
2007-01-23	Common Stock	S	500	$42.17	Disposed	221054.699	Direct
2007-01-23	Common Stock	S	1600	$42.19	Disposed	219454.699	Direct
2007-01-23	Common Stock	S	400	$42.20	Disposed	219054.699	Direct
2007-01-23	Common Stock	S	411	$42.21	Disposed	218643.699	Direct
2007-01-23	Common Stock	S	372	$42.22	Disposed	218271.699	Direct
2007-01-23	Common Stock	S	200	$42.23	Disposed	218071.699	Direct
2007-01-23	Common Stock	S	700	$42.24	Disposed	217371.699	Direct
2007-01-23	Common Stock	S	3589	$42.25	Disposed	213782.699	Direct
2007-01-23	Common Stock	S	3000	$42.26	Disposed	210782.699	Direct
2007-01-23	Common Stock	S	4600	$42.27	Disposed	206182.699	Direct
2007-01-23	Common Stock	S	3000	$42.28	Disposed	203182.699	Direct
2007-01-23	Common Stock	S	4800	$42.29	Disposed	198382.699	Direct
2007-01-23	Common Stock	S	2900	$42.30	Disposed	195482.699	Direct
2007-01-23	Common Stock	S	6100	$42.31	Disposed	189382.699	Direct
2007-01-23	Common Stock	S	1800	$42.32	Disposed	187582.699	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-01-23	Employee Stock Option (right to buy)	$31.50	M	75000	Disposed	2014-01-23	Common Stock (75000)	Direct

Footnotes

F1: This is the first of two 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: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 7, 2006.