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Filed Pursuant to Rule 433
Registration Statement No. 333-134327

Pricing Term Sheet
December 2, 2008

Hewlett-Packard Company

Fixed Rate Global Notes due March 1, 2014


  Hewlett-Packard Company




  SEC Registered Global

Anticipated Security Ratings:

  A2 (Moody's Investors Service) / A (Standard & Poor's) / A+ (Fitch Ratings)

Trade Date:

  December 2, 2008

Settlement Date:

  December 5, 2008

Maturity Date:

  March 1, 2014

Aggregate Principal Amount Offered:


Price to Public (Issue Price):



  2.000% due November 30, 2013

Benchmark Yield


Interest Rate:


Interest Payment Dates:

  Semi-annual on the 1st of March and September of each year, beginning on March 1, 2009

Optional Redemption:

  Greater of Par or Make-Whole at Treasury Rate +50 basis points

Joint Bookrunners:

  Banc of America Securities LLC
Credit Suisse Securities (USA) LLC
Deutsche Bank Securities Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
Greenwich Capital Markets, Inc.

Senior Co-Managers:

  Mitsubishi UFJ Securities International plc
Barclays Capital Inc.
BNP Paribas Securities Corp.
HSBC Securities (USA) Inc.
Wells Fargo Securities, LLC


  Wachovia Capital Markets LLC

        The Issuer has filed a Registration Statement (including a prospectus) with the Securities and Exchange Commission for the Offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Issuer has filed with the Securities and Exchange Commission for more complete information about the Issuer and this Offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling (1) Banc of America Securities LLC at 800-294-1322, (2) Credit Suisse Securities (USA) LLC at 800-221-1037 or (3) Morgan Stanley & Co. Incorporated at 866-718-1649.


Hewlett-Packard Company Fixed Rate Global Notes due March 1, 2014