ADOBE INC. — Director's Dealing 2012

Jan 31, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADOBE SYSTEMS INC (ADBE)
CIK: 0000796343
Period of Report: 2012-01-27

Reporting Person: COTTLE KAREN O (SVP, Gen. Counsel & Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-27	Common Stock	M	4125	$19.9300	Acquired	108230	Direct
2012-01-27	Common Stock	S	4125	$31.0022	Disposed	104105	Direct
2012-01-30	Common Stock	S	30000	$31.0086	Disposed	74105	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-27	Stock Options (right to buy)	$19.93	M	4125	Disposed	2016-01-26	Common Stock (4125)	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $31.00 to $31.04. 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 $31.00 to $31.08. 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: Vests monthly at a rate of 2.08% of the original grants of 99,000 shares for 48 months from the original grant date of January 26, 2009.