ADOBE INC. — Director's Dealing 2012

Dec 31, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADOBE SYSTEMS INC (ADBE)
CIK: 0000796343
Period of Report: 2012-12-28

Reporting Person: DALEY JAMES E (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-28	Common Stock	M	14415	$20.8250	Acquired	22415	Direct
2012-12-28	Common Stock	S	14415	$37.3105	Disposed	8000	Direct
2012-12-31	Common Stock	M	9185	$20.8250	Acquired	17185	Direct
2012-12-31	Common Stock	S	9185	$37.3272	Disposed	8000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-12-28	Stock Option (right to buy)	$20.8250	M	14415	Disposed	2014-04-29	Common Stock (14415)	Direct
2012-12-31	Stock Option (right to buy)	$20.8250	M	9185	Disposed	2014-04-29	Common Stock (9185)	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $37.25 to $37.40. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.

F2: This transaction was executed in multiple trades at prices ranging from $37.30 to $37.35. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.

F3: Options are fully vested and exercisable.