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: Humphries Brian (VP, Investor Relations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-18	Common Stock	A	15000	—	Acquired	34212	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	25000	Acquired	2015-01-18	Common Stock (25000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5200.459	Indirect

Footnotes

F1: Represents the reporting person's holdings under the Hewlett-Packard Company 401(k) Plan as of December 31, 2006.

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.