HP INC — Director's Dealing 2007

Jan 23, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2007-01-18

Reporting Person: LESJAK CATHERINE A (EVP & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-18	Common Stock	A	35000	—	Acquired	70544.9626	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-01-18	Employee Stock Option (right to buy)	$42.27	A	100000	Acquired	2015-01-18	Common Stock (100000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	306	Indirect

Footnotes

F1: Includes the acquisition of 346.1994 shares in November 2006 under the Hewlett-Packard Company Share Ownership Plan, in a transaction exempt under Rule 16b-3.

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

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