NATIONAL RESEARCH CORP — Director's Dealing 2003

Dec 31, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATIONAL RESEARCH CORP (NRCI)
CIK: 0000070487
Period of Report: 2003-12-29

Reporting Person: HAYS MICHAEL (Director, President and CEO, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-29	Common Stock	G	700	$15.70	Disposed	4842216	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$11.00	2013-06-26	Common Stock (38182)	38182	Direct

Footnotes

F1: This option becomes fully exercisable on June 26, 2008.