ANALOG DEVICES INC — Director's Dealing 2004

Dec 23, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ANALOG DEVICES INC (ADI)
CIK: 0000006281
Period of Report: 2004-12-23

Reporting Person: DOYLE JOHN L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-12-23	Comm Stock-$.16-2/3 value	M	7000	$8.90	Acquired	22028	Direct
2004-12-23	Comm Stock-$.16-2/3 value	S	7000	$36.68	Disposed	15028	Direct
2004-12-23	Comm Stock-$.16-2/3 value	M	21000	$12.70	Acquired	36028	Direct
2004-12-23	Comm Stock-$.16-2/3 value	S	21000	$36.65	Disposed	15028	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-12-23	Non-Qualified Stock Option (right to buy)	$8.90	M	7000	Disposed	2005-12-07	Comm Stock-$.16-2/3 value (7000)	Direct
2004-12-23	Non-Qualified Stock Option (right to buy)	$12.70	M	21000	Disposed	2006-12-07	Comm Stock-$.16-2/3 value (21000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Non-Qualified Stock Option (right to buy)	$14.97	2007-12-07	Comm Stock-$.16-2/3 value (21000)	21000	Direct
Non-Qualified Stock Option (right to buy)	$14.34	2008-12-07	Comm Stock-$.16-2/3 value (21000)	21000	Direct
Non-Qualified Stock Option (right to buy)	$36.40	2009-12-07	Comm Stock-$.16-2/3 value (21000)	21000	Direct
Non-Qualified Stock Option (right to buy)	$44.50	2010-11-10	Comm Stock-$.16-2/3 value (25000)	25000	Direct
Non-Qualified Stock Option (right to buy)	$39.06	2011-07-18	Comm Stock-$.16-2/3 value (300)	300	Direct
Non-Qualified Stock Option (right to buy)	$41.05	2012-01-22	Comm Stock-$.16-2/3 value (20000)	20000	Direct
Non-Qualified Stock Option (right to buy)	$19.89	2012-09-24	Comm Stock-$.16-2/3 value (20000)	20000	Direct
Non-Qualified Stock Option (right to buy)	$45.27	2013-12-10	Comm Stock-$.16-2/3 value (18000)	18000	Direct
Non-Qualified Stock Option (right to buy)	$37.70	2014-12-07	Comm Stock-$.16-2/3 value (18000)	18000	Direct

Footnotes

F1: This is a vesting schedule. 33.33% vests one, two & three years from grant date.

F2: This is a vesting schedule. 50% vests one and two years from grant date.