HUMANA INC — Director's Dealing 2003

Dec 10, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HUMANA INC (HUM)
CIK: 0000049071
Period of Report: 2003-11-03

Reporting Person: GELLERT MICHAEL E (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-09	Humana Common	M	5000	$17.625	Acquired	137535	Direct
2003-12-09	Humana Common	G	22500	$22.82	Disposed	115035	Direct
2003-11-03	Humana Common	S	2000	$20.0054	Disposed	0	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-09	Options	$17.625	M	5000	Disposed	2004-01-02	Humana Common (5000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Options	$22.4375	2005-01-03	Humana Common (5000)	5000	Direct
Options	$26.9375	2006-01-02	Humana Common (5000)	5000	Direct
Options	$18.9375	2007-01-02	Humana Common (5000)	5000	Direct
Options	$21.25	2008-01-02	Humana Common (5000)	5000	Direct
Options	$18.7813	2009-01-04	Humana Common (5000)	5000	Direct
Options	$7.875	2010-01-03	Humana Common (5000)	5000	Direct
Options	$14.7813	2011-01-02	Humana Common (5000)	5000	Direct
Options	$11.55	2012-01-02	Humana Common (5000)	5000	Direct
Options	$10.19	2013-01-02	Humana Common (5000)	5000	Direct

Footnotes

F1: Each share of Common Stock contains a Right adopted on March 5, 1987, pursuant to the Company Rights Agreement, as amended and restated on February 14, 1996, and amended as of May 27, 1998 and March 1, 1999, which entitles holders of the Company's Common Stock, in the event certain specified events occur, to acquire 1/100 of a share of Series A Participating Preferred Stock at a price of $145 per fractional share.

F2: Sale of shares held in family Trusts of which reporting person is Trustee. Reporting person has sole voting and dispositive powers. Reporting person disclaims beneficial ownership of Company stock held by the trusts except to the extent of reporting person's pecuniary interest.

F3: Right to buy pursuant to Humana Inc.'s 1989 Stock Option Plan for Non-Employee Directors.

F4: Right to buy pursuant to Humana Inc.'s 1996 Incentive Stock Option Plan.