ANALOG DEVICES INC — Director's Dealing 2003

Aug 25, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ANALOG DEVICES INC (ADI)
CIK: 0000006281
Period of Report: 2003-08-21

Reporting Person: STATA RAY (Director, CHAIRMAN)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-21	Comm Stock-$.16-2/3 value	M	20000	$6.6250	Acquired	955582	Direct
2003-08-21	Comm Stock-$.16-2/3 value	S	20000	$39.8500	Disposed	935582	Direct
2003-08-22	Comm Stock-$.16-2/3 value	M	20000	$6.6250	Acquired	955582	Direct
2003-08-22	Comm Stock-$.16-2/3 value	S	20000	$41.8600	Disposed	935582	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-08-21	Non-Qualified Stock Option (right to buy)	$6.6250	M	20000	Disposed	2008-09-04	Comm Stock-$.16-2/3 value (20000)	Direct
2003-08-22	Non-Qualified Stock Option (right to buy)	$6.6250	M	20000	Disposed	2008-09-04	Comm Stock-$.16-2/3 value (20000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Comm Stock-$.16-2/3 value	1145709	Indirect
Comm Stock-$.16-2/3 value	3108344	Indirect

Footnotes

F1: Held by various charitable trusts of which Mr. Stata is co-trustee

F2: Held by Mr. Stata's wife

F3: Held in trust (Mrs. Stata trustee) for benefit of Mr. Stata's children

F4: Disclaims beneficial ownership of such shares