EXHIBIT 21

                           SUBSIDIARIES OF REGISTRANT

    The registrant's principal affiliates as of January 22, 2001, are listed
below.



                                                                               PERCENTAGE OF VOTING
                                                            STATE OR COUNTRY   SECURITIES DIRECTLY
                                                            OF INCORPORATION      OR INDIRECTLY
                                                            OR ORGANIZATION    OWNED BY REGISTRANT
                                                            ----------------   --------------------
                                                                         
Hewlett-Packard Australia Ltd.                              Australia                  100%
Hewlett-Packard Australia Group Holdings Pty Ltd.           Australia                  100%
Hewlett-Packard Australia Holdings Pty Ltd.                 Australia                  100%
Hewlett-Packard Brasil S.A.                                 Brazil                     100%
Hewlett-Packard Caribe Ltd.                                 Cayman Islands             100%
Hewlett-Packard Chesapeake Inc.                             Delaware                   100%
Hewlett-Packard (China) Investment Ltd.                     China                      100%
Hewlett-Packard Computadores Ltd.                           Brazil                     100%
Hewlett-Packard Computer Products (Shanghai) Co., Ltd.      China                      100%
Hewlett-Packard Coordination Center SC                      Belgium                    100%
Hewlett-Packard Delaware, Inc.                              Delaware                   100%
Hewlett-Packard Delaware Investment Inc.                    Delaware                   100%
Hewlett-Packard Europe B.V.                                 The Netherlands            100%
Hewlett-Packard Espanola, S.A.                              Spain                      100%
Hewlett-Packard Far East Pte. Ltd.                          Singapore                  100%
Hewlett-Packard Finance Company                             California                 100%
Hewlett-Packard France                                      France                     100%
Hewlett-Packard France Capital                              France                     100%
Hewlett-Packard GmbH                                        Germany                    100%
Hewlett-Packard Holding Espanola, S.L.                      Spain                      100%
Hewlett-Packard Holding Gmbh                                Germany                    100%
Hewlett-Packard (India) Software Operation Pte. Ltd.        India                      100%
Hewlett-Packard Ireland (Holdings) Ltd.                     Ireland                    100%
Hewlett-Packard Japan, Ltd.                                 Japan                      100%
Hewlett-Packard Ltd.                                        U.K.                       100%
Hewlett-Packard Leman Sarl                                  Switzerland                100%
Hewlett-Packard de Mexico S.A. de C.V.                      Mexico                     100%
Hewlett-Packard (Manufacturing) Ltd.                        Ireland                    100%
Hewlett-Packard Participacoes S.A.                          Brazil                     100%
Hewlett-Packard Puerto Rico                                 California                 100%
Hewlett-Packard S.A.                                        Switzerland                100%
Hewlett-Packard Singapore Pte. Ltd.                         Singapore                  100%
Hewlett-Packard Start B.V.                                  The Netherlands            100%
Hewlett-Packard United B.V.                                 The Netherlands            100%
Hewlett-Packard World Trade, Inc.                           Delaware                   100%
Bombini Investment N.V.                                     Curacao                    100%
Grupo Latin America Hewlett-Packard S.A.                    Mexico                     100%
Hanover Asia Pacific Investments Ltd.                       Mauritius                  100%
Runway Corporation N.V.                                     Curacao                    100%
Shanghai Hewlett-Packard Company                            China                      100%
Technologies et Participations S.A.                         France                     100%
VeriFone, Inc.                                              Delaware                   100%