Exhibit 21

Subsidiaries of Hewlett-Packard Company

The registrant's principal subsidiaries and affiliates as of December 31, 2002, are listed below.

ARGENTINA

- Hewlett-Packard Argentina S.A.

AUSTRALIA

- Hewlett-Packard Australia Pty. Ltd.

- Compaq Computer Australia Pty. Ltd.

- Compaq Technologies (Australia) Proprietary Ltd.

AUSTRIA

- Hewlett-Packard Ges.m.b.H.

BELGIUM

- Hewlett-Packard Belgium BVBA/SPRL

- Hewlett-Packard Coordination Center C.V.B.A./S.C.R.L.

BRAZIL

- Hewlett-Packard Arrendamento Mercantil S.A.

- Hewlett-Packard Brasil Ltda

- Hewlett-Packard Commercial S.A.

- Compaq Financial Services Arrendamento Mercantil S.A.

BULGARIA

- Hewlett-Packard Bulgaria EooD

CANADA

- Hewlett-Packard (Canada) Co.

- Compaq Canada Corp.

CAYMAN ISLANDS

- Hewlett-Packard Caribe Ltd.

CHILE

- Hewlett-Packard Chile 2, Comercial Ltda

- Hewlett-Packard de Chile S.A.

CHINA

- China Hewlett-Packard Company Limited

- Shanghai Hewlett-Packard Co., Ltd.

- Compaq Computer (Shanghai) Co. Ltd.

COLOMBIA

- Hewlett-Packard Colombia Ltda.

CROATIA

- Hewlett-Packard d.o.o.

CZECH REPUBLIC

- Hewlett-Packard s.r.o.

- Compaq Computer s.r.o.

DENMARK

- Hewlett-Packard ApS

- Compaq Computer ApS

ECUADOR

- Hewlett-Packard Ecuador 1 S.R.L.

EGYPT

- Hewlett-Packard (Egypt) Ltd.

- Compaq Computer Egypt Ltd.

FINLAND

- Hewlett-Packard OY

- OY Compaq Computer AB

FRANCE

- Hewlett-Packard Centre de Competence, SAS

- Hewlett-Packard France SAS

GERMANY

- Hewlett-Packard EMEA GmbH

- Hewlett-Packard Erste B. GmbH

- Hewlett-Packard Europa Holding GmbH & Co. KG

- Hewlett-Packard GmbH

- Compaq Computer BDG GmbH

GREECE

- Compaq Computer EPE

HONG KONG

- Hewlett-Packard Asia Pacific Limited

- Hewlett-Packard Hong Kong Limited

- Compaq Computer Ltd.

HUNGARY

- Hewlett-Packard Magyarorszag Kft

INDIA

- Hewlett-Packard India Private Ltd.

- Compaq Computer (India) Private Ltd.

INDONESIA

- PT Hewlett-Packard Berca Servisindo

- PT Compaq Computer Indonesia

IRELAND

- Hewlett-Packard (Manufacturing) Ltd.

- Hewlett-Packard International Bank Ltd.

- Hewlett-Packard Ireland Ltd.

- Compaq Computer Ireland Ltd.

ISLE OF MAN

- Compaq Computer Isle of Man Ltd.

ISRAEL

- Hewlett-Packard Indigo Ltd.

ITALY

- Hewlett-Packard Italiana S.p.A.

- Hewlett-Packard Servizi Finanziari S.p.A.

- Compaq Computer S.r.l.

JAPAN

- Hewlett-Packard Japan, Ltd.

- Compaq Computer K.K.

KOREA

- Hewlett-Packard Korea Ltd.

LATVIA

- Hewlett-Packard SIA, Latvia

LITHUANIA

- UAB Hewlett-Packard

MADEIRA

- Inter Initia - Comercio Internacional E Servicos Ltda

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MALAYSIA

- Hewlett-Packard Sales (Malaysia) Sdn. Bhd.

- Compaq Computer Corporation Malaysia Sdn. Bhd.

MEXICO

- Hewlett-Packard Mexico, S. de R.L. de C.V.

- Compaq S. de R.L. de C.V.

MOROCCO

- Hewlett-Packard SARL

- Compaq Computer NWA SARL

NETHERLANDS

- Hewlett-Packard Europe B.V.

- Hewlett-Packard Indigo B.V.

- Hewlett-Packard Nederland B.V.

- Hewlett-Packard Products C.V.

- Compaq Computer B.V.

NEW ZEALAND

- Hewlett-Packard New Zealand

NIGERIA

- Hewlett-Packard Nigeria Ltd.

NORWAY

- Hewlett-Packard Norge AS

- Compaq Computer Norway AS

PERU

- Hewlett-Packard del Peru, S.A.

- Hewlett-Packard International 1 S.R.L.

PHILIPPINES

- Hewlett-Packard Philippines Corporation

- Compaq Computer Philippines, Inc.

POLAND

- Hewlett-Packard Polska Spool z o.o.

- Compaq Computer Spool z o.o.

PORTUGAL

- Hewlett-Packard Portugal Ltda

- Compaq Computer Portugal, Ltda

ROMANIA

- Hewlett-Packard (Romania) SRL

- Compaq Computer Romania SRL

RUSSIA

- Hewlett-Packard AO

- ZAO Compaq Computers

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SINGAPORE

- Hewlett-Packard Far East Pte. Ltd.

- Hewlett-Packard International Pte. Ltd.

- Hewlett-Packard Singapore (Private) Limited

- Hewlett-Packard Singapore (Sales) Pte. Ltd.

- Compaq Computer Asia Pte. Ltd.

- W.W. Real Estate & Development Pte. Ltd.

SLOVAKIA

- Hewlett-Packard (Slovakia) s.r.o.

- Compaq Computer Slovakia s.r.o.

SLOVENIA

- Compaq Computer d.o.o.

SOUTH AFRICA

- Hewlett-Packard (South Africa) (Proprietary) Ltd.

- Compaq Computer (Proprietary) Ltd.

SPAIN

- Hewlett-Packard Espanola, S.L.

- Compaq Computer Espana S.L.

- Twinsoft SA

SWEDEN

- Hewlett-Packard Services Sverige AB

- Hewlett-Packard Sverige AB

- Compaq Computer AB

SWITZERLAND

- Hewlett-Packard (Schweiz) GmbH

- Hewlett-Packard International Sarl

- Compaq Computer (Schweiz) GmbH

TAIWAN

- Hewlett-Packard Taiwan Ltd.

- Compaq Computer Taiwan Ltd.

THAILAND

- Hewlett-Packard (Thailand) Ltd.

- Compaq Computer (Thailand) Ltd.

TURKEY

- Hewlett-Packard Bilgisayar ve Olcum Sistemleri AS

- Compaq Computer Ticaret A.S.

UNITED ARAB EMIRATES

-Hewlett-Packard Middle East FZ LLC

-Compaq Computer FZE

UNITED KINGDOM

-Hewlett-Packard Ltd.

-Compaq Computer Ltd.

-Compaq Computer Manufacturing Ltd.

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UNITED STATES

-Hewlett-Packard Development Company L.P.

-Hewlett-Packard Financial Services Company

-Hewlett-Packard Hellas, LLC

-Hewlett-Packard World Trade, Inc.

-HPDirect Inc.

- Compaq Computer Caribbean, Inc.

-Compaq Computer Corporation

-Compaq Latin America Corporation

-CPQ Holdings, LLC

-Digital Equipment China Ltd.

-Indigo America, Inc.

VENEZUELA

-Hewlett-Packard de Venezuela C.C.A.

VIETNAM

-Hewlett-Packard Vietnam Ltd.

-Compaq Computer Vietnam Ltd.

YUGOSLAVIA

-Hewlett-Packard d.o.o Beograd

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