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  <TITLE>Analog Devices, Inc. Form S-8</TITLE>
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  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <P align="center"><FONT size="2">As filed with the Securities and Exchange Commission on March&nbsp;11, 2004
  </FONT>
  
  <P align="right"><FONT size="2">Registration No.&nbsp;333-_____</FONT>
  
  <P align="center"><FONT size="4"><B>SECURITIES AND EXCHANGE COMMISSION</B>
  </FONT>
  
  <DIV align="center"><FONT size="3"><B>Washington, D.C. 20549</B>
  </FONT></DIV>
  <P align="center"><FONT size="5"><B>FORM S-8</B>
  </FONT>
  
  <P align="center"><FONT size="3"><B>REGISTRATION STATEMENT UNDER<BR>
  THE SECURITIES ACT OF 1933</B>
  </FONT>
  
  <P align="center"><FONT size="6"><B>Analog Devices, Inc.</B>
  </FONT>
  
  <DIV align="center"><FONT size="2">(Exact Name of Registrant as Specified in Its Charter)</FONT>
  </DIV>
  
  <CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
  <TR valign="bottom">
      <TD width="50%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="45%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD align="center" valign="top"><FONT size="2"><B>Massachusetts</B><BR>
  (State or Other Jurisdiction of Incorporation<BR>
  or Organization)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="center" valign="top"><FONT size="2">
  <B>04-2348234</B><BR>
  (I.R.S. Employer<BR>
  Identification No.)</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  <CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
  <TR valign="bottom">
      <TD width="50%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="45%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD align="center" valign="top"><FONT size="2"><B>One Technology Way, Norwood, MA</B><BR>
  (Address of Principal Executive Offices)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="center" valign="top"><FONT size="2">
  <B>02062-9106</B><BR>
  (Zip Code)</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  <P align="center"><FONT size="2"><B>Analog Devices, Inc. Deferred Compensation Plan, as amended</B><BR>
  (Full Title of the Plan)
  </FONT>
  
  <P align="center"><FONT size="2">Mark G. Borden, Esq.<BR>
  Hale and Dorr LLP<BR>
  60 State Street<BR>
  Boston, Massachusetts 02109<BR>
  (Name and Address of Agent For Service)<BR>
  (617)&nbsp;526-6000<BR>
  (Telephone Number, Including Area Code, of Agent For Service)
  </FONT>
  
  <P align="center"><FONT size="2"><B>CALCULATION OF REGISTRATION FEE</B>
  </FONT>
  
  <CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
  <TR valign="bottom">
      <TD width="28%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><FONT size="1"><B>Title of Securities</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount to be</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount of</B></FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><FONT size="1"><B>to be Registered (1)</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registered (1)</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Aggregate Offering Price (2)</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registration Fee</B></FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD colspan="3"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD colspan="3"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD colspan="3"><HR size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Deferred
  Compensation
  Obligations</FONT></DIV></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">$</FONT></TD>
      <TD align="right"><FONT size="2">100,000,000</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">$</FONT></TD>
      <TD align="right"><FONT size="2">100,000,000</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">$</FONT></TD>
      <TD align="right"><FONT size="2">12,670</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
      <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="96%"><FONT size="2">The Deferred Compensation Obligations are unsecured obligations of Analog
  Devices, Inc. to pay deferred compensation in the future in accordance
  with the terms of the Analog Devices, Inc. Deferred Compensation Plan, as
  amended.</FONT></TD>
  </TR>
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
      <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="96%"><FONT size="2">Estimated solely for the purpose of calculating the registration fee
  pursuant to Rules&nbsp;457(c) and 457(h) of the Securities Act of 1933, as
  amended.</FONT></TD>
  </TR>
  </TABLE>
  <P align="center"><FONT size="2">&nbsp;</FONT>
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  <!-- TOC -->
  <A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>
  
  <P><CENTER>
  <TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
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  </TR>
  <TR><TD colspan="9"><A HREF="#000">PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;1. Plan Information</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;2. Registrant Information and Employee Plan Annual Information</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#003">PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;4. Description of Securities</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#009">Item&nbsp;8. Exhibits</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#010">Item&nbsp;9. Undertakings</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#011">SIGNATURES</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#012">POWER OF ATTORNEY AND SIGNATURES</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#013">INDEX TO EXHIBITS</A></TD></TR>
  <TR><TD colspan="9"><A HREF="b49843adexv5w1.txt">Ex-5.1 Opinion of Hale and Dorr LLP</A></TD></TR>
  <TR><TD colspan="9"><A HREF="b49843adexv23w2.txt">Ex-23.2 Consent of Ernst & Young LLP</A></TD></TR>
  </TABLE>
  </CENTER>
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  <!-- link1 "PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS" -->
  <DIV align="left"><A NAME="000"></A></DIV>
  <P align="center"><FONT size="2"><B>PART I<BR>
  INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
  </FONT>
  
  <!-- link2 "Item&nbsp;1. Plan Information" -->
  <DIV align="left"><A NAME="001"></A></DIV>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;1. Plan Information.</B>
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information required by Item&nbsp;1 is included in documents sent or given
  to participants in the plan covered by this registration statement pursuant to
  Rule&nbsp;428(b)(1) of the Securities Act of 1933, as amended (the &#147;Securities
  Act&#148;).
  </FONT>
  <!-- link2 "Item&nbsp;2. Registrant Information and Employee Plan Annual Information" -->
  <DIV align="left"><A NAME="002"></A></DIV>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;2. Registrant Information and Employee Plan Annual Information.</B>
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The written statement required by Item&nbsp;2 is included in documents sent or
  given to participants in the plan covered by this registration statement
  pursuant to Rule&nbsp;428(b)(1) of the Securities Act.
  </FONT>
  <!-- link1 "PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
  <DIV align="left"><A NAME="003"></A></DIV>
  <P align="center"><FONT size="2"><B>PART II<BR>
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
  </FONT>
  
  <!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
  <DIV align="left"><A NAME="004"></A></DIV>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant is subject to the informational and reporting requirements
  of Sections&nbsp;13(a), 14, and 15(d) of the Securities Exchange Act of 1934, as
  amended (the &#147;Exchange Act&#148;), and in accordance therewith files reports, proxy
  statements and other information with the Securities and Exchange Commission
  (the &#147;Commission&#148;). The following documents, which are on file with the
  Commission, are incorporated in this registration statement by reference:
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp; The registrant&#146;s latest annual report filed pursuant to Section&nbsp;13(a)
  or 15(d) of the Exchange Act or the latest prospectus filed pursuant to Rule
  424(b) under the Securities Act that contains audited financial statements for
  the registrant&#146;s latest fiscal year for which such statements have been filed.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; All other reports filed pursuant to Section&nbsp;13(a) or 15(d) of the
  Exchange Act since the end of the fiscal year covered by the document referred
  to in (a)&nbsp;above.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the registrant pursuant to Sections
  13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
  post-effective amendment which indicates that all securities offered hereby
  have been sold or which deregisters all securities then remaining unsold, shall
  be deemed to be incorporated by reference in this registration statement and to
  be part hereof from the date of the filing of such documents. Any statement
  contained in a document incorporated or deemed to be incorporated by reference
  herein shall be deemed to be modified or superseded for the purposes of this
  registration statement to the extent that a statement contained herein or in
  any other subsequently filed document which also is or is deemed to be
  incorporated by reference herein modifies or supersedes such statement. Any
  statement so modified or superseded shall not be deemed, except as so modified
  or superseded, to constitute a part of this registration statement.
  </FONT>
  <!-- link2 "Item&nbsp;4. Description of Securities" -->
  <DIV align="left"><A NAME="005"></A></DIV>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;4. Description of Securities.</B>
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Analog Devices, Inc. Deferred Compensation Plan, as amended, or
  the Deferral Plan, the Registrant provides non-employee directors and a select
  group of highly compensated or management employees the opportunity to enter
  into agreements for the deferral of (i)&nbsp;a specified percentage of their cash
  compensation (including, in the case of non-employee directors, director fees
  and meeting fees) or (ii)&nbsp;income recognized upon exercise of stock options and
  income recognized upon vesting of restricted
  </FONT>
  <P align="center"><FONT size="2">- 1 -</FONT>
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  <P align="left"><FONT size="2">stock, with respect to stock options and restricted stock granted before
  July&nbsp;23, 1997. The obligations of the Registrant under such agreements (the
  &#147;Obligations&#148;) will be unfunded and unsecured general obligations of the
  Registrant to pay in the future the value of the deferred compensation and
  Registrant contributions adjusted to reflect the performance, whether positive
  or negative, of selected investment measurement options, chosen by each
  participant, during the deferral period in accordance with the terms of the
  Deferral Plan. As of February&nbsp;29, 2004, Obligations in the aggregate amount of
  $321,525,416 were outstanding.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An administrative committee (the &#147;Administrative Committee&#148;), consisting
  of those members of the Compensation Committee of the Board of Directors who
  are not participants in the Deferral Plan, has the authority to administer the
  Deferral Plan. However, in the event that there are not three members of the
  Compensation Committee who are not participants in the Deferral Plan (as is the
  case as of the date of the filing of this registration statement), the
  Registrant&#146;s Chief Executive Officer has the authority to appoint other
  directors or officers of the Registrant who are not participants in the
  Deferral Plan to the Administrative Committee. References to the &#147;Committee&#148;
  in this registration statement are intended to refer to the Administrative
  Committee. The Committee may from time to time adopt rules and procedures
  governing the Deferral Plan and shall have the authority to give interpretive
  rulings with respect to the Deferral Plan. The Committee has delegated its
  administrative functions which do not affect corporate officers to a management
  committee of three officers.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A participant may elect to defer all or a portion of his or her cash
  compensation and gains on stock options or restricted stock granted before July
  23, 1997. The amount of compensation to be deferred by each participant will
  be determined in accordance with the Deferral Plan based on elections by the
  participant. Participants may elect to defer any percentage of salary and any
  percentage of bonus up to 100%, or in the case of non-employee directors, any
  portion of director fees and meeting fees.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Obligations for each participant are equal in value to the balance of
  a bookkeeping reserve account established for such participant. The investment
  earnings credited to such account will be indexed to one or more mutual funds
  or indices, the type of which will be individually chosen by each participant
  from a list of types of investment media. Each participant&#146;s deferred
  compensation account will be adjusted to reflect contributions by the
  Registrant and the investment experience of the selected mutual funds or
  indices, including any appreciation or depreciation. The Registrant is not
  required to actually invest the deferred compensation in the types of funds
  specified by participants. However, the Registrant may establish a trust,
  which may be a grantor trust for federal income tax purposes, to make such
  investments to assist the Registrant in meeting the Obligations. As of the
  date of the filing of this registration statement, the Registrant has
  established a trust in connection with the Deferral Plan.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Obligations are distributed by the Registrant in accordance with the
  terms of the Deferral Plan and upon a payment plan selected by each
  participant. Upon a determination by the Committee that a participant has
  suffered an unforeseeable financial emergency, the Committee may direct the
  Registrant to pay such participant an amount necessary to meet the emergency,
  but not exceeding the aggregate balance of the participant&#146;s deferral account.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A participant shall have no right under the Obligations against the
  Registrant that is greater than the rights of any unsecured general creditor of
  the Registrant. As of February&nbsp;29, 2004, the Registrant had no outstanding
  indebtedness that by its terms would be senior to the Obligations.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A participant&#146;s right or the right of any other person to the Obligations
  cannot be assigned or transferred in any manner or be subject to alienation,
  anticipation, sale, pledge, encumbrance or other legal process. If any
  participant attempts to transfer, assign, alienate, anticipate, sell, pledge or
  otherwise encumber his or her benefit under the Deferral Plan, the Committee
  may terminate his or her interest in
  </FONT>
  <P align="center"><FONT size="2">- 2 -</FONT>
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  <P align="left"><FONT size="2">any such benefit to the extent the Committee considers necessary or
  advisable to prevent or limit the effect of such occurrence. The Obligations
  are not convertible into another security of the Registrant. The Obligations do
  not have the benefit of a negative pledge or any other affirmative or negative
  covenant on the part of the Registrant, including with respect to the
  Registrant&#146;s ability to issue debt senior to the Obligations.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant may at any time amend, suspend or reinstate any or all of
  the provisions of the Deferral Plan, except that no amendment, suspension or
  reinstatement may adversely affect any participant&#146;s deferral account as it
  existed as of the day before the effective date of such amendment, suspension
  or reinstatement, without such participant&#146;s prior written consent. The
  Registrant may terminate the Deferral Plan at any time and for any reason
  whatsoever; provided, however, that termination of the Deferral Plan may not
  adversely affect the value of a participant&#146;s deferral account as it existed as
  of the effective date of such termination without the participant&#146;s prior
  written consent.
  </FONT>
  <!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel" -->
  <DIV align="left"><A NAME="006"></A></DIV>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hale and Dorr LLP has opined as to the legality of the securities being
  offered by this registration statement. Mark G. Borden, a partner of Hale and
  Dorr LLP, serves as Clerk to the Registrant. Attorneys at Hale and Dorr LLP
  own, in the aggregate, 60,941 shares of the Registrant&#146;s common stock.
  </FONT>
  <!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
  <DIV align="left"><A NAME="007"></A></DIV>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;6A of the Registrant&#146;s Restated Articles of Organization (the
  &#147;Articles of Organization&#148;) provides for indemnification of directors and
  officers to the full extent permitted under Massachusetts law. Section&nbsp;67 of
  Chapter&nbsp;156B of the Massachusetts General Laws provides that a corporation has
  the power to indemnify a director, officer, employee or agent of the
  corporation and certain other persons serving at the request of the corporation
  and certain other persons serving at the request of the corporation in related
  capacities against amounts paid and expenses incurred in connection with an
  action or proceeding to which he is or is threatened to be made a party by
  reason of such position, if such person shall have acted in good faith and in a
  manner he reasonably believed to be in the best interests of the corporation,
  provided that, no indemnification shall be made with respect to any matter as
  to which such person shall have been adjudged not to be entitled to
  indemnification under Section&nbsp;67.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;6A of the Articles of Organization also provides for
  indemnification of directors and officers of the Registrant against liabilities
  and expenses in connection with any legal proceedings to which they may be made
  a party or with which they may become involved or threatened by reason of
  having been an officer or director of the Registrant or of any other
  organization at the request of the Registrant. Article&nbsp;6A generally provides
  that a director or officer of the Registrant (i)&nbsp;shall be indemnified by the
  Registrant for all expenses of such legal proceedings unless he has been
  adjudicated not to have acted in good faith in the reasonable belief that his
  action was in the best interests of the Registrant, and (ii)&nbsp;shall be
  indemnified by the Registrant for the expenses, judgments, fines and amounts
  paid in settlement and compromise of such proceedings. No indemnification will
  be made to cover costs of settlements and compromises if the Board determines
  by a majority vote of a quorum consisting of disinterested directors (or, if
  such quorum is not obtainable, by a majority of the disinterested directors of
  the Registrant), that such settlement or compromise is not in the best
  interests of the Registrant.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;6A of the Articles of Organization permits the payment by the
  Registrant of expenses incurred in defending a civil or criminal action in
  advance of its final disposition, subject to receipt of an undertaking by the
  indemnified person to repay such payment if it is ultimately determined that
  such person is not entitled to indemnification under the Articles of
  Organization. No advance may be made if the Board of Directors determines, by
  a majority vote of a quorum consisting of disinterested directors
  </FONT>
  <P align="center"><FONT size="2">- 3 -</FONT>
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  <P align="left"><FONT size="2">(or, if such quorum is not obtainable, by a majority of the disinterested
  directors of the Registrant), that such person did not act in good faith in the
  reasonable belief that his action was in the best interest of the Registrant.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;6D of the Articles of Organization provides that to the full
  extent permitted under Massachusetts law no director shall be liable to the
  Registrant or its stockholders for monetary damages for breach of fiduciary
  duty as a director. Section&nbsp;13 of Chapter&nbsp;156B of the Massachusetts General
  Laws provides that a corporation may eliminate or limit the personal liability
  of a director to the corporation or its stockholders for monetary damages for
  breach of fiduciary duty as a director, except for liability (i)&nbsp;for any breach
  of a director&#146;s duty of loyalty to the Registrant or its stockholders, (ii)&nbsp;for
  acts or omissions not in good faith or which involve intentional misconduct or
  a knowing violation of law, (iii)&nbsp;under Section&nbsp;61 or 62 of Chapter&nbsp;156B of the
  Massachusetts General Laws, or (iv)&nbsp;for any transaction from which the director
  derived an improper personal benefit.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.4 of the Deferral Plan provides that the Registrant shall
  indemnify and hold harmless the members of the Committee as well as any
  officers to whom administrative functions under the Deferral Plan have been
  delegated against any and all claims, loss, damage, expense or liability
  arising from any action or failure to act with respect to the Deferral Plan,
  except in the case of gross negligence or willful misconduct by any such member
  or agent.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant has directors and officers liability insurance for the
  benefit of its directors and officers.
  </FONT>
  <!-- link2 "Item&nbsp;7. Exemption from Registration Claimed" -->
  <DIV align="left"><A NAME="008"></A></DIV>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;7. Exemption from Registration Claimed.</B>
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
  </FONT>
  <!-- link2 "Item&nbsp;8. Exhibits" -->
  <DIV align="left"><A NAME="009"></A></DIV>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;8. Exhibits.</B>
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Exhibit&nbsp;Index immediately preceding the exhibits is incorporated herein by reference.
  </FONT>
  <!-- link2 "Item&nbsp;9. Undertakings" -->
  <DIV align="left"><A NAME="010"></A></DIV>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;9. Undertakings.</B>
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Item&nbsp;512(a) of Regulation&nbsp;S-K</I>. The undersigned Registrant hereby
  undertakes:
  </FONT>
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
      <TD width="3%"></TD>
      <TD width="97%"></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being
  made, a post-effective amendment to this registration statement:</FONT></TD>
  </TR>
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the
  Securities Act;</FONT></TD>
  </TR>
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;To reflect in the prospectus any facts or events arising after
  the effective date of the registration statement (or the most recent
  post-effective amendment thereof) which, individually or in the
  aggregate, represent a fundamental change in the information set forth in
  the registration statement; and</FONT></TD>
  </TR>
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;To include any material information with respect to the plan
  of distribution not previously disclosed in the registration statement or
  any material change to such information in the registration statement;</FONT></TD>
  </TR>
  </TABLE>
  <P align="center"><FONT size="2">- 4 -</FONT>
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  
  
  
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
      <TD width="3%"></TD>
      <TD width="97%"></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2"><I>provided, however, </I>that paragraphs (i)&nbsp;and (ii)&nbsp;do not apply if the
  information required to be included in a post-effective amendment by
  those paragraphs is contained in periodic reports filed with or furnished
  to the Commission by the registrant pursuant to Section&nbsp;13 or Section
  15(d) of the Exchange Act that are incorporated by reference in the
  registration statement.</FONT></TD>
  </TR>
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the
  Securities Act, each such post-effective amendment shall be deemed to be
  a new registration statement relating to the securities offered therein,
  and the offering of such securities at that time shall be deemed to be
  the initial <I>bona fide </I>offering thereof.</FONT></TD>
  </TR>
  <TR>
      <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective
  amendment any of the securities being registered which remain unsold at
  the termination of the offering.</FONT></TD>
  </TR>
  </TABLE>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Item&nbsp;512(b) of Regulation&nbsp;S-K</I>. The undersigned Registrant hereby
  undertakes that, for purposes of determining any liability under the Securities
  Act, each filing of the Registrant&#146;s annual report pursuant to Section&nbsp;13(a) or
  Section&nbsp;15(d) of the Exchange Act that is incorporated by reference in the
  registration statement shall be deemed to be a new registration statement
  relating to the securities offered therein, and the offering of such securities
  at that time shall be deemed to be the initial <I>bona fide </I>offering thereof.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Item&nbsp;512(h) of Regulation&nbsp;S-K</I>. Insofar as indemnification for
  liabilities arising under the Securities Act may be permitted to directors,
  officers and controlling persons of the Registrant pursuant to the foregoing
  provisions, or otherwise, the registrant has been advised that in the opinion
  of the Securities and Exchange Commission such indemnification is against
  public policy as expressed in the Securities Act and is, therefore,
  unenforceable. In the event that a claim for indemnification against such
  liabilities (other than the payment by the registrant of expenses incurred or
  paid by a director, officer or controlling person of the registrant in the
  successful defense of any action, suit or proceeding) is asserted by such
  director, officer or controlling person in connection with the securities being
  registered, the registrant will, unless in the opinion of its counsel the
  matter has been settled by controlling precedent, submit to a court of
  appropriate jurisdiction the question whether such indemnification by it is
  against public policy as expressed in the Securities Act and will be governed
  by the final adjudication of such issue.
  </FONT>
  <P align="center"><FONT size="2">- 5 -</FONT>
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  <!-- link1 "SIGNATURES" -->
  <DIV align="left"><A NAME="011"></A></DIV>
  <P align="center"><FONT size="2"><B>SIGNATURES</B>
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant
  certifies that it has reasonable grounds to believe that it meets all of the
  requirements for filing on Form&nbsp;S-8 and has duly caused this registration
  statement to be signed on its behalf by the undersigned, thereunto duly
  authorized, in Norwood, Massachusetts, on this 11th&nbsp;day of March, 2004.
  </FONT>
  <CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
  <TR valign="bottom">
      <TD width="41%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="50%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="3" valign="top" align="left"><FONT size="2">ANALOG DEVICES, INC.</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  By:
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">/s/ Jerald G. Fishman</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><HR size="1" width="45%" noshade></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">Jerald G. Fishman</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">President and Chief Executive Officer</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  <!-- link1 "POWER OF ATTORNEY AND SIGNATURES" -->
  <DIV align="left"><A NAME="012"></A></DIV>
  <P align="center"><FONT size="2"><B>POWER OF ATTORNEY AND SIGNATURES</B>
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, the undersigned officers and directors of Analog Devices, Inc. hereby
  severally constitute and appoint Ray Stata, Jerald G. Fishman, Joseph E.
  McDonough and Mark G. Borden and each of them singly, our true and lawful
  attorneys with full power to them, and each of them singly, to sign for us and
  in our names in the capacities indicated below, the registration statement on
  Form&nbsp;S-8 filed herewith and any and all subsequent amendments to said
  registration statement, and generally to do all such things in our names and on
  our behalf in our capacities as officers and directors to enable Analog
  Devices, Inc. to comply with the provisions of the Securities Act of 1933, as
  amended, and all requirements of the Securities and Exchange Commission, hereby
  ratifying and confirming our signatures as they may be signed by our said
  attorneys, or any of them, to said registration statement and any and all
  amendments thereto.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
  registration statement has been signed by the following persons in the
  capacities and on the dates indicated.
  </FONT>
  <CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
  <TR valign="bottom">
      <TD width="35%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="40%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="15%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><FONT size="1"><B>Signature</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>Title</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>Date</B></FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><HR size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ Ray Stata</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><HR size="1" noshade></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Chairman of the Board
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">March&nbsp;11, 2004</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">Ray Stata</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  President, Chief Executive</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ Jerald G. Fishman</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Officer and Director</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><HR size="1" noshade></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  (Principal Executive Officer)
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">March&nbsp;11, 2004</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">Jerald G. Fishman</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Vice President &#150; Finance and</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Chief Financial Officer</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ Joseph E. McDonough</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  (Principal Financial and</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><HR size="1" noshade></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Accounting Officer)
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">March&nbsp;11, 2004</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">Joseph E. McDonough</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ James A. Champy</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><HR size="1" noshade></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">March&nbsp;11, 2004</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">James A. Champy</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  <P align="center"><FONT size="2">- 6 -</FONT>
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
  <TR valign="bottom">
      <TD width="35%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="40%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="15%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><FONT size="1"><B>Signature</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>Title</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>Date</B></FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><HR size="1" noshade></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ Christine King</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><HR size="1" noshade></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">March&nbsp;11, 2004</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">Christine King</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ F. Grant Saviers</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><HR size="1" noshade></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">March&nbsp;11, 2004</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">F. Grant Saviers</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ Kenton J. Sicchitano</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><HR size="1" noshade></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">March&nbsp;11, 2004</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">Kenton J. Sicchitano</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ Lester C. Thurow</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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  Director
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">March&nbsp;11, 2004</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">Lester C. Thurow</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  <P align="center"><FONT size="2">- 7 -</FONT>
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <!-- link1 "INDEX TO EXHIBITS" -->
  <DIV align="left"><A NAME="013"></A></DIV>
  <P align="center"><FONT size="2"><B>INDEX TO EXHIBITS</B>
  </FONT>
  
  <CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
  <TR valign="bottom">
      <TD width="14%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="81%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><FONT size="1"><B>Number</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><HR size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">4.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Restated Articles of Organization of Analog Devices, Inc., as
  amended, filed as an exhibit to the Company&#146;s Quarterly Report on
  Form&nbsp;10-Q for the quarterly period ended January&nbsp;30, 1999 (File No.
  1-7819) as filed with the Commission on March&nbsp;15, 1999 and
  incorporated herein by reference.</FONT></TD>
  </TR>
  
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      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">4.2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  By-Laws of Analog Devices, Inc., as amended, filed as an exhibit to
  the Company&#146;s Form&nbsp;10-K for the fiscal year ended November&nbsp;2, 2002
  (File No.&nbsp;1-7819) as filed with the Commission on January&nbsp;29, 2003
  and incorporated herein by reference.</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">4.3&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Rights Agreement, dated as of March&nbsp;18, 1998 between Analog Devices
  Inc. and BankBoston, N.A., as Rights Agent, filed as an exhibit to
  Analog Devices Inc.&#146;s Current Report on Form&nbsp;8-K (File No.&nbsp;1-07819)
  as filed with the Commission on March&nbsp;19, 1998, as amended by
  Amendment No.&nbsp;1 filed as an exhibit to the Company&#146;s Form&nbsp;8-K/A
  (File No.&nbsp;1-07819) as filed with the Commission on November&nbsp;11,
  1999 and incorporated herein by reference.</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">5.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Opinion of Hale and Dorr LLP, counsel to the Registrant</FONT></TD>
  </TR>
  
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      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
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      <TD valign="top"><FONT size="2">23.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Consent of Hale and Dorr LLP (included in Exhibit&nbsp;5.1)</FONT></TD>
  </TR>
  
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      <TD><FONT size="2">&nbsp;</FONT></TD>
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      <TD valign="top"><FONT size="2">23.2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Consent of Ernst &#038; Young LLP</FONT></TD>
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      <TD valign="top"><FONT size="2">24</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Power of attorney (included on the signature pages of this
  registration statement)</FONT></TD>
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text: Analog Devices, Inc. Form S-8
  Table of Contents
  As filed with the Securities and Exchange Commission on March 11, 2004
  Registration No. 333-_____
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  FORM S-8
  REGISTRATION STATEMENT UNDER
  THE SECURITIES ACT OF 1933
  Analog Devices, Inc.
  (Exact Name of Registrant as Specified in Its Charter)
  Massachusetts
  (State or Other Jurisdiction of Incorporation
  or Organization)
  04-2348234
  (I.R.S. Employer
  Identification No.)
  One Technology Way, Norwood, MA
  (Address of Principal Executive Offices)
  02062-9106
  (Zip Code)
  Analog Devices, Inc. Deferred Compensation Plan, as amended
  (Full Title of the Plan)
  Mark G. Borden, Esq.
  Hale and Dorr LLP
  60 State Street
  Boston, Massachusetts 02109
  (Name and Address of Agent For Service)
  (617) 526-6000
  (Telephone Number, Including Area Code, of Agent For Service)
  CALCULATION OF REGISTRATION FEE
  Title of Securities
  Amount to be
  Proposed Maximum
  Amount of
  to be Registered (1)
  Registered (1)
  Aggregate Offering Price (2)
  Registration Fee
  Deferred
  Compensation
  Obligations
  $
  100,000,000
  $
  100,000,000
  $
  12,670
  (1)
  The Deferred Compensation Obligations are unsecured obligations of Analog
  Devices, Inc. to pay deferred compensation in the future in accordance
  with the terms of the Analog Devices, Inc. Deferred Compensation Plan, as
  amended.
  (2)
  Estimated solely for the purpose of calculating the registration fee
  pursuant to Rules 457(c) and 457(h) of the Securities Act of 1933, as
  amended.
  TABLE OF CONTENTS
  PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
  Item 1. Plan Information
  Item 2. Registrant Information and Employee Plan Annual Information
  PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  Item 3. Incorporation of Documents by Reference
  Item 4. Description of Securities
  Item 5. Interests of Named Experts and Counsel
  Item 6. Indemnification of Directors and Officers
  Item 7. Exemption from Registration Claimed
  Item 8. Exhibits
  Item 9. Undertakings
  SIGNATURES
  POWER OF ATTORNEY AND SIGNATURES
  INDEX TO EXHIBITS
  Ex-5.1 Opinion of Hale and Dorr LLP
  Ex-23.2 Consent of Ernst & Young LLP
  Table of Contents
  PART I
  INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
  Item 1. Plan Information.
  The information required by Item 1 is included in documents sent or given
  to participants in the plan covered by this registration statement pursuant to
  Rule 428(b)(1) of the Securities Act of 1933, as amended (the "Securities
  Act").
  Item 2. Registrant Information and Employee Plan Annual Information.
  The written statement required by Item 2 is included in documents sent or
  given to participants in the plan covered by this registration statement
  pursuant to Rule 428(b)(1) of the Securities Act.
  PART II
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  Item 3. Incorporation of Documents by Reference.
  The registrant is subject to the informational and reporting requirements
  of Sections 13(a), 14, and 15(d) of the Securities Exchange Act of 1934, as
  amended (the "Exchange Act"), and in accordance therewith files reports, proxy
  statements and other information with the Securities and Exchange Commission
  (the "Commission"). The following documents, which are on file with the
  Commission, are incorporated in this registration statement by reference:
  (a)  The registrant's latest annual report filed pursuant to Section 13(a)
  or 15(d) of the Exchange Act or the latest prospectus filed pursuant to Rule
  424(b) under the Securities Act that contains audited financial statements for
  the registrant's latest fiscal year for which such statements have been filed.
  (b)  All other reports filed pursuant to Section 13(a) or 15(d) of the
  Exchange Act since the end of the fiscal year covered by the document referred
  to in (a) above.
  All documents subsequently filed by the registrant pursuant to Sections
  13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
  post-effective amendment which indicates that all securities offered hereby
  have been sold or which deregisters all securities then remaining unsold, shall
  be deemed to be incorporated by reference in this registration statement and to
  be part hereof from the date of the filing of such documents. Any statement
  contained in a document incorporated or deemed to be incorporated by reference
  herein shall be deemed to be modified or superseded for the purposes of this
  registration statement to the extent that a statement contained herein or in
  any other subsequently filed document which also is or is deemed to be
  incorporated by reference herein modifies or supersedes such statement. Any
  statement so modified or superseded shall not be deemed, except as so modified
  or superseded, to constitute a part of this registration statement.
  Item 4. Description of Securities.
  Under the Analog Devices, Inc. Deferred Compensation Plan, as amended, or
  the Deferral Plan, the Registrant provides non-employee directors and a select
  group of highly compensated or management employees the opportunity to enter
  into agreements for the deferral of (i) a specified percentage of their cash
  compensation (including, in the case of non-employee directors, director fees
  and meeting fees) or (ii) income recognized upon exercise of stock options and
  income recognized upon vesting of restricted
  - 1 -
  Table of Contents
  stock, with respect to stock options and restricted stock granted before
  July 23, 1997. The obligations of the Registrant under such agreements (the
  "Obligations") will be unfunded and unsecured general obligations of the
  Registrant to pay in the future the value of the deferred compensation and
  Registrant contributions adjusted to reflect the performance, whether positive
  or negative, of selected investment measurement options, chosen by each
  participant, during the deferral period in accordance with the terms of the
  Deferral Plan. As of February 29, 2004, Obligations in the aggregate amount of
  $321,525,416 were outstanding.
  An administrative committee (the "Administrative Committee"), consisting
  of those members of the Compensation Committee of the Board of Directors who
  are not participants in the Deferral Plan, has the authority to administer the
  Deferral Plan. However, in the event that there are not three members of the
  Compensation Committee who are not participants in the Deferral Plan (as is the
  case as of the date of the filing of this registration statement), the
  Registrant's Chief Executive Officer has the authority to appoint other
  directors or officers of the Registrant who are not participants in the
  Deferral Plan to the Administrative Committee. References to the "Committee"
  in this registration statement are intended to refer to the Administrative
  Committee. The Committee may from time to time adopt rules and procedures
  governing the Deferral Plan and shall have the authority to give interpretive
  rulings with respect to the Deferral Plan. The Committee has delegated its
  administrative functions which do not affect corporate officers to a management
  committee of three officers.
  A participant may elect to defer all or a portion of his or her cash
  compensation and gains on stock options or restricted stock granted before July
  23, 1997. The amount of compensation to be deferred by each participant will
  be determined in accordance with the Deferral Plan based on elections by the
  participant. Participants may elect to defer any percentage of salary and any
  percentage of bonus up to 100%, or in the case of non-employee directors, any
  portion of director fees and meeting fees.
  The Obligations for each participant are equal in value to the balance of
  a bookkeeping reserve account established for such participant. The investment
  earnings credited to such account will be indexed to one or more mutual funds
  or indices, the type of which will be individually chosen by each participant
  from a list of types of investment media. Each participant's deferred
  compensation account will be adjusted to reflect contributions by the
  Registrant and the investment experience of the selected mutual funds or
  indices, including any appreciation or depreciation. The Registrant is not
  required to actually invest the deferred compensation in the types of funds
  specified by participants. However, the Registrant may establish a trust,
  which may be a grantor trust for federal income tax purposes, to make such
  investments to assist the Registrant in meeting the Obligations. As of the
  date of the filing of this registration statement, the Registrant has
  established a trust in connection with the Deferral Plan.
  The Obligations are distributed by the Registrant in accordance with the
  terms of the Deferral Plan and upon a payment plan selected by each
  participant. Upon a determination by the Committee that a participant has
  suffered an unforeseeable financial emergency, the Committee may direct the
  Registrant to pay such participant an amount necessary to meet the emergency,
  but not exceeding the aggregate balance of the participant's deferral account.
  A participant shall have no right under the Obligations against the
  Registrant that is greater than the rights of any unsecured general creditor of
  the Registrant. As of February 29, 2004, the Registrant had no outstanding
  indebtedness that by its terms would be senior to the Obligations.
  A participant's right or the right of any other person to the Obligations
  cannot be assigned or transferred in any manner or be subject to alienation,
  anticipation, sale, pledge, encumbrance or other legal process. If any
  participant attempts to transfer, assign, alienate, anticipate, sell, pledge or
  otherwise encumber his or her benefit under the Deferral Plan, the Committee
  may terminate his or her interest in
  - 2 -
  Table of Contents
  any such benefit to the extent the Committee considers necessary or
  advisable to prevent or limit the effect of such occurrence. The Obligations
  are not convertible into another security of the Registrant. The Obligations do
  not have the benefit of a negative pledge or any other affirmative or negative
  covenant on the part of the Registrant, including with respect to the
  Registrant's ability to issue debt senior to the Obligations.
  The Registrant may at any time amend, suspend or reinstate any or all of
  the provisions of the Deferral Plan, except that no amendment, suspension or
  reinstatement may adversely affect any participant's deferral account as it
  existed as of the day before the effective date of such amendment, suspension
  or reinstatement, without such participant's prior written consent. The
  Registrant may terminate the Deferral Plan at any time and for any reason
  whatsoever; provided, however, that termination of the Deferral Plan may not
  adversely affect the value of a participant's deferral account as it existed as
  of the effective date of such termination without the participant's prior
  written consent.
  Item 5. Interests of Named Experts and Counsel.
  Hale and Dorr LLP has opined as to the legality of the securities being
  offered by this registration statement. Mark G. Borden, a partner of Hale and
  Dorr LLP, serves as Clerk to the Registrant. Attorneys at Hale and Dorr LLP
  own, in the aggregate, 60,941 shares of the Registrant's common stock.
  Item 6. Indemnification of Directors and Officers.
  Article 6A of the Registrant's Restated Articles of Organization (the
  "Articles of Organization") provides for indemnification of directors and
  officers to the full extent permitted under Massachusetts law. Section 67 of
  Chapter 156B of the Massachusetts General Laws provides that a corporation has
  the power to indemnify a director, officer, employee or agent of the
  corporation and certain other persons serving at the request of the corporation
  and certain other persons serving at the request of the corporation in related
  capacities against amounts paid and expenses incurred in connection with an
  action or proceeding to which he is or is threatened to be made a party by
  reason of such position, if such person shall have acted in good faith and in a
  manner he reasonably believed to be in the best interests of the corporation,
  provided that, no indemnification shall be made with respect to any matter as
  to which such person shall have been adjudged not to be entitled to
  indemnification under Section 67.
  Article 6A of the Articles of Organization also provides for
  indemnification of directors and officers of the Registrant against liabilities
  and expenses in connection with any legal proceedings to which they may be made
  a party or with which they may become involved or threatened by reason of
  having been an officer or director of the Registrant or of any other
  organization at the request of the Registrant. Article 6A generally provides
  that a director or officer of the Registrant (i) shall be indemnified by the
  Registrant for all expenses of such legal proceedings unless he has been
  adjudicated not to have acted in good faith in the reasonable belief that his
  action was in the best interests of the Registrant, and (ii) shall be
  indemnified by the Registrant for the expenses, judgments, fines and amounts
  paid in settlement and compromise of such proceedings. No indemnification will
  be made to cover costs of settlements and compromises if the Board determines
  by a majority vote of a quorum consisting of disinterested directors (or, if
  such quorum is not obtainable, by a majority of the disinterested directors of
  the Registrant), that such settlement or compromise is not in the best
  interests of the Registrant.
  Article 6A of the Articles of Organization permits the payment by the
  Registrant of expenses incurred in defending a civil or criminal action in
  advance of its final disposition, subject to receipt of an undertaking by the
  indemnified person to repay such payment if it is ultimately determined that
  such person is not entitled to indemnification under the Articles of
  Organization. No advance may be made if the Board of Directors determines, by
  a majority vote of a quorum consisting of disinterested directors
  - 3 -
  Table of Contents
  (or, if such quorum is not obtainable, by a majority of the disinterested
  directors of the Registrant), that such person did not act in good faith in the
  reasonable belief that his action was in the best interest of the Registrant.
  Article 6D of the Articles of Organization provides that to the full
  extent permitted under Massachusetts law no director shall be liable to the
  Registrant or its stockholders for monetary damages for breach of fiduciary
  duty as a director. Section 13 of Chapter 156B of the Massachusetts General
  Laws provides that a corporation may eliminate or limit the personal liability
  of a director to the corporation or its stockholders for monetary damages for
  breach of fiduciary duty as a director, except for liability (i) for any breach
  of a director's duty of loyalty to the Registrant or its stockholders, (ii) for
  acts or omissions not in good faith or which involve intentional misconduct or
  a knowing violation of law, (iii) under Section 61 or 62 of Chapter 156B of the
  Massachusetts General Laws, or (iv) for any transaction from which the director
  derived an improper personal benefit.
  Section 8.4 of the Deferral Plan provides that the Registrant shall
  indemnify and hold harmless the members of the Committee as well as any
  officers to whom administrative functions under the Deferral Plan have been
  delegated against any and all claims, loss, damage, expense or liability
  arising from any action or failure to act with respect to the Deferral Plan,
  except in the case of gross negligence or willful misconduct by any such member
  or agent.
  The Registrant has directors and officers liability insurance for the
  benefit of its directors and officers.
  Item 7. Exemption from Registration Claimed.
  Not applicable.
  Item 8. Exhibits.
  The Exhibit Index immediately preceding the exhibits is incorporated herein by reference.
  Item 9. Undertakings.
  1.
  Item 512(a) of Regulation S-K
  . The undersigned Registrant hereby
  undertakes:
  (1) To file, during any period in which offers or sales are being
  made, a post-effective amendment to this registration statement:
  (i) To include any prospectus required by Section 10(a)(3) of the
  Securities Act;
  (ii) To reflect in the prospectus any facts or events arising after
  the effective date of the registration statement (or the most recent
  post-effective amendment thereof) which, individually or in the
  aggregate, represent a fundamental change in the information set forth in
  the registration statement; and
  (iii) To include any material information with respect to the plan
  of distribution not previously disclosed in the registration statement or
  any material change to such information in the registration statement;
  - 4 -
  Table of Contents
  provided, however,
  that paragraphs (i) and (ii) do not apply if the
  information required to be included in a post-effective amendment by
  those paragraphs is contained in periodic reports filed with or furnished
  to the Commission by the registrant pursuant to Section 13 or Section
  15(d) of the Exchange Act that are incorporated by reference in the
  registration statement.
  (2) That, for the purpose of determining any liability under the
  Securities Act, each such post-effective amendment shall be deemed to be
  a new registration statement relating to the securities offered therein,
  and the offering of such securities at that time shall be deemed to be
  the initial
  bona fide
  offering thereof.
  (3) To remove from registration by means of a post-effective
  amendment any of the securities being registered which remain unsold at
  the termination of the offering.
  2.
  Item 512(b) of Regulation S-K
  . The undersigned Registrant hereby
  undertakes that, for purposes of determining any liability under the Securities
  Act, each filing of the Registrant's annual report pursuant to Section 13(a) or
  Section 15(d) of the Exchange Act that is incorporated by reference in the
  registration statement shall be deemed to be a new registration statement
  relating to the securities offered therein, and the offering of such securities
  at that time shall be deemed to be the initial
  bona fide
  offering thereof.
  3.
  Item 512(h) of Regulation S-K
  . Insofar as indemnification for
  liabilities arising under the Securities Act may be permitted to directors,
  officers and controlling persons of the Registrant pursuant to the foregoing
  provisions, or otherwise, the registrant has been advised that in the opinion
  of the Securities and Exchange Commission such indemnification is against
  public policy as expressed in the Securities Act and is, therefore,
  unenforceable. In the event that a claim for indemnification against such
  liabilities (other than the payment by the registrant of expenses incurred or
  paid by a director, officer or controlling person of the registrant in the
  successful defense of any action, suit or proceeding) is asserted by such
  director, officer or controlling person in connection with the securities being
  registered, the registrant will, unless in the opinion of its counsel the
  matter has been settled by controlling precedent, submit to a court of
  appropriate jurisdiction the question whether such indemnification by it is
  against public policy as expressed in the Securities Act and will be governed
  by the final adjudication of such issue.
  - 5 -
  Table of Contents
  SIGNATURES
  Pursuant to the requirements of the Securities Act of 1933, the Registrant
  certifies that it has reasonable grounds to believe that it meets all of the
  requirements for filing on Form S-8 and has duly caused this registration
  statement to be signed on its behalf by the undersigned, thereunto duly
  authorized, in Norwood, Massachusetts, on this 11th day of March, 2004.
  ANALOG DEVICES, INC.
  By:
  /s/ Jerald G. Fishman
  Jerald G. Fishman
  President and Chief Executive Officer
  POWER OF ATTORNEY AND SIGNATURES
  We, the undersigned officers and directors of Analog Devices, Inc. hereby
  severally constitute and appoint Ray Stata, Jerald G. Fishman, Joseph E.
  McDonough and Mark G. Borden and each of them singly, our true and lawful
  attorneys with full power to them, and each of them singly, to sign for us and
  in our names in the capacities indicated below, the registration statement on
  Form S-8 filed herewith and any and all subsequent amendments to said
  registration statement, and generally to do all such things in our names and on
  our behalf in our capacities as officers and directors to enable Analog
  Devices, Inc. to comply with the provisions of the Securities Act of 1933, as
  amended, and all requirements of the Securities and Exchange Commission, hereby
  ratifying and confirming our signatures as they may be signed by our said
  attorneys, or any of them, to said registration statement and any and all
  amendments thereto.
  Pursuant to the requirements of the Securities Act of 1933, this
  registration statement has been signed by the following persons in the
  capacities and on the dates indicated.
  Signature
  Title
  Date
  /s/ Ray Stata
  Chairman of the Board
  March 11, 2004
  Ray Stata
  President, Chief Executive
  /s/ Jerald G. Fishman
  Officer and Director
  (Principal Executive Officer)
  March 11, 2004
  Jerald G. Fishman
  Vice President – Finance and
  Chief Financial Officer
  /s/ Joseph E. McDonough
  (Principal Financial and
  Accounting Officer)
  March 11, 2004
  Joseph E. McDonough
  /s/ James A. Champy
  Director
  March 11, 2004
  James A. Champy
  - 6 -
  Table of Contents
  Signature
  Title
  Date
  /s/ Christine King
  Director
  March 11, 2004
  Christine King
  /s/ F. Grant Saviers
  Director
  March 11, 2004
  F. Grant Saviers
  /s/ Kenton J. Sicchitano
  Director
  March 11, 2004
  Kenton J. Sicchitano
  /s/ Lester C. Thurow
  Director
  March 11, 2004
  Lester C. Thurow
  - 7 -
  Table of Contents
  INDEX TO EXHIBITS
  Number
  Description
  4.1
  Restated Articles of Organization of Analog Devices, Inc., as
  amended, filed as an exhibit to the Company's Quarterly Report on
  Form 10-Q for the quarterly period ended January 30, 1999 (File No.
  1-7819) as filed with the Commission on March 15, 1999 and
  incorporated herein by reference.
  4.2
  By-Laws of Analog Devices, Inc., as amended, filed as an exhibit to
  the Company's Form 10-K for the fiscal year ended November 2, 2002
  (File No. 1-7819) as filed with the Commission on January 29, 2003
  and incorporated herein by reference.
  4.3
  Rights Agreement, dated as of March 18, 1998 between Analog Devices
  Inc. and BankBoston, N.A., as Rights Agent, filed as an exhibit to
  Analog Devices Inc.'s Current Report on Form 8-K (File No. 1-07819)
  as filed with the Commission on March 19, 1998, as amended by
  Amendment No. 1 filed as an exhibit to the Company's Form 8-K/A
  (File No. 1-07819) as filed with the Commission on November 11,
  1999 and incorporated herein by reference.
  5.1
  Opinion of Hale and Dorr LLP, counsel to the Registrant
  23.1
  Consent of Hale and Dorr LLP (included in Exhibit 5.1)
  23.2
  Consent of Ernst & Young LLP
  24
  Power of attorney (included on the signature pages of this
  registration statement)