Filed Pursuant to Rule 433

Registration Statement No. 333-134327

Pricing Term Sheet

February 22, 2007

Hewlett-Packard Company

 

Fixed Rate Global Notes Due March 1, 2017

 

Issuer:

 

Hewlett-Packard Company

Ticker:

 

HPQ

Format:

 

SEC Registered Global

Security Ratings:

 

A3 (Moody’s Investors Service) / A (Standard & Poor’s) / A (Fitch Ratings)

Trade Date:

 

February 22, 2007

Settlement Date:

 

February 27, 2007

Maturity Date

 

March 1, 2017

Aggregate Principal Amount Offered:

 

$500,000,000

Price to Public (Issue Price):

 

99.694%

Benchmark:

 

4.625% due February 15, 2017

Benchmark Yield:

 

4.730%

Interest Rate:

 

5.400%

Interest Payment Dates:

 

Semi-annual on the 1st of March and September of each year, beginning on September 1, 2007

Optional Redemption:

 

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

Joint Bookrunners:

 

Citigroup Global Markets Inc.
Deutsche Bank Securities Inc.
J.P. Morgan Securities Inc.

Co-Managers:

 

Barclays Capital Inc.
CIBC World Markets Corp.
Goldman, Sachs & Co.
HSBC Securities (USA) Inc.
Lehman Brothers Inc.
SG Americas Securities, LLC
Wells Fargo Securities, 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) Citigroup Global Markets Inc. at 877-858-5407, (2)  Deutsche Bank Securities Inc. at 800-503-4611, (3) J.P. Morgan Securities Inc. at 212-834-4533.

Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically generated as a result of this communication being sent via Bloomberg or another email system.