ANALOG DEVICES INC — Director's Dealing 2003

Nov 25, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ANALOG DEVICES INC (ADI)
CIK: 0000006281
Period of Report: 2003-11-21

Reporting Person: THUROW LESTER C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-21	Comm Stock-$.16-2/3 value	A	63000	—	Acquired	66000	Direct
2003-11-21	Comm Stock-$.16-2/3 value	S	63000	$47.300	Disposed	3000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-21	Non-Qualified Stock Option (right to buy)	$8.905	M	21000	Disposed	2008-12-07	Comm Stock-$.16-2/3 value (21000)	Direct
2003-11-21	Non-Qualified Stock Option (right to buy)	$12.705	M	21000	Disposed	2006-12-07	Comm Stock-$.16-2/3 value (21000)	Direct
2003-11-21	Non-Qualified Stock Option (right to buy)	$5.545	M	21000	Disposed	2004-12-07	Comm Stock-$.16-2/3 value (21000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Non-Qualified Stock Option (right to buy)	$39.060	2011-07-18	Comm Stock-$.16-2/3 value (300)	300	Direct
Non-Qualified Stock Option (right to buy)	$41.050	2012-01-22	Comm Stock-$.16-2/3 value (20000)	20000	Direct
Non-Qualified Stock Option (right to buy)	$14.970	2007-12-07	Comm Stock-$.16-2/3 value (21000)	21000	Direct
Non-Qualified Stock Option (right to buy)	$14.345	2008-12-07	Comm Stock-$.16-2/3 value (21000)	21000	Direct
Non-Qualified Stock Option (right to buy)	$36.405	2009-12-07	Comm Stock-$.16-2/3 value (21000)	21000	Direct
Non-Qualified Stock Option (right to buy)	$19.890	2012-09-24	Comm Stock-$.16-2/3 value (20000)	20000	Direct
Non-Qualified Stock Option (right to buy)	$44.500	2010-11-10	Comm Stock-$.16-2/3 value (25000)	25000	Direct