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Exhibit 21

Subsidiaries of Hewlett-Packard Company

        The registrant's principal subsidiaries and affiliates as of October 31, 2006, are listed below.

ARGENTINA

—Hewlett-Packard Argentina S.R.L.

—HP Financial Services Argentina S.R.L.

AUSTRALIA

—Hewlett-Packard Australia Pty. Limited

AUSTRIA

—Hewlett-Packard Ges.m.b.H.

BELGIUM

—Hewlett-Packard Belgium S.P.R.L./B.V.B.A.

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

BRAZIL

—Hewlett-Packard Brasil Ltda.

BULGARIA

—Hewlett-Packard Bulgaria EooD

CANADA

—Hewlett-Packard (Canada) Co.

CAYMAN ISLANDS

—Hewlett-Packard Equity Investments Limited

CHILE

—Hewlett-Packard Chile Comercial Limitada

—HP Financial Services (Chile) Limitada

CHINA

—Hewlett-Packard Trading (Shanghai) Co. Ltd.

—China Hewlett-Packard Company Limited

—Shanghai Hewlett-Packard Co. Ltd.

COLOMBIA

—Hewlett-Packard Colombia Limitada

COSTA RICA

—Hewlett-Packard Costa Rica Ltda.

CROATIA

—Hewlett-Packard d.o.o.

CZECH REPUBLIC

—Hewlett-Packard s.r.o.

DENMARK

—Hewlett-Packard ApS

ECUADOR

—Hewlett-Packard Ecuador CIA Ltda.

EGYPT

—Hewlett-Packard Egypt Ltd.

FINLAND

—Hewlett-Packard OY

FRANCE

—Hewlett-Packard Centre de Competences, France

—Hewlett-Packard France SAS

GERMANY

—Hewlett-Packard GmbH

—Hewlett-Packard Immobilien GmbH

GREECE

—Hewlett-Packard Hellas EPE

GUATEMALA

—Hewlett-Packard Guatemala, Limitada

HONG KONG

—Hewlett-Packard HK SAR Ltd.

HUNGARY

—Hewlett-Packard Magyarorszag Kft

INDIA

—Hewlett-Packard India Sales Private Limited

—Hewlett-Packard Globalsoft Limited

INDONESIA

—PT Hewlett-Packard Berca Servisindo

IRELAND

—Hewlett-Packard International Bank Public Limited Company

—Hewlett-Packard Ireland Limited

—Hewlett-Packard (Manufacturing) Ltd.

ISRAEL

—Hewlett-Packard Indigo Ltd.

ITALY

—Hewlett-Packard Italiana S.r.l.

JAPAN

—Hewlett-Packard Japan Ltd.

KENYA

—Hewlett-Packard East Africa Limited

KOREA

—Hewlett-Packard Korea Ltd.

LATVIA

—Hewlett-Packard SIA

LITHUANIA

—UAB Hewlett-Packard

MALAYSIA

—Hewlett-Packard (M) Sdn. Bhd.

MEXICO

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

MOROCCO

—Hewlett-Packard SARL

NETHERLANDS

—Hewlett-Packard Caribe B.V.

—Hewlett-Packard Europe B.V.

—Hewlett-Packard Indigo B.V.

—Hewlett-Packard Nederland B.V.

—Compaq Trademark B.V.

NETHERLANDS ANTILLES

—Hewlett-Packard Finance N.V.

NEW ZEALAND

—Hewlett-Packard New Zealand

NIGERIA

—Hewlett-Packard (Nigeria) Limited

NORWAY

—Hewlett-Packard Norge A/S

PERU

—Hewlett-Packard Peru S.R.L.

PHILIPPINES

—Hewlett-Packard Philippines Corporation

POLAND

—Hewlett-Packard Polska Sp. Z.o.o.

PORTUGAL

—Hewlett-Packard Portugal Lda.

ROMANIA

—Hewlett-Packard (Romania) SRL

RUSSIA

—ZAO Hewlett-Packard AO

SERBIA-MONTENEGRO

—Hewlett-Packard d.o.o. (Beograd)

SINGAPORE

—Hewlett-Packard Asia Pacific Pte. Ltd.

—Hewlett-Packard International Pte. Ltd.

—Hewlett-Packard Singapore (Private) Limited

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

SLOVAKIA

—Hewlett-Packard Slovakia s.r.o.

SLOVENIA

—Hewlett-Packard d.o.o., druzba za tehnoloske resitve

SOUTH AFRICA

—Hewlett-Packard South Africa (Proprietary) Limited

SPAIN

—Hewlett-Packard Espanola S.L.

SWEDEN

—Hewlett-Packard Sverige AB

SWITZERLAND

—Hewlett-Packard International Sarl

—Hewlett-Packard (Schweiz) GmbH

TAIWAN

—Hewlett-Packard Taiwan Ltd.

THAILAND

—Hewlett-Packard (Thailand) Limited

TURKEY

—Hewlett-Packard Teknoloji Cozumleri Limited Sirketi

UNITED ARAB EMIRATES

—Hewlett-Packard Middle East FZ-LLC

UNITED KINGDOM

—Hewlett-Packard Limited

—Hewlett-Packard Manufacturing Ltd.

UNITED STATES

—Hewlett-Packard Bermuda Enterprises, LLC

—Hewlett-Packard Development Company, L.P.

—Hewlett-Packard Financial Services Company

—Hewlett-Packard Luxembourg Enterprises LLC

—Hewlett-Packard Products CV 1, LLC

—Hewlett-Packard Products CV 2, LLC

—Hewlett-Packard World Trade, Inc.

—HP Financial Services International Holdings Company

—HPFS Global Holdings I, LLC

—HPQ Holdings, LLC

—Compaq Latin America Corporation

—Computer Insurance Company

—Indigo America, Inc.

—Outerbay Technologies Inc.

—Tall Tree Insurance Company

VENEZUELA

—Hewlett-Packard de Venezuela, S.R.L.

VIETNAM

—Hewlett-Packard Vietnam Ltd.

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Exhibit 21

Subsidiaries of Hewlett-Packard Company