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: MOTT RANDALL D (EVP, CIO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-18	Common Stock	A	25000	—	Acquired	320103	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	120000	Acquired	2015-01-18	Common Stock (120000)	Direct

Footnotes

F1: This option becomes exercisable in four equal annual installments beginning on this date.

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