6.50% Global Note due July 1, 2012


THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A
SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC") TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL, INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.


                             HEWLETT-PACKARD COMPANY
                       6.50% Global Note due July 1, 2012


NO. ___                                                            $___________
CUSIP NO. 428236 AG 8

     Hewlett-Packard Company, a corporation duly organized and existing under
the laws of Delaware (herein called the "Company," which term includes any
successor Person under the Indenture hereinafter referred to), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of ____________________ ($___________) on July 1, 2012, and to pay
interest thereon from June 26, 2002, or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, semi-annually on
January 1 and July 1 in each year, commencing January 1, 2003, at the rate of
6.50% per annum, until the principal hereof is paid or made available for
payment. The interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest, which shall be the fifteenth day (whether or not a Business Day), next
preceding such Interest Payment Date. Any such interest not so punctually paid
or duly provided for will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice whereof shall be given to Holders of Securities
of this series not less than 10 days prior to such Special Record Date, or be
paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities of this



series may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in said Indenture. Interest on the Security shall be
computed on the basis of a 360-day year of twelve 30-day months, and for any
period shorter than a full six-month interest period, on the basis of the actual
days elapsed in such period.

     So long as all of the Securities of this series are represented by Global
Securities, the principal of, premium, if any, and interest, if any, on this
Global Security shall be paid in same day funds to the Depositary, or to such
name or entity as is requested by an authorized representative of the
Depositary. If at any time the Securities of this series are no longer
represented by the Global Securities and are issued in definitive form
("Certificated Securities"), then the principal of, premium, if any, and
interest, if any, on each Certificated Security at Maturity shall be paid to the
Holder upon surrender of such Certificated Security at the office of agency
maintained by the Company in the Borough of Manhattan, The City of New York
(which shall initially be the principal corporate trust office of J.P. Morgan
Trust Company, National Association, as Trustee) or at such other place or
places as may be designated in or pursuant to the Indenture, provided that such
Certificated Security is surrendered to the Trustee, acting as Paying Agent, in
time for the Paying Agent to make such payments in such funds in accordance with
its normal procedures. Payments of interest with respect to Certificated
Securities other than at Maturity may, at the option of the Company, be made by
check mailed to the address of the Person entitled thereto as it appears on the
Security Register on the relevant Regular or Special Record Date or by wire
transfer in same day funds to such account as may have been appropriately
designated to the Paying Agent by such Person in writing not later than such
relevant Regular or Special Record Date.

     Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

     Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.





         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

                                          HEWLETT-PACKARD COMPANY

                                          By:
                                             ----------------------------
                                             Lawrence Tomlinson
                                             Senior Vice President and Treasurer

Attest:
        ------------------------------
        Ann O. Baskins
        Senior Vice President, General
        Counsel and Secretary


Trustee's Certificate of Authentication.

This is one of the Securities of the series designated herein referred to in the
within-mentioned Indenture.

Dated:  June 26, 2002

J.P. MORGAN TRUST COMPANY,
NATIONAL ASSOCIATION, as Trustee


By:
   ---------------------------------
   Authorized Signatory






                               REVERSE OF SECURITY

     This Security is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued in one or more
series under an Indenture, dated as of June 1, 2000 (herein called the
"Indenture," which term shall have the meaning assigned to it in such
instrument), between the Company and J.P. Morgan Trust Company, National
Association (formerly known as Chase Manhattan Bank and Trust Company, National
Association), as trustee (herein called the "Trustee," which term includes any
successor Trustee under the Indenture), and reference is hereby made to the
Indenture and all indentures supplemental thereto for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and delivered. This
Security is one of the series designated on the face hereof limited in aggregate
principal amount to $500,000,000.

     The Company will have the right to redeem the Securities, in whole or in
part at any time, on at least 30 days but no more than 60 days prior written
notice mailed to the registered Holders of the Securities to be redeemed and
published in accordance with the rules of the Luxembourg Stock Exchange. The
Redemption Price will be equal to the greater of (1) 100% of the principal
amount of the Securities to be redeemed or (2) the sum, as determined by the
Quotation Agent (as defined below), of the present value of the principal amount
of the Securities to be redeemed and the remaining scheduled payments of
interest thereon from the Redemption Date to the maturity date (the "Remaining
Life") discounted from the scheduled payment dates to the Redemption Date on a
semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at
the Treasury Rate (as defined below) plus 30 basis points, plus accrued and
unpaid interest on the principal amount being redeemed to the Redemption Date.

     If money sufficient to pay the Redemption Price of and accrued interest on
the Securities (or portions thereof) to be redeemed on the Redemption Date is
deposited with the Trustee or Paying Agent on or before the Redemption Date and
the conditions set forth in Article 11 of the Indenture are satisfied, then on
and after the Redemption Date, interest will cease to accrue on such Securities
(or such portion thereof) called for redemption and such Securities will cease
to be outstanding. If any Redemption Date is not a Business Day, the Company
will pay the Redemption Price on the next Business Day without any interest or
other payment due to the delay.

     If fewer than all of the Securities of a series are to be redeemed, the
Trustee will select the Securities of such series for redemption on a pro rata
basis, by lot or by such other method as the Trustee deems appropriate and fair.
No Securities of $1,000 or less will be redeemed in part.

     For the purposes above:

     "Comparable Treasury Issue" means the United States Treasury security
selected by the Quotation Agent as having a maturity comparable to the Remaining
Life that would be utilized, at



the time of selection, and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity with the
Remaining Life.

     "Comparable Treasury Price" means, with respect to any Redemption Date, the
average of the three Reference Treasury Dealer Quotations for such Redemption
Date.

     "Quotation Agent" means the Reference Treasury Dealers.

     "Reference Treasury Dealer" means each of Banc of America Securities LLC,
Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc., and their
respective successors; provided, however, that if any of the foregoing shall
cease to be a primary U.S. Government securities dealer in The City of New York
(a "Primary Treasury Dealer"), the Company shall substitute therefor another
Primary Treasury Dealer.

     "Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined by
the Trustee, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in
writing to the Trustee by each Reference Treasury Dealer at 5:00 p.m., New York
City time, on the third Business Day preceding the Redemption Date.

     "Treasury Rate" means, with respect to any Redemption Date, the rate per
year equal to the semiannual equivalent yield to maturity of the Comparable
Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as
a percentage of its principal amount) equal to the Comparable Treasury Price for
the Redemption Date.

     Subject to certain exceptions and limitations set forth below, the Company
will pay to the Holder of any Security that is a United States Alien (as defined
below), as additional interest, such additional amounts ("Additional Amounts")
as may be necessary in order that every net payment on such Security (including
payment of the principal of and interest on such Security) by the Company or the
Company's specified Paying Agent, after deduction or withholding for or on
account of any present or future tax, assessment or other governmental charge
imposed upon or as a result of such payment by the United States (or any
political subdivision or taxing authority thereof or therein), will not be less
than the amount provided in such Security to be then due and payable. However,
the Company's obligation to pay Additional Amounts will not apply to:

     (1) any tax, assessment or other governmental charge that would not have
been so imposed but for:

     o    the existence of any present or former connection between such Holder
          or beneficial owner of such Security (or between a fiduciary, settlor
          or beneficiary of, or a person holding a power over, such Holder, if
          such Holder is an estate or a trust, or a member or shareholder of
          such Holder, if such Holder is a partnership or corporation) and the
          United States or any political subdivision or taxing authority thereof
          or therein, including, without limitation, such Holder (or such
          fiduciary, settlor, beneficiary, person holding a power, member or
          shareholder) being or having been a citizen or resident of the United






          States or treated as a resident thereof or being or having been
          engaged in a trade or business or present therein or having or having
          had a permanent establishment therein; or

     o    such Holder's or beneficial owner's past or present status as a
          personal holding company, passive foreign investment company, foreign
          personal holding company, foreign private foundation or other foreign
          tax-exempt organization with respect to the United States, controlled
          foreign corporation for United States tax purposes or corporation that
          accumulates earnings to avoid United States federal income tax;

     (2)  any estate, inheritance, gift, excise, sales, transfer, wealth or
          personal property tax or any similar tax, assessment or other
          governmental charge;

     (3)  any tax, assessment or other governmental charge that would not have
          been imposed but for the presentation by the Holder of a Security for
          payment more than 30 days after the date on which such payment became
          due and payable or the date on which payment thereof was duly provided
          for, whichever occurred later;

     (4)  any tax, assessment or other governmental charge that is payable
          otherwise than by withholding from a payment on a Security;

     (5)  any tax, assessment or other governmental charge required to be
          withheld by any Paying Agent from a payment on a Security, if such
          payment can be made without such withholding by any other Paying
          Agent;

     (6)  any tax, assessment or other governmental charge that would not have
          been imposed but for a failure to comply with applicable
          certification, information, documentation, identification or other
          reporting requirements concerning the nationality, residence, identity
          or connection with the United States of the Holder or beneficial owner
          of a Security if such compliance is required by statute or regulation
          of the United States or an applicable tax treaty to which the United
          States is a party as precondition to relief or exemption from such
          tax, assessment or other governmental charge;

     (7)  any tax, assessment or other governmental charge imposed on a Holder
          that actually or constructively owns 10% or more of the combined
          voting power of all classes of stock of the Company;

     (8)  any tax, assessment or governmental charge that would not have been
          imposed or withheld but for an election by the Holder the effect of
          which is to make the payment of the principal of, or interest (or any
          other amount) on, a Security by the Company or a Paying Agent subject
          to United States federal income tax; or

     (9)  any combination of items (1), (2), (3), (4), (5), (6), (7) and (8).

     In addition, the Company shall not be required to pay Additional Amounts on
any Security to a Holder that is a fiduciary or partnership or other than the
sole beneficial owner of such payment to the extent a beneficiary or settlor
with respect to such fiduciary or a member of such partnership or a



beneficial owner would not have been entitled to Additional Amounts (or payment
of Additional Amounts would not have been necessary) had such beneficiary,
settlor, member or beneficial owner been the Holder of such Security.

     For the purposes above:

     "United States Alien" means any Person who, for United States federal
income tax purposes, is a foreign corporation, a non-resident alien individual,
a non-resident alien fiduciary of a foreign estate or trust, or a foreign
partnership, one or more of the members of which is, for United States federal
income tax purposes, a foreign corporation, a non-resident alien individual or a
non-resident alien fiduciary, of a foreign estate or trust.

     "United States" or "U.S." means the United States of America (including the
States and the District of Columbia) and its territories, its possessions and
other areas subject to its jurisdiction.

     At its option, the Company may redeem, as a whole, but not in part, the
Securities on not fewer than 30 nor more than 60 days' prior notice to the
Holder of record at a Redemption Price equal to 100% of the principal amount of
the Securities being redeemed, together with interest accrued to the Redemption
Date, if either of the following occurs:

     (1)  as a result of any change in, or amendment to, the laws (or any
          regulations or rulings promulgated thereunder) of the United States
          (or any political subdivision or taxing authority thereof or therein),
          or any change in the official application (including a ruling by a
          court of competent jurisdiction in the United States) or
          interpretation of such laws, regulations or rulings, which change or
          amendment is announced or becomes effective on or after the
          consummation of this offering, the Company becomes or will become
          obligated to pay Additional Amounts;" or

     (2)  any act is taken by a taxing authority of the United States on or
          after the consummation of the offering of the Securities, whether or
          not such act is taken with respect to the Company or any Affiliate,
          which results in a substantial likelihood that the Company will or may
          be required to pay any Additional Amounts.

     However, in order to redeem the Securities pursuant to this provision the
Company will be required to determine, in the Company's business judgment, that
the obligation to pay such Additional Amounts cannot be avoided by the use of
commercially reasonable measures available to the Company, not including
substitution of the obligor under the Securities or any action that would entail
a material cost to the Company. The Company may not redeem unless it shall have
received an opinion of counsel to the effect that because of an act taken by a
taxing authority of the United States (as discussed above) such an act results
in a substantial likelihood that the Company will or may be required to pay
Additional Amounts described above and the Company shall have delivered to the
Trustee a certificate, signed by a duly authorized officer, stating that based
on such opinion the Company is entitled to redeem the Securities pursuant to
their terms.



     Unless the Company defaults in the payment of the Redemption Price, no
interest will accrue on the Securities called for redemption for the period from
and after the Redemption Date.

     In the event of redemption of this Security in part only, a new Security or
Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof.

     The Indenture contains provisions, which will apply to the Securities, for
defeasance and covenant defeasance and Events of Default with respect to this
Security, in each case upon compliance with certain conditions set forth in the
Indenture.

     If an Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of more than 50% in aggregate principal amount of the
Securities at the time Outstanding of each series to be affected. The Indenture
also contains provisions permitting the Holders of specified percentages in
principal amount of the Securities of each series at the time Outstanding, on
behalf of the Holders of all Securities of such series, to waive compliance by
the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Security shall be conclusive and binding upon such Holder and
upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

     As provided in and subject to the provisions of the Indenture, the Holder
of this Security shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or Trustee or for
any other remedy thereunder, unless such Holder shall have previously given the
Trustee written notice of a continuing Event of Default with respect to the
Securities of this series, the Holders of not less than 25% in principal amount
of the Securities of this series at the time Outstanding shall have made written
request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee
shall not have received from the Holders of a majority in principal amount of
Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60
days after receipt of such notice, request and offer of indemnity. The foregoing
shall not apply to any suit instituted by the Holder of this Security for the
enforcement of any payment of principal hereof or any premium or interest hereon
on or after the respective due dates expressed herein.

     No reference herein to the Indenture and no provision of this Security or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the




principal of and any premium and interest on this Security at the times, place
and rate, and in the coin or currency, herein prescribed.

     The Securities of this series are issuable only in registered form without
coupons in denominations of $1,000 and any integral multiple thereof.

     This Security shall be deemed to be a contract made under the laws of the
State of New York, and for all purposes shall be construed in accordance with
and governed by the laws of said State, without regard to conflict of laws
principles thereof.

     All terms used in this Security that are defined in the Indenture shall
have the meanings assigned to them in the Indenture.






                                   ASSIGNMENT

FOR VALUE RECEIVED the undersigned             PLEASE INSERT SOCIAL SECURITY OR
hereby sells, assigns and transfers unto:      OTHER IDENTIFYING NUMBER OF
                                               ASSIGNEE:
                                                        -----------------------


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(Please print or typewrite name and address including postal zip code of
assignee)


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the within Global Security of HEWLETT-PACKARD COMPANY and all rights hereunder,
hereby irrevocably constituting and appointing


------------------------------------------------------------------------attorney
to transfer said Global Security on the books of the within-named Company, with
full power of substitution in the premises.

Dated:
      ----------------------------

                                    SIGN HERE
                                             ------------------------------
                                             NOTICE: THE SIGNATURE TO THIS
                                             ASSIGNMENT MUST CORRESPOND
                                             WITH THE NAME AS WRITTEN UPON
                                             THE FACE OF THE WITHIN INSTRUMENT
                                             IN EVERY PARTICULAR, WITHOUT
                                             ALTERATION OR ENLARGEMENT OR ANY
                                             CHANGE WHATEVER.

                                             SIGNATURE GUARANTEED