Free Writing Prospectus

Filed Pursuant to Rule 433

Registration Statement No. 333-159366

Pricing Term Sheet

May 21, 2009

Hewlett-Packard Company

FRN due May 27, 2011


Issuer:   Hewlett-Packard Company
Format:   SEC Registered Global
Anticipated Security Ratings:   A2 (Moody’s Investors Service) / A (Standard & Poor’s) / A+ (Fitch Ratings)
Trade Date:   May 21, 2009
Settlement Date:   May 27, 2009
Maturity Date:   May 27, 2011
Aggregate Principal Amount Offered:   $750,000,000
Coupon:   3-month USD LIBOR+105 basis points
Price to Public (Issue Price):   100%
Benchmark:   3-month USD LIBOR
Spread to Benchmark:   +105 basis points
Re-offer Yield:   3-month USD LIBOR+105 basis points
Interest Payment and Reset Dates:   Quarterly on the 27th of February, May, August and November of each year, beginning on August 27, 2009
Method of Calculation:   Actual/360
Optional Redemption:   May not be redeemed before maturity
CUSIP:   428236 AZ6
Denominations:   $2,000 × $1,000
Joint Bookrunners:  

Banc of America Securities LLC Credit Suisse Securities (USA) LLC Deutsche Bank Securities Inc. Morgan Stanley & Co. Incorporated

RBS Securities Inc.

Senior Co-Managers:   Barclays Capital Inc. BNP Paribas Securities Corp. HSBC Securities (USA) Inc. Mitsubishi UFJ Securities (USA), Inc. Wachovia Capital Markets, LLC

Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

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 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.