<SUBMISSION>
<ACCESSION-NUMBER>0000950134-09-001110
<TYPE>SC TO-I
<PUBLIC-DOCUMENT-COUNT>3
<FILING-DATE>20090127
<DATE-OF-FILING-DATE-CHANGE>20090127
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>AVERY DENNISON CORPORATION
<CIK>0000008818
<ASSIGNED-SIC>2670
<IRS-NUMBER>951492269
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1229
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC TO-I
<ACT>34
<FILE-NUMBER>005-18527
<FILM-NUMBER>09546814
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>150 N ORANGE GROVE BLVD
<CITY>PASADENA
<STATE>CA
<ZIP>91103
<PHONE>6263042000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>150 N ORANGE GROVE BLVD
<CITY>PASADENA
<STATE>CA
<ZIP>91103
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>AVERY INTERNATIONAL CORP
<DATE-CHANGED>19901030
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>AVERY PRODUCTS CORP
<DATE-CHANGED>19760518
</FORMER-COMPANY>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>AVERY DENNISON CORPORATION
<CIK>0000008818
<ASSIGNED-SIC>2670
<IRS-NUMBER>951492269
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1229
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC TO-I
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>150 N ORANGE GROVE BLVD
<CITY>PASADENA
<STATE>CA
<ZIP>91103
<PHONE>6263042000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>150 N ORANGE GROVE BLVD
<CITY>PASADENA
<STATE>CA
<ZIP>91103
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>AVERY INTERNATIONAL CORP
<DATE-CHANGED>19901030
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>AVERY PRODUCTS CORP
<DATE-CHANGED>19760518
</FORMER-COMPANY>
</FILED-BY>
<DOCUMENT>
<TYPE>SC TO-I
<SEQUENCE>1
<FILENAME>v51179sctovi.htm
<DESCRIPTION>SC TO-I
<TEXT>
<HTML>
<HEAD>
<TITLE>sctovi</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION<BR>


<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, DC 20549</B>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>
<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE TO</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>(Rule&nbsp;14d-100)</B></DIV>



<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>TENDER OFFER STATEMENT UNDER SECTION&nbsp;14(d)(1) OR 13(e)(1)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Avery Dennison Corporation</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Name of Subject Company (Issuer) and Filing Person (Offeror))</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>HiMEDS Units, in the form of Corporate HiMEDS Units, stated amount of $50.00 per unit</B><BR>
(Title of Class of Securities)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>053611307</B><BR>
(CUSIP Number of Class of Securities)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Susan C. Miller, Esq.<BR>
Senior Vice President, General Counsel and Secretary<BR>
Avery Dennison Corporation<BR>
150 North Orange Grove Boulevard<BR>
Pasadena, California 91103<BR>
(626)&nbsp;304-2000</B><BR>
(Name, Address and Telephone Number of Person Authorized to Receive Notices and<BR>
Communications on Behalf of Filing Person)<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B><I>Copies to:</I></B><BR><BR>
<B>J. Scott Hodgkins, Esq.<BR>
Wesley C. Holmes, Esq.<BR>
Latham &#038; Watkins LLP<BR>
355 South Grand Avenue<BR>
Los Angeles, CA 90071-1560<BR>
(213)&nbsp;485-1234</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF FILING FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 2px solid #000000; border-top: 3px double #000000">Transaction Valuation*</TD>
    <TD style="border-top: 3px double #000000; border-right: 2px solid #000000; border-bottom: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="0" style="border-bottom: 2px solid #000000; border-top: 3px double #000000">Amount of Filing Fee*</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top" style="border-bottom: 3px double #000000">N/A</TD>
<TD style="border-top: 0px double #000000; border-right: 2px solid #000000; border-bottom: 3px double #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-bottom: 3px double #000000">N/A</TD>
</TR>
</TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to General Instruction D to
Schedule&nbsp;TO, no filing fee is required for
pre-commencement communications.</TD>
</TR>

</TABLE>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check the box if any part of the fee is offset as provided by
Rule&nbsp;0-11(a)(2) and identify the filing with which the offsetting
fee was previously paid. Identify the previous filing by
registration statement number, or the Form or Schedule and the
date of its filing.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amount Previously Paid: Not applicable.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filing Party: Not applicable.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form or Registration No.: Not applicable.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date Filed: Not applicable.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#254;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; Check the box if the filing relates solely to preliminary
communications made before the commencement of a tender offer.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check the appropriate boxes below to designate any transactions to which the statement relates:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Third-party tender offer subject to Rule&nbsp;14d-1.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issuer tender offer subject to Rule&nbsp;13e-4.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Going-private transaction subject to Rule&nbsp;13e-3.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment to Schedule&nbsp;13D under Rule&nbsp;13d-2.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check the following box if the filing is a final amendment reporting the results of the tender
offer: <FONT face="Wingdings">&#111;</FONT></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s)
relied upon:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Rule&nbsp;13e-4(i) (Cross-Border Tender Offer)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Rule&nbsp;14d-1(d) (Cross-Border Third-Party Tender Offer)</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>INTRODUCTION </B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Tender Offer Statement on Schedule&nbsp;TO relates to the pre-commencement communications of
an offer by Avery Dennison Corporation, a Delaware corporation (&#147;Avery Dennison&#148;), to
exchange its 7.875% HiMEDS Units in the form of Corporate
HiMEDS Units, $440&nbsp;million aggregated stated amount, for shares of Avery Dennison common stock and
other consideration, as set forth in the press release attached as Exhibit (a)(5). This Schedule&nbsp;TO is intended to
satisfy the reporting requirements of Rule&nbsp;13e-4(c)(1) of the Securities Exchange Act of 1934, as
amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison has not commenced the exchange offer that is referred to in this communication.
Upon commencement of such exchange offer, Avery Dennison will file with the Securities and Exchange
Commission a Schedule&nbsp;TO and related exhibits, including an offer to exchange and related
documents. Holders of HiMEDS Units may obtain documents Avery Dennison files with the Security and
Exchange Commission, including the Schedule&nbsp;TO and related exhibits, free from
the Securities and Exchange Commission&#146;s Electronic Document Gathering and Retrieval System, which
may be accessed at <I>www.sec.gov</I>, and the investor relations section of Avery Dennison&#146;s website,
which may be accessed at <I>www.investors.averydennison.com</I>.
</DIV>

<!-- link2 "ITEM 12: Exhibits" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 12: Exhibits</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)(5) Press Release, dated January&nbsp;27, 2009.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to General Instruction D to Schedule&nbsp;TO, no signature is required for the filing of
pre-commencement communications.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(5)
<SEQUENCE>2
<FILENAME>v51179exv99wxayx5y.htm
<DESCRIPTION>EX-99.(A)(5)
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wxayx5y</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit (a)(5)</B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><IMG src="v51179v5117900.gif" alt="(AVERY DENNISON LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size:14pt" face="Helvetica,Arial,sans-serif">News Release</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 10pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 0pt"><B>Miller Corporate Center</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>Media Relations: <BR>
Dan Hilley (213)&nbsp;630-6550<BR>
communications@averydennison.com</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>For Immediate Release</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>Investor Relations:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>Eric M. Leeds (626)&nbsp;304-2029<BR>
investorcom@averydennison.com</B></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 16pt; margin-top: 18pt"><B>AVERY DENNISON ANNOUNCES INTENT TO UNDERTAKE<BR>
HIMEDS EXCHANGE OFFER IN 1</B><B><SUP style="font-size: 85%; vertical-align: text-top">ST</SUP> QUARTER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PASADENA, Calif. &#151; January&nbsp;27, 2009 &#151; Avery Dennison Corporation (NYSE:AVY) today announced
that, in the first quarter of 2009, it intends to offer to exchange its 7.875% HiMEDS Units in the
form of Corporate HiMEDS Units, $440&nbsp;million aggregated stated amount, for shares of Avery Dennison
common stock and other consideration. The Company expects the reduction in interest expense
attributable to HiMEDS Units tendered in the exchange to partially offset the anticipated dilution
in earnings per share related to the issuance of common stock in the exchange. Although the HiMEDS
Units do not require mandatory settlement until November, 2010, the Company believes that taking
the dilution now is appropriate, given the benefits from having lower leverage in today&#146;s
environment. Because participation in the exchange offer is entirely voluntary, the Company cannot
estimate the extent to which holders of HiMEDS Units will participate in the offer, and as a result
the number of shares that will be issued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Details of the offer will be provided in an offer to exchange and related documents filed
with the Securities and Exchange Commission as exhibits to Schedule&nbsp;TO, which holders of HiMEDS
Units are advised to read when made
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- more -
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">available because they contain important information. Holders of HiMEDS Units may obtain documents
Avery Dennison files with the Securities and Exchange Commission, including the Schedule&nbsp;TO and
documents filed as exhibits thereto, free from the Securities and Exchange Commission&#146;s Electronic
Document Gathering and Retrieval System, which may be accessed at <I>www.sec.gov</I>, and the investor
relations section of Avery Dennison&#146;s website, which may be accessed at
<I>www.investors.averydennison.com</I>. This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any HiMEDS Units or shares of Avery Dennison common stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison is a recognized industry leader that develops innovative identification and
decorative solutions for businesses and consumers worldwide. The Company&#146;s products include
pressure-sensitive labeling materials; graphics imaging media; retail apparel ticketing and
branding systems; RFID inlays and tags; office products; specialty tapes; and a variety of
specialized labels for automotive, industrial and durable goods applications. A FORTUNE 500 Company
with sales of $6.7&nbsp;billion in 2008, Avery Dennison is based in Pasadena, California and employs
more than 36,000 employees in over 60 countries. For more information, visit www.averydennison.com.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;#
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>&#147;Safe Harbor&#148; Statement under the Private Securities Litigation Reform Act of 1995:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain statements contained in this document are &#147;forward-looking statements&#148; intended to qualify
for the safe harbor from liability established by the Private Securities Litigation Reform Act of
1995. Such forward-looking statements and financial or other business targets are subject to
certain risks and uncertainties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Actual results and trends may differ materially from historical
or expected results depending on a variety of factors, including but not limited to risks and
uncertainties relating to investment in development activities and new production facilities;
fluctuations in cost and availability of raw materials; ability of the Company to achieve and
sustain targeted cost reductions; ability of the Company to generate sustained productivity
improvement; successful integration of acquisitions; successful implementation of new manufacturing
technologies and installation of manufacturing equipment; the financial condition and inventory
strategies of customers; customer and supplier concentrations; changes in customer order patterns;
loss of significant contract(s) or customer(s); timely development and market acceptance of new
products; fluctuations in demand affecting sales to customers; impact of competitive products and
pricing; selling prices; business mix shift; volatility of capital and credit markets; credit
risks; ability of the Company to obtain adequate financing arrangements and to maintain access to
capital; fluctuations in interest rates; fluctuations in pension, insurance and employee benefit
costs;
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">impact of legal proceedings, including a previous government investigation into industry
competitive practices, and any related proceedings or lawsuits pertaining thereto or to the subject
matter thereof related to the concluded investigation by the U.S. Department of Justice (&#147;DOJ&#148;)
(including purported class actions seeking treble damages for alleged unlawful competitive
practices, which were filed after the announcement of the DOJ investigation), as well as the impact
of potential violations of the U.S. Foreign Corrupt Practices Act; changes in governmental
regulations; changes in political conditions; fluctuations in foreign currency exchange rates and
other risks associated with foreign operations; worldwide and local economic conditions; impact of
epidemiological events on the economy and the Company&#146;s customers and suppliers; acts of war,
terrorism, natural disasters; and other factors. The Company believes that the most significant
risk factors that could affect its financial performance in the near-term include (1)&nbsp;the impact of
economic conditions on underlying demand for the Company&#146;s products; (2)&nbsp;the impact of competitors&#146;
actions, including pricing, expansion in key markets, and product offerings; (3)&nbsp;the degree to
which higher costs can be offset with productivity measures and/or passed on to customers through
selling price increases, without a significant loss of volume; (4)&nbsp;potential adverse developments
in legal proceedings and/or investigations regarding competitive activities, including possible
fines, penalties, judgments or settlements; and (5)&nbsp;the ability of the Company to achieve and
sustain targeted cost reductions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For a more detailed discussion of these and other factors, see &#147;Risk Factors&#148; and &#147;Management&#146;s
Discussion and Analysis of Results of Operations and Financial Condition&#148; in the Company&#146;s Form
10-K, filed on February&nbsp;27, 2008, and the Company&#146;s Form 10-Q filed on November&nbsp;6, 2008, with the
Securities and Exchange Commission. The forward-looking statements included in this news release
are made only as of the date of this news release, and the Company undertakes no obligation to
update the forward-looking statements to reflect subsequent events or circumstances.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>For more information and to listen to a live broadcast or an audio replay of the<BR>
Fourth Quarter conference call with analysts visit the Avery Dennison Web<BR>
site at www.investors.averydennison.com</B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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