<SUBMISSION>
<ACCESSION-NUMBER>0001133796-09-000009
<TYPE>SC TO-I
<PUBLIC-DOCUMENT-COUNT>9
<FILING-DATE>20090203
<DATE-OF-FILING-DATE-CHANGE>20090203
<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>09563429
</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>ad90061.htm
<TEXT>
<html>
<head>
<title></title>
</head>
<body>
<p align="center"><font face="Times New Roman" size="4"><b>SECURITIES AND EXCHANGE
 COMMISSION</b></font><br><font face="Times New Roman" size="3"><b>WASHINGTON, DC 20549</b></font></p>
<p align="center"><font face="Times New Roman" size="2">_____________________</font></p>
<p align="center"><font face="Times New Roman" size="4"><b>SCHEDULE TO</b></font><font face="Times New Roman" size="2"><br><b>(Rule 14d-100)</b>
</font><font face="Times New Roman" size="3"><br><b>TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1)<br>OF THE SECURITIES
 EXCHANGE ACT OF 1934</b></font></p>
<p align="center"><font face="Times New Roman" size="2">_____________________</font></p>
<p align="center"><font face="Times New Roman" size="5"><b>Avery Dennison Corporation
<br></b></font><font face="Times New Roman" size="2">(Name of Subject Company (Issuer) and Filing Person (Offeror))</font></p>
<p align="center"><font face="Times New Roman" size="2"><b>HiMEDS Units, in the form
 of Corporate HiMEDS Units, stated amount of $50.00 per unit<br></b>(Title of Class
 of Securities)</font></p>
<p align="center"><font face="Times New Roman" size="2"><b>053611307<br></b>(CUSIP
 Number of Class of Securities)</font></p>
<div align="center"><font face="Times New Roman" size="2">_________________</font></div>
<div align="center"><font face="Times New Roman" size="2"><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) 304-2000
<br></b>(Name, Address and Telephone Number of Person Authorized to Receive Notices
 and<br>Communications on Behalf of Filing Person)</font></div>
<div align="center"><font face="Times New Roman" size="2">_____________________</font></div>
<p align="center"><font face="Times New Roman" size="2"><i><b><i><b>Copies to:<br>
</b></i></b></i><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) 485-1234
</b></font></p>
<p align="center"><font face="Times New Roman" size="3"><b>CALCULATION OF FILING
 FEE</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td width="40%" valign="bottom" align="center"><font face="Times New Roman" size="2">Transaction
 Valuation*</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td width="40%" valign="bottom" align="center"><font face="Times New Roman" size="2">Amount of
 Filing Fee**</font></td>
</tr>
<tr>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$235,334,000
</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$9,248.63
</font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">* This valuation assumes the exchange of
 8,360,000 Corporate HiMEDS Units of Avery Dennison Corporation (&#147;Avery Dennison&#148;), stated amount $50.00 per unit, for cash and shares of common stock of Avery
 Dennison, par value $1.00 per share. Estimated for purposes of calculating the amount
 of the filing fee only, this amount is based on the average of the high and low
 prices of Avery Dennison Corporate HiMEDS Units of $28.15&#160;as of February 2,
 2009, as reported on the New York Stock Exchange.<br><br>** The amount of the filing
 fee was calculated in accordance with Rule 0-11 of the Securities Exchange Act of
 1934, as amended, at a rate of $39.30 per $1,000,000 of the transaction value.</font>
</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" valign="top" align="left"><font face="wingdings" size="2"><b>o</b></font>
</td>
<td width="1%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"> Check the
 box if any part of the fee is offset as provided by Rule 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. </font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="40%" valign="bottom" align="left"><font face="Times New Roman" size="2">Amount Previously
 Paid: Not applicable.</font></td>
<td width="10%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Filing Party:
 Not applicable.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Form or Registration
 No.: Not applicable.</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Date Filed:
 Not applicable.</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td width="3%" valign="top" align="left"><font face="wingdings" size="2"><b>o</b></font>
</td>
<td width="1%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Check the
 box if the filing relates solely to preliminary communications made before the commencement
 of a tender offer.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Check the
 appropriate boxes below to designate any transactions to which the statement relates:
</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="wingdings" size="2"><b>o</b></font> <font face="Times New Roman" size="2">
Third-party
 tender offer subject to Rule 14d-1.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="wingdings" size="2"><b>&#254;</b></font> <font face="Times New Roman" size="2">
 Issuer
 tender offer subject to Rule 13e-4.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="wingdings" size="2"><b>o</b></font> <font face="Times New Roman" size="2">
 Going-private
 transaction subject to Rule 13e-3.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="wingdings" size="2"><b>o</b></font> <font face="Times New Roman" size="2">
 Amendment to Schedule 13D under Rule 13d-2.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Check the
 following box if the filing is a final amendment reporting the results of the tender
 offer:</font> <font face="wingdings" size="2"><b>o</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
If applicable, check the appropriate box(es) below to designate the appropriate rule
 provision(s) relied upon:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="wingdings" size="2"><b>o</b></font> <font face="Times New Roman" size="2">
Rule 13e-4(i)
 (Cross-Border Tender Offer)</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="wingdings" size="2"><b>o</b></font> <font face="Times New Roman" size="2">
Rule 14d-1(d)
 (Cross-Border Third-Party Tender Offer)</font></td>
</tr>
</table>
<page>
<p align="center"><font face="Times New Roman" size="2"><b>INTRODUCTION</b></font></p>
<p style="text-indent: 100px;"><font face="Times New Roman" size="2">This Issuer
 Tender Offer Statement on Schedule TO (this &#147;Schedule TO&#148;) is being filed
 by Avery Dennison Corporation, a Delaware corporation (&#147;Avery Dennison&#148;),
 pursuant to Section 13(e)-4 of the Securities Exchange Act of 1934, as amended (the
 &#147;Exchange Act&#148;), in connection with an offer by Avery Dennison to exchange
 up to 8,360,000, or 95%,&#160;of&#160;its HiMEDS Units, stated amount $50.00 per
 unit (the &#147;HiMEDS Units&#148;), in the form of Corporate HiMEDS Units (the
 &#147;Corporate HiMEDS Units&#148;), comprised of (i) a purchase contract obligating
 the holder to purchase from Avery Dennison shares of Avery Dennison&#146;s common
 stock, par value $1.00 per share (the &#147;common stock&#148;) and (ii) a 1/20
 or 5.0% undivided beneficial interest in a $1,000 aggregate principal amount 5.350%
 senior note due November 15, 2020 (the &#147;HiMEDS senior notes&#148;), for 0.9756
 shares of common stock and $6.50 in cash (which includes the accrued and unpaid
 contract adjustment payments with respect to the purchase contracts and the accrued
 and unpaid interest with respect to the HiMEDS senior notes) per Corporate HiMEDS
 Unit (the &#147;offer consideration&#148;). Avery Dennison is not offering to exchange
 any Treasury HiMEDS Units in the offer.</font></p>
<p style="text-indent: 100px;"><font face="Times New Roman" size="2">The offer is made upon the terms and
 subject to the conditions described in the offer to exchange, dated February 3,
 2009 (the &#147;offer to exchange&#148;), and the related letter of transmittal.
 The offer to exchange and the related letter of transmittal are filed as exhibits
 (a)(1)(A) and (a)(1)(B), respectively, hereto.</font></p>
<p style="text-indent: 100px;"><font face="Times New Roman" size="2">The information set forth in the
 offer to exchange and the related letter of transmittal is hereby expressly
 incorporated herein by reference in response to all applicable items required in
 this Schedule TO. This Schedule TO is being filed in satisfaction of the reporting
 requirements of Rule 13e-4(c)(2) promulgated under the Exchange Act.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="6%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Item 1.
 </b></font></td>
<td width="2%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i><b><i>
<b>Summary Term Sheet</b></i></b></i><b>. </b></font></td>
</tr>
</table>
<p style="text-indent: 100px;"><font face="Times New Roman" size="2">The information
 set forth under the caption &#147;Summary of the Offer&#148; in the offer to exchange
 is incorporated herein by reference.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="6%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Item 2.
</b></font></td>
<td width="2%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i><b><i>
<b>Subject Company Information</b></i></b></i><b>. </b></font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" valign="top" align="left"><font face="Times New Roman" size="2"><i>(a)</i>
 </font></td>
<td width="1%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">The name of
 the subject company is Avery Dennison Corporation, a Delaware corporation, and the
 address of its principal executive office is 150 North Orange Grove Boulevard, Pasadena,
 California 91103. The telephone number of its principal executive office is (626)
 304-2000. </font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><i>(b)</i>
 </font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">The subject
 securities are Avery Dennison&#146;s HiMEDS Units in the form of Corporate HiMEDS
 Units. As of the date hereof, there are 8,800,000 Corporate HiMEDS Units outstanding.
 The information set forth in the offer to exchange under the caption &#147;Summary
 of the Offer&#148; is incorporated herein by reference. </font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><i>(c)</i>
 </font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">The information
 set forth in the offer to exchange under the caption &#147;Description of the Offer &#151; Market and Trading Information&#148; is incorporated herein by reference.
 </font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="6%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Item 3.
</b></font></td>
<td width="2%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i><b><i>
<b>Identity and Background of Filing Person</b></i></b></i><b>. </b></font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" valign="top" align="left"><font face="Times New Roman" size="2"><i>(a)</i>
 </font></td>
<td width="1%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">The filing
 person is the subject company, Avery Dennison Corporation. The information set forth
 under Item 2(a) above is incorporated herein by reference. </font></td>
</tr>
</table>
<p style="text-indent: 100px;"><font face="Times New Roman" size="2">As required
 by General Instruction C to Schedule TO, the following persons are directors and
 executive officers of Avery Dennison. No single person or group of persons controls
 Avery Dennison.</font></p>


<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Name
</b></u></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Position
</b></u></font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Kent Kresa
</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Director and
 Chairman of the Board</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Peter K. Barker
</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Director</font>
</td>
</tr>
<tr bgcolor="#cceeff">
<td width="35%" valign="bottom" align="left"><font face="Times New Roman" size="2">Rolf B&#246;rjesson
</font></td>
<td width="1%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Director</font>
</td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">- 2 -</font></p>
<page>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="35%" valign="bottom" align="left"><font face="Times New Roman" size="2">John T. Cardis
</font></td>
<td width="1%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Director</font>
</td>
</tr>
<tr bgcolor="#cceeff">
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Richard M.
 Ferry</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Director</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Ken C. Hicks
</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Director</font>
</td>
</tr>
<tr bgcolor="#cceeff">
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Peter W. Mullin
</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Director</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">David E.I.
 Pyott</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Director</font>
</td>
</tr>
<tr bgcolor="#cceeff">
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Patrick T.
 Siewert</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Director</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Julia A. Stewart
</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Director</font>
</td>
</tr>
<tr bgcolor="#cceeff">
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Dean A. Scarborough
</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">President,
 Chief Executive Officer and Director</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Daniel R.
 O&#146;Bryant</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Executive
 Vice President, Finance and Chief Financial Officer</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Diane B. Dixon
</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Senior Vice
 President, Corporate Communications and Advertising</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Anne Hill</font>
</td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Senior Vice
 President, Chief Human Resources Officer</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Robert M.
 Malchione</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Senior Vice
 President, Corporate Strategy and Technology</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Susan C. Miller
</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Senior Vice
 President, General Counsel and Secretary</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Mitchell R.
 Butier</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Vice President,
 Global Finance and Chief Accounting Officer</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Karyn E. Rodriguez
</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Vice President
 and Treasurer</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Timothy G.
 Bond</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Group Vice
 President, Office Products</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Timothy S.
 Clyde</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Group Vice
 President, Specialty Materials and Converting</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Terrence L.
 Hemmelgarn</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Group Vice
 President, Retail Information Services</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Donald A.
 Nolan</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Group Vice
 President, Roll Materials</font></td>
</tr>
</table>
<p style="text-indent: 100px;"><font face="Times New Roman" size="2">The address
 and telephone number of each director and executive officer of Avery Dennison listed
 above is: c/o Avery Dennison Corporation, 150 North Orange Grove Boulevard, Pasadena,
 California 91103, and each such person&#146;s telephone number is (626) 304-2000.
</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="6%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Item 4.</b></font></td>
<td width="2%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i><b><i>
<b>Terms of the Transaction</b></i></b></i><b>.</b></font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" valign="top" align="left"><font face="Times New Roman" size="2"><i>(a)</i>
 </font></td>
<td width="1%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">The information
 set forth in the offer to exchange under the captions &#147;Summary of the Offer,&#148; &#147;Description of the Offer,&#148; &#147;Comparison of Rights of Holders
 of Corporate HiMEDS Units and Holders of Avery Dennison Common Stock,&#148; &#147;Description
 of Avery Dennison Common Stock&#148; and &#147;Certain U.S. Federal Income Tax Consequences,&#148; as well as the information set forth in the related letter of transmittal,
 are incorporated herein by reference. </font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><i>(b)</i>
 </font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">To the knowledge
 of Avery Dennison, based on reasonable inquiry, no Corporate HiMEDS Units are owned
 by any officer, director or affiliate of Avery Dennison, and therefore no Corporate
 HiMEDS Units will be purchased from any officer, director or affiliate of Avery
 Dennison. The information set forth under the caption &#147;Interests of Directors
 and Officers&#148; in the offer to exchange is incorporated herein by reference.
 </font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="6%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Item 5.
</b></font></td>
<td width="2%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i><b><i>
<b>Past Contracts, Transactions, Negotiations and Agreements</b></i></b></i><b>.</b>
</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" valign="top" align="left"><font face="Times New Roman" size="2"><i>(e)</i>
 </font></td>
<td width="1%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Avery Dennison
 is party to the following agreements (each of which is filed as an exhibit to this
 Schedule TO) in connection with the HiMEDS Units: </font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="6%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" valign="top" align="left"><font face="Times New Roman" size="2">1)</font>
</td>
<td width="1%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Underwriting
 Agreement, dated November 14, 2007, among Avery Dennison and J.P. Morgan Securities
 Inc. and Citigroup Global Markets Inc., as representatives of the several underwriters
 listed on Schedule 1 thereto. </font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">2)</font>
</td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Purchase Contract
 and Pledge Agreement, dated November 20, 2007, between Avery Dennison and The Bank
 of New York Trust Company, N.A., as Purchase Contract Agent, and The Bank of New
 York Trust Company, N.A., as Collateral Agent, Custodial Agent and Securities Intermediary.
 </font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">3)</font>
</td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Form of Corporate
 HiMEDS Unit Certificate and Treasury HiMEDS Unit Certificate. </font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">- 3 -</font></p>
<page>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="6%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" valign="TOP" align="left"><font face="Times New Roman" size="2">4)</font>
</td>
<td width="1%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">First Supplemental
 Indenture dated November 20, 2007 between Avery Dennison and The Bank of New York
 Trust Company, N.A., as Trustee. </font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">5)</font>
</td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Form of 5.350%
 HiMEDS senior note due November 15, 2020 of Avery Dennison. </font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">6)</font>
</td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Form of Remarketing
 Agreement. </font></td>
</tr>
</table>
<p style="text-indent: 100px;"><font face="Times New Roman" size="2">The information
 set forth in the offer to exchange under the captions &#147;Incorporation by Reference;
 Additional Information,&#148; &#147;Comparison of Rights of Holders of Corporate
 HiMEDS Units and Holders of Avery Dennison Common Stock,&#148; and &#147;Description
 of Avery Dennison Common Stock&#148; is incorporated herein by reference. The information
 set forth under (i) Item 8, Financial Statements and Supplementary Data, in Avery
 Dennison&#146;s Annual Report on Form 10-K for the fiscal year ended December 29,
 2007 and (ii) Item 2, Management&#146;s Discussion and Analysis of Financial Condition
 and Results of Operations, and Item 3, Quantitative and Qualitative Disclosures
 about Market Risk, in Avery Dennison&#146;s Quarterly Report on Form 10-Q for the
 quarterly period ended September 27, 2008 is incorporated herein by reference and
 can also be accessed electronically on the Securities and Exchange Commission&#146;s
 website at http://www.sec.gov.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="6%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Item 6.
</b></font></td>
<td width="2%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i><b><i>
<b>Purposes of the Transaction and Plans or Proposals</b></i></b></i><b>.</b></font>
</td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" valign="top" align="left"><font face="Times New Roman" size="2"><i>(a)</i>
 </font></td>
<td width="1%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">The information
 set forth in the offer to exchange under the captions &#147;Background and Purpose
 of the Offer&#148; and &#147;Recent Developments&#148; is incorporated herein by
 reference. </font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><i>(b)</i>
 </font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">The information
 set forth in the offer to exchange under the caption &#147;Use of Proceeds&#148;
 is incorporated herein by reference. </font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><i>(c)</i>
 </font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">The information
 set forth in the offer to exchange under the caption &#147;Recent Developments&#148;
 is incorporated herein by reference. </font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="6%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Item 7.
</b></font></td>
<td width="2%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i><b><i>
<b>Source and Amount of Funds or Other Consideration</b></i></b></i><b>.</b></font>
</td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" valign="top" align="left"><font face="Times New Roman" size="2"><i>(a)</i>
</font></td>
<td width="1%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">The information
 set forth in the offer to exchange under the captions &#147;Summary of the Offer&#148; and &#147;Description of the Offer&#151;Terms of the Offer&#148; is incorporated
 herein by reference. Avery Dennison is funding the cash portion of the offer consideration
 by issuing commercial paper backed by its $1 billion First Amended and Restated Revolving
 Credit Agreement, dated as of August 10, 2007, as amended January 23, 2009, among
 Avery Dennison, Citicorp USA, Inc., as Administrative Agent, Bank of America, N.A.,
 as Syndication Agent, the Other Banks party thereunder, and Citigroup Global Markets
 Inc. and Banc of Americas Securities LLC, as Lead Arrangers (the &#147;Revolving
 Credit Agreement&#148;). Avery Dennison would require $54,340,000 in cash and 8,156,016
 shares of common stock to purchase the maximum amount of Corporate HiMEDS Units
 sought in the offer. </font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><i>(b)</i>
</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">The information
 set forth in the offer to exchange under the caption &#147;Description of the Offer &#151; Conditions to the Offer&#148; is incorporated herein by reference. To the
 extent Avery Dennison is unable to place its commercial paper in amounts sufficient
 to pay the cash portion of the offer consideration set forth under Item 7(a), it
 intends to borrow under the Revolving Credit Agreement. Avery Dennison currently
 has no other alternative financing arrangements or alternative financing plans.
 </font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><i>(d)</i>
</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">(1) The information
 set forth under Item 7(a) above is incorporated herein by reference. The parties
 to the Revolving Credit Agreement are set forth in Item 7(a). Avery Dennison&#146;s
 commercial paper bears an annual rate of 0.90%. Borrowings under the Revolving Credit
 Agreement bear an annual rate, at Avery Dennison&#146;s option, of either (i) between
 LIBOR plus 1.800% and LIBOR plus 3.500%, depending on Avery Dennison&#146;s debt
 ratings by either Standard &#038; Poor&#146;s (&#147;S&#038;P&#148;) or Moody&#146;s
 Investors Service (&#147;Moody&#146;s&#148;), or (ii) the higher of (A) the federal
 funds rate plus 0.50% or (B) the prime rate, plus between 0.800% and 2.500%, </font>
</td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">- 4 -</font></p>
<page>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="4%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">depending
 on Avery Dennison&#146;s debt ratings by either S&#038;P or Moody&#146;s. Borrowings
 available under the Revolving Credit Agreement are currently at an annul rate of
 2.51%. The Revolving Credit Agreement is unsecured and matures on August 10, 2012.
 </font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">(2) Avery
 Dennison plans to repay its commercial paper borrowings with cash generated in the
 normal course of business but may repay a portion of, or all, such borrowings by
 drawing against the Revolving Credit Agreement. Avery Dennison currently has no
 plans or arrangements to refinance, other than in the normal course of business,
 any funds drawn from the Revolving Credit Agreement that are to be used in the transaction.
 </font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="6%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Item 8.
</b></font></td>
<td width="2%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i><b><i>
<b>Interest in Securities of the Subject Company</b></i></b></i><b>.</b></font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" valign="top" align="left"><font face="Times New Roman" size="2"><i>(a)</i>
 </font></td>
<td width="1%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"> None of Avery
 Dennison or any of its directors or executive officers owns any Corporate HiMEDS
 Units. The information set forth in the offer to exchange under the caption &#147;Interests
 of Directors and Officers&#148; is incorporated herein by reference. </font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><i>(b)</i>
 </font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">The information
 set forth in the offer to exchange under the caption &#147;Interests of Directors
 and Officers&#148; is incorporated herein by reference. </font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="6%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Item 9.
</b></font></td>
<td width="2%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i><b><i>
<b>Persons/Assets, Retained, Employed, Compensated or Used</b></i></b></i><b>.</b>
</font></td>
</tr>
</table>
<p style="text-indent: 100px;"><font face="Times New Roman" size="2">For information
 regarding the Exchange Agent and the Information Agent, see the information set
 forth in the offer to exchange under the caption &#147;Exchange Agent and Information
 Agent,&#148; which is incorporated herein by reference. No persons have been directly
 or indirectly employed, retained or otherwise compensated to make solicitations
 or recommendations in connection with the offer, other than certain employees of
 Avery Dennison, none of whom will receive any special or additional compensation
 in connection with the offer beyond their normal compensation. See the information
 set forth in the offer to exchange under the caption &#147;Notice to Investors&#148;
 and &#147;Description of the Offer&#151;Terms of the Offer,&#148; which is incorporated
 herein by reference.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="6%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Item 10.
</b></font></td>
<td width="2%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i><b><i>
<b>Financial Statements</b></i></b></i><b>.</b></font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" valign="top" align="left"><font face="Times New Roman" size="2"><i>(a)</i>
 </font></td>
<td width="1%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">The information
 set forth in the offer to exchange under the captions &#147;Selected Historical
 Consolidated Financial Data&#148; and &#147;Incorporation by Reference; Additional
 Information&#148; is incorporated herein by reference. The information set forth
 under (i) Item 8, Financial Statements and Supplementary Data, in Avery Dennison&#146;s Annual Report on Form 10-K for the fiscal year ended December 29, 2007 and
 (ii) Item 1, Financial Statements, and Exhibit 12, Avery Dennison Corporation and
 Subsidiaries Computation of Ratios of Earnings to Fixed Charges, in Avery Dennison&#146;s Quarterly Report on Form 10-Q for the quarterly period ended September 27,
 2008 is incorporated herein by reference and can also be accessed electronically
 on the Securities and Exchange Commission&#146;s website at http://www.sec.gov.
 </font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><i>(b)</i>
</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">The information
 set forth in the offer to exchange under the caption &#147;Capitalization&#148;
 is incorporated herein by reference. </font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="6%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Item 11.
</b></font></td>
<td width="2%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i><b><i>
<b>Additional Information</b></i></b></i><b>.</b></font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" valign="top" align="left"><font face="Times New Roman" size="2"><i>(a)</i>
 </font></td>
<td width="1%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">The information
 set forth in the offer to exchange under the captions &#147;Recent Developments,&#148; &#147;Description of the Offer&#151;Conditions to the Offer&#148; is incorporated
 herein by reference. </font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><i>(b)</i>
 </font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">The information
 set forth in the offer to exchange and the related letter of transmittal is
 incorporated herein by reference. </font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">- 5 -</font></p>
<page>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Item 12.
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><i><b>Exhibits</b></i>.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(a)(1)(A)*
</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Offer to Exchange,
 dated February 3, 2009.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(a)(1)(B)*
</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Form of Letter
 of Transmittal.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td width="8%" nowrap valign="top" align="left"><font face="Times New Roman" size="2">(a)(5)(A)*
</font></td>
<td width="1%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="1%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">News Release,
 dated February 3, 2009.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(a)(5)(B)*
</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Form Letter
 to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.</font>
</td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(a)(5)(C)*
</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Form of Letter
 to Clients.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(a)(5)(D)*
</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Form of Notice
 of Guaranteed Delivery.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(b)(1)</font>
</td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">First Amended
 and Restated Revolving Credit Agreement, dated August 10, 2007, among Avery Dennison,
 Citicorp USA, Inc., as Administrative Agent, Bank of America, N.A., as Syndication
 Agent, the Other Banks party thereunder, and Citigroup Global Markets Inc. and Banc
 of America Securities LLC, as Lead Arrangers, incorporated herein by reference to
 Exhibit 10.2.2 filed with Avery Dennison&#146;s Quarterly Report on Form 10-Q filed
 with the SEC on November 7, 2007.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(b)(2)</font>
</td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Second Amendment
 to First Amended and Restated Revolving Credit Agreement, dated January 23, 2009,
 among Avery Dennison Corporation, Citicorp USA, Inc., as Administrative Agent, and
 the other Banks party thereunder, incorporated herein by reference to Exhibit 99.3
 filed with Avery Dennison&#146;s Current Report on Form 8-K filed with the SEC on
 January 27, 2009.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(d)(1)</font>
</td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Underwriting
 Agreement, dated November 14, 2007, among Avery Dennison and J.P. Morgan Securities
 Inc. and Citigroup Global Markets Inc., as representatives of the several underwriters
 listed on Schedule 1 thereto, incorporated herein by reference to Exhibit 1.1 filed
 with Avery Dennison&#146;s Current Report on Form 8-K filed with the SEC on November
 20, 2007.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(d)(2)</font>
</td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Purchase Contract
 and Pledge Agreement, dated November 20, 2007, between Avery Dennison and The Bank
 of New York Trust Company, N.A., as Purchase Contract Agent, and The Bank of New
 York Trust Company, N.A., as Collateral Agent, Custodial Agent and Securities Intermediary,
 incorporated herein by reference to Exhibit 4.1 filed with Avery Dennison&#146;s
 Current Report on Form 8-K filed with the SEC on November 20, 2007.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(d)(3)</font>
</td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Form of Corporate
 HiMEDS Unit Certificate, incorporated herein by reference to Exhibits 4.5 filed
 with Avery Dennison&#146;s Current Report on Form 8-K filed with the SEC on November
 20, 2007.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(d)(4)</font>
</td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Form of Treasury
 HiMEDS Unit Certificate, incorporated herein by reference to Exhibits 4.2 filed
 with Avery Dennison&#146;s Current Report on Form 8-K filed with the SEC on November
 20, 2007.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(d)(5)</font>
</td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">First Supplemental
 Indenture dated November 20, 2007 between Avery Dennison and The Bank of New York
 Trust Company, N.A., as Trustee, incorporated herein by reference to Exhibit 4.3
 filed with Avery Dennison&#146;s Current Report on Form 8-K filed with the SEC on
 November 20, 2007.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(d)(6)</font>
</td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Form of 5.350%
 Senior Notes due November 15, 2020 of Avery Dennison, incorporated herein by reference
 to Exhibit 4.7 filed with Avery Dennison&#146;s Current Report on Form 8-K filed
 with the SEC on November 20, 2007.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(d)(7)</font>
</td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Form of Remarketing
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</td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">_________________
</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">* Filed herewith.
</font></td>
</tr>
</table>
<bR>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="6%" valign="top" align="left"><font face="Times New Roman" size="2"><b>Item 13.
</b></font></td>
<td width="2%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><i><b><i>
<b>Additional Information Required by Schedule 13E-3</b></i></b></i><b>.</b></font>
</td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Not applicable.
</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">- 6 -</font></p>
<page>
<p align="center"><font face="Times New Roman" size="2"><b>SIGNATURE</b></font></p>
<p style="text-indent: 100px;"><font face="Times New Roman" size="2">After due
 inquiry and to the best of my knowledge and belief, I certify that the information
 set forth in this statement is true, complete and correct.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Date: February
 3, 2009</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td NOWRAP valign="top" colspan="3" align="left"><font face="Times New Roman" size="2">
<b>AVERY DENNISON CORPORATION</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">By:</font>
</td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><u>/s/ Karyn
 E. Rodriguez</u></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="top" align="left"><font face="Times New Roman" size="2">Name:</font>
</td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Karyn E. Rodriguez
</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2">Title:</font></td>
<td width="1%"><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap width="3%" valign="top" align="left"><font face="Times New Roman" size="2">Vice President
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">- 7 -</font></p>
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<TEXT>
<html>
<head>
<title></title>
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<body>
<p align="right"><font face="Times New Roman" size="2"><b>Exhibit (a)(1)(A)</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>OFFER TO EXCHANGE</b></font></p>
<p align="center"><img src="logo.jpg"></p>
<p align="center"><font face="Times New Roman" size="2"><b>AVERY DENNISON CORPORATION</b></font></p>
<p align="center"><font face="Times New Roman" size="2">Offer to Exchange up to 8,360,000
 HiMEDS Units in the Form of Corporate HiMEDS Units,<br>stated amount $50.00 per
 unit,<br>for shares of Common Stock of Avery Dennison Corporation and cash</font></p>
<div STYLE="MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN; MARGIN-BOTTOM:12PT; BORDER: SOLID 1.5PT;">
<div STYLE="MARGIN-left:5PT;"><font face="Times New Roman" size="2"><b>THE OFFER AND WITHDRAWAL RIGHTS WILL
 EXPIRE AT 12:01 A.M., NEW YORK CITY TIME, ON MARCH 4, 2009, UNLESS THE OFFER IS
 EXTENDED BY US (SUCH DATE AND TIME, AS THE OFFER MAY BE EXTENDED, THE &#147;EXPIRATION
 DATE&#148;). TENDERS MAY NOT BE WITHDRAWN AFTER THE CORPORATE HIMEDS UNITS HAVE
 BEEN ACCEPTED FOR EXCHANGE.</b></font></div>
</div>
<p><font face="Times New Roman" size="2"><b>The Offer</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Upon the terms
 and subject to the conditions set forth in this offer to exchange (as supplemented
 or amended, the &#147;offer to exchange&#148;) and the related letter of transmittal
 (as supplemented or amended, the &#147;letter of transmittal&#148;), Avery Dennison
 Corporation (&#147;Avery Dennison&#148;) is offering to exchange up to 8,360,000,
 or 95%,&#160;of its HiMEDS Units, stated amount $50.00 per unit (the &#147;HiMEDS
 Units&#148;), in the form of Corporate HiMEDS Units (the &#147;Corporate HiMEDS Units&#148;), comprised of (i) a purchase contract (the &#147;purchase contract&#148;)
 obligating the holder to purchase from Avery Dennison shares of Avery Dennison&#146;s
 common stock, par value $1.00 per share (the &#147;common stock&#148;) and (ii)
 a 1/20 or 5.0% undivided beneficial interest in a $1,000 aggregate principal amount
 5.350% senior note due November 15, 2020 (the &#147;HiMEDS senior notes&#148;), for
 0.9756 shares of common stock and $6.50&#160;in cash (which includes the accrued
 and unpaid contract adjustment payments with respect to the purchase contracts and
 the accrued and unpaid interest with respect to the HiMEDS senior notes) per Corporate
 HiMEDS Unit (the &#147;offer consideration&#148;).</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The number
 of validly tendered and not withdrawn Corporate HiMEDS Units Avery Dennison will
 accept in the offer will be prorated if (a) more than 8,360,000 Corporate HiMEDS
 Units are tendered or (b) Avery Dennison shall have concluded based on discussions
 with the New York Stock Exchange that the Corporate HiMEDS Units are likely to be
 de-listed as a result of the acceptance by Avery Dennison of all Corporate HiMEDS
 Units validly tendered and not withdrawn in the offer.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Avery Dennison
 is only offering to exchange Corporate HiMEDS Units in the offer. Avery Dennison
 is not offering to exchange any Treasury HiMEDS Units.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The closing
 of the offer is conditioned upon the satisfaction or waiver of certain conditions.
 See &#147;Description of the Offer&#151;Conditions to the Offer.&#148;</font></p>
<p align="center"><font face="Times New Roman" size="2">_________________</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><b>You should
 carefully consider the &#147;Risk Factors&#148; beginning on page 20 of this offer
 to exchange before you decide whether or not to participate in the offer.</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><b>Neither
 the offer nor the common stock portion of the offer consideration offered hereby
 have been approved or disapproved by the Securities and Exchange Commission (the
 &#147;SEC&#148;) or any state securities commission, nor has the SEC or any state
 securities commission passed upon the accuracy or adequacy of this offer to exchange.
 Any representation to the contrary is unlawful and may be a criminal offense in
 the United States.</b></font></p>
<p><font face="Times New Roman" size="2">February 3, 2009</font></p>
<PAGE>
<p align="center"><font face="Times New Roman" size="2"><b>TABLE OF CONTENTS</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2"><u>Page</u></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Summary
 of the Offer</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">1</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Notice
 to Investors</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">5</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Questions
 and Answers about the Offer</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">10</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Our
 Business</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">15</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Recent
 Developments</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">16</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Background
 and Purpose of the Offer</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">16</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Use
 of Proceeds</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">16</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Cautionary
 Statement Regarding Forward-Looking Statements</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">17</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Industry
 and Market Data</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">18</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Incorporation
 by Reference; Additional Information</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">18</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Risk
 Factors</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">20</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Capitalization</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">23</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Selected
 Historical Consolidated Financial Data</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">24</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Description
 of the Offer</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">25</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Comparison
 of Rights of Holders of Corporate HiMEDS Units and Holders of Avery Dennison Common
 Stock</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">34</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Effects
 of The Offer on the Market for Corporate HiMEDS Units; Registration Under The Exchange
 Act; New York Stock Exchange Listing</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">37</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Description
 of Avery Dennison Common Stock</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">38</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Interests
 of Directors and Officers</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">39</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Exchange
 Agent and Information Agent</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">39</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Certain
 United States Federal Income Tax Considerations</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">40</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Certain
 ERISA Considerations</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">47</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Certain
 Securities Laws Considerations</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">49</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Independent
 Registered Public Accounting Firm</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">49</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">________________</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><b>You should
 rely only on the information contained in this offer to exchange or to which this
 offer to exchange refers you. We have not authorized anyone to provide you with
 different information. We are not making an offer in any jurisdiction where the
 offer is not permitted. You should not assume that the information provided in this
 offer to exchange, including any information incorporated herein by reference, is
 accurate as of any date other than the date of this offer to exchange or the date
 of any such information incorporated herein by reference.</b></font></p>
<PAGE>
<p align="center"><font face="Times New Roman" size="2"><b>SUMMARY OF THE OFFER</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i>This summary
 highlights some of the information contained, or incorporated by reference, in this
 offer to exchange to help you understand our business and the offer. It does not
 contain all of the information that is important to you. You should carefully read
 this offer to exchange, including the information incorporated by reference into
 this offer to exchange, to understand fully the terms of the offer, as well as the
 other considerations that are important to you in making your investment decision.
 You should pay special attention to the &#147;Risk Factors&#148; beginning on page
 20 and the section entitled &#147;Cautionary Statement Regarding Forward-Looking
 Statements&#148; beginning on page 17.</i></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i>Unless stated
 otherwise, the discussion in this offer to exchange of our business includes the
 business of Avery Dennison Corporation and its direct and indirect subsidiaries.
 Unless otherwise indicated or the context otherwise requires, the terms &#147;Avery
 Dennison,&#148; &#147;the Company,&#148; &#147;we,&#148; &#147;us&#148; and &#147;our&#148; refer to Avery Dennison Corporation and its direct and indirect subsidiaries
 on a consolidated basis.</i></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Offeror
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Avery Dennison
 Corporation, a Delaware Corporation.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td width="20%" valign="top" align="left"><font face="Times New Roman" size="2"><b>Securities
 Subject to the Offer</b></font></td>
<td width="3%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Up to 8,360,000,
 or 95%, of our Corporate HiMEDS Units of Avery Dennison, representing all of the
 outstanding Corporate HiMEDS Units.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>The Offer
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">We are offering
 to exchange up to 8,360,000, or 95%, of our Corporate HiMEDS Units held by all holders
 for the offer consideration of 0.9756 shares of common stock and $6.50&#160;in cash
 (which includes the accrued and unpaid contract adjustment payments with respect
 to the purchase contracts and the accrued and unpaid interest with respect to the
 HiMEDS senior notes) per Corporate HiMEDS Unit upon the terms and subject to the
 conditions set forth in this offer to exchange and the accompanying letter of transmittal.
 The offer is not conditioned on any minimum number of Corporate HiMEDS Units being
 tendered.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b>
Proration of Tendered Corporate HiMEDS Units</b></font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">If more than
 an aggregate of 8,360,000 Corporate HiMEDS Units are validly tendered and not withdrawn
 prior to the expiration date, we will accept an aggregate of not more than 8,360,000
 Corporate HiMEDS Units from all holders who validly tender Corporate HiMEDS Units,
 prorated among the tendering holders. If we conclude based on discussions with the
 New York Stock Exchange that the Corporate HiMEDS Units are likely to be de-listed
 as a result of our acceptance of all Corporate HiMEDS Units validly tendered and
 not withdrawn in the offer, we will accept a pro rata amount of the Corporate HiMEDS
 Units tendered in the offer to ensure that the Corporate HiMEDS Units continue to
 be listed on the New York Stock Exchange. Any Corporate HiMEDS Units tendered but
 not accepted because of proration will be returned to you. See &#147;Description
 of the Offer&#151;Priority of Exchanges and Proration.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b>
Accrued and Unpaid Contract Adjustment Payments with respect to the Purchase Contracts
 and Accrued and Unpaid Interest Payments with respect to the HiMEDS Senior Notes
</b></font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">As part of
 the cash portion of the exchange consideration, holders whose Corporate HiMEDS Units
 are accepted in the offer will receive a cash payment that includes the accrued
 and unpaid contract adjustment payments with respect to the purchase contracts and
 the accrued and unpaid interest in respect of the HiMEDS senior notes from the most
 recent interest payment date to, but not including, the settlement date. See &#147;Description
 of the Offer&#151;Accrued and Unpaid Interest and Contract Adjustment Payments.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b>
Holders Eligible to Participate in the Offer</b></font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">All holders
 of the Corporate HiMEDS Units are eligible to participate in the offer. See &#147;Description
 of the Offer&#151;Terms of the Offer.&#148;</font></td>
</tr>
</table>
<br>
<PAGE>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="20%" valign="top" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b>
Market Value of the Corporate HiMEDS Units</b></font></p></td>
<td width="3%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">The Corporate
 HiMEDS Units are listed and traded on the New York Stock Exchange under the symbol
 &#147;AVY PrA.&#148; On February 2, 2009, the last full trading day on the New York
 Stock Exchange prior to the commencement of the offer, the last reported sale price
 of the Corporate HiMEDS Units was $28.25&#160;per Corporate HiMEDS Unit. <b>Avery
 Dennison urges you to obtain current market price information for the Corporate
 HiMEDS Units before deciding whether to participate in the offer.</b> For trading
 information regarding such securities, you may contact the Information Agent at
 the telephone number set forth on the back cover of this offer to exchange. See
 &#147;Description of the Offer&#151;Market and Trading Information.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Treasury
 Units</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Avery Dennison
 is not offering to purchase any of its HiMEDS Units in the form of Treasury HiMEDS
 Units (&#147;Treasury HiMEDS Units&#148;). If you own Treasury HiMEDS Units and
 you desire to participate in the offer, you may recreate Corporate HiMEDS Units
 from your Treasury HiMEDS Units, and then tender the recreated Corporate HiMEDS
 Units. You may contact the Information Agent at the telephone number set forth on
 the back cover of this offer to exchange for more information on how to recreate
 Corporate HiMEDS Units from Treasury HiMEDS Units in order to participate in the
 offer. See &#147;Description of the Offer&#151;Terms of the Offer.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Expiration
 Date</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">The offer
 will expire at 12:01 a.m., New York City time, on March 4, 2009, unless extended
 by us (such date and time, as the same may be extended, the &#147;expiration date&#148;). We, in our sole discretion, may extend the expiration date for the offer
 for any purpose, including in order to permit the satisfaction or waiver of any
 or all conditions to the offer. See &#147;Description of the Offer&#151;Expiration
 Date&#148; and &#147;Description of the Offer&#151;Extension, Termination or Amendment.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Guaranteed
 Delivery Procedures</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">If you wish
 to tender your Corporate HiMEDS Units and you cannot deliver your required documents
 to the Exchange Agent on time, you may tender your Corporate HiMEDS Units according
 to the guaranteed delivery procedures described under the caption &#147;Description
 of the Offer&#151;Procedures for Tendering Corporate HiMEDS Units&#151;Guaranteed
 Delivery.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Withdrawal
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">You may withdraw
 previously tendered Corporate HiMEDS Units at any time before the expiration date.
 In addition, you may withdraw any Corporate HiMEDS Units that you tender that are
 not accepted by us for exchange after the expiration of 40 business days after the
 commencement of the offer.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">To withdraw
 previously-tendered Corporate HiMEDS Units, you are required to submit a notice
 of withdrawal to the Exchange Agent, in accordance with the procedures described
 herein and in the letter of transmittal. See &#147;Description of the Offer&#151;Withdrawal
 of Tenders.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Settlement
 Date</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">The settlement
 date of the offer will be promptly following the expiration date.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Purpose
 of the Offer</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">We are making
 this offer to increase our capital levels, while reducing the amount of our outstanding
 debt. See &#147;Background and Purpose of the Offer.&#148;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">2</font></p>
<page>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="20%" valign="top" align="left"><font face="Times New Roman" size="2"><b>Conditions
 to the Offer</b></font></td>
<td width="3%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Consummation
 of the offer is conditioned upon the satisfaction or waiver of certain conditions.
 See &#147;Description of the Offer&#151;Conditions to the Offer.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Amendment
 and Termination</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Avery Dennison
 has the right to terminate or withdraw, in its sole discretion, the offer if the
 conditions to the offer are not met by the expiration date. Avery Dennison reserves
 the right, subject to applicable law, (i) to waive any and all of the conditions
 of the offer on or prior to the expiration date and (ii) to amend the terms of the
 offer. In the event that the offer is terminated, withdrawn or otherwise not consummated
 on or prior to the expiration date, no consideration will be paid or become payable
 to holders who have properly tendered their Corporate HiMEDS Units pursuant to the
 offer. In any such event, the Corporate HiMEDS Units previously tendered pursuant
 to the offer will be promptly returned to the tendering holders. See &#147;Description
 of the Offers&#151;Extension, Termination or Amendment.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b>
How to Tender Corporate HiMEDS Units</b></font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">If your Corporate
 HiMEDS Units are registered in the name of a broker, dealer, commercial bank, trust
 company or other nominee, you should contact that registered holder promptly and
 instruct him, her or it to tender your Corporate HiMEDS Units on your behalf. If
 you are a DTC participant, you may electronically transmit your acceptance through
 ATOP. See &#147;Description of the Offer&#151;Procedures for Tendering Corporate
 HiMEDS Units.&#148; For further information on how to tender Corporate HiMEDS Units,
 contact the Information Agent at the telephone number set forth on the back cover
 of this offer to exchange or consult your broker, dealer, commercial bank, trust
 company or other nominee for assistance.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Risks of
 Failure to Tender</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Corporate
 HiMEDS Units not exchanged in the offer will remain outstanding after the consummation
 of the offer. If we become subject to a bankruptcy or similar proceeding prior to
 the maturity of the HiMEDS senior notes, you may ultimately receive less than the
 cash amount you would have received had you tendered your Corporate HiMEDS Units
 for the offer consideration. In addition, if a sufficiently large number of Corporate
 HiMEDS Units do not remain outstanding after the offer, the trading market for the
 remaining Corporate HiMEDS Units may be less liquid and more sporadic, potentially
 resulting in a market price for the Corporate HiMEDS Units that is lower or more
 volatile. For further description of the risks of failing to exchange your Corporate
 HiMEDS Units, see &#147;Risk Factors&#151;Risks to Holders of Non-Tendered Corporate
 HiMEDS Units.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Risk Factors
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Your decision
 whether to participate in the offer and to exchange the Corporate HiMEDS Units for
 the offer consideration will involve risk. You should be aware of and carefully
 consider the risk factors set forth in &#147;Risk Factors,&#148; along with all
 of the other information provided or referred to in this offer to exchange and the
 documents incorporated by reference herein, before deciding whether to participate
 in the offer.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b>
Resale of Common Stock Received in the Offer</b></font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">The issuance
 of common stock upon exchange of the Corporate HiMEDS Units is intended to be exempt
 from registration pursuant to Section 3(a)(9) of the Securities Act of 1933, as
 amended (the &#147;Securities Act&#148;). Since all outstanding Corporate HiMEDS
 Units were registered under the Securities Act, we expect that all of our common
 stock issued in the offer to persons who are not affiliated with us will be freely
 tradable under U.S. securities laws by such non-affiliates. You are urged to consult
 with your own legal counsel regarding the availability of a resale exemption from
 the registration requirements of the Securities Act. See &#147;Certain Securities
 Laws Considerations.&#148;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">3</font></p>
<page>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="20%" valign="top" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b>
Material United States Federal Income Tax Considerations</b></font></p></td>
<td width="3%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">For a summary
 of the material U.S. federal income tax considerations of the offer, see &#147;Certain
 United States Federal Income Tax Considerations.&#148; You should consult your own
 tax advisor for a full understanding of the tax consequences of participating in
 the offer.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b>
Exchange Agent and Information Agent</b></font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">D. F. King
 &#038; Co., Inc. (&#147;D. F. King&#148;) is the Exchange Agent and the Information
 Agent for the offer. Its address and telephone numbers are listed on the back cover
 page of this offer to exchange. See &#147;Exchange Agent and Information Agent.&#148;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">4</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>NOTICE TO INVESTORS</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">We are making
 the offer to holders of Corporate HiMEDS Units in reliance upon the exemption from
 the registration requirements of the Securities Act, under Section 3(a)(9) of the
 Securities Act. We will not pay any commission or other remuneration to any broker,
 dealer, salesman or other person for soliciting tenders of Corporate HiMEDS Units.
 Our officers, directors and employees may solicit tenders from holders of our Corporate
 HiMEDS Units and will answer inquiries concerning the Corporate HiMEDS Units, but
 they will not receive additional compensation for soliciting tenders or answering
 any such inquiries.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">NONE OF THE
 EXCHANGE AGENT, THE INFORMATION AGENT OR ANY OF THEIR RESPECTIVE AFFILIATES MAKES
 ANY RECOMMENDATION AS TO WHETHER OR NOT HOLDERS OF CORPORATE HIMEDS UNITS SHOULD
 EXCHANGE CORPORATE HIMEDS UNITS FOR THE OFFER CONSIDERATION IN THE OFFER.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">This offer
 to exchange has been prepared by us solely for use in connection with the proposed
 offer described herein. The information contained in this offer to exchange is as
 of the date of this offer to exchange only and is subject to change, completion
 or amendment without notice. Neither the delivery of this offer to exchange at any
 time, nor the offer, exchange, sale or delivery of any security shall, under any
 circumstances, create any implication that there has been no change in the information
 set forth in this offer to exchange or in our affairs since the date of this offer
 to exchange.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">No person
 is authorized in connection with this offer to give any information or to make any
 representation not contained in this offer to exchange, and, if given or made, such
 other information or representation must not be relied upon as having been authorized
 by us or any of our representatives.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">None of the
 SEC, any other securities commission or any other regulatory authority has approved
 or disapproved the offer or the offer consideration nor have any of the foregoing
 authorities passed upon or endorsed the merits of this offer or the accuracy or
 adequacy of this offer to exchange. Any representation to the contrary may be a
 criminal offense in the United States.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">This offer
 to exchange does not constitute an offer to participate in the offer to any person
 in any jurisdiction where it is unlawful to make such an offer. The offer is being
 made on the basis of this offer to exchange and is subject to the terms described
 herein. Any decision to participate in the offer must be based on the information
 contained in this document or specifically incorporated by reference herein. In
 making the decision to exchange, holders must rely on their own examination of us,
 the common stock issued in connection with the offer and the terms of the offer,
 including the merits and risks involved. Holders should not construe anything in
 this offer to exchange as legal, business or tax advice. Each holder should consult
 its advisors as needed to make its investment decision and to determine whether
 it is legally permitted to participate in the offer under applicable legal investment
 or similar laws or regulations.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Each holder
 must comply with all applicable laws and regulations in force in any jurisdiction
 in which it participates in the offer or possesses or distributes this offer to
 exchange and must obtain any consent, approval or permission required by it for
 participation in the offer under the laws and regulations in force in any jurisdiction
 to which it is subject, and neither we nor any of our respective representatives
 shall have any responsibility therefor.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">This offer
 to exchange contains summaries with respect to certain documents, but reference
 is made to the actual documents for complete information. All of those summaries
 are qualified in their entirety by this reference. Copies of documents referred
 to herein will be made available to holders upon request to Avery Dennison.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Notwithstanding
 anything herein to the contrary, investors may disclose to any person, without limitation
 of any kind, the tax treatment and tax structure of the offer.</font></p>
<p align="center"><font face="Times New Roman" size="2">5</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2">_________________</font></p>
<p align="center"><font face="Times New Roman" size="2"><b>NOTICE TO NEW HAMPSHIRE
 RESIDENTS</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><b>NEITHER
 THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A LICENSE HAS BEEN
 FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE UNIFORM SECURITIES ACT, 1955, AS
 AMENDED, WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A SECURITY IS EFFECTIVELY
 REGISTERED OR A PERSON IS LICENSED IN THE STATE OF NEW HAMPSHIRE CONSTITUTES A FINDING
 BY THE SECRETARY OF STATE OF NEW HAMPSHIRE THAT ANY DOCUMENT FILED UNDER RSA 421-B
 IS TRUE, COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT AN
 EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR A TRANSACTION MEANS THAT THE
 SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE MERITS OR QUALIFICATIONS OF, OR
 RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON, SECURITY OR TRANSACTION. IT IS UNLAWFUL
 TO MAKE, OR CAUSE TO BE MADE, TO ANY PROSPECTIVE PURCHASER, CUSTOMER, OR CLIENT
 ANY REPRESENTATION INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.</b></font></p>
<p align="center"><font face="Times New Roman" size="2">_________________</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><b>The restrictions
 set out below apply to persons in the specified countries. There may be additional
 restrictions that apply in other countries. Non-U.S. stockholders should consult
 their advisors in considering whether they may participate in the offer in accordance
 with the laws of their home countries and, if they do participate, whether there
 are any restrictions or limitations on transactions in the common stock that may
 apply in their home countries. See &#147;Description of the Offer&#151;Legal and
 Other Limitations; Certain Matters Relating to Non-U.S. Jurisdictions.&#148; Avery
 Dennison and the Exchange and Information Agent cannot provide any assurance about
 whether such limitations may exist.</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i><b>Austria</b></i></b></i><b>.</b>&#160;&#160;&#160;&#160;No prospectus has been or will be approved and/or
 published pursuant to the Austrian Capital Markets Act (Kapitalmarktgesetz), as
 amended. Neither this document nor any other document connected therewith constitutes
 a prospectus according to the Austrian Capital Markets Act, and neither this document
 nor any other document connected therewith may be distributed, passed on or disclosed
 to any other person in Austria. No steps may be taken that would constitute a public
 offering of common stock in Austria, and the offer may not be advertised in Austria.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i><b>Belgium</b></i></b></i><b>.</b>&#160;&#160;&#160;&#160;The offer is exclusively conducted in Belgium
 under applicable private placement exemptions and has, therefore, not been and will
 not be notified to, and the offer to exchange or any other offering material has
 not been and will not be approved by, the Belgian Banking, Finance and Insurance
 Commission (<i>Commission bancaire, financi&#232;re et des assurances/Commissie voor
 het Bank-, Financie- en Assurantiewezen</i>). Accordingly, the offer may not be
 advertised and the offer will not be extended and no memorandum, information circular,
 brochure or any similar document has or will be distributed, directly or indirectly,
 to any person in Belgium other than &#147;qualified investors&#148; in the sense
 of Article 10 of the Belgian Law of 16 June 2006 on the public offer of placement
 instruments and the admission to trading of placement instruments on regulated markets
 (as amended from time to time). This offer to exchange has been issued only for
 the personal use of the above qualified investors and exclusively for the purpose
 of the offer. Accordingly, the information contained herein may not be used for
 any other purpose nor disclosed to any other person in Belgium.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i><b>Bermuda</b></i></b></i><b>.</b>&#160;&#160;&#160;&#160;The offer is private and not intended for the
 public. This offer to exchange has not been approved by the Bermuda Monetary Authority
 or the Registrar of Companies in Bermuda. Any representation to the contrary, express
 or implied, is prohibited.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Cayman Islands</b></i></b></i><b>.</b>&#160;&#160;&#160;&#160;No invitation whether directly or indirectly
 may be made to the public in the Cayman Islands to subscribe for the common stock
 as Avery Dennison is not listed on the Cayman Islands Stock Exchange.</font></p>
<p align="center"><font face="Times New Roman" size="2">6</font></p>
<page>

<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Denmark</b></i></b></i><b>.</b>&#160;&#160;&#160;&#160;This offer to exchange has not been and will not
 be filed with or approved by the Danish Financial Supervisory Authority or any other
 regulatory authority in the Kingdom of Denmark. The common stock has not been offered
 or sold and may not be offered, sold or delivered directly or indirectly in Denmark,
 unless in compliance with Chapters 6 or 12 of the Danish Act on Trading in Securities
 and executive orders issued pursuant thereto as amended from time to time. Accordingly,
 this offer to exchange may not be made available nor may the common stock otherwise
 be marketed and offered for sale in Denmark other than in circumstances which are
 deemed not to be a marketing or an offer to the public in Denmark.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>European Union.</b></i></b></i>&#160;&#160;&#160;&#160;This offer to exchange has been prepared on the
 basis that the offer will only be made pursuant to an exemption under the Prospectus
 Directive, as implemented in member states of the European Economic Area (&#147;EEA&#148;), from the requirement to produce a prospectus for the offer. Accordingly,
 any person making or intending to make the offer within the EEA should only do so
 in circumstances in which no obligation arises for Avery Dennison to produce a prospectus
 for such offer. Avery Dennison has not authorized, nor does it authorize, the making
 of the offer through any financial intermediary. The &#147;Prospectus Directive&#148; as used herein means Directive 2003/71/EC of the European Parliament and Council.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>France.</b></i></b></i>&#160;&#160;&#160;&#160;No prospectus or offer to exchange (including any amendment
 or supplement thereto or replacement thereof) has been prepared in connection with
 the offer that has been submitted for clearance to or approved by the Autorit&#233; des
 march&#233;s financiers; no common stock has been offered or sold nor will any common
 stock be offered or sold, directly or indirectly, to the public in France; neither
 a prospectus, the offer to exchange nor any other offering material relating to
 the common stock has been distributed or caused to be distributed, and a prospectus,
 the offer to exchange and any other offering material relating to the common stock
 will not be distributed or caused to be distributed to the public in France; such
 offer, sales and distributions have been and shall only be made in France to (i)
 persons providing investment services relating to portfolio management for the account
 of third parties and/or (ii) qualified investors (investisseurs qualifi&#233;s) acting
 for their own account, all as defined in, and in accordance with, Articles L.411-1,
 L.411-2 and D.411-1 to D.411-3 of the Code mon&#233;taire et financier.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Germany.</b></i></b></i>&#160;&#160;&#160;&#160;Any offer or solicitation of securities within Germany
 must be in full compliance with the German Securities Prospectus Act (<i>Wertpapierprospektgesetz</i> (the &#147;WpPG&#148;)), which implements the Prospectus Directive in Germany,
 and any other applicable laws in the Federal Republic of Germany. The offer and
 solicitation of securities to the public in Germany requires the prior publication
 (with specific requirements for a publication being set out in the WpPG) of a prospectus
 drawn up in accordance with the Prospectus Directive and the WpPG (a &#147;PD-compliant
 Prospectus&#148;) approved by the German Federal Financial Services Supervisory
 Authority (<i>Bundesanstalt fur Finanzdienstleistungsaufsicht</i> (the &#147;BaFin&#148;)) or the notification of a PD-compliant Prospectus approved by another competent
 authority in the EEA in accordance with Art. 17 and Art. 18 of the Prospectus Directive.
 This offer to exchange does not constitute a PD-compliant Prospectus and has not
 been and will not be submitted for approval to the BaFin. It may not be supplied
 to the public in Germany or used in connection with any offer for subscription of
 common stock to the public, any public marketing of common stock or any public solicitation
 for offer to subscribe for or otherwise acquire common stock in Germany. This offer
 to exchange is personally addressed only to a limited number of persons in Germany
 who are qualified investors, as defined in the WpPG, is strictly confidential and
 may not be distributed to any person or entity other than the designated recipients
 hereof.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Greece.</b></i></b></i>&#160;&#160;&#160;&#160;No prospectus subject to the approval of the Hellenic
 Capital Markets Commission or another EU equivalent authority has been prepared
 in connection with the offer. The common stock may not be offered or sold, directly
 or indirectly, to the public in Greece and neither this offer to exchange nor any
 other offering material or information contained herein relating to the common stock
 may be released, issued or distributed to the public in Greece or used in connection
 with any offering in respect of the common stock to the public in Greece. The common
 stock may exclusively be offered to qualified investors acting for their own account
 as defined under article 2(1)(ac) of Greek Law 3401/2005 and the Prospectus Directive
 and/or under circumstances where the offer of the common stock is allowed without
 prior publication of a prospectus and/or where the offer of the common stock is
 exempted from the publication of a prospectus according to Greek Law 3401/005 and/or
 the Prospectus Directive. The offer does not constitute a solicitation by anyone
 not authorised to so act and this offer to exchange may not be used for or in connection
 with the offer to solicit anyone to whom it is unlawful under Greek laws to make
 such offer in the context of article 10 of Greek law 876/1979.</font></p>
<p align="center"><font face="Times New Roman" size="2">7</font></p>
<page>

<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Hong Kong.</b></i></b></i>&#160;&#160;&#160;&#160;The common stock may not be offered or sold in Hong
 Kong, by means of this offer to exchange or any document other than to persons whose
 ordinary business is to buy or sell shares or debentures, whether as principal or
 agent, or in circumstances which do not constitute an offer to the public within
 the meaning of the Companies Ordinance (Cap. 32) of Hong Kong. No advertisement,
 invitation or document relating to common stock, whether in Hong Kong or elsewhere,
 which is directed at, or the contents of which are likely to be accessed or read
 by, the public in Hong Kong (except if permitted to do so under the securities laws
 of Hong Kong) will be issued other than with respect to the common stock which is
 or is intended to be disposed of only to persons outside Hong Kong or only to &#147;professional
 investors&#148; within the meaning of the Securities and Futures Ordinance (Cap.
 571) of Hong Kong and any rules made thereunder.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Israel.</b></i></b></i>&#160;&#160;&#160;&#160;In the State of Israel this offer to exchange shall not
 be regarded as an offer to the public to purchase the common stock under the Israeli
 Securities Law 5728 &#150; 1968 (the &#147;ISL&#148;), which requires a prospectus
 to be published and authorised by the Israel Securities Authority, if it complies
 with certain provisions of Section 15 of the ISL, including, among others, if: (i)
 the offer is made, distributed or directed to not more than 35 investors, subject
 to certain conditions (the &#147;Addressed Investors&#148;); or (ii) if the offer
 is made, distributed or directed to certain qualified investors defined in the First
 Addendum of the ISL, subject to certain conditions (the &#147;Qualified Investors&#148;). The Qualified Investors shall not be taken into account in respect to counting
 the Addressed Investors. Qualified Investors may have to submit written evidence
 that they meet the definitions set out in the First Addendum to the ISL. Addressed
 Investors may have to submit written evidence in respect of their identities. Avery
 Dennison has not and will not take any action that would require it to publish a
 prospectus in accordance with and subject to the ISL. Avery Dennison has not and
 will not distribute this offer to exchange or make, distribute or direct an offer
 to subscribe for the common stock to any person within the State of Israel, other
 than to Qualified Investors and Addressed Investors.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Italy.</b></i></b></i>&#160;&#160;&#160;&#160;The offer is not being made in the Republic of Italy and
 the offer to exchange has not been submitted to the clearance procedure of the COMMISSIONE
 NAZIONALE PER LE SOCIETA E LA BORSA (CONSOB) and/or the Bank of Italy pursuant to
 Italian laws and regulations. Accordingly, holders of Corporate HiMEDS Units are
 hereby notified that, to the extent such holders are Italian residents or persons
 located in the Republic of Italy, the offer is not available to them and they may
 not submit for exchange the Corporate HiMEDS Units in the offer nor may the common
 stock issued in connection with the offer be offered, sold or delivered in the Republic
 of Italy and, as such, any acceptances received from such persons shall be ineffective
 and void, and neither the NOTE D&#146;INFORMATION nor any other offering material
 relating to the offer, the Corporate HiMEDS Units or the common stock issued in
 connection with the offer may be distributed or made available in the Republic of
 Italy.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Japan.</b></i></b></i>&#160;&#160;&#160;&#160;The common stock has not been registered under the Securities
 and Exchange Law of Japan. The common stock has not been offered or sold and will
 not be offered or sold, directly or indirectly, in Japan or to or for the account
 of any resident of Japan, except (i) pursuant to an exemption from the registration
 requirements of the Securities and Exchange Law and (ii) in compliance with any
 other applicable requirements of Japanese law.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Portugal.</b></i></b></i>&#160;&#160;&#160;&#160;This offer to exchange has not been nor will it be subject
 to the approval of the Portuguese Securities Market Commission (the &#147;CMVM&#148;).
 No approval action has been or will be requested from the CMVM that would permit
 a public offering of any of the common stock referred to in this offer to exchange;
 therefore the same cannot be offered to the public in Portugal. Accordingly, no
 common stock may be offered, sold or delivered except in circumstances that will
 result in compliance with any applicable laws and regulations. In particular, this
 offer to exchange and the offer of common stock are only intended for qualified
 investors within the meaning of Article 30 of the Portuguese Securities Code (<i>C&#211;digo dos Valores Mobili&#225;rios</i>).</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Singapore.</b></i></b></i>&#160;&#160;&#160;&#160;The offer of common stock is made only to and directed
 at, and the common stock is only available to, persons in Singapore who are existing
 holders of the Corporate HiMEDS Units previously issued by Avery Dennison. This
 offer to exchange has not been registered as a prospectus with the Monetary Authority
 of Singapore. Accordingly, this offer to exchange and any other document or material
 in connection with the offer or sale, or invitation for subscription or purchase,
 of the common stock may not be circulated or distributed, nor may the common stock
 be offered or sold, or be made the subject of an invitation for subscription or
 purchase, whether directly or indirectly, to persons in Singapore other than (i)
 existing holders of Corporate HiMEDS Units or (ii) pursuant to, and in accordance
 with, the conditions of an exemption under any provision of Subdivision (4) of Division
 1 of Part XIII of the Securities and Futures Act, Chapter 289 of Singapore.</font></p>
<p align="center"><font face="Times New Roman" size="2">8</font></p>
<page>

<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Switzerland.</b></i></b></i>&#160;&#160;&#160;&#160;The common stock may not be publicly offered, sold
 or advertised, directly or indirectly, in or from Switzerland. Neither this offer
 to exchange nor any other offering or marketing material relating to Avery Dennison
 or the common stock constitutes a prospectus as that term is understood pursuant
 to article 652a or 1156 of the Swiss Federal Code of Obligations (<i>Schweizerisches
 Obligationenrecht</i>), and neither this document nor any other offering material
 relating to Avery Dennison or the common stock may be publicly distributed or otherwise
 made publicly available in Switzerland.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>United Kingdom.</b></i></b></i>&#160;&#160;&#160;&#160;This communication is only directed at persons
 who (i) are outside the United Kingdom or (ii) are investment professionals within
 the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial
 Promotion) Order 2005 (the &#147;Financial Promotion Order&#148;) or (iii) are high
 net worth entities or other persons to whom it may lawfully be communicated falling
 within Article 49(2)(a) to (e) of the Financial Promotion Order, or (iv) fall within
 Article 43 of the Financial Promotion Order (all such persons together being referred
 to as &#147;relevant persons&#148;). This communication must not be acted on or
 relied on by persons who are not relevant persons. Any investment or investment
 activity to which this communication relates is available only to relevant persons
 and will be engaged in only with relevant persons.</font></p>
<p align="center"><font face="Times New Roman" size="2">9</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>QUESTIONS AND ANSWERS
 ABOUT THE OFFER</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i>These answers
 to questions that you may have as a holder of Corporate HiMEDS Units, as well as
 the &#147;Summary of the Offer,&#148; provide an overview of material information
 regarding the offer that is included elsewhere or incorporated by reference in this
 offer to exchange. To fully understand the offer and the other considerations that
 may be important to your decision about whether to participate in the offer, you
 should carefully read this offer to exchange in its entirety, including the section
 entitled &#147;Risk Factors,&#148; as well as the information incorporated by reference
 in this offer to exchange.</i></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" valign="top" align="left"><font face="Times New Roman" size="2"><b>Q1</b></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Why is
 Avery Dennison making the offer?</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A1</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">We are making
 this offer to increase our capital levels while reducing the amount of our outstanding
 debt. We do not believe there is a reasonable likelihood that the offer will, and
 it is not the purpose of the offer to, either directly or indirectly, cause the
 Corporate HiMEDS to be de-listed from the New York Stock Exchange.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q2</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>What amount
 of Corporate HiMEDS Units is being sought in the offer?</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A2</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">We are offering
 to exchange up to an aggregate of 8,360,000 of our outstanding Corporate HiMEDS
 Units.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q3</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>What will
 participating Corporate HiMEDS Units holders receive in the offer?</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A3</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">For each Corporate
 HiMEDS Unit that you validly tender and that we accept for exchange, you will receive
 0.9756 shares of our common stock plus $6.50&#160;in cash (which includes the accrued
 and unpaid contract adjustment payments with respect to the purchase contracts and
 the accrued and unpaid interest with respect to the HiMEDS senior notes) upon the
 terms and subject to the conditions set forth in this offer to exchange and the
 related letter of transmittal.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Our common
 stock and the Corporate HiMEDS Units are listed on the New York Stock Exchange under
 the symbols &#147;AVY&#148; and &#147;AVY PrA,&#148; respectively. The last reported
 sale price per share of our common stock on the New York Stock Exchange was $24.07 on February 2, 2009. On February 2, 2009, the last reported sale price per
 Corporate HiMEDS Unit on the New York Stock Exchange was $28.25.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q4</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>May I tender
 only a portion of the Corporate HiMEDS Units that I hold?</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A4</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Yes. You do
 not have to tender all of your Corporate HiMEDS Units to participate in the offer.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q5</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Is the
 offer subject to conditions?</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A5</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Yes. The offer
 is subject to conditions, which we may waive. If any of the conditions is not satisfied
 or waived, we will not accept and exchange any validly tendered Corporate HiMEDS
 Units. For more information regarding the conditions to the offer, see the section
 of this offer to exchange entitled &#147;Description of the Offer&#151;Conditions
 to the Offer.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q6</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>How do
 I tender my Corporate HiMEDS Units?</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A6</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">If your Corporate
 HiMEDS Units are registered in the name of a broker, dealer, commercial bank, trust
 company or other nominee, you should contact that registered holder promptly and
 instruct him, her or it to tender your Corporate HiMEDS Units on your behalf. If
 you are a DTC participant, you may electronically transmit your acceptance through
 ATOP. See &#147;Description of the Offer&#151;Procedures for Tendering Corporate
 HiMEDS Units.&#148;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">10</font></p>
<page>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" valign="top" align="left"><font face="Times New Roman" size="2"><b>Q7</b></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>What happens
 if some or all of my Corporate HiMEDS Units are not accepted for exchange?</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A7</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">If we decide
 for any reason not to accept some or all of your Corporate HiMEDS Units, the Corporate
 HiMEDS Units not accepted by us will be returned to you, at our expense, promptly
 after the expiration or termination of the offer. In the case of Corporate HiMEDS
 Units tendered by book-entry transfer into the Exchange Agent&#146;s account at
 DTC, DTC will credit any validly withdrawn or unaccepted Corporate HiMEDS Units
 to your account at DTC. For more information, see the section of this offer to exchange
 entitled &#147;Description of the Offer&#151;Procedures for Tendering Corporate
 HiMEDS Units.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q8</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Until when
 may I withdraw previously tendered Corporate HiMEDS Units?</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A8</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">If not previously
 returned, you may withdraw previously tendered Corporate HiMEDS Units at any time
 until the offer has expired, that is, 12:01 a.m., New York City time, on March 4,
 2009, unless extended or earlier terminated by us. In addition, you may withdraw
 any Corporate HiMEDS Units that you tender that are not accepted for exchange by
 us after the expiration of 40 business days from the commencement of the offer.
 For more information, see the section of this offer to exchange entitled &#147;Description
 of the Offer&#151;Withdrawals of Tenders.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q9</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>How do
 I withdraw previously tendered Corporate HiMEDS Units?</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A9</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">To withdraw
 previously tendered Corporate HiMEDS Units, you are required to submit a notice
 of withdrawal to the Exchange Agent, in accordance with the procedures described
 herein and in the letter of transmittal. See &#147;Description of the Offer&#151;Withdrawal
 of Tenders.&#148; For further information on how to withdraw previously-tendered
 Corporate HiMEDS Units, contact the Exchange Agent at the telephone number set forth
 on the back cover of this offer to exchange.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q10</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Will I
 have to pay any fees or commissions if I tender my Corporate HiMEDS Units?</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A10</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">If your Corporate
 HiMEDS Units are held through a broker, dealer, commercial bank, trust company or
 other nominee who tenders the Corporate HiMEDS Units on your behalf, you may be
 charged a commission for doing so. You should consult with your broker, dealer,
 commercial bank, trust company or other nominee to determine whether any charges
 will apply.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q11</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>With whom
 may I talk if I have questions about the offer?</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A11</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">If you have
 questions regarding the offer, please contact D. F. King, the Information Agent,
 for the offer at the address and telephone numbers listed on the back cover page
 of this offer to exchange. See &#147;Exchange Agent and Information Agent.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q12</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>If I participate
 by tendering my Corporate HiMEDS Units, will I receive the quarterly contract adjustment
 payments and interest payments that are payable after the expiration date?</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A12</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">No. If your
 Corporate HiMEDS Units are validly tendered and accepted for exchange, you will
 lose your right to receive payments with respect to your Corporate HiMEDS Units
 to be made after completion of the offer.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q13</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>How does
 the cash payment I will receive if I tender my Corporate HiMEDS Units compare to
 the payments I would receive on the Corporate HiMEDS Units if I do not tender?
</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A13</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">If you participate
 in the offer and we accept your validly tendered Corporate HiMEDS Units for exchange,
 you will receive, for each such Corporate HiMEDS Unit, 0.9756 shares of our common
 stock and $6.50&#160;in cash on the settlement date of the offer. In addition, you
 will be entitled to receive cash dividends on our common stock if, when and as may
 be declared by our board of directors from time to time on or after the settlement
 date of the offer.</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">11</font></p>
<page>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">If you do
 not participate in the offer, you will be entitled to receive $0.984375 for each
 Corporate HiMEDS Units on each of May 15, August 15 and November 15, 2009 and February
 15, May 15, August 15 and November 15, 2010 on which you continue to hold Corporate
 HiMEDS Units, which totals $6.890625 in aggregate. Except as described below, you
 will receive no further quarterly payments after the purchase contract settlement
 date (defined herein). If you cash settle your purchase contract and you retain
 your HiMEDS senior note and there is a failed remarketing, then you will be entitled
 to receive quarterly interest payments at the rate of 5.350% per year until November
 15, 2020 (but not the quarterly contract adjustment payments, which terminate on
 the purchase contract settlement date). If you cash settle your purchase contract
 and you retain your HiMEDS senior note and there is a successful remarketing, you
 will be entitled to receive semi-annual interest payments at the &#147;reset rate,&#148; as determined by the remarketing agent with such reset rate becoming effective
 on the purchase contract settlement date, until November 15, 2020 (or such earlier
 maturity date which shall be not earlier than November 15, 2012 as we may elect
 in connection with a successful remarketing) (but not the quarterly contract adjustment
 payments, which terminate on the purchase contract settlement date). You will be
 entitled to receive cash dividends on our common stock if, when and as may be declared
 by our board of directors from time to time on or after the purchase contract settlement date, only
 after satisfying your stock purchase obligations under the purchase contracts on
 the purchase contract settlement date. See &#147;Comparison of Rights of Holders
 of Corporate HiMEDS Units and Holders of Avery Dennison Common Stock&#151;Dividends/Distributions.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q14</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Will I
 receive the contract adjustment payments with respect to the purchase contracts
 and interest payments with respect to the HiMEDS senior notes on February 15, 2009?
</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A14</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">The February
 15, 2009 contract adjustment payments with respect to the purchase contracts and
 interest payments with respect to the HiMEDS senior notes will be paid in the ordinary
 course to holders of record as of February 1, 2009.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q15</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Will Avery
 Dennison exchange all validly tendered Corporate HiMEDS Units?</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A15</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">We may not
 exchange all of the Corporate HiMEDS Units that you tender in the offer. If holders
 validly tender more than an aggregate of 8,360,000 Corporate HiMEDS Units for exchange,
 we will accept an aggregate of not more than 8,360,000 Corporate HiMEDS Units from
 all holders, prorated among the tendering holders. We will also prorate if we conclude
 based on discussions with the New York Stock Exchange that the Corporate HiMEDS
 Units are likely to be de-listed as a result of our acceptance of all such Corporate
 HiMEDS Units validly tendered and not withdrawn in the offer. Any Corporate HiMEDS
 Units tendered but not accepted because of proration will be returned to you. See
 &#147;Description of the Offer&#151;Priority of Exchanges and Proration.&#148; </font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q16</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>If the
 offer is consummated and I do not participate in the offer or I do not exchange
 all of my Corporate HiMEDS Units in the offer, how will my rights and obligations
 under my unexchanged Corporate HiMEDS Units be affected?</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A16</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">The terms
 of your Corporate HiMEDS Units that remain outstanding after the consummation of
 the offer will not change as a result of the offer. On the purchase contract settlement
 date, you will be obligated to purchase from us, for the stated amount of $50.00,
 a fraction of a newly issued share of our common stock equal to the &#147;settlement
 rate.&#148; The settlement rate will be calculated based on the price of our common
 stock and cannot exceed 0.9756 shares, subject to adjustment as described in the
 section of this offer to exchange entitled &#147;Comparison of Rights of Holders
 of Corporate HiMEDS and Holders of Avery Dennison Common Stock&#151;Conversion.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q17</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>How will
 the offer affect the trading market for the Corporate HiMEDS Units that are not
 exchanged?</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A17</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">If a sufficiently
 large number of Corporate HiMEDS Units do not remain outstanding after the offer,
 the trading market for the remaining outstanding Corporate HiMEDS Units may be less
 liquid and more sporadic, and market prices may fluctuate significantly depending
 on the volume of trading in Corporate HiMEDS Units. See &#147;Effects of the Offer
 on the Market for Corporate HiMEDS Units; Registration Under the Exchange Act; New
 York Stock Exchange Listing.&#148;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">12</font></p>
<page>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" valign="top" align="left"><font face="Times New Roman" size="2"><b>Q18</b></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Is Avery
 Dennison making a recommendation regarding whether you should tender in the offer?
</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A18</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">No. We are
 not making any recommendation regarding whether you should tender or refrain from
 tendering your Corporate HiMEDS Units in the offer. You must make your own determination
 as to whether to tender your Corporate HiMEDS Units in the offer and, if so, the
 number of Corporate HiMEDS Units to tender. Before making your decision, we urge
 you to carefully read this offer to exchange in its entirety, including the information
 set forth in the section of this offer to exchange entitled &#147;Risk Factors,&#148; and the other documents incorporated by reference in this offer to exchange.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q19</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Will the
 common stock be freely tradable?</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A19</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">The common
 stock that you receive in the offer should be freely tradable, except by persons
 who are considered to be our &#147;affiliates,&#148; as that term is defined in
 the Securities Act, or in some cases by persons who hold Corporate HiMEDS Units
 that were previously held by an affiliate of ours. The Corporate HiMEDS Units and
 the underlying shares of common stock were issued pursuant to an effective registration
 statement on November 20, 2007. The offer is being made to you in reliance on an
 exemption from the registration requirements of the Securities Act provided by Section
 3(a)(9) of the Securities Act. As a result, the common stock we issue to you in
 exchange for your Corporate HiMEDS Units will have similar characteristics to the
 Corporate HiMEDS Units with respect to transfers to third parties. If your Corporate
 HiMEDS Units are freely tradable, the common stock you receive in exchange will
 also be freely tradable.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q20</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>When does
 the offer expire?</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A20</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">The offer
 will expire at 12:01 a.m., New York City time, on March 4, 2009, unless extended
 or earlier terminated by us.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q21</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Under what
 circumstances can the offer be extended, terminated or amended?</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A21</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">We reserve
 the right to extend the offer for any reason or no reason at all. We also expressly
 reserve the right, at any time or from time to time, to amend the terms of the offer
 in any respect prior to the expiration date. Further, we may be required by law
 to extend the offer if we make a material change in the terms of the offer or in
 the information contained in this offer to exchange or waive a material condition
 to the offer. During any extension of the offer, Corporate HiMEDS Units that were
 previously tendered and not validly withdrawn will remain subject to the offer.
 We reserve the right, in our sole and absolute discretion, to terminate the offer,
 at any time prior to the expiration date, if any condition to the offer is not met.
 If the offer is terminated, no Corporate HiMEDS Units will be accepted for exchange
 and any Corporate HiMEDS Units that have been tendered will be returned to the holder.
 For more information regarding our right to extend, terminate or amend the offer,
 see the section of this offer to exchange entitled &#147;Description of the Offer&#151;Extension, Termination or Amendment.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q22</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>How will
 I be notified if the offer is extended, terminated or amended?</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A22</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Any extension,
 termination or amendment of the offer will be followed promptly by announcement
 thereof, such announcement in the case of an extension of the offer to be issued
 no later than 9:00 a.m., New York City time, on the next business day following
 the previously scheduled expiration date. For more information regarding notification
 of extensions, termination or amendment of the offer, see the sections of this offer
 to exchange entitled &#147;Description of the Offer&#151;Extension, Termination
 or Amendment&#148; and &#147;Description of the Offer&#151;Announcements.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q23</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>What risks
 should I consider in deciding whether or not to tender my Corporate HiMEDS Units?
</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A23</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">In deciding
 whether to participate in the offer, you should carefully consider the risks described
 in the section of this offer to exchange entitled &#147;Risk Factors,&#148; and
 the documents incorporated by reference in this offer to exchange.</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">13</font></p>
<page>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q24</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Are the
 financial condition and results of operations of Avery Dennison relevant to my decision
 to tender in the offer?</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td width="3%" valign="top" align="left"><font face="Times New Roman" size="2"><b>A24</b></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Yes. The price
 of both our common stock and the Corporate HiMEDS Units are closely linked to our
 financial condition and results of operations. The successful completion of the
 offer will reduce our debt service obligations and other related commitments.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q25</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>May I participate
 in the offer by tendering Treasury HiMEDS Units for exchange?</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A25</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">No. We are
 not offering to exchange any Treasury HiMEDS Units.&#160;If you own Treasury HiMEDS
 Units and you desire to participate in the offer, you may recreate Corporate HiMEDS
 Units from your Treasury HiMEDS Units, and then tender the recreated Corporate HiMEDS
 Units. You may contact the Information Agent at the telephone number set forth on
 the back cover of this offer to exchange for more information on how to recreate
 Corporate HiMEDS Units from Treasury HiMEDS Units in order to participate in the
 offer. See &#147;Description of the Offer&#151;Terms of the Offer.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Q26</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>What are
 the federal income tax consequences of my participating in the offer?</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>A26</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">We intend
 to treat the exchange of your Corporate HiMEDS Units for shares of our common stock
 plus cash pursuant to the offer to exchange as a cash settlement of the purchase
 contract and an exchange of the HiMEDS senior note for shares of common stock, cash
 (other than the portion of such cash that is properly allocable to accrued and unpaid
 interest or accrued and unpaid contract adjustment payments), and a deemed amount
 equal to the fair market value to you of being relieved of your obligation under
 the purchase contract. For more information, see the section of this offer to exchange
 entitled &#147;Certain United States Federal Income Tax Considerations.&#148;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">14</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>OUR BUSINESS</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Avery Dennison
 was incorporated in 1977 in the state of Delaware as Avery International Corporation,
 the successor corporation to a California corporation of the same name, which was
 incorporated in 1946. In 1990, the Company merged one of its subsidiaries into Dennison
 Manufacturing Company, as a result of which Dennison became a wholly-owned subsidiary
 of the Company, and in connection with which the Company&#146;s name was changed
 to Avery Dennison Corporation. Our businesses include the production of pressure-sensitive
 materials, office products and a variety of tickets, tags, labels and other converted
 products. Some pressure-sensitive materials are &#147;converted&#148; into labels
 and other products through embossing, printing, stamping and die-cutting, and some
 are sold in unconverted form as base materials, tapes and reflective sheeting. We
 also manufacture and sell a variety of office products and other converted products
 and other items not involving pressure-sensitive components, such as binders, organizing
 systems, markers, fasteners, business forms, as well as tickets, tags, and imprinting
 equipment for retail and apparel manufacturers.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">A pressure-sensitive,
 or self-adhesive, material is one that adheres to a surface by press-on contact.
 It generally consists of four elements: a face material, which may be paper, metal
 foil, plastic film or fabric; an adhesive, which may be permanent or removable;
 a release coating; and a backing material to protect the adhesive against premature
 contact with other surfaces, and which can also serve as the carrier for supporting
 and dispensing individual labels. When the products are to be used, the release
 coating and protective backing are removed, exposing the adhesive, and the label
 or other face material is pressed or rolled into place.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Self-adhesive
 materials may initially cost more than materials using heat or moisture activated
 adhesives, but the use of self-adhesive materials often provides cost savings because
 of their easy and instant application, without the need for adhesive activation.
 They also provide consistent and versatile adhesion, with minimal adhesive deterioration
 and are available in a large selection of materials in nearly any size, shape and
 color.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Our reporting
 segments are:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Pressure-sensitive
 Materials</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Retail Information
 Services</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Office and
 Consumer Products</font></td>
</tr>
</table>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">In addition
 to our reporting segments, we have other specialty converting businesses comprised
 of several businesses that produce specialty tapes and highly engineered labels
 including radio frequency identification inlays and labels, and other converted
 products. On June 15, 2007, we completed the acquisition of Paxar Corporation (&#147;Paxar&#148;), a global leader in retail tag, ticketing, and branding systems.
 The Paxar operations were included in the Company&#146;s Retail Information Services
 segment. Our business is more fully described in our Annual Report on Form 10-K
 for the fiscal year ended December 29, 2007 and subsequently filed Quarterly Reports
 on Form 10-Q and Current Reports on Form 8-K, which are incorporated by reference
 into this offer to exchange.</font></p>
<p align="center"><font face="Times New Roman" size="2">15</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>RECENT DEVELOPMENTS</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">On January
 23, 2009, the Company entered into an amendment to its credit agreement for a $1
 billion revolving credit facility (the &#147;Revolver&#148;) with certain domestic
 and foreign banks (the &#147;Revolver Lenders&#148;), maturing August 10, 2012.
 The amendment increases the Company&#146;s flexibility for a specified period of
 time under the customary financial covenants to which the Revolver is subject and
 excludes certain restructuring charges from the calculation of certain ratios under
 those covenants. The amendment increases the typical annual interest rate of the
 Revolver to the annual rate of, at the Company&#146;s option, either (i) between
 LIBOR plus 1.800% and LIBOR plus 3.500%, depending on the Company&#146;s debt ratings
 by either Standard &#038; Poor&#146;s (&#147;S&#038;P&#148;) or Moody&#146;s Investors
 Service (&#147;Moody&#146;s&#148;), or (ii) the higher of (A) the federal funds
 rate plus 0.50% or (B) the prime rate, plus between 0.800% and 2.500%, depending
 on the Company&#146;s debt ratings by either S&#038;P or Moody&#146;s. The amendment
 also provides for an increase in the facility fee payable under the Revolver to
 the annual rate of between 0.200% and 0.500%, depending on the Company&#146;s debt
 ratings by either S&#038;P or Moody&#146;s.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">On January
 23, 2009, Avery Dennison Office Products Company (&#147;ADOPC&#148;), a wholly-owned
 subsidiary of the Company, entered into an amendment to its credit agreement for
 a $400 million term loan credit facility (&#147;Credit Facility&#148;) with certain
 domestic and foreign banks (the &#147;Lenders&#148;), maturing February 8, 2011.
 ADOPC&#146;s payment and performance under the agreement remain guaranteed by the
 Company. The amendment increases the Company&#146;s flexibility for a specified
 period of time under the customary financial covenants to which the Credit Facility
 is subject and excludes certain restructuring charges from the calculation of certain
 ratios under those covenants. The amendment also increases the typical annual interest
 rate of the Credit Facility to the annual rate of, at ADOPC&#146;s option, either
 (i) between LIBOR plus 2.000% and LIBOR plus 4.000%, depending on the Company&#146;s
 debt ratings by either S&#038;P or Moody&#146;s, or (ii) the higher of (A) the federal
 funds rate plus 0.50% or (B) the prime rate, plus between 1.000% and 3.000%, depending
 on the Company&#146;s debt ratings by either S&#038;P or Moody&#146;s. The amendment
 provides for the partial repayment of the loans under the Credit Facility in $15
 million quarterly installments beginning in April 2009.</font></p>
<p align="center"><font face="Times New Roman" size="2"><b>BACKGROUND AND PURPOSE
 OF THE OFFER</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The purpose
 of the offer is to strengthen our financial condition in light of the current economic
 environment by increasing our capital levels while reducing the amount of our outstanding
 debt. We do not believe there is a reasonable likelihood that the offer will, and
 it is not the purpose of the offer to, either directly or indirectly, cause the
 Corporate HiMEDS Units to be de-listed from the New York Stock Exchange.</font></p>
<p align="center"><font face="Times New Roman" size="2"><b>USE OF PROCEEDS</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Avery Dennison
 will not receive any cash proceeds from the offer. The Corporate HiMEDS Units exchanged
 in connection with the offer will be retired and cancelled.</font></p>
<p align="center"><font face="Times New Roman" size="2">16</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>CAUTIONARY STATEMENT REGARDING
 FORWARD-LOOKING STATEMENTS</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">This offer
 to exchange contains or incorporates by reference documents containing various forward-looking
 statements that are based upon our current expectations and assumptions concerning
 future events, which are subject to a number of risks and uncertainties that could
 cause actual results to differ materially from those anticipated.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Words such
 as &#147;aim,&#148; &#147;anticipate,&#148; &#147;assume,&#148; &#147;believe,&#148;
 &#147;continue,&#148; &#147;could,&#148; &#147;estimate,&#148; &#147;expect,&#148;
 &#147;guidance,&#148; &#147;intend,&#148; &#147;may,&#148; &#147;objective,&#148;
 &#147;plan,&#148; &#147;potential,&#148; &#147;project,&#148; &#147;seek,&#148;
 &#147;shall,&#148; &#147;should,&#148; &#147;target,&#148; &#147;will,&#148; &#147;would,&#148; or variations thereof and other expressions, which refer to future events
 and trends, identify forward-looking statements. All statements contained in or
 incorporated by reference into this offer to exchange, other than statements of
 historical fact, including without limitation, statements about our plans, strategies,
 prospects and expectations regarding future events and our financial performance,
 are forward-looking statements that involve certain risks and uncertainties.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">While these
 statements represent our current judgment on what the future may hold, and we believe
 these judgments are reasonable, these statements are not guarantees of any events
 or financial results, and our actual results may differ materially due to numerous
 important factors that are described in Item 1A of our Annual Report on Form 10-K
 for the fiscal year ended December 29, 2007, as updated by our subsequent Quarterly
 Reports on Form 10-Q, our Current Reports on Form 8-K and the other documents specifically
 incorporated by reference herein. Many of these risks, uncertainties and assumptions
 are beyond our control, and may cause our actual results and performance to differ
 materially from our expectations. Factors that could cause our actual results to
 be materially different from our expectations include, among others, the risk factors
 set forth herein (see &#147;Risk Factors&#148;), and the following: 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; 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 investigations 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.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The Company
 believes that the most significant risk factors that could affect its financial
 performance in the near-term include (1) the impact of economic conditions on underlying
 demand for the Company&#146;s products; (2) the impact of competitors&#146; actions,
 including pricing, expansion in key markets, and product offerings; (3) 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) potential adverse developments in legal proceedings and/or investigations regarding
 competitive activities, including possible fines, penalties, judgments or settlements;
 and (5) the ability of the Company to achieve and sustain targeted cost reductions.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Accordingly,
 you should not place undue reliance on the forward-looking statements contained
 or incorporated by reference in this offer to exchange. These forward-looking statements
 speak only as of the date on which the statements were made. We undertake no obligation
 to update publicly or otherwise revise any forward-looking statements, except where
 expressly required by law.</font></p>
<p align="center"><font face="Times New Roman" size="2">17</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>INDUSTRY AND MARKET DATA
</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">In this offer
 to exchange and in the documents incorporated by reference herein, we rely on and
 refer to information and statistics regarding our industry. We obtained this market
 data from independent industry publications or other publicly available information.
 Although we believe that these sources are reliable, we have not independently verified
 and do not guarantee the accuracy and completeness of this information.</font></p>
<p align="center"><font face="Times New Roman" size="2"><b>INCORPORATION BY REFERENCE;
 ADDITIONAL INFORMATION</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">We are &#147;incorporating
 by reference&#148; certain information we file with the SEC into this offer to exchange,
 which means that we may disclose important information to you by referring you to
 those documents. Information that is incorporated by reference is an important part
 of this offer to exchange. We incorporate by reference into this offer to exchange
 the documents listed below, which were filed with the SEC, and such documents form
 an integral part of this offer to exchange:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Our Annual
 Report on Form 10-K for the fiscal year ended December 29, 2007, filed with the
 SEC on February 27, 2008;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Our Quarterly
 Reports on Form 10-Q for the quarterly periods ended March 29, 2008, June 28, 2008
 and September 27, 2008, filed with the SEC on May 8, 2008, August 7, 2008, and November
 6, 2008, respectively;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Our Definitive
 Proxy Statement on Form 14A filed with the SEC on March 17, 2008; and</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Our Current
 Reports on Form 8-K filed with the SEC on January 29, 2008, February 11, 2008, March
 3, 2008, April 30, 2008, December 11, 2008, December 24, 2008, and January 27, 2009;
 and our Current Report on Form 8-K/A filed with the SEC on December 11, 2008.</font></td>
</tr>
</table>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">We will file
 an amendment to the Schedule TO to incorporate by reference into this offer to exchange
 all documents we file pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities
 Exchange Act of 1934 after the date hereof and prior to the expiration date. We
 are not, however, incorporating by reference any documents or portions thereof,
 whether specifically listed above or filed in the future, that are not deemed &#147;filed&#148; with the SEC.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Any statement
 contained in this offer to exchange or in a document (or part thereof) incorporated
 or considered to be incorporated by reference in this offer to exchange shall be
 considered to be modified or superseded for purposes of this offer to exchange to
 the extent that a statement contained in this offer to exchange or in any other
 subsequently filed document (or part thereof) that is or is considered to be incorporated
 by reference in this offer to exchange modifies or supersedes that statement. The
 modifying or superseding statement need not state that it has modified or superseded
 a prior statement or include any other information set forth in the document that
 it modifies or supersedes. Any statement so modified or superseded shall not be
 considered, except as so modified or superseded, to constitute part of this offer
 to exchange.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Copies of
 each of the documents incorporated by reference into this offer to exchange (other
 than an exhibit to a filing unless that exhibit is specifically incorporated by
 reference into that filing) may be obtained at no cost by contacting D. F. King,
 the Information Agent, or Avery Dennison at the following addresses and telephone
 numbers:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="30%" valign="top" align="center"><font face="Times New Roman" size="2"><b>D. F. King &#038; Co., Inc.</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td width="30%" valign="top" align="center"><font face="Times New Roman" size="2"><b>Avery
 Dennison Corporation</b></font></td>
</tr>
<tr>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>48 Wall
 Street, 22nd Floor</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>150 North
 Orange Grove Boulevard</b></font></td>
</tr>
<tr>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>New York,
 New York 10005</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Pasadena,
 CA 91103</b></font></td>
</tr>
<tr>
<td nowrap valign="top" align="center"><font face="Times New Roman" size="2"><b>Banks
 and Brokers call: (212) 269-5550 (Collect)</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Attention:
 Investor Relations</b></font></td>
</tr>
<tr>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>All others
 call Toll-free: (800) 758-5880</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Telephone:
 (626) 304-2165</b></font></td>
</tr>
</table>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Avery Dennison
 is subject to the informational requirements of the Exchange Act and in accordance
 therewith files reports and information statements and other information with the
 SEC. You may read and copy any document Avery Dennison files with the SEC at the
 SEC&#146;s public reference room at 100 F Street, N.E., Room 1580,</font></p>

<p align="center"><font face="Times New Roman" size="2">18</font></p>
<page>

<p><font face="Times New Roman" size="2">Washington, DC
 20549. You may also obtain copies of the same documents from the public reference
 room of the SEC in Washington by paying a fee. Please call the SEC at 1-800- SEC-0330
 or visit the SEC&#146;s website at <i>www.sec.gov</i> for further information on
 the public reference room. Avery Dennison&#146;s filings are also electronically
 available from the SEC&#146;s Electronic Document Gathering and Retrieval System,
 which is commonly known by the acronym &#147;EDGAR&#148; and may be accessed at
<i>www.sec.gov</i>, as well as from commercial document retrieval services.</font></p>
<p align="center"><font face="Times New Roman" size="2">19</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>RISK FACTORS</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i>Your decision
 whether to participate in the offer, and to exchange the Corporate HiMEDS Units
 for the offer consideration will involve risk. You should be aware of, and carefully
 consider, the following risk factors, along with all of the other information provided
 or referred to in this offer to exchange and the documents incorporated by reference
 herein, before deciding whether to participate in the offer. Whether or not you
 elect to tender your Corporate HiMEDS Units, you should also review the risks attendant
 to being an investor in our equity and debt securities that are described in &#147;Risk
 Factors&#148; in Part I, Item 1A, of our Annual Report on Form 10-K for the fiscal
 year ended December 29, 2007, filed on February 27, 2008, as updated by Part II,
 Item 1A of our Quarterly Report on Form 10-Q for the quarterly period ended September
 27, 2008, filed on November 6, 2008, which are incorporated by reference herein.</i></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>R<small>ISKS</small> T<small>O HOLDERS OF</small> N<small>ON</small>-T<small>ENDERED</small>
 C<small>ORPORATE</small> H<small>I</small>MEDS U<small>NITS</small></b></font></p>
<p><font face="Times New Roman" size="2"><b>There will be less liquidity in the market
 for non-tendered Corporate HiMEDS Units, and the market prices for non-tendered
 Corporate HiMEDS Units may therefore decline.</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">If the offer
 is consummated, the number of outstanding Corporate HiMEDS Units will be reduced,
 perhaps substantially, which would likely adversely affect the liquidity of non-tendered
 Corporate HiMEDS Units. An issue of securities with a small number available for
 trading, or float, generally commands a lower price than does a comparable issue
 of securities with a greater float. Therefore, the market price for Corporate HiMEDS
 Units that are not validly tendered in the offer may be adversely affected. The
 reduced float also may tend to make the trading prices of Corporate HiMEDS Units
 that are not exchanged more volatile. See &#147;Effects of The Offer on the Market
 for Corporate HiMEDS Units; Registration Under The Exchange Act; New York Stock
 Exchange Listing.&#148;</font></p>
<p><font face="Times New Roman" size="2"><b>If you do not tender your Corporate HiMEDS
 Units and we become subject to a bankruptcy or similar proceeding, you may recover
 less than you would have had you tendered your Corporate HiMEDS Units for offer
 consideration.</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">If you are
 a holder of Corporate HiMEDS Units, you are being offered common stock and cash as the offer consideration. Prior to the maturity date of the HiMEDS senior
 notes, we may become subject to a bankruptcy or similar proceeding. If you are a
 holder of Corporate HiMEDS Units who does not tender such Corporate HiMEDS Units
 and we become subject to a bankruptcy or similar proceeding prior to the maturity
 of the HiMEDS senior notes, you may receive less than the cash amount you would
 have received had you tendered your Corporate HiMEDS Units for the offer consideration.</font></p>
<p align="center"><font face="Times New Roman" size="2"><b>R<small>ISKS TO</small> H<small>OLDERS OF </small>C<small>OMMON</small>
 S<small>TOCK</small> I<small>SSUED IN THE</small> O<small>FFER</small></b></font></p>
<p><font face="Times New Roman" size="2"><b>The offer consideration does not reflect
 any independent valuation of the Corporate HiMEDS Units or the common stock.</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">We have not
 obtained or requested, and do not intend to obtain or request, a fairness opinion
 from any banking or other firm as to the fairness of the offer consideration or
 the relative values of Corporate HiMEDS Units and offer consideration. If you tender
 your Corporate HiMEDS Units, you may or may not receive more than or as much value
 as if you choose to keep them.</font></p>
<p><font face="Times New Roman" size="2"><b>The offer may not be consummated.</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">If each of
 the conditions to the offer is not satisfied or waived, we will not accept any Corporate
 HiMEDS Units tendered in the offer. See &#147;Description of the Offer&#151;Conditions
 to the Offer&#148; for a list of the conditions to the consummation of the offer.</font></p>
<p align="center"><font face="Times New Roman" size="2">20</font></p>
<page>

<p><font face="Times New Roman" size="2"><b>A holder of Corporate HiMEDS Units participating
 in the offer will become subject to all of the risks and uncertainties faced by
 holders of the common stock, which may be different from or greater than those associated
 with holding the Corporate HiMEDS Units.</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">A holder of
 Corporate HiMEDS Units participating in the offer will become subject to all of
 the risks and uncertainties associated with ownership of our common stock. These
 risks may be different from or greater than those associated with holding the Corporate
 HiMEDS Units. A holder exchanging Corporate HiMEDS Units for common stock will forego
 the right to receive future interest payments on the HiMEDS senior notes and to
 receive priority over the equity holders of Avery Dennison in the event that we
 become subject to a bankruptcy or similar proceeding. As such, a holder of Corporate
 HiMEDS Units participating in the exchange may have greater exposure to the risks
 and uncertainties facing the Company and its subsidiaries generally, which are more
 fully described in our 2007 Annual Report on Form 10-K and subsequently filed Forms
 10-Q and 8-K.</font></p>
<p><font face="Times New Roman" size="2"><b>The common stock is an equity security
 and is subordinate to our existing and future indebtedness.</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The shares
 of common stock are equity interests. This means the shares of common stock will
 rank junior to our indebtedness, to any preferred stock we may issue, and to other
 non-equity claims on us and our assets available to satisfy claims on us, including
 claims in our bankruptcy or similar proceeding. Our existing and future indebtedness
 may restrict payment of dividends on the common stock.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Additionally,
 unlike indebtedness, where principal and interest customarily are payable on specified
 due dates, in the case of our common stock, holders are only entitled to receive
 dividends out of assets or funds legally available for payment of dividends at such
 times and in such amounts as our board of directors from time to time may determine.
 Further, the common stock places no restrictions on our business or operations or
 on our ability to incur indebtedness or engage in any transactions, subject only
 to the voting rights available to stockholders generally.</font></p>
<p><font face="Times New Roman" size="2"><b>The market price of our common stock
 may be adversely affected by market conditions affecting the stock markets in general,
 including price and trading fluctuations on the New York Stock Exchange.</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The market
 price of our common stock may be adversely affected by market conditions affecting
 the stock markets in general, including price and trading fluctuations on the New
 York Stock Exchange. These conditions may result in (i) volatility in the level
 of, and fluctuations in, the market prices of stocks generally and, in turn, our
 common stock and (ii) sales of substantial amounts of our common stock in the market,
 in each case that could be unrelated or disproportionate to changes in our operating
 performance.</font></p>
<p><font face="Times New Roman" size="2"><b>The exchange ratio is fixed and will
 not be adjusted. The market price of shares of our common stock may fluctuate, and
 you cannot be sure of the market value of the shares of common stock issued in the
 offer.</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Upon completion
 of the offer, each holder that validly tenders Corporate HiMEDS Units will receive
 0.9756&#160;shares of our common stock and $6.50&#160;in cash (which includes the
 accrued and unpaid contract adjustment payments with respect to the purchase contracts
 and the accrued and unpaid interest with respect to the HiMEDS senior notes) for
 each tendered Corporate HiMEDS Unit. The exchange ratio will not be adjusted due
 to any increases or decreases in the price of common stock or Corporate HiMEDS Units
 between the date of this offer to exchange and the expiration date. The value of
 the common stock received in the offer will depend upon the market price of a share
 of our common stock on the settlement date. The trading price of the common stock
 will likely be different on the settlement date than it is as of the date the offer
 commences because of ordinary trading fluctuations as well as changes in the business,
 operations or prospects of the Company, market reactions to the offer, general market
 and economic conditions and other factors, many of which may not be within our control.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">We may extend
 the offer, during which time the market value of our common stock will fluctuate.
 See &#147;Description of the Offer&#151;Extension, Termination or Amendment.&#148;
 Promptly following our acceptance of Corporate HiMEDS Units tendered in the offer,
 we will issue the shares of common stock, during which time the market value of
 our common stock will also fluctuate. At the time of the commencement of the offer,
 holders of Corporate HiMEDS Units will not know the exact market value of our common
 stock that will be issued in connection with the offer. The closing price of our
 common stock on the New York Stock Exchange on February 2, 2009 was $24.07 per share.
 From December 29, 2008, the first trading day of our first quarter in the 2009 fiscal
 year,</font></p>
<p align="center"><font face="Times New Roman" size="2">21</font></p>
<page>


<p><font face="Times New Roman" size="2">through February 2, 2009, the trading price of our common stock ranged from
 a high of $33.61 per share to a low of $24.07 per share.</font></p>
<p><font face="Times New Roman" size="2"><b>There may be future sales or other dilution
 of our equity, which may adversely affect the market price of our common stock.</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">We are not
 restricted from issuing additional common stock or preferred stock, including any
 securities that are convertible into or exchangeable for, or that represent the
 right to receive, common stock or preferred stock or any substantially similar securities.
 The market price of our common stock or preferred stock could decline as a result
 of sales of a large number of shares of common stock or preferred stock or similar
 securities in the market after this offering or the perception that such sales could
 occur.</font></p>
<p><font face="Times New Roman" size="2"><b>Although we have paid cash dividends
 in the past, we may not pay cash dividends in the future.</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">We have a
 history of paying dividends to our stockholders when sufficient cash is available.
 However, future cash dividends will depend upon our results of operations, financial
 condition, cash requirements and other factors, including the ability of our subsidiaries
 to make distributions to us, which ability may be restricted by statutory, contractual
 or other constraints. Also, there can be no assurance that we will continue to pay
 dividends even if the necessary financial conditions are met and if sufficient cash
 is available for distribution.</font></p>
<p align="center"><font face="Times New Roman" size="2">22</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>CAPITALIZATION</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The following
 table is for illustrative purposes only, and the assumptions contained therein are
 not intended to indicate Avery Dennison&#146;s expectations as to the level of participation
 in the offer.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The following
 table sets forth as of September 27, 2008 on a consolidated basis:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">the actual
 capitalization of Avery Dennison; and</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">the capitalization
 of Avery Dennison on a pro forma basis to reflect the consummation of the offer,
 assuming 8,360,000 Corporate HiMEDS Units are validly tendered and accepted in the
 offer.</font></td>
</tr>
</table>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">This table
 should be read in conjunction with the &#147;Selected Historical Consolidated Financial
 Data&#148; elsewhere in this offer to exchange and the historical consolidated financial
 statements and related notes that are contained in our Annual Report on Form 10-K
 for the fiscal year ended December 29, 2007, and our Quarterly Reports on Form 10-Q
 for the quarters ended March 29, 2008, June 28, 2008 and September 27, 2008, each
 of which is incorporated by reference into this offer to exchange.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="9" align="center"><font face="Times New Roman" size="2">
<b>As of September 27, 2008</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="9"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>Actual</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>Pro Forma</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="3"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="3"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td nowrap valign="top" colspan="8" align="center"><font face="Times New Roman" size="2">
<b>(in millions, except share data)</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><font face="Times New Roman" size="2">Debt:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Short-term
 and current portion of long-term debt</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">721.6</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">775.9</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Long-term
 debt:</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">5.350%
 HiMEDS Senior Notes due 2020(1)</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">440.0</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">22.0</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Medium-Term
 Notes</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">50.0</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">50.0</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">4.875%
 Senior Notes due 2013</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">250.0</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">250.0</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">6.625%
 Guaranteed Notes due 2017</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">249.0</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">249.0</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">6.0%
 Senior Notes due 2033</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">150.0</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">150.0</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Other
 Long-term borrowings</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">400.0</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">400.0</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Assumed
 debt</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">6.2</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">6.2</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><font face="Times New Roman" size="2">Total debt</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">2,266.8</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">1,903.0</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Stockholders&#146; equity:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Common
 stock, $1.00 par value, 400,000,000 authorized, 124,126,624 shares issued and 106,285,574
 shares outstanding (actual) and 124,126,624 shares issued and 114,441,590 shares
 outstanding (pro forma)(2)</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">124.1</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">124.1</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Capital
 in excess of par value(3)</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">747.4</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">716.3</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Retained
 earnings</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">2,382.3</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">2,370.8</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Cost
 of unallocated ESOP shares</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">(3.8</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">(3.8</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">)</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Employee
 stock benefit trusts</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">(358.7</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">(358.7</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">)</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Treasury
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">(867.7</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">(449.7</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">)</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Accumulated
 other comprehensive income</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">75.0</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">80.3</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Total stockholders&#146; equity</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">2,098.6 </font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">2,479.3 </font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><font face="Times New Roman" size="2">Total capitalization</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">4,365.4 </font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">4,382.4</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<br>
<div><font face="Times New Roman" size="2"><b>______________________________</b></font></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2">(1)</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">5.350% HiMEDS
 senior notes due 2020 are a component of the HiMEDS Units. The HiMEDS senior notes
 will mature on November 15, 2020, or such earlier date not earlier than November
 15, 2012 as we may elect in connection with a successful remarketing of these HiMEDS
 senior notes, as described under &#147;Comparison of Rights of Holders of Corporate
 HiMEDS Units and Holders of Avery Dennison Common Stock&#151;Dividends/distributions.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(2)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Excludes shares
 of common stock issuable upon settlement of the purchase contracts that are a component
 of the HiMEDS Units.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(3)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Present value
 of the HiMEDS Units contract adjustment payments was initially charged to stockholders&#146; equity.</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">23</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>SELECTED HISTORICAL CONSOLIDATED
 FINANCIAL DATA</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The following
 tables sets forth selected historical financial information for Avery Dennison on
 a consolidated basis derived from its: (i) unaudited financial statements as of
 and for the nine months ended September 27, 2008 and September 29, 2007, which are
 incorporated by reference into this offer to exchange; (ii) audited financial statements
 as of December 29, 2007 and December 30, 2006 and for the fiscal years ended December
 29, 2007, December 30, 2006 and December 31, 2005, which are incorporated by reference
 into this offer to exchange; and (iii) audited financial statements as of December
 31, 2005, January 1, 2005 and December 27, 2003 and for the fiscal years ended December
 31, 2005 and January 1, 2005, which are not incorporated by reference into this
 offer to exchange. The historical financial information presented may not be indicative
 of our future performance. In addition, our results for the nine months ended September
 27, 2008 are not necessarily indicative of results to be expected for the entire
 fiscal year ending December 27, 2008.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The selected
 historical financial information should be read in conjunction with &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results
 of Operations&#148; and our financial statements and the corresponding notes, which are incorporated
 by reference in this offer to exchange.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="8" align="center"><font face="Times New Roman" size="2"><b>Nine months ended</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="8" align="center"><font face="Times New Roman" size="2">
<b>(unaudited)</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="13" align="center"><font face="Times New Roman" size="2">
<b>Fiscal year ended</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="8"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="13"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>(Dollars
 in millions)</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td nowrap valign="top" colspan="2" align="center"><font face="Times New Roman" size="2">
<b>Sept. 27, 2008</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td nowrap valign="top" colspan="2" align="center"><font face="Times New Roman" size="2">
<b>Sept. 29, 2007</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2" align="center"><font face="Times New Roman" size="2">
<b>2007(1)</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2" align="center"><font face="Times New Roman" size="2">
<b>2006</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2" align="center"><font face="Times New Roman" size="2">
<b>2005</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2" align="center"><font face="Times New Roman" size="2">
<b>2004</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2" align="center"><font face="Times New Roman" size="2">
<b>2003</b></font></td>
</tr>
<tr>
<td valign="top"><hr size="1" color="#000000" noshade width="25%" align="left"></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Statement
 of income data:</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Net sales</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td width="3%" valign="top" align="right"><font face="Times New Roman" size="2">5,198.9</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td width="3%" valign="top" align="right"><font face="Times New Roman" size="2">4,593.8</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td width="3%" valign="top" align="right"><font face="Times New Roman" size="2">6,307.8</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td width="3%" valign="top" align="right"><font face="Times New Roman" size="2">5,575.9</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td width="3%" valign="top" align="right"><font face="Times New Roman" size="2">5,473.5</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td width="1%" valign="top" align="right"><font face="Times New Roman" size="2">5,317.0</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td width="3%" valign="top" align="right"><font face="Times New Roman" size="2">4,736.8</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><font face="Times New Roman" size="2">Cost of products
 sold</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">3,850.3</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">3,352.9</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">4,585.4</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">4,037.9</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">3,996.6</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">3,891.5</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">3,418.4</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Gross
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">1,348.6</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">1,240.9</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">1,722.4</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">1,538.0</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">1,476.9</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">1,425.5</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">1,318.4</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><font face="Times New Roman" size="2">Marketing
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">994.5</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">849.5</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">1,182.5</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">1,011.1</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">987.9</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">957.4</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">891.6</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Interest expense</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">87.8</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">70.9</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">105.2</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">55.5</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">57.9</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">58.7</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">58.6</font></td>
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<tr bgcolor="#cceeff">
<td valign="top" align="left"><font face="Times New Roman" size="2">Other expense,
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">23.9</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">43.2</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">59.4</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">36.2</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">63.6</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">35.2</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">30.5</font></td>
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<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Income
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">242.4</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">277.3</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">375.3</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">435.2</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">367.5</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">374.2</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">337.7</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><font face="Times New Roman" size="2">Taxes on income</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">18.9</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">53.2</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">71.8</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">76.7</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">75.3</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">93.9</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">93.1</font></td>
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<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>

<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Income
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">223.5</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">224.1</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">303.5</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">358.5</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">292.2</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">280.3</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">244.6</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Income
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">-</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">-</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">-</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">14.7</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">(65.4</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">(1.3</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">22.8</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Net income</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">223.5</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">224.1</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">303.5</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">373.2</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">226.8</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">279.0</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">267.4</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Balance
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Total assets</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">6,385.0</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">6,137.3</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">6,244.8</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">4,324.9</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">4,228.9</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">4,420.9</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">4,139.8</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Total
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">721.6</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">1,572.3</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">1,110.8</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">466.4</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">364.7</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">204.5</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">292.6</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Total long-term
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">1,545.2</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">755.5</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">1,145.0</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">501.6</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">723.0</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">1,007.2</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">887.7</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><font face="Times New Roman" size="2">Total shareholder&#146;s equity</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">2,098.6</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">1,914.0</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">1,989.4</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">1,696.2</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">1,521.6</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">1,558.0</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">$</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">1,328.7</font></td>
</tr>
<tr>
<td valign="top" colspan="24"><hr size="1" color="#000000" noshade></td>
</tr>
</table>
<div><font face="Times New Roman" size="2">_____________________</font></div>
<div><font face="Times New Roman" size="2">Certain prior year amounts have been restated
 to reflect the change in method of accounting for inventory from last-in, first-out
 (&#147;LIFO&#148;) to first-in, first-out (&#147;FIFO&#148;) for certain businesses
 operating in the U.S.</font></div>
<p><font face="Times New Roman" size="2">(1) On June 15, 2007, we completed the acquisition
 of Paxar. Results for periods prior to 2007 do not reflect the acquisition of Paxar.</font></p>
<p align="center"><font face="Times New Roman" size="2">24</font></p>
<page>
<p align="center"><font face="Times New Roman" size="2"><b>DESCRIPTION OF THE OFFER
</b></font></p>
<p><font face="Times New Roman" size="2"><b>Terms of the Offer</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Upon the terms
 and subject to the conditions set forth in this offer to exchange and in the related
 letter of transmittal, we are offering to exchange up to 8,360,000 of the Corporate
 HiMEDS Units for shares of our common stock and cash. Corporate HiMEDS Units that
 are validly tendered, not validly withdrawn and accepted in the offer will be retired
 and cancelled upon exchange. In addition, Corporate HiMEDS Units that are validly
 tendered and not validly withdrawn will be subject to proration as described in
 this offer to exchange if (a) more than 8,360,000 Corporate HiMEDS Units are tendered
 or (b) we conclude based on discussions with the New York Stock Exchange that acceptance
 of the tendered Corporate HiMEDS Units in the offer is likely to result in de-listing.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Fractional
 shares will not be issued in the offer. If, under the terms of the offer, a tendering
 holder is entitled to receive an amount of common stock that is not a whole share,
 we will round downward such fractional share to a whole share. This rounded amount
 will be the number of shares of common stock such tendering holder will receive,
 and such tendering holder will receive an amount of cash in lieu of any fractional
 shares equal to the fraction of a share multiplied by the closing price per share
 of our common stock on the last business day immediately preceding the expiration
 date of the offer.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Avery Dennison
 is only offering to exchange Corporate HiMEDS Units. It is not offering to exchange
 Treasury HiMEDS Units. If you hold Treasury HiMEDS Units and you desire to participate
 in the offer, you may recreate Corporate HiMEDS Units, as applicable, from your
 Treasury HiMEDS Units, and then tender the recreated Corporate HiMEDS Units. You
 may contact the Information Agent at the telephone number and address set forth
 on the back cover of this offer to exchange for more information on how to recreate
 Corporate HiMEDS Units from Treasury HiMEDS Units in order to participate in the
 offer.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">We are making
 the offer to holders of Corporate HiMEDS Units in reliance upon the exemption from
 the registration requirements of the Securities Act under Section 3(a)(9) of the
 Securities Act. We will not pay any commission or other remuneration to any broker,
 dealer, salesman or other person for soliciting tenders of Corporate HiMEDS Units.
 Our officers, directors and employees may solicit tenders from holders of our Corporate
 HiMEDS Units and will answer inquiries concerning the offer, but they will not receive
 additional compensation for soliciting tenders or answering any such inquiries.
 For a further discussion of the registration requirements of the Corporate HiMEDS
 Units, see &#147;Certain Securities Laws Considerations.&#148;</font></p>
<p><font face="Times New Roman" size="2"><b>Accrued and Unpaid Interest and Contract
 Adjustment Payments</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The cash portion
 of the offer consideration includes an amount equal to the accrued and unpaid contract
 adjustment payments with respect to the purchase contracts plus the accrued and
 unpaid interest in respect of the HiMEDS senior notes from the most recent payment
 date, which is February 15, 2009, to, but not including, the settlement date.</font></p>
<p><font face="Times New Roman" size="2"><b>Expiration Date</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">For purposes
 of the offer, the term &#147;expiration date&#148; means 12:01 a.m., New York City
 time, on March 4, 2009, subject to our right to extend that time and date with respect
 to the offer in our absolute discretion, in which case the expiration date means
 the latest time and date to which the offer is extended.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">In addition,
 we may terminate the offer if any condition to the offer is not satisfied on or
 after the expiration date. Any extension, amendment, waiver or decrease or change
 will not result in the reinstatement of any withdrawal rights if those rights had
 previously expired, except as specifically provided above.</font></p>
<p><font face="Times New Roman" size="2"><b>Extension, Termination or Amendment</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Avery Dennison
 has the right to terminate or withdraw, in its sole discretion, the offer if the
 conditions to the offer are not met on or after the expiration date. Avery Dennison
 reserves the right, subject to applicable law, to (i)</font></p>
<p align="center"><font face="Times New Roman" size="2">25</font></p>
<page>

<p><font face="Times New Roman" size="2">waive any and all of the conditions
 to the offer on or prior to the expiration date and (ii) amend the terms of the
 offer. In any such event, the Corporate HiMEDS Units previously tendered pursuant
 to the offer will be promptly returned to the tendering holders.</font></p>

<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Subject to
 the applicable regulations of the SEC, Avery Dennison expressly reserves the right,
 in its sole discretion, at any time and from time to time, and regardless of whether
 any events preventing satisfaction of the conditions to the offer shall have occurred
 or shall have been determined by Avery Dennison to have occurred, to extend the
 period during which the offer is open by giving oral (to be confirmed in writing)
 or written notice of such extension to the Exchange Agent and by making public disclosure
 by press release or other appropriate means of such extension to the extent required
 by law. During any extension of the offer, all Corporate HiMEDS Units previously
 tendered and not withdrawn will remain subject to the offer and may, subject to
 the terms and conditions of the offer, be accepted for exchange by Avery Dennison.
 See also &#147;&#151;Announcements.&#148;</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Any waiver,
 amendment or modification of the offer will apply to all Corporate HiMEDS Units
 tendered pursuant to the offer. If Avery Dennison makes a change that Avery Dennison
 determines to be material in any of the terms of the offer or waive a condition
 of the offer that Avery Dennison determines to be material, Avery Dennison will
 give oral (to be confirmed in writing) or written notice of such amendment or such
 waiver to the Exchange Agent and will disseminate additional exchange offer documents
 and extend the offer and withdrawal rights as Avery Dennison determines necessary
 and to the extent required by law.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">There can
 be no assurance that Avery Dennison will exercise its right to extend, terminate
 or amend the offer. During any extension and irrespective of any amendment to the
 offer, all Corporate HiMEDS Units previously tendered and not withdrawn will remain
 subject to the offer and may be accepted thereafter for exchange by Avery Dennison,
 subject to compliance with applicable law. In addition, Avery Dennison may waive
 conditions without extending the offer in accordance with applicable law.</font></p>
<p><font face="Times New Roman" size="2"><b>Announcements</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Any extension,
 termination or amendment of the offer will be followed promptly by announcement
 thereof, such announcement in the case of an extension of the offer to be issued
 no later than 9:00 a.m., New York City time, on the next business day following
 the previously scheduled expiration date. Without limiting the manner in which we
 may choose to make such announcement, we will not, unless otherwise required by
 law, have any obligation to publish, advertise or otherwise communicate any such
 announcement other than by making a release to an appropriate news agency or another
 means of announcement that we deem appropriate.</font></p>
<p><font face="Times New Roman" size="2"><b>Priority of Exchanges and Proration</b></font></p>
<p><font face="Times New Roman" size="2"><i><b><i><b>Priority of exchanges</b></i>
</b></i></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Upon the terms
 and subject to the conditions of the offer, if 8,360,000&#160;or fewer Corporate
 HiMEDS Units are validly tendered and not validly withdrawn on or prior to the expiration
 date, we will accept for exchange all validly tendered Corporate HiMEDS Units if,
 and only if, the acceptance of such tendered Corporate HiMEDS Units would not result
 in the de-listing of the Corporate HiMEDS Units from the New York Stock Exchange.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Upon the terms
 and subject to the conditions of the offer, if more than 8,360,000&#160;Corporate
 HiMEDS Units are validly tendered and not validly withdrawn on or prior to the expiration
 date, we will accept Corporate HiMEDS Units from all holders who validly tender
 Corporate HiMEDS Units, on a pro rata basis with appropriate adjustment to avoid
 fractional units. In addition, if we conclude based on discussions with the New
 York Stock Exchange that acceptance of the tendered Corporate HiMEDS Units in the
 offer is likely to result in de-listing , we will accept a pro rata amount of the
 Corporate HiMEDS Units tendered in the offer to ensure that the Corporate HiMEDS
 Units continue to be listed on the New York Stock Exchange after the consummation
 of the offer. Any Corporate HiMEDS Units tendered but not accepted because of proration
 will be returned to you. We will announce this proration percentage, if it is necessary,
 promptly after the expiration date.</font></p>
<p align="center"><font face="Times New Roman" size="2">26</font></p>
<page>

<p><font face="Times New Roman" size="2"><i><b><i><b>Proration</b></i></b></i></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">If, for any
 reason, proration of tendered Corporate HiMEDS Units is required, we will determine
 the final proration factor promptly after the expiration date of the offer. Proration
 for each holder validly tendering Corporate HiMEDS Units will be based on the ratio
 of the number of Corporate HiMEDS Units validly tendered by the holder to the total
 number of Corporate HiMEDS Units validly tendered by all holders. This ratio will
 be applied to holders tendering Corporate HiMEDS Units to determine the number of
 Corporate HiMEDS Units, rounded up or down as nearly as practicable to the nearest
 whole unit, that will be purchased from each holder pursuant to the offer.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Because of
 the potential difficulty in determining the number of Corporate HiMEDS Units validly
 tendered and not withdrawn, we do not expect that we will be able to announce the
 final proration percentage until three to five business days after the expiration
 date. The preliminary results of any proration will be announced by press release
 promptly after the expiration date. Holders may obtain preliminary proration information
 from the information agent, and may be able to obtain this information from their
 brokers. In the event of proration, we anticipate that we will commence exchange
 of the tendered Corporate HiMEDS Units promptly after the expiration date, but no
 later than five business days after the expiration date.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">As described
 under the heading &#147;Material United States Federal Income Tax Considerations,&#148; you may be required to recognize taxable gain if you participate in the offer.
 If you are required to recognize taxable gain, the adjusted basis you have in the
 HiMEDS senior note that is part of each Corporate HiMEDS Unit will affect the United
 States federal income tax consequences of the exchange to you. If any of your HiMEDS
 senior notes has an adjusted basis that is different from any of your other HiMEDS
 senior notes and we prorate the tendered Corporate HiMEDS Units, you may wish to
 designate which of the Corporate HiMEDS Units are to be purchased in the offer.
 The letter of transmittal provides you the opportunity to designate the order of
 priority in which Corporate HiMEDS Units are to be purchased if we prorate the tendered
 Corporate HiMEDS Units.</font></p>
<p><font face="Times New Roman" size="2"><b>Acceptance of Corporate HiMEDS Units
 for Exchange and Delivery of Offer Consideration</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">On the settlement
 date, if the offer is consummated, the offer consideration will be issued in exchange
 for Corporate HiMEDS Units validly tendered and not withdrawn in the offer and the
 Exchange Agent will pay the accrued and unpaid interest in respect of the HiMEDS
 senior notes accepted for exchange (i) by wire transfer to the Depositary Trust
 Company (&#147;DTC&#148;), in the case of Corporate HiMEDS Units accepted for exchange
 that were validly tendered and not withdrawn by book-entry transfer as described
 below or (ii) in all other cases, by check payable to the tendering holders whose
 Corporate HiMEDS Units have been accepted for exchange (unless a different payee
 is indicated under the Special Payment Instructions in the letter of transmittal).</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">If the conditions
 to the offer are satisfied, or if we waive all of the conditions that have not been
 satisfied, we will accept tendered Corporate HiMEDS Units at the expiration date
 and after we receive validly completed and duly executed letters of transmittal
 or agent&#146;s messages (as defined in &#147;&#151;Procedures for Tendering Corporate
 HiMEDS Units&#151;Tendering of Corporate HiMEDS Units Through DTC&#148; below) with
 respect to any and all of the Corporate HiMEDS Units validly tendered and not withdrawn
 for exchange at such time, by notifying the Exchange Agent of our acceptance. The
 notice may be oral if we promptly confirm it in writing.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">We expressly
 reserve the right, in our sole discretion, to delay acceptance for exchange of Corporate
 HiMEDS Units validly tendered and not withdrawn under the offer (subject to Rule
 14e-1(c) under the Exchange Act, which requires that we issue the offered consideration
 or return the Corporate HiMEDS Units deposited thereunder promptly after termination
 or withdrawal of the offer), or to terminate the offer and not accept for exchange
 any Corporate HiMEDS Units not previously accepted, (i) if any of the conditions
 to the offer shall not have been satisfied or validly waived by us, (ii) in order
 to comply in whole or in part with any applicable law, or (iii) for administrative
 purposes, as such may be required by difficulties in determining the final proration
 percentage. In all cases, the offer consideration for Corporate HiMEDS Units validly
 tendered and not withdrawn pursuant to the offer will be made only after timely
 receipt by the Exchange Agent of (1) certificates representing the Corporate HiMEDS
 Units, or timely confirmation of a book-entry transfer (a &#147;book-entry confirmation&#148;) of the Corporate HiMEDS Units into the Exchange Agent&#146;s account at DTC,
 (2) the properly completed and duly executed letter of transmittal (or a facsimile
 thereof) or an agent&#146;s message in lieu thereof and (3) any other documents
 required by the letter of transmittal.</font></p>
<p align="center"><font face="Times New Roman" size="2">27</font></p>
<page>

<p style="text-indent: 50px;"><font face="Times New Roman" size="2">For purposes
 of the offer, we will be deemed to have accepted for exchange validly tendered (and
 not validly withdrawn) Corporate HiMEDS Units as provided herein when, and if, we
 give oral or written notice to the Exchange Agent of our acceptance of the Corporate
 HiMEDS Units for exchange pursuant to the offer. In all cases, the exchange of Corporate
 HiMEDS Units pursuant to the offer will be made by deposit of the offer consideration
 with the Exchange Agent, which will act as your agent for the purposes of receiving
 the offer consideration from us, and delivering the offer consideration to you.
 On and after the settlement date, the tendering holders whose Corporate HiMEDS Units
 have been exchanged by us will cease to be entitled to receive interest and contract
 adjustment payments on such Corporate HiMEDS Units. Such tendering holders will
 receive the applicable consideration for the Corporate HiMEDS Units accepted for
 exchange. Also, promptly after the settlement date, the Exchange Agent will return
 to any holder of Corporate HiMEDS Units who partially tendered a physical Corporate
 HiMEDS Unit a certificate for the portion of the Corporate HiMEDS Unit that was
 not tendered. The Exchange Agent will mail all such non-tendered Corporate HiMEDS
 Units and checks by first-class mail unless such Corporate HiMEDS Units and/or checks
 represent more than $250,000, in which case they will be mailed by registered mail
 and, in the case of returned Corporate HiMEDS Units, insured separately for their
 replacement value.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">If, for any
 reason whatsoever, acceptance for exchange of any Corporate HiMEDS Units validly
 tendered and not withdrawn pursuant to the offer is delayed (whether before or after
 our acceptance for exchange of the Corporate HiMEDS Units) or we extend the offer
 or are unable to accept for exchange the Corporate HiMEDS Units validly tendered
 and not withdrawn pursuant to the offer, then, without prejudice to our rights set
 forth herein, we may instruct the Exchange Agent to retain validly tendered Corporate
 HiMEDS Units and those Corporate HiMEDS Units may not be withdrawn, subject to the
 circumstances described in &#147;&#151;Withdrawal of Tenders&#148; below.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">We will pay
 or cause to be paid all transfer taxes with respect to the acceptance of any Corporate
 HiMEDS Units unless the box titled &#147;Special Payment or Issuance Instructions&#148; or the box titled &#147;Special Delivery Instructions&#148; on the letter
 of transmittal has been completed, as described in the instructions thereto.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Under no circumstances
 will any interest be payable because of any delay in the transmission of funds to
 you with respect to accepted Corporate HiMEDS Units or otherwise, other than the
 accrued and unpaid interest in respect of the HiMEDS senior notes from the most
 recent interest payment date to, but not including, the settlement date.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Any tendered
 Corporate HiMEDS Units that are not accepted for exchange by us, including due to
 the proration provisions, will be returned without expense to their tendering holder.
 In the case of Corporate HiMEDS Units tendered by book-entry transfer in the Exchange
 Agent&#146;s account at DTC according to the procedures described in this offer
 to exchange, such non-exchanged Corporate HiMEDS Units will be credited to an account
 maintained with DTC. These actions will occur promptly after the expiration or termination
 of the offer.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">We will pay
 all fees and expenses of the Exchange Agent and the Information Agent in connection
 with the offer. See &#147;Exchange Agent and Information Agent.&#148;</font></p>
<p><font face="Times New Roman" size="2"><b>Market and Trading Information</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The Corporate
 HiMEDS Units are listed on the New York Stock Exchange under the symbol &#147;AVY
 PrA.&#148; The following table sets forth, for the period indicated, the reported
 high and low closing prices in U.S. dollars for the Corporate HiMEDS Units.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td nowrap valign="bottom" colspan="5" align="center"><font face="Times New Roman" size="2">
<b>Price Per Corporate HiMEDS Unit</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="5"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Quarter
 Ended</b></u></font></td>
<td width="50%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="5%" valign="top" align="center"><font face="Times New Roman" size="2"><b>High</b></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="5%" valign="top" align="center"><font face="Times New Roman" size="2"><b>Low</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><font face="Times New Roman" size="2">Fiscal Year
 2009</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td nowrap valign="top" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">1<sup>st</sup> Quarter (through February 2, 2009)</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$34.62</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$28.05</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><font face="Times New Roman" size="2">Fiscal Year
 2008</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">4<sup>th</sup> Quarter</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$43.95</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$26.00</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">3<sup>rd</sup> Quarter</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$48.50</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$43.14</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">2<sup>nd</sup> Quarter</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$52.23</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$45.13</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">1<sup>st</sup> Quarter</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$52.04</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$46.70</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">28</font></p>
<page>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td nowrap valign="bottom" colspan="5" align="center"><font face="Times New Roman" size="2">
<b>Price Per Corporate HiMEDS Unit</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="5"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Quarter
 Ended</b></u></font></td>
<td width="50%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="5%" valign="top" align="center"><font face="Times New Roman" size="2"><b>High</b></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="5%" valign="top" align="center"><font face="Times New Roman" size="2"><b>Low</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="left"><font face="Times New Roman" size="2">Fiscal Year
 2007</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">4<sup>th</sup> Quarter (starting on November 20, 2007)</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">$52.64</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">$49.50</font></td>
</tr>
</table>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The Corporate
 HiMEDS Units started trading on November 20, 2007. The last reported sales price
 of the Corporate HiMEDS Units on the New York Stock Exchange on February 2, 2009
 was $28.25. <b>Avery Dennison urges you to obtain current market price information
 for the Corporate HiMEDS Units before deciding whether to participate in the offer.
</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">As of December
 27, 2008, there were 8,800,000 Corporate HiMEDS Units and 106,285,574 shares of
 the common stock outstanding.</font></p>
<p><font face="Times New Roman" size="2"><b>Procedures for Tendering Corporate HiMEDS
 Units</b></font></p>
<p><font face="Times New Roman" size="2"><i><b><i><b>General</b></i></b></i></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">In order to
 participate in the offer, you must validly tender your Corporate HiMEDS Units to
 the Exchange Agent as described below. We have the right to waive any defects. However,
 we are not required to waive defects and are not required to notify you of defects
 in your tender.</font></p>
<p><font face="Times New Roman" size="2"><i><b><i><b>Tendering of Corporate HiMEDS
 Units Through DTC</b></i></b></i></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Corporate
 HiMEDS Units in book-entry form must be tendered through DTC. DTC participants must
 electronically transmit their acceptance of the offer through DTC&#146;s Automated
 Tender Offer Program (&#147;ATOP&#148;), for which the transaction will be eligible.
 In accordance with ATOP procedures, DTC will then verify the acceptance of the offer
 and send an agent&#146;s message to the Exchange Agent for its acceptance. An &#147;agent&#146;s message&#148; is a message transmitted by DTC, received by the Exchange Agent
 and forming part of the book-entry confirmation, which states that DTC has received
 an express acknowledgement from you that you have received this offer to exchange
 and accompanying letter of transmittal and agree to be bound by the terms of the
 letter of transmittal, and that we may enforce such agreement against you.</font></p>
<p><font face="Times New Roman" size="2"><i><b><i><b>Tendering of Corporate HiMEDS
 Units Held in Physical Form</b></i></b></i></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">We believe
 that all of the Corporate HiMEDS Units are held in book-entry form only at DTC.
 If you hold Corporate HiMEDS Units in physical, certificated form, you will need
 to deposit such Corporate HiMEDS Units into DTC in order to participate in the offer.
 If you need assistance doing so, please contact the Information Agent whose address
 and telephone numbers are located on the back cover page of this offer to exchange.</font></p>
<p><font face="Times New Roman" size="2"><i><b><i><b>Effect of Letter of Transmittal
</b></i></b></i></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Subject to
 and effective upon the acceptance for exchange of Corporate HiMEDS Units tendered
 thereby, by executing and delivering a letter of transmittal, or being deemed to
 have done so as part of your electronic submission of your tender through DTC, you
 (i) irrevocably tender, sell, assign and transfer to or upon our order all right,
 title and interest in and to all the Corporate HiMEDS Units tendered thereby and
 (ii) irrevocably appoint the Exchange Agent as your true and lawful agent and attorney-in-fact
 (with full knowledge that the Exchange Agent also acts as our agent with respect
 to the tendered Corporate HiMEDS Units), with full power coupled with an interest,
 to:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">deliver certificates
 representing the Corporate HiMEDS Units, or transfer ownership of the Corporate
 HiMEDS Units on the account books maintained by DTC, together with all accompanying
 evidences of transfer and authenticity, to or upon our order;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">present the
 Corporate HiMEDS Units for transfer on the relevant security register; and</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">29</font></p>
<page>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">receive all
 benefits or otherwise exercise all rights of beneficial ownership of the Corporate
 HiMEDS Units, all in accordance with the terms of the offer.</font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2"><i><b><i><b>Guaranteed Delivery</b></i>
</b></i></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">If a registered
 holder of Corporate HiMEDS Units desires to tender any Corporate HiMEDS Units and
 the Corporate HiMEDS Units are not immediately available, or time will not permit
 the holder&#146;s Corporate HiMEDS Units or other required documents to reach the
 exchange agent before the expiration date, or the procedures for book-entry transfer
 cannot be completed on a timely basis, a tender may be effected if:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">the tender
 is made through an eligible institution;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">before the
 expiration date, the Exchange Agent receives from the eligible institution a properly
 completed and duly executed letter of transmittal and notice of guaranteed delivery,
 substantially in the form provided by us. The notice of guaranteed delivery must
 state the name and address of the holder of the Corporate HiMEDS Units and the amount
 of the Corporate HiMEDS Units tendered, that the tender is being made and guaranteeing
 that within three New York Stock Exchange trading days after the date of execution
 of the notice of guaranteed delivery, the certificates for all physically tendered
 Corporate HiMEDS Units, in proper form for transfer, or a book-entry confirmation,
 and any other documents required by the letter of transmittal will be deposited
 by the eligible institution with the Exchange Agent; and</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">the certificates
 for all physically tendered Corporate HiMEDS Units, in proper form for transfer,
 or a book-entry confirmation, and all other documents required by the letter of
 transmittal are received by the Exchange Agent within three New York Stock Exchange
 trading days after the date of execution of the notice of guaranteed delivery. </font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2"><i><b><i><b>Determination of Validity</b></i></b></i></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">All questions
 as to the validity, form, eligibility (including time of receipt) and acceptance
 for exchange of any tendered Corporate HiMEDS Units pursuant to any of the procedures
 described above, and the form and validity (including time of receipt of notices
 of withdrawal) of all documents will be determined by us in our sole discretion,
 which determination will be final and binding. We reserve the absolute right to
 reject any or all tenders of any Corporate HiMEDS Units determined by us not to
 be in proper form, or if the acceptance of, or exchange of, such Corporate HiMEDS
 Units may, in the opinion of our counsel, be unlawful. We also reserve the right
 to waive any conditions to the offer that we are legally permitted to waive.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Your tender
 will not be deemed to have been validly made until all defects or irregularities
 in your tender have been cured or waived. None of us, the Exchange Agent, the Information
 Agent and any other person or entity is under any duty to give notification of any
 defects or irregularities in any tender or withdrawal of any Corporate HiMEDS Units
 or will incur any liability for failure to give any such notification. Please send
 all materials to the Exchange Agent and not to us or the Information Agent.</font></p>
<p><font face="Times New Roman" size="2"><b>Withdrawal of Tenders</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">You may validly
 withdraw Corporate HiMEDS Units that you tender at any time prior to the expiration
 date of the offer, which is 12:01 a.m., New York City time, on March 4, 2009, unless
 extended by us. In addition, if not previously returned, you may withdraw any Corporate
 HiMEDS Units that you tender that are not accepted by us for exchange after the
 expiration of 40 business days from the commencement of the offer. You may also
 validly withdraw Corporate HiMEDS Units that you tender if the offer is terminated
 without any Corporate HiMEDS Units being accepted or as required by applicable law.
 If such a termination occurs, the Corporate HiMEDS Units will be returned to the
 tendering holder promptly.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">A holder who
 validly withdraws previously tendered Corporate HiMEDS Units prior to the expiration
 date and does not validly re-tender Corporate HiMEDS Units prior to the expiration
 date will not receive the offer consideration. A holder of Corporate HiMEDS Units
 who validly withdraws previously tendered Corporate</font></p>
<p align="center"><font face="Times New Roman" size="2">30</font></p>
<page>


<p><font face="Times New Roman" size="2">HiMEDS Units prior to the expiration
 date and validly re-tenders Corporate HiMEDS Units prior to the expiration date
 will receive the offer consideration.</font></p>


<p style="text-indent: 50px;"><font face="Times New Roman" size="2">If you have
 tendered Corporate HiMEDS Units, you may withdraw those Corporate HiMEDS Units by
 delivering a written notice of withdrawal, subject to the limitations described
 herein, prior to the expiration date or, if your Corporate HiMEDS Units are not
 previously accepted by us for exchange, after the expiration of 40 business days
 after the commencement of the offer. To be effective, a written or facsimile transmission
 notice of withdrawal of a tender or a properly transmitted request via DTC must:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">be received
 by the Exchange Agent at one of the addresses specified on the back cover of this
 offer to exchange prior to the expiration date (or, if your Corporate HiMEDS Units
 are not previously accepted by us for exchange, after the expiration of 40 business
 days after the commencement of the offer);</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">specify the
 name of the holder of the Corporate HiMEDS Units to be withdrawn;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">contain the
 description of the Corporate HiMEDS Units to be withdrawn, the certificate numbers
 shown on the particular certificates representing such Corporate HiMEDS Units (or,
 in the case of Corporate HiMEDS Units tendered by book-entry transfer, the number
 of the account at the DTC from which the Corporate HiMEDS Units were tendered) and
 the number of Corporate HiMEDS Units; and</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">be signed
 by the holder of the Corporate HiMEDS Units in the same manner as the original signature
 on the letter of transmittal or be accompanied by documents of transfer sufficient
 to have the holder register the transfer of the Corporate HiMEDS Units into the
 name of the person withdrawing the Corporate HiMEDS Units.</font></td>
</tr>
</table>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">If the Corporate
 HiMEDS Units to be withdrawn have been delivered or otherwise identified to the
 Exchange Agent, a signed notice of withdrawal is effective immediately upon receipt
 by the Exchange Agent of written or facsimile transmission of the notice of withdrawal
 (or receipt of a request via DTC) even if physical release is not yet effected.
 A withdrawal of Corporate HiMEDS Units can only be accomplished in accordance with
 the foregoing procedures.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">We will have
 the right, which may be waived, to reject the defective tender of Corporate HiMEDS
 Units as invalid and ineffective. If we waive our rights to reject a defective tender
 of Corporate HiMEDS Units, subject to the other terms and conditions set forth in
 this offer to exchange and accompanying letter of transmittal, you will be entitled
 to the offer consideration.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">If you withdraw
 Corporate HiMEDS Units, you will have the right to re-tender them prior to the expiration
 date in accordance with the procedures described above for tendering outstanding
 Corporate HiMEDS Units. If we amend or modify the terms of the offer or the information
 concerning the offer in a manner determined by us to constitute a material change
 to the offer, we will disseminate additional offer materials and if, at the time
 notice of any such amendment or modification is first published, sent or given to
 holders of Corporate HiMEDS Units, the offer is scheduled to expire at any time
 earlier than the tenth business day from and including the date that such notice
 is first so published, sent or given, the offer will be extended until no sooner
 than the expiration of such ten business day period. An extension of the expiration
 date will not affect a holder&#146;s withdrawal rights, unless otherwise provided
 or as required by applicable law.</font></p>
<p><font face="Times New Roman" size="2"><b>Conditions to the Offer</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Notwithstanding
 any other provisions of the offer, we will not be required to accept for exchange,
 or to exchange, Corporate HiMEDS Units validly tendered (and not validly withdrawn)
 pursuant to the offer, and may terminate, amend or extend the offer or delay or
 refrain from accepting for exchange, or exchanging, the Corporate HiMEDS Units or
 transferring the offer consideration to the holders, if any of the following shall
 occur:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">1.</font></p></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">there shall
 have been instituted or threatened or be pending any action, proceeding or investigation
 (whether formal or informal), or there shall have been any material adverse development
 to any action or proceeding</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">31</font></p>
<page>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">currently
 instituted, threatened or pending, before or by any court, governmental, regulatory
 or administrative agency or instrumentality, or by any other person, in connection
 with the offer that, in our reasonable judgment, either (a) is, or is reasonably
 likely to be, materially adverse to our business, operations, properties, condition
 (financial or otherwise), income, assets, liabilities or prospects, (b) would or
 might prohibit, prevent, restrict or delay consummation of the offer, or (c) would
 materially impair the contemplated benefits of the offer to us or be material to
 holders in deciding whether to accept the offer;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">2.</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">an order,
 statute, rule, regulation, executive order, stay, decree, judgment or injunction
 shall have been proposed, enacted, entered, issued, promulgated, enforced or deemed
 applicable by any court or governmental, regulatory or administrative agency or
 instrumentality that, in our reasonable judgment, either (a) would or might prohibit,
 prevent, restrict or delay consummation of the offer or (b) is, or is reasonably
 likely to be, materially adverse to our business, operations, properties, condition
 (financial or otherwise), assets, liabilities or prospects;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">3.</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">there shall
 have occurred or be likely to occur any event or condition affecting our or our
 affiliates&#146; business or financial affairs and our subsidiaries that, in our
 reasonable judgment, would or might result in any of the consequences referred to
 in paragraph 1 of this section or that would or might prohibit, prevent, restrict
 or delay consummation of the offer or make it inadvisable to do so, including based
 on our pro forma capital structure;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">4.</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">the applicable
 trustees, contract agent or collateral agent (or persons performing similar functions)
 shall have objected in any respect to or taken action that could, in our reasonable
 judgment, adversely affect the consummation of the offer or shall have taken any
 action that challenges the validity or effectiveness of the procedures used by us
 in the making of the offer or the acceptance of, or payment for, some or all of
 the applicable series of Corporate HiMEDS Units pursuant to the offer;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">5.</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">there has
 occurred (a) any general suspension of, or limitation on prices for, trading in
 securities in the securities or financial markets, (b) a material impairment in
 the trading market for debt securities, (c) a declaration of a banking moratorium
 or any suspension of payments in respect to banks in the United States or other
 major financial markets, (d) any limitation (whether or not mandatory) by any government
 or governmental, administrative or regulatory authority or agency, domestic or foreign,
 or other event that, in our reasonable judgment, might affect the extension of credit
 by banks or other lending institutions, (e) a commencement of a war, armed hostilities,
 terrorist acts or other national or international calamity directly or indirectly
 involving the United States or (f) in the case of any of the foregoing existing
 on the date hereof, a material acceleration or worsening thereof; or</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">6.</font></p></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">we shall have
 concluded based on discussions with the New York Stock Exchange that the Corporate
 HiMEDS Units are likely to be de-listed as a result of our acceptance of all Corporate
 HiMEDS Units validly tendered in the offer.</font></td>
</tr>
</table>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The New York
 Stock Exchange will consider de-listing the outstanding Corporate HiMEDS Units if,
 following the exchange, the number of publicly-held Corporate HiMEDS Units is less
 than 100,000, the number of holders of Corporate HiMEDS Units is less than 100,
 the aggregate market value of the Corporate HiMEDS Units is less than $1 million
 or for any other reason based on the suitability for the continued listing of the
 Corporate HiMEDS Units in light of all pertinent facts as determined by the New
 York Stock Exchange. In the event that a significant number of holders tender their
 Corporate HiMEDS Units or a significant number of the Corporate HiMEDS Units are
 tendered in the offer such that we conclude based on discussions with the New York
 Stock Exchange that acceptance of the tendered Corporate HiMEDS Units in the offer
 is likely to result in de-listing, we may accept a pro rata amount of the Corporate
 HiMEDS Units tendered in order to ensure that the Corporate HiMEDS Units continue
 to be listed on the New York Stock Exchange. Therefore, while we are making the
 offer for up to 8,360,000 Corporate HiMEDS Units, we may not accept 8,360,000 Corporate
 HiMEDS Units if doing so may result in the de-listing of the Corporate HiMEDS Units.
 If the Corporate HiMEDS Units are likely to be de-listed, we are required to prorate
 the offer to ensure that the Corporate HiMEDS Units remain listed on the New York
 Stock Exchange. If we decide to prorate the offer such that we will only accept
 an aggregate number of Corporate HiMEDS Units that is lower than the 8,360,000 Corporate
 HiMEDS Units that we are currently seeking to exchange, we will extend the exchange
 offer for a period</font></p>
<p align="center"><font face="Times New Roman" size="2">32</font></p>
<page>

<p><font face="Times New Roman" size="2">of ten business
 days and provide holders with notice of such extension as described below under
 &#147;&#151;Extension, Termination or Amendment.&#148;</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">In addition,
 our obligation to issue the common stock and pay the cash portion of the offer consideration
 is conditioned upon our acceptance of Corporate HiMEDS Units pursuant to the offer.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">These conditions
 are for our benefit and may be asserted by us or may be waived by us, including
 any action or inaction by us giving rise to any condition, in whole or in part,
 at any time and from time to time, in our sole discretion. In addition, we may terminate
 the offer if any condition is not satisfied on or after the expiration date. Under
 the offer, if any of these events occur, subject to the termination rights described
 above, we may (i) return Corporate HiMEDS Units tendered thereunder to you, (ii)
 extend the offer, subject to the withdrawal rights described in &#147;&#151;Withdrawal
 of Tenders&#148; herein, and retain all Corporate HiMEDS Units tendered thereunder
 until the expiration of such extended offer or (iii) amend the offer in any respect
 by giving oral or written notice of such amendment to the Exchange Agent and making
 public disclosure of such amendment to the extent required by law.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">We have not
 made a decision as to what circumstances would lead us to waive any such condition,
 and any such waiver would depend on circumstances prevailing at the time of such
 waiver. Although we have no present plans or arrangements to do so, we reserve the
 right to amend, at any time, the terms of the offer. We will give holders of Corporate
 HiMEDS Units notice of such amendments as may be required by applicable law.</font></p>
<p><font face="Times New Roman" size="2"><b>Legal and Other Limitations; Certain
 Matters Relating to Non-U.S. Jurisdictions</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Legal and Other Limitations</b></i></b></i><b>.</b>&#160;&#160;&#160;&#160; This document is not an offer
 to sell or exchange and it is not a solicitation of an offer to buy or sell Corporate
 HiMEDS Units or common stock in any jurisdiction in which the offer is not permitted.
 Avery Dennison is not aware of any jurisdiction, except as provided in the section
 entitled &#147;Notice to Investors,&#148; where the making of the offer or its acceptance
 would not be legal. If Avery Dennison learns of any jurisdiction where making the
 offer or its acceptance would not be permitted, Avery Dennison intends to make a
 good-faith effort to comply with the relevant law in order to enable the offer and
 acceptance to be permitted. If, after such good-faith effort, Avery Dennison cannot
 comply with such law, Avery Dennison will determine whether the offer will be made
 to and whether tenders will be accepted from or on behalf of persons who are holders
 of shares of Corporate HiMEDS Units residing in the jurisdiction.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Certain Matters Relating to Non-U.S. Jurisdictions</b></i></b></i><b>.</b>&#160;&#160;&#160;&#160; Although
 Avery Dennison has mailed this document to its Corporate HiMEDS Unit holders to
 the extent required by U.S. law, including to Corporate HiMEDS Unit holders located
 outside the United States, this document is not an offer to sell or exchange and
 it is not a solicitation of an offer to buy or sell any Corporate HiMEDS Units or
 common stock in any jurisdiction in which the offer is not permitted. Countries
 outside the United States generally have their own legal requirements that govern
 securities offerings made to persons resident in those countries and often impose
 stringent requirements about the form and content of offer made to the general public.
 Avery Dennison has not taken any action under those non-U.S. regulations to facilitate
 a public offer to exchange the Corporate HiMEDS Units outside the United States.
 Therefore, the ability of any non-U.S. person to tender Corporate HiMEDS Units in
 the offer will depend on whether there is an exemption available under the laws
 of such person&#146;s home country that would permit the person to participate in
 the offer without the need for Avery Dennison to take any action to facilitate a
 public offering in that country or otherwise. For example, some countries exempt
 transactions from the rules governing public offerings if they involve persons who
 meet certain eligibility requirements relating to their status as sophisticated
 or professional investors.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Non-U.S. stockholders
 should consult their advisors in considering whether they may participate in the
 offer in accordance with the laws of their home countries and, if they do participate,
 whether there are any restrictions or limitations on transactions in the Corporate
 HiMEDS Units that may apply in their home countries. None of Avery Dennison, the
 Information Agent or the Exchange Agent can provide any assurance about whether
 such limitations may exist.</font></p>
<p align="center"><font face="Times New Roman" size="2">33</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>COMPARISON OF RIGHTS OF
 HOLDERS OF CORPORATE HIMEDS UNITS<br>AND HOLDERS OF AVERY DENNISON COMMON STOCK</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The following
 is a description of the material differences between the rights of holders of Corporate
 HiMEDS Units and holders of common stock. This summary may not contain all of the
 information that is important to you. You should carefully read this entire offer
 to exchange, including the documents incorporated by reference, for a more complete
 understanding of the differences between being a holder of Corporate HiMEDS Units
 and a holder of shares of Avery Dennison common stock.</font></p>
<p><font face="Times New Roman" size="2"><b>Ranking</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Corporate HiMEDS Units</b></i></b></i><b>:</b>&#160;&#160;&#160; The HiMEDS senior notes are unsecured,
 senior obligations of Avery Dennison. The payment of the principal of, and interest
 on, the HiMEDS senior notes ranks equally in right of payment with our existing
 and future unsecured and unsubordinated indebtedness and senior in right of payment
 to any of our existing and future subordinated indebtedness. The HiMEDS senior notes
 are effectively subordinated to any secured indebtedness to the extent of the value
 of the assets securing such indebtedness. Additionally, the notes are effectively
 subordinated to all existing and future indebtedness of our subsidiaries.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The obligations
 with respect to the contract adjustment payments are subordinated and junior in
 right of payment to our senior indebtedness. &#147;Senior indebtedness&#148; with
 respect to the contract adjustment payments means indebtedness of any kind, unless
 the instrument under which such indebtedness is incurred expressly provides that
 it is on a parity in right of payment with or subordinate in right of payment to
 the contract adjustment payments.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Common stock</b></i></b></i><b>:</b>&#160;&#160;&#160; The common stock ranks junior with respect
 to dividend rights and rights upon liquidation, dissolution or winding up of the
 Company to all indebtedness and any preferred stock we may issue.</font></p>
<p><font face="Times New Roman" size="2"><b>Dividends/Distributions</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Corporate HiMEDS Units</b></i></b></i><b>:</b>&#160;&#160;&#160; Holders of Corporate HiMEDS Units
 are entitled to receive quarterly cash distributions consisting of their pro rata
 share of interest payments on the HiMEDS senior notes attributable to the undivided
 beneficial ownership interest in the HiMEDS senior notes, equivalent to the rate
 of 5.350% per year. The interest rate of the HiMEDS senior notes will be reset in
 connection with a remarketing, as described below. The reset rate may be higher
 or lower than the initial interest rate of the notes depending on the results of
 the remarketing and market conditions at that time. Holders of Corporate HiMEDS
 Units also have the option to convert their Corporate HiMEDS Units to Treasury HiMEDS
 Units by substituting, for the related undivided beneficial ownership interest in
 HiMEDS senior notes held by the collateral agent, a beneficial ownership interest
 in a zero-coupon U.S. Treasury security with a principal amount at maturity of $1,000
 that matures on November 15, 2010 or earlier (a &#147;U.S. Treasury security&#148;)
 with a total principal amount at maturity equal to the aggregate principal amount
 of the HiMEDS senior notes underlying the undivided beneficial ownership interests
 in HiMEDS senior notes for which substitution is being made. For holders of Corporate
 HiMEDS Units who have converted their Corporate HiMEDS Units to Treasury HiMEDS
 Units, there will be no distributions in respect of the U.S. Treasury securities
 that are a component of the Treasury HiMEDS Units, but the holders of the Treasury
 HiMEDS Units are entitled to continue to receive the scheduled quarterly interest
 payments on the HiMEDS senior notes that were released to them when the Treasury
 HiMEDS Units were created for as long as they hold the notes.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Holders of
 Corporate HiMEDS Units are also entitled to receive quarterly contract adjustment
 payments from Avery Dennison at the rate of 2.525% per year on the stated amount
 of $50.00 per Corporate HiMEDS Unit.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">We may, at
 our option and upon prior written notice to the holders of the Corporate HiMEDS
 Units and the purchase contract agent, defer the payment of contract adjustment
 payments on the related purchase contracts forming a part of the Corporate HiMEDS
 Units to any subsequent payment date until no later than the purchase contract settlement
 date (defined below).</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">In addition,
 holders of Corporate HiMEDS Units may be entitled to receive certain remarketing
 proceeds in the future. Under the terms of the Corporate HiMEDS Units, remarketing
 of the HiMEDS senior note that is a</font></p>

<p align="center"><font face="Times New Roman" size="2">34</font></p>
<page>


<p><font face="Times New Roman" size="2">component of each Corporate HiMEDS Unit is expected
 to be attempted during the seven business day period beginning on November 1, 2010
 (the ninth scheduled business day prior to November 15, 2010, the &#147;purchase
 contract settlement date,&#148; such date, the &#147;first remarketing date&#148;);
 provided, however, that in no event will the remarketing period extend beyond the
 third scheduled trading day prior to the purchase contract settlement date, as specified
 by Avery Dennison and notified to the holders of the Corporate HiMEDS Units.</font></p>

<p style="text-indent: 50px;"><font face="Times New Roman" size="2">With respect
 to the remarketing, we will enter into a remarketing agreement with a nationally
 recognized investment banking firm, pursuant to which that firm will agree, as remarketing
 agent, to use reasonable best efforts to obtain a price for the HiMEDS senior notes
 to be remarketed that results in net cash proceeds equal to 100.25% of the $1,000
 principal amount of such notes (such principal amount, the &#147;remarketing value&#148;). To obtain that price, the remarketing agent may reset the interest rate
 on the HiMEDS senior notes. In connection with a successful remarketing, we may
 also elect, in our sole discretion, to change the stated maturity of the HiMEDS
 senior notes to one of the following dates: November 15, 2012, November 15, 2013,
 November 15, 2015 or November 15, 2017. The remarketing agent will deduct as a remarketing
 fee from the proceeds of the remarketing an amount not exceeding 25 basis points
 (0.25%) of the remarketing value from such remarketing. If, and only if, the HiMEDS
 senior notes are successfully remarketed, such proceeds, less the remarketing fee,
 will be paid in direct settlement of the obligations of the holders of Corporate
 HiMEDS Units to purchase our common stock. The remarketing agent will remit the
 remaining portion of the proceeds, if any, associated with the HiMEDS senior notes
 that had been part of Corporate HiMEDS Units immediately prior to the remarketing
 for payment to the holders of the Corporate HiMEDS Units participating in the remarketing.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">If the HiMEDS
 senior notes have not been successfully remarketed prior to the purchase contract
 settlement date, the holders of the HiMEDS senior notes that do not underlie Corporate
 HiMEDS Units will have the right to put their HiMEDS senior notes to us on the date
 provided in the remarking notice.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Common stock</b></i></b></i><b>:</b>&#160;&#160;&#160; Holders of common stock are entitled to dividends
 as may be declared from time to time by the board of directors from funds available
 therefor.</font></p>
<p><font face="Times New Roman" size="2"><b>Listing</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Corporate HiMEDS Units</b></i></b></i><b>:</b>&#160;&#160;&#160; The Corporate HiMEDS Units are
 currently listed on the New York Stock Exchange under the symbol &#147;AVY PrA.&#148;</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Common stock</b></i></b></i><b>:</b>&#160;&#160;&#160; Avery Dennison common stock is listed on
 the New York Stock Exchange under the symbol &#147;AVY.&#148;</font></p>
<p><font face="Times New Roman" size="2"><b>Voting Rights</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Corporate HiMEDS Units</b></i></b></i><b>:</b>&#160;&#160;&#160; Holders of the Corporate HiMEDS
 Units have no voting or other rights in respect of the common stock underlying the
 purchase contracts.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Common stock</b></i></b></i><b>:</b>&#160;&#160;&#160; Each share of Avery Dennison common stock
 entitles the holder thereof to one vote on all matters, including the election of
 directors, and, except as otherwise required by law or provided in any resolution
 adopted by our board of directors with respect to any series of preferred stock
 it may issue, the holders of the shares of common stock will possess all voting
 power.</font></p>
<p><font face="Times New Roman" size="2"><b>Conversion</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Corporate HiMEDS Units</b></i></b></i><b>:</b>&#160;&#160;&#160; Each purchase contract that is
 part of a Corporate HiMEDS Unit obliges its holder to purchase for $50.00 in cash,
 and Avery Dennison to sell, on November 15, 2010 or upon early settlement, a number
 of shares of Avery Dennison common stock equal to the settlement rate. The settlement
 rate, which is subject to anti-dilution adjustments, would be calculated as follows:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">if the adjusted
 applicable market value of our common stock is equal to or greater than $65.09, which
 we refer to as the threshold appreciation price, the settlement rate will be 0.7682
 or more shares of our common</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">35</font></p>
<page>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">stock (which
 in no event will be more than 0.9756 shares), as adjusted for anti-dilution events,
 with the actual number of shares issuable being determined based on the formula
 described herein;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">if the adjusted
 applicable market value of our common stock is less than the threshold appreciation
 price of $65.09 but greater than $51.25, which we refer to as the reference price,
 the settlement rate will be a number of shares of our common stock equal to $50.00
 divided by the applicable market value; and</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">if the adjusted
 applicable market value of our common stock is less than or equal to the reference
 price, the settlement rate will be 0.9756 shares of our common stock, as adjusted
 for anti-dilution events.</font></td>
</tr>
</table>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The &#147;adjusted
 applicable market value&#148; means the product of the applicable market value and
 the anti-dilution factor in effect on the relevant settlement date; provided, however, that if an adjustment to the anti-dilution factor is required to be made
 pursuant to the occurrence of certain events during the period taken into consideration
 for determining the applicable market value, appropriate and customary adjustments
 shall be made to the anti-dilution factor. The &#147;applicable market value&#148;
 means the average of the closing prices per share of our common stock over the 20
 consecutive trading day period ending on the third trading day immediately preceding
 the purchase contract settlement date. The &#147;anti-dilution factor&#148; is a
 cumulative factor that reflects the aggregate adjustments, if any, made to the low
 and minimum settlement rates. The anti-dilution factor is currently&#160;equal to
 one and shall be subject to adjustment.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">A holder of
 Corporate HiMEDS Units may settle the related purchase contract with separate cash
 at any time following our notice of a remarketing on or prior to 4:00 p.m., New
 York City time, on the second business day immediately preceding the first remarketing
 date, which settlement may only be made in integral multiples of 20 purchase contracts.
 Upon such settlement, (1) the settlement rate will be 0.7682 shares of common stock
 per Corporate HiMEDS Unit, subject to anti-dilution adjustments, (2) the HiMEDS
 senior notes underlying such Corporate HiMEDS Units and securing such purchase contracts
 will be released from the pledge under the purchase contract and pledge agreement,
 and delivered within three business days following the date of early settlement
 to the purchase contract agent for delivery to the holder of Corporate HiMEDS Units
 and (3) the right of the holder of Corporate HiMEDS Units to receive future contract
 adjustment payments and any accrued and unpaid contract adjustment payments for
 the period since the most recent quarterly payment will terminate. In addition,
 if we are involved in a consolidation, acquisition, or merger, in each case in which
 10% or more of the consideration received by holders of the common stock consists
 of cash or cash equivalents (a &#147;cash merger&#148;), then following the cash
 merger, each holder of a purchase contract will have the right to accelerate and
 settle such contract early at the settlement rate in effect immediately prior to
 the closing of the cash merger, plus the number of make-whole shares (as defined
 in the purchase contract and pledge agreement), if any; provided, however, for purposes
 of calculating the settlement rate, the applicable market value shall mean the average
 of the closing prices per share of our common stock over the 20 consecutive trading
 day period ending on the trading day immediately preceding the date on which the
 cash merger becomes effective.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Common stock</b></i></b></i><b>:</b>&#160;&#160;&#160; Avery Dennison common stock is not convertible
 into any other security.</font></p>
<p><font face="Times New Roman" size="2"><b>Governing Document</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Corporate HiMEDS Units:</b></i></b></i>&#160;&#160;&#160;&#160; As a holder of Corporate HiMEDS Units,
 your rights currently are set forth in, and you may enforce your rights under, the
 purchase contract and pledge agreement and supplemental indenture .</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Common stock:</b></i></b></i>&#160;&#160;&#160;&#160; After completion of the exchange offer, holders
 of shares of our common stock will have their rights set forth in, and may enforce
 their rights under, Delaware General Corporation Law and our certificate of incorporation
 and bylaws.</font></p>
<p align="center"><font face="Times New Roman" size="2">36</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>EFFECTS OF THE OFFER ON
 THE MARKET FOR CORPORATE HIMEDS UNITS; REGISTRATION UNDER THE EXCHANGE ACT; NEW
 YORK STOCK EXCHANGE LISTING</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Avery Dennison&#146;s exchange of Corporate HiMEDS Units pursuant to the offer will reduce the
 number of Corporate HiMEDS Units that might otherwise be traded publicly and may
 reduce the number of holders of Corporate HiMEDS Units. The Corporate HiMEDS Units
 are currently traded on the New York Stock Exchange. There can be no assurance that
 holders of Corporate HiMEDS Units will be able to find willing buyers for their
 Corporate HiMEDS Units after completion of the offer.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Although Corporate
 HiMEDS Units may be held by fewer persons after the completion of the offer, we
 have structured the offer with the intent of avoiding de-listing of the Corporate
 HiMEDS Units and do not plan to take any action following the offer to cause the
 de-listing of the Corporate HiMEDS Units from the New York Stock Exchange or to
 terminate the registration thereof as long as any Corporate HiMEDS Units are outstanding
 following the completion of the offer. See &#147;Description of the Offer&#151;Condition
 to the Offer.&#148;</font></p>
<p align="center"><font face="Times New Roman" size="2">37</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>DESCRIPTION OF AVERY DENNISON
 COMMON STOCK</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">This section
 contains a description of our common stock. The following summary of the terms of
 our common stock is not meant to be complete and is qualified by reference to our
 certificate of incorporation, as amended, and our by-laws, as amended. See &#147;Incorporation
 by Reference; Additional Information.&#148;</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">As of December
 27, 2008, we had 400,000,000 shares of common stock, par value $1.00 per share,
 authorized, of which 106,285,574 shares were issued and outstanding, and&#160;17,841,050
 shares were issued and held in treasury.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Subject to
 any preferential rights that our board of directors may grant in connection with
 the future issuance of preferred stock, each holder of common stock is entitled
 to one vote per share on all matters voted upon by the stockholders. Our certificate
 of incorporation does not provide for cumulative voting in the election of directors.
 Generally, all matters to be voted on by the stockholders must be approved by a
 majority of the votes cast, subject to state law and any voting rights granted to
 any of the holders of preferred stock. Notwithstanding the foregoing, the amending,
 repealing or adopting of by-laws by the stockholders requires the vote of holders
 of 80% of our outstanding capital stock entitled to vote in the election of directors.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Each holder
 of common stock is entitled to receive ratably any dividends declared on the common
 stock by the board of directors from funds legally available for distribution. In
 the event of our liquidation, dissolution or winding up, after we pay all debts
 and other liabilities and any liquidation preference on the preferred stock, each
 holder of common stock would be entitled to share ratably in all of our remaining
 assets. The common stock has no subscription, redemption, conversion or preemptive
 rights. All shares of common stock are fully paid and nonassessable.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">As a corporation
 organized under the laws of the State of Delaware, we are subject to Section 203
 of the General Corporation Law of the State of Delaware (the &#147;DGCL&#148;),
 which restricts certain business combinations between us and an &#147;interested
 stockholder&#148; (in general, a stockholder owning 15% or more of our outstanding
 voting stock) or that stockholder&#146;s affiliates or associates for a period of
 three years following the date on which the stockholder becomes an &#147;interested
 stockholder.&#148; The restrictions do not apply if:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">prior to an
 interested stockholder becoming such, our board of directors approves either the
 business combination or the transaction in which the stockholder becomes an interested
 stockholder;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">upon consummation
 of the transaction in which the stockholder becomes an interested stockholder, the
 interested stockholder owns at least 85% of our voting stock outstanding at the
 time the transaction commenced, subject to certain exceptions; or</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">on or after
 the date an interested stockholder becomes such, the business combination is both
 approved by our board of directors and authorized at an annual or special meeting
 of our stockholders (and not by written consent) by the affirmative vote of at least
 66 2/3% of the outstanding voting stock not owned by the interested stockholder.</font></td>
</tr>
</table>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">In addition,
 Computershare, Inc. is the registrar and transfer agent for our common stock.</font></p>
<p align="center"><font face="Times New Roman" size="2">38</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>INTERESTS OF DIRECTORS
 AND OFFICERS</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Neither Avery
 Dennison nor any of its subsidiaries, nor, to Avery Dennison&#146;s knowledge based
 on reasonable inquiry, any of its directors or executive officers, nor any affiliates
 of the foregoing (a) owns any Corporate HiMEDS Units or (b) has effected any transactions
 involving the Corporate HiMEDS Units during the 60 days prior to the date of this
 offer to exchange.</font></p>
<p align="center"><font face="Times New Roman" size="2"><b>EXCHANGE AGENT AND INFORMATION
 AGENT</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">In connection
 with the offer, Avery Dennison has retained D. F. King to act as Exchange Agent
 and Information Agent, and D. F. King will receive customary fixed fees for its
 services. Avery Dennison has agreed to reimburse D. F. King for its necessary out-of-pocket
 expenses and to indemnify it against certain liabilities, including liabilities
 under U.S. federal securities laws and to contribute to payments that they may be
 required to make in respect thereof. No fees or commissions have been or will be
 paid by Avery Dennison to any broker, dealer or other person, other than D. F. King
 in connection with the offer.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Any holder
 that has questions concerning the terms of the offer or requests for assistance
 may contact Avery Dennison at the address and telephone numbers set forth on page
 18 of this offer to exchange. Requests for additional copies of this offer to exchange
 or the related letter of transmittal may be directed to D. F. King at its address
 and telephone numbers set forth on the back cover of this offer to exchange. Holders
 of Corporate HiMEDS Units may also contact their broker, dealer, custodian bank,
 depository, trust company or other nominee for assistance concerning the offer.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Letters of
 transmittal and all correspondence in connection with the offer should be sent or
 delivered to D. F. King at its address or to the facsimile number set forth on the
 back cover of this offer to exchange. Any holder or beneficial owner that has questions
 concerning tender procedures should contact D. F. King at its address and telephone
 numbers set forth on the back cover of this offer to exchange.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">D. F. King
 may contact holders of Corporate HiMEDS Units regarding the mechanics of the offer
 and may request brokers, dealers, custodian banks, depositories, trust companies
 and other nominees to forward this offer to exchange and related materials to beneficial
 owners of Corporate HiMEDS Units. With respect to jurisdictions located outside
 of the United States, the offer may be conducted through affiliates of D. F. King
 that are registered and/or licensed to conduct the offer in such jurisdictions.
 The customary mailing and handling expenses incurred by forwarding material to their
 customers will be paid by us.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Neither the
 Exchange Agent nor the Information Agent assumes any responsibility for the accuracy
 or completeness of the information concerning us contained or incorporated by reference
 in this offer to exchange or for any failure by us to disclose events that may have
 occurred and may affect the significance or accuracy of such information.</font></p>
<p align="center"><font face="Times New Roman" size="2">39</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>CERTAIN UNITED STATES
 FEDERAL INCOME TAX CONSIDERATIONS</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The following
 is a discussion of certain United States federal income tax considerations relating
 to the offer and to the ownership and disposition of the common stock for holders
 who acquire such stock in the exchange, but does not purport to be a complete analysis
 of all the potential tax considerations relating thereto. This summary is based
 upon the provisions of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), Treasury Regulations promulgated thereunder, administrative rulings and
 judicial decisions, all as of the date hereof. These authorities may be changed,
 possibly retroactively, so as to result in United States federal income tax consequences
 different from those set forth below. We have not sought any ruling from the Internal
 Revenue Service (&#147;IRS&#148;) or an opinion of counsel with respect to the statements
 made and the conclusions reached in the following summary, and there can be no assurance
 that the IRS will agree with such statements and conclusions.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">This discussion
 addresses only the tax considerations that are relevant to holders that hold Corporate
 HiMEDS Units, and that will hold common stock, as capital assets within the meaning
 of Section 1221 of the Code. This summary also does not address the effect of the
 United States federal estate or gift tax laws or the tax considerations arising
 under the laws of any foreign, state or local jurisdiction. In addition, this discussion
 does not address tax considerations applicable to an investor&#146;s particular
 circumstances or to investors that may be subject to special tax rules, including,
 without limitation:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">banks, insurance
 companies, or other financial institutions;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">holders subject
 to the alternative minimum tax;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">tax-exempt
 organizations;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">regulated
 investment companies or real estate investment trusts;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">dealers in
 securities or commodities;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">traders in
 securities that elect to use a mark-to-market method of accounting for their securities
 holdings;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">foreign persons
 or entities (except to the extent specifically set forth below);</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">persons that
 are S-corporations, partnerships or other pass-through entities;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">expatriates
 and certain former citizens or long-term residents of the United States;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">U.S. holders
 (as defined below) whose functional currency is not the United States dollar;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">persons who
 hold the Corporate HiMEDS Units, HiMEDS senior notes, purchase contracts or our
 common stock as a position in a hedging transaction, &#147;straddle,&#148; &#147;conversion
 transaction&#148; or other risk reduction transaction; or</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">persons deemed
 to sell the Corporate HiMEDS Units, HiMEDS senior notes, purchase contracts or our
 common stock under the constructive sale provisions of the Code.</font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2"><b>YOU ARE URGED TO CONSULT YOUR TAX ADVISOR
 WITH RESPECT TO THE APPLICATION OF THE UNITED STATES FEDERAL INCOME TAX LAWS TO
 YOUR PARTICULAR SITUATION AS WELL AS ANY TAX CONSEQUENCES OF THE OFFER AND THE OWNERSHIP
 AND DISPOSITION OF THE COMMON STOCK ACQUIRED IN THE EXCHANGE ARISING UNDER THE FEDERAL
 ESTATE OR GIFT TAX RULES OR UNDER THE LAWS OF ANY STATE, LOCAL, FOREIGN OR OTHER
 TAXING JURISDICTION OR UNDER ANY APPLICABLE TAX TREATY.</b></font></p>
<p align="center"><font face="Times New Roman" size="2">40</font></p>
<page>

<p><font face="Times New Roman" size="2"><b>Participating U.S. Holders</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The following
 is a summary of certain material United States federal income tax considerations
 relevant to U.S. holders of the Corporate HiMEDS Units or our common stock. Certain
 considerations relevant to &#147;non-U.S. holders&#148; of the Corporate HiMEDS
 Units or our common stock are described under &#147;&#151;Participating Non-U.S.
 Holders&#148; below. &#147;U.S. holder&#148; means a holder of a Corporate HiMEDS
 Unit or our common stock that is:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">an individual
 citizen or resident of the United States;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">a corporation
 or other entity taxable as a corporation for United States federal income tax purposes
 created or organized in the United States or under the laws of the United States,
 any state thereof, or the District of Columbia;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">an estate,
 the income of which is subject to United States federal income taxation regardless
 of its source; or</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">a trust that
 (1) is subject to the primary supervision of a United States court and the control
 of one or more United States persons or (2) has a valid election in effect under
 applicable Treasury Regulations to be treated as a United States person.</font></td>
</tr>
</table>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">For purposes
 of this discussion, a &#147;non-U.S. holder&#148; means a holder of a Corporate
 HiMEDS Unit or our common stock (other than a partnership or other entity treated
 as a partnership for U.S. federal income tax purposes) who or which is not a U.S.
 holder. If a partnership or other entity treated as a partnership for United States
 federal income tax purposes holds Corporate HiMEDS Units and participates in the
 exchange, the tax treatment of a partner generally will depend on the status of
 the partner and on the activities of the partnership. Partners of partnerships holding
 Corporate HiMEDS Units that participate in the exchange are encouraged to consult
 their tax advisors.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Treatment of the Corporate HiMEDS Units</b></i></b></i><b>.</b>&#160;&#160;&#160;&#160;Each Corporate
 HiMEDS Unit consists of two components, an undivided beneficial interest in a HiMEDS
 senior note and a purchase contract. The purchase price of each Corporate HiMEDS
 Unit was allocated between the HiMEDS senior note and the purchase contract in proportion
 to their respective fair market values at the time of issuance. This allocation
 established the U.S. holder&#146;s initial tax basis in the HiMEDS senior note and
 the purchase contract. With respect to the initial issuance, we determined that
 100% of the issue price of a Corporate HiMEDS Unit was allocable to the HiMEDS senior
 note and 0% was allocable to the purchase contract. By purchasing the Corporate
 HiMEDS Units upon issuance, each U.S. holder was deemed to have agreed to this allocation.
 This allocation is not binding on the IRS. If a U.S. holder acquired a Corporate
 HiMEDS Unit through a purchase in the secondary market, the purchase price should
 have been similarly allocated between the HiMEDS senior note and the purchase contract
 in proportion to the fair market values of the two components at the time of the
 purchase.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">There is no
 direct authority addressing the treatment of the contract adjustment payments under
 current law, and their treatment is unclear. We have been reporting the contract
 adjustment payments as ordinary income to U.S. holders. Under this treatment, U.S.
 holders should have included the contract adjustment payments in income when received
 or accrued, in accordance with their regular method of tax accounting. However,
 other treatments are possible. We have reported such payments on any required information
 returns as taxable ordinary income to the holder. Holders who may have reported
 such payments or accruals in a different manner are urged to consult their tax advisors.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The following
 discussion assumes that a U.S. holder&#146;s reporting for United States federal
 income tax purposes of the acquisition and ownership of Corporate HiMEDS Units has
 been consistent with the treatment outlined above. In addition, it assumes that,
 on the date hereof, the purchase contract has negative value as to the U.S. holder
 (<i>i.e</i>., the purchase contract represents a net liability to the U.S. holder).</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Exchange of Corporate HiMEDS Units for Common Stock and Cash</b></i></b></i><b>.</b>&#160;&#160;&#160;&#160;The United States federal income tax treatment of the exchange of a Corporate
 HiMEDS Unit for shares of our common stock plus cash pursuant to the exchange offer
 is unclear. We intend to take the position that, for United States federal income
 tax purposes, the</font></p>

<p align="center"><font face="Times New Roman" size="2">41</font></p>
<page>

<p><font face="Times New Roman" size="2">exchange of a Corporate HiMEDS Unit for shares of our common stock
 plus cash pursuant to the offer to exchange should be treated as if:</font></p>


<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="right"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">(1)</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">the purchase
 contract is settled in cash for an amount equal to the fair market value to the
 U.S. holder of being relieved of such holder&#146;s obligation under the purchase
 contract; and</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td width="4%" valign="top" align="right"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">(2)</font></p></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">the HiMEDS
 senior note is exchanged for shares of common stock, cash (other than the portion
 of such cash that is properly allocable to accrued and unpaid interest or accrued
 and unpaid contract adjustment payments), and a deemed amount equal to the fair
 market value to the U.S. holder of being relieved of such holder&#146;s obligation
 under the purchase contract (such deemed amount together with such cash, the &#147;Other
 Property&#148;).</font></td>
</tr>
</table>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">There is no
 authority directly addressing the United States federal income tax treatment of
 the exchange, and alternative characterizations of the exchange are possible. No
 assurance can be given that the IRS will not challenge such treatment. U.S. holders
 are encouraged to consult their tax advisors regarding the United States federal
 income tax consequences of this offer to exchange. The following discussion assumes
 that the offer to exchange is characterized in accordance with the treatment outlined
 above.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">A U.S. holder
 that purchased the Corporate HiMEDS Unit upon original issuance or when the purchase
 contract had positive value, or otherwise has a positive basis in the purchase contract,
 generally should recognize a capital loss on the deemed settlement of the purchase
 contract equal to the U.S. holder&#146;s adjusted tax basis in the purchase contract
 plus the deemed cash payment to us, which deemed cash payment is equal to the fair
 market value to the U.S holder of being relieved from such holder&#146;s obligations
 under the purchase contract. Such loss generally should be long term capital loss
 if the U.S. holder&#146;s holding period for the purchase contract is more than
 one year at the time of the exchange. The deduction of capital losses for United
 States federal income tax purposes is subject to limitations.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">If a U.S.
 holder purchased a Corporate HiMEDS Unit when the purchase contract had a negative
 value, the United States federal income tax consequences of the deemed settlement
 of the purchase contract are not clear. Such U.S. holder should consult its tax
 advisor regarding the United States federal income tax consequences of the deemed
 settlement of the purchase contract under such circumstances.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The treatment
 of the exchange of the HiMEDS senior note will depend on whether the HiMEDS senior
 note constitutes a security for United States federal income tax purposes. The term
 &#147;security&#148; is not defined in the Code or in the Treasury Regulations and
 has not been clearly defined by judicial decisions. The determination of whether
 a particular debt obligation constitutes a security depends on an evaluation of
 the overall nature of the debt. One of the most significant factors considered in
 determining whether a particular debt is a security is its original term. In general,
 debt obligations issued with a maturity at issuance of less than five years do not
 constitute securities, whereas debt obligations with a maturity at issuance of ten
 years or more constitute securities.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">We intend
 to take the position that the HiMEDS senior notes constitute securities for United
 States federal income tax purposes and the exchange of HiMEDS senior notes for common
 stock and Other Property will be treated as a recapitalization within the meaning
 of Section 368(a)(1)(E) of the Code. In such case, a U.S. holder should recognize
 gain (but not loss) on the exchange in an amount equal to the lesser of (i) the
 amount of gain realized (measured by the amount by which the fair market value of
 the common stock, including any fractional shares deemed received, as described
 below, and Other Property received in the exchange (other than cash attributable
 to fractional shares) exceeds the holder&#146;s adjusted tax basis in the HiMEDS
 senior note) and (ii) the amount of Other Property received (excluding cash paid
 in lieu of a fractional share). Subject to the discussion of &#147;market discount&#148; below, any such gain generally should be capital gain and should be long term
 capital gain if the U.S. holder&#146;s holding period for the HiMEDS senior note
 is more than one year at the time of the exchange. A U.S. holder&#146;s holding
 period of the common stock should include the holding period of the Corporate HiMEDS
 Unit, and such holder&#146;s adjusted tax basis in the common stock (including a
 fractional share deemed received and sold as described below) should be equal to
 the adjusted tax basis of the HiMEDS senior note increased by any gain recognized
 in the exchange (except for any gain recognized with respect to the deemed sale
 of a fractional share as described below) and decreased by the fair market value
 of Other Property received (excluding cash paid in lieu of a fractional share).
 If a U.S. holder receives cash instead of a fractional share of common stock, such
 holder should be treated as having</font></p>

<p align="center"><font face="Times New Roman" size="2">42</font></p>
<page>

<p><font face="Times New Roman" size="2">received the fractional share of common stock
 pursuant to the exchange and then as having sold that fractional share of common
 stock for cash. See &#147;&#151;Ownership and Disposition of Common Stock.&#148;</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">If the HiMEDS
 senior note does not constitute a security for United States federal income tax
 purposes, upon the exchange of the HiMEDS senior note for common stock and Other
 Property, subject to the discussion of &#147;market discount&#148; below, a U.S.
 holder generally should recognize capital gain or loss in an amount equal to the
 difference between (i) the sum of the fair market value of the common stock and
 Other Property received in the exchange and (ii) the holder&#146;s adjusted tax
 basis in the HiMEDS senior note. Any such gain or loss generally should be long-term
 capital gain or loss if the U.S. holder&#146;s holding period for the HiMEDS senior
 note is more than one year at the time of the exchange. The deduction of capital
 losses for United States federal income tax purposes is subject to limitations.
 The U.S. holder&#146;s adjusted tax basis in the common stock received generally
 should equal the fair market value of the common stock at the time of the exchange,
 and such holder&#146;s holding period of the common stock should start on the day
 following the exchange.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Market Discount</b></i></b></i><b>.</b>&#160;&#160;&#160;&#160;A U.S. holder that purchased a Corporate
 HiMEDS Unit from a prior holder such that the HiMEDS senior note was purchased at
 a market discount (defined as the excess, if any, of the stated redemption price
 of the note at maturity over the holder&#146;s basis in such note immediately after
 its acquisition) may be subject to the market discount rules of the Code. Under
 those rules, any gain recognized on the exchange of such HiMEDS senior notes generally
 should be treated as ordinary income to the extent of the market discount accrued
 during the holder&#146;s period of ownership, unless the holder elected to include
 the market discount in income as it accrued. If the exchange qualifies for recapitalization
 treatment, the Code provides that any accrued market discount in excess of the gain
 recognized in the exchange will not be currently includible in income under Treasury
 Regulations to be issued. However, any such excess accrued market discount will
 carry over to the common stock such that any gain recognized by the holder upon
 a subsequent disposition of the common stock should be treated as ordinary income
 to the extent of any such accrued market discount that was carried over.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Accrued Interest</b></i></b></i><b>.</b>&#160;&#160;&#160;&#160;Holders whose Corporate HiMEDS Units
 are accepted in the offer will receive a cash payment that includes the accrued
 and unpaid interest in respect of the HiMEDS senior notes from the most recent interest
 payment date to, but not including, the settlement date. The payment of that interest
 in connection with the exchange will not be considered part of the amount realized
 in the exchange, but will instead be taxable to the U.S. holder as ordinary interest
 income in the taxable year of the exchange, unless such holder has previously included
 such amount in income in accordance with its method of accounting for United States
 federal income tax purposes.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Accrued Contract Adjustment Payments</b></i></b></i><b>.</b>&#160;&#160;&#160;&#160;Holders whose Corporate
 HiMEDS Units are accepted in the offer will receive a cash payment that includes
 the accrued and unpaid contract adjustment payments in respect of the purchase contract
 from the most recent contract adjustment payment date to, but not including, the
 settlement date. There is no direct authority under current law that addresses the
 treatment of the contract adjustment payments, and their treatment is, therefore,
 unclear. We plan to report the payments in the same manner as we have been reporting
 contract adjustment payments prior to this offer to exchange.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Ownership and Disposition of Common Stock</b></i></b></i><b>.</b>&#160;&#160;&#160;&#160; Distributions
 paid by us out of our current or accumulated earnings and profits (as determined
 for United States federal income tax purposes) on common stock received as part
 of the offer will constitute dividends and will be includible in income by U.S.
 holders when received. Under current law, such dividends paid to individual U.S.
 holders generally should qualify for a maximum 15% tax rate on &#147;qualified dividend
 income&#148; through December 31, 2010. Such dividends will be eligible for the
 dividends received deduction if the U.S. holder is an otherwise qualifying corporate
 holder that meets the holding period and other requirements for the dividends received
 deduction. If a distribution exceeds our current and accumulated earnings and profits,
 the excess will be treated as a tax-free return of the U.S. holder&#146;s investment,
 up to such U.S. holder&#146;s adjusted tax basis in the common stock and thereafter
 as capital gain. Such capital gain generally will be long-term capital gain if the
 U.S. holder held such common stock for more than one year immediately prior to such
 distribution.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Upon a disposition
 of our common stock (including the disposition of a fractional share interest deemed
 received and sold as described above), a U.S. holder generally will recognize capital
 gain or loss equal to the difference between the amount realized and the U.S. holder&#146;s adjusted tax basis in the common stock. Such capital gain or loss generally
 will be long-term capital gain or loss if the U.S. holder held such common stock
 for more than one year immediately prior to such disposition. The deductibility
 of capital losses is subject to limitations. As discussed</font></p>
<p align="center"><font face="Times New Roman" size="2">43</font></p>
<page>

<p><font face="Times New Roman" size="2">above, a U.S. holder generally
 will be required to treat gain realized on the disposition of common stock (including
 certain dispositions that are non-recognition transactions under the Code) as ordinary
 income to the extent accrued market discount on the HiMEDS senior note was carried
 over to such stock in the exchange.</font></p>

<p><font face="Times New Roman" size="2"><b>Participating Non-U.S. Holders</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The following
 discussion applies to holders that are non-U.S. holders, as defined above. Special
 rules may apply if a non-U.S. holder is a &#147;controlled foreign corporation,&#148; &#147;passive foreign investment company,&#148; or otherwise subject to special
 treatment under the Code. A non-U.S. holder that is such an entity should consult
 its tax advisor to determine the United States federal, state, local and foreign
 tax consequences that may be relevant to it.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Exchange of Corporate HiMEDS Units for Common Stock and Cash</b></i></b></i><b>.</b>&#160;&#160;&#160;&#160;Subject to the discussion below regarding the treatment of accrued interest
 and accrued contract adjustment payments, a non-U.S. holder generally will not be
 subject to United States federal income or withholding tax with respect to any gain
 realized on the exchange of the HiMEDS senior note for common stock (including any
 gain attributable to accrued market discount on the HiMEDS senior notes) and Other
 Property or with respect to gain, if any, realized on the deemed settlement of the
 purchase contract unless:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">the gain is
 effectively connected with the non-U.S. holder&#146;s conduct of a trade or business
 in the United States (and, if required by an applicable income tax treaty, is attributable
 to a permanent establishment in the United States maintained by such non-U.S. holder);</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">the non-U.S.
 holder is an individual present in the United States for 183 days or more during
 the taxable year in which the gain is realized and certain other conditions are
 met; or</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">in the case
 of a purchase contract, we are or have been a &#147;United States real property
 holding corporation,&#148; or USRPHC, within the meaning of the &#147;Foreign Investment
 in Real Property Tax Act&#148; for United States federal income tax purposes at
 any time during the shorter of the period commencing on the date the Corporate HiMEDS
 Units were issued and ending on the date of the deemed settlement of the purchase
 contracts or the period that such non-U.S. holder held such purchase contract. We
 do not believe that we have been a USRPHC during the period which the Corporate
 HiMEDS Units have been outstanding.</font></td>
</tr>
</table>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Unless an
 applicable income tax treaty provides otherwise, gain described in the first bullet
 point above will be subject to United States federal income tax on an net income
 basis in the same manner as if such holder were a resident of the United States.
 Non-U.S. holders that are foreign corporations also may be subject to a branch profits
 tax equal to 30% (or such lower rate specified by an applicable income tax treaty)
 of a portion of its effectively connected earnings and profits for the taxable year.
 Non-U.S. holders should consult any applicable income tax treaties that may provide
 for different rules.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Gain described
 in the second bullet point above will be subject to United States federal income
 tax at a flat 30% rate, but may be offset by United States source capital losses
 (even though the individual is not considered a resident of the United States).</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Accrued Interest</b></i></b></i><b>.</b>&#160;&#160;&#160;&#160; A non-U.S. holder generally will not
 be subject to the 30% United States federal income or withholding tax on accrued
 interest paid on the HiMEDS senior notes, provided that the non-U.S. holder:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">does not own,
 actually or constructively, 10% or more of the total combined voting power of all
 classes of our stock entitled to vote;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">is not a &#147;controlled foreign corporation&#148; with respect to which we are, directly
 or indirectly, a &#147;related person;&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">is not a bank
 receiving interest pursuant to a loan agreement entered into in the ordinary course
 of its trade or business; and</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">44</font></p>
<page>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="4%"><p style="text-indent: 50px;"><font face="Times New Roman" size="2">&#149;</font></p></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">provides the
 holder&#146;s name and address, and certifies, under penalties of perjury, that
 the holder is not a United States person (which certification may be made on an
 IRS Form W-8BEN (or successor form)), or, if the holder holds the HiMEDS senior
 notes through certain foreign intermediaries, such holder and the foreign intermediaries
 satisfy the certification requirements of applicable Treasury Regulations.</font></td>
</tr>
</table>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">If a non-U.S.
 holder cannot satisfy the requirements described above, such holder will be subject
 to a 30% U.S. federal withholding tax unless the non-U.S. holder provides us with
 a properly executed (1) IRS Form W-8BEN (or successor form) claiming an exemption
 from or reduction in withholding under the benefit of an applicable United States
 income tax treaty or (2) IRS Form W-8ECI (or successor form) stating that the interest
 is not subject to withholding tax because it is effectively connected with the conduct
 of a United States trade or business.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">If a non-U.S.
 holder is engaged in a trade or business in the United States and interest on the
 HiMEDS senior notes is effectively connected with the conduct of that trade or business,
 the non-U.S. holder will be subject to United States federal income tax on such
 amounts on a net income basis (although the holder will be exempt from the 30% withholding
 tax, provided the certification requirements described above are satisfied) in the
 same manner as if the non-U.S. holder were a United States person as defined in
 the Code. In addition, foreign corporations holding the HiMEDS senior notes may
 be subject to a branch profits tax equal to 30% (or lower rate as may be prescribed
 under an applicable United States income tax treaty) of such foreign corporation&#146;s earnings and profits for the taxable year, subject to adjustments, that are
 effectively connected with such foreign corporation&#146;s conduct of a trade or
 business in the United States.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Accrued Contract Adjustment Payments</b></i></b></i><b>.</b>&#160;&#160;&#160;&#160; There is no direct
 authority under current law that addresses the treatment of the contract adjustment
 payments, and their treatment is, therefore, unclear. Consistent with our past practice,
 we intend to treat any accrued contract adjustment payments as amounts subject to
 U.S. withholding tax at a 30% rate, unless an income tax treaty reduces or eliminates
 such tax or the payment is effectively connected with the conduct by the non-U.S.
 holder of a trade or business within the United States. In the latter case, the
 non-U.S. holder will be subject to United States federal income tax with respect
 to any contract adjustment payments at regular rates applicable to United States
 taxpayers unless an income tax treaty reduces or eliminates the tax, and if the
 non-U.S. holder is treated as a corporation for United States federal income tax
 purposes, the non-U.S. holder may also be subject to a 30% branch profits tax, unless
 an income tax treaty reduces or eliminates the branch profits tax. Non-U.S. holders
 should consult their tax advisors concerning contract adjustment payments.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Ownership of Common Stock</b></i></b></i><b>.</b>&#160;&#160;&#160;&#160; We generally will withhold tax
 at a rate of 30% on dividends paid on shares of our common stock, unless the non-U.S.
 holder qualifies for a reduced rate of withholding, or is able to claim a valid
 exemption, under an income tax treaty (generally, by providing an IRS Form W-8BEN
 claiming treaty benefits) or establishes that such dividend is not subject to withholding
 tax because it is effectively connected with the non-U.S. holder&#146;s conduct
 of a trade or business in the United States (generally, by providing an IRS Form
 W-8ECI (or successor form)).</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Any dividends
 paid on our common stock that are effectively connected with a non-U.S. holder&#146;s
 United States trade or business (or if required by an applicable income tax treaty,
 attributable to a permanent establishment maintained by the non-U.S. holder in the
 United States) generally will be subject to United States federal income tax on
 a net income basis in the same manner as if such holder were a resident of the United
 States, unless an applicable income tax treaty provides otherwise. A non-U.S. holder
 that is a foreign corporation also may be subject to a branch profits tax equal
 to 30% (or such lower rate specified by an applicable income tax treaty) of a portion
 of its effectively connected earnings and profits for the taxable year. Non-U.S.
 holders should consult any applicable income tax treaties that may provide for different
 rules.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><i><b><i>
<b>Disposition of Common Stock</b></i></b></i><b>.</b>&#160;&#160;&#160;&#160; Non-U.S. holders generally
 will not be subject to United States federal income or withholding tax on gain realized
 on the sale, exchange, redemption or other taxable disposition of common stock unless
 certain exceptions apply, as described above under &#147;&#151;Participating Non-U.S.
 Holders&#151;Exchange of Corporate HiMEDS Units for Common Stock and Cash.&#148;</font></p>
<p align="center"><font face="Times New Roman" size="2">45</font></p>
<page>

<p><font face="Times New Roman" size="2"><b>Backup Withholding and Information Reporting
</b></font></p>

<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The exchange
 of Corporate HiMEDS Units for common stock and cash pursuant to the offer to exchange
 and the receipt of dividends on our common stock received as part of the exchange
 may be subject to &#147;backup withholding&#148; under the Code if a recipient of
 those payments fails to furnish to the payor certain identifying information. Any
 amounts deducted and withheld generally should be allowed as a credit against that
 recipient&#146;s United States federal income tax, provided that appropriate proof
 is provided under rules established by the IRS. Furthermore, certain penalties may
 be imposed by the IRS on a recipient of payments that is required to supply information
 but that does not do so in the proper manner. Backup withholding generally should
 not apply with respect to payments made to certain exempt recipients, such as corporations
 and non-U.S. holders, provided that such recipients provide proper documentation
 establishing their exemption. Information may also be required to be provided to
 the IRS concerning payments, unless an exemption applies. U.S. holders should consult
 their tax advisors regarding their qualification for exemption from backup withholding
 and information reporting and the procedures for obtaining such an exemption.</font></p>
<p><font face="Times New Roman" size="2"><b>Non-Participating Holders</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">Holders that
 do not tender their Corporate HiMEDS Units in the offer to exchange will not recognize
 gain or loss, and will continue to have the same tax basis and holding period with
 respect to the Corporate HiMEDS Units as they had before the consummation of the
 offer to exchange.</font></p>
<p align="center"><font face="Times New Roman" size="2">46</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>CERTAIN ERISA CONSIDERATIONS
</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The following
 is a summary of certain considerations associated with the exchange of the Corporate
 HiMEDS Units for offer consideration and the acquisition and holding of the common
 stock by an employee benefit plan subject to Title I of the Employee Retirement
 Income Security Act of 1974, as amended (&#147;ERISA&#148;), a plan described in
 and subject to Section 4975 of the Code, including an individual retirement account
 (&#147;IRA&#148;) and a Keogh plan, a plan subject to provisions under other federal,
 state, local, non-U.S. or other laws or regulations that are similar to the fiduciary
 responsibility or prohibited transaction provisions of Title I of ERISA or Section
 4975 of the Code (&#147;Similar Laws&#148;) and any entity whose underlying assets
 include &#147;plan assets&#148; by reason of any such employee benefit or retirement
 plan&#146;s investment in such entity (each of which we refer to as a &#147;Plan&#148;).</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><b>General
 Fiduciary Matters.</b> ERISA and the Code impose certain duties on persons who are
 fiduciaries of a Plan subject to Title I of ERISA or Section 4975 of the Code (an
 &#147;ERISA Plan&#148;) and prohibit certain transactions involving the assets of
 an ERISA Plan with its fiduciaries or other interested parties. In general, under
 ERISA and the Code, any person who exercises any discretionary authority or control
 over the administration of such an ERISA Plan or the management or disposition of
 the assets of such an ERISA Plan, or who renders investment advice for a fee or
 other compensation to such an ERISA Plan, is generally considered to be a fiduciary
 of the ERISA Plan. Employee benefit plans that are governmental plans (as defined
 in Section 3(32) of ERISA), certain church plans (as defined in Section 3(33) of
 ERISA or Section 4975(g) (3) of the Code) and non-U.S. plans (as described in Section
 4(b)(4) of ERISA) are not subject to the requirements of ERISA or Section 4975 of
 the Code (but may be subject to similar prohibitions under applicable Similar Laws).</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">In considering
 an exchange of a Corporate HiMEDS Unit for offering consideration and the acquisition
 or holding of the common stock with a portion of the assets of a Plan, a fiduciary
 should determine whether the investment is in accordance with the documents and
 instruments governing the Plan and the applicable provisions of ERISA, the Code
 or any Similar Law relating to a fiduciary&#146;s duties to the Plan including,
 without limitation, the prudence, diversification, delegation of control and prohibited
 transaction provisions of ERISA, Section 4975 of the Code and any other applicable
 Similar Laws.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><b>Prohibited
 Transaction Issues.</b> Section 406 of ERISA and Section 4975 of the Code prohibit
 ERISA Plans from engaging in specified transactions involving plan assets with persons
 or entities who are &#147;parties in interest,&#148; within the meaning of ERISA,
 or &#147;disqualified persons,&#148; within the meaning of Section 4975 of the Code,
 unless an exemption is available. A party in interest or disqualified person who
 engaged in a non-exempt prohibited transaction may be subject to excise taxes and
 other penalties and liabilities under ERISA and/or Section 4975 of the Code. In
 the case of an IRA, the occurrence of a non-exempt prohibited transaction could
 cause the IRA to lose its tax-exempt status.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The offering
 consideration and /or the holding of the common stock by an ERISA Plan with respect
 to which we are considered a party in interest or a disqualified person may constitute
 or result in a prohibited transaction under Section 406 of ERISA and/or Section
 4975 of the Code, unless the offering consideration is acquired and the common stock
 is held in accordance with an applicable statutory, class or individual prohibited
 transaction exemption. In this regard, the U.S. Department of Labor (the &#147;DOL&#148;) has issued prohibited transaction class exemptions, or &#147;PTCEs,&#148;
 that may apply to the offering consideration. These class exemptions include, without
 limitation, PTCE 84-14 respecting transactions determined by independent qualified
 professional asset managers, PTCE 90-1 respecting insurance company pooled separate
 accounts, PTCE 91-38 respecting bank collective investment funds, PTCE 95-60 respecting
 life insurance company general accounts and PTCE 96-23 respecting transactions determined
 by in-house asset managers. In addition, Section 408(b)(17) of ERISA and Section
 4975(d)(20) of the Code each provides a limited exemption, called the &#147;service
 provider exemption,&#148; from the prohibited transaction provisions of ERISA and
 Section 4975 of the Code for certain transactions, provided that neither the issuer
 of the securities nor any of its affiliates (directly or indirectly) have or exercise
 any discretionary authority or control or render any investment advice with respect
 to the assets of any ERISA Plan involved in the transaction and provided further
 that the ERISA Plan pays no more than adequate consideration in connection with
 the transaction. There can be no assurance that all of the conditions of any such
 exemptions will be satisfied.</font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2"><b>Representation.
</b> By exchanging a Corporate HiMEDS Unit and accepting common stock, each purchaser
 and holder will be deemed to have represented and warranted that either (i) it is
 not a Plan and no portion of the assets</font></p>

<p align="center"><font face="Times New Roman" size="2">47</font></p>
<page>

<p><font face="Times New Roman" size="2">used to acquire the offering consideration
 or to hold the common stock constitutes assets of any Plan or (ii) the exchange
 of an Corporate HiMEDS Unit and the acquisition and holding of the common stock
 will not constitute a non-exempt prohibited transaction under Section 406 of ERISA
 or Section 4975 of the Code or similar violation under any applicable Similar Laws.</font></p>


<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The foregoing
 discussion is general in nature and is not intended to be all inclusive. Due to
 the complexity of these rules and the penalties that may be imposed upon persons
 involved in non-exempt prohibited transactions, it is particularly important that
 fiduciaries, or other persons considering the offering consideration and acquiring
 the common stock on behalf of, or with the assets of, any Plan, consult with their
 counsel regarding the potential applicability of ERISA, Section 4975 of the Code
 and any Similar Laws to such investment and whether an exemption would be applicable
 to the purchase and holding of the common stock. The exchange of any Corporate HiMEDS
 Units for offering consideration by or to any Plan is in no respect a representation
 by us or any of our affiliates or representatives that such an investment meets
 all relevant legal requirements with respect to investments by such Plans generally
 or any particular Plan, or that such an investment is appropriate for Plans generally
 or any particular Plan.</font></p>
<p align="center"><font face="Times New Roman" size="2">48</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>CERTAIN SECURITIES LAWS
 CONSIDERATIONS</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">All of the
 Corporate HiMEDS Units outstanding as of the date of this offer to exchange were
 issued in an offering that was registered pursuant to the Securities Act. The issuance
 of common stock upon exchange of the Corporate HiMEDS Units is intended to be exempt
 from registration pursuant to Section 3(a)(9) of the Securities Act. Section 3(a)(9)
 provides an exemption from registration for any security exchanged by an issuer
 with its existing security holders exclusively where no commission or other remuneration
 is paid or given directly or indirectly for soliciting such exchange. When securities
 are exchanged for other securities of an issuer under Section 3(a)(9), the securities
 received in essence assume the character of the exchanged securities for purposes
 of the Securities Act. As all outstanding Corporate HiMEDS Units were registered
 under the Securities Act, we expect that all of our common stock issued in the offer
 to persons who are not affiliated with us will be freely tradable under U.S. securities
 laws by such non-affiliates. You are urged to consult with your own legal counsel
 regarding the availability of a resale exemption from the registration requirements
 of the Securities Act.</font></p>
<p align="center"><font face="Times New Roman" size="2"><b>INDEPENDENT REGISTERED
 PUBLIC ACCOUNTING FIRM</b></font></p>
<p style="text-indent: 50px;"><font face="Times New Roman" size="2">The financial
 statements as of December 29, 2007 and December 30, 2006 and for each of the years
 in the three-year period ended December 29, 2007 (including the fiscal years ended
 December 30, 2006 and December 31, 2005) incorporated by reference into this offer
 to exchange, and the effectiveness of internal control over financial reporting
 as of December 29, 2007 have been audited by PricewaterhouseCoopers LLP, an independent
 registered public accounting firm, as stated in their report incorporated by reference
 herein.</font></p>
<p align="center"><font face="Times New Roman" size="2">49</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><i>The Exchange Agent
 for the offer is:</i><br><br><b>D. F. King &#038; Co., Inc.</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="center"><font face="Times New Roman" size="2"><i>By Facsimile
 (Eligible Guarantor Institutions Only)</i></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><i>By Mail,
 Overnight Courier or Hand Delivery</i></font></td>
</tr>
<tr>
<td valign="top" align="center"><font face="Times New Roman" size="2">(212) 809-8838</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">D. F. King
 &#038; Co., Inc.</font></td>
</tr>
<tr>
<td valign="top" align="center"><font face="Times New Roman" size="2">(provide
 call back telephone number</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">48 Wall
 Street, 22<sup>nd</sup> Floor</font></td>
</tr>
<tr>
<td valign="top" align="center"><font face="Times New Roman" size="2">on fax cover
 sheet for confirmation)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">New York,
 New York 10005</font></td>
</tr>
<tr>
<td valign="top" align="center"><font face="Times New Roman" size="2">Confirmation:
 (212) 493-6996</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Attn: Elton
 Bagley</font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">Questions and requests for assistance related
 to this offer to exchange or additional copies of this offer to exchange and related
 letter of transmittal may be directed to the Information Agent at its address or
 telephone numbers set forth below. You may also contact your broker, dealer, commercial
 bank, trust company or other nominee for assistance concerning this offer to exchange.</font></p>
<p align="center"><font face="Times New Roman" size="2"><i>The Information Agent for the offer is:</i><br><br><b>D. F. King &#038; Co., Inc.</b><br><br>48 Wall Street,
 22nd Floor<br>New York, New York 10005</font></p>
<p align="center"><font face="Times New Roman" size="2">Banks and Brokers call: (212)
 269-5550 (Collect)<br>All others call Toll-free: (800) 758-5880</font></p>
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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>4
<FILENAME>ad90061_exa1b.htm
<TEXT>
<html>
<head>
<title></title>
</head>
<body>
<p align="right"><font face="Times New Roman" size="2"><b>Exhibit (a)(1)(B)</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>LETTER OF TRANSMITTAL</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>AVERY DENNISON CORPORATION
</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>Offer to Exchange HiMEDS
 Units in the Form of Corporate HiMEDS Units, stated amount $50.00 per<br>unit, for
 shares of Common Stock of Avery Dennison Corporation and cash</b></font></p>
<p align="center"><font face="Times New Roman" size="2">Pursuant to its<br>Offer to Exchange, Dated
 February 3, 2009</font></p>
<p align="center"><font face="Times New Roman" size="2">(as supplemented or amended from time to
 time, the &#147;offer to exchange&#148;)</font></p>
<p><font face="Times New Roman" size="2"><b>THE OFFER AND WITHDRAWAL RIGHTS WILL
 EXPIRE AT 12:01 A.M., NEW YORK CITY TIME, ON MARCH 4, 2009, UNLESS THE OFFER IS
 EXTENDED BY US (SUCH DATE AND TIME,
 AS THE OFFER MAY BE EXTENDED, THE &#147;EXPIRATION DATE&#148;). TENDERS MAY NOT
 BE WITHDRAWN AFTER THE CORPORATE HIMEDS
 UNITS HAVE BEEN ACCEPTED FOR EXCHANGE.</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" colspan="3" align="center"><font face="Times New Roman" size="2">
<i>The Exchange Agent for the offer is</i>:</font></td>
</tr>
<tr>
<td valign="top" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>D.F. King &#038; Co., Inc.</b></font></td>
</tr>
<tr>
<td width="48%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="48%"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="center"><font face="Times New Roman" size="2"><i>By Facsimile
 (Eligible Guarantor Institutions Only)</i>:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><i>By Mail,
 Overnight Courier or Hand Delivery</i>:</font></td>
</tr>
<tr>
<td valign="top"> <p align="center"><font face="Times New Roman" size="2">(212) 809-8838</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="center"><font face="Times New Roman" size="2">D.F. King
 &#038; Co., Inc.</font></td>
</tr>
<tr>
<td valign="top"><p align="center"><font face="Times New Roman" size="2">(provide call
 back telephone number</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="center"><font face="Times New Roman" size="2">48 Wall Street,
 22nd Floor</font></td>
</tr>
<tr>
<td valign="top"><p align="center"><font face="Times New Roman" size="2">on fax cover
 sheet for confirmation)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="center"><font face="Times New Roman" size="2">New York,
 New York 10005</font></td>
</tr>
<tr>
<td valign="top"><p align="center"><font face="Times New Roman" size="2">Confirmation:
 (212) 493-6996</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="center"><font face="Times New Roman" size="2">Attn: Elton
 Bagley</font></td>
</tr>
</table><br><br>
<p align="center"><font face="Times New Roman" size="2"><i>The Information Agent for the offer is</i>:<br>
<b>D.F. King &#038; Co., Inc.</b><br><br>
48 Wall Street, 22nd Floor<br>New York, New York 10005</font></p>
<p align="center"><font face="Times New Roman" size="2">Banks and Brokers call: (212) 269-5550 (Collect)
<br>All others call Toll-free: (800) 758-5880</font></p>
<page>

<p style="text-indent: 30px;"><font face="Times New Roman" size="2"><b>DELIVERY
 OF THIS LETTER OF TRANSMITTAL TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE OR TRANSMISSION
 OF THIS LETTER OF TRANSMITTAL VIA FACSIMILE TO A NUMBER OTHER THAN AS SET FORTH
 ABOVE DOES NOT CONSTITUTE VALID DELIVERY. THE INSTRUCTIONS ACCOMPANYING THIS LETTER
 OF TRANSMITTAL SHOULD BE READ CAREFULLY BEFORE THIS LETTER OF TRANSMITTAL IS COMPLETED.
</b></font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">This letter
 of transmittal is to be used (i) if certificates representing Corporate HiMEDS Units
 are to be forwarded herewith or (ii) if delivery of Corporate HiMEDS Units is to
 be made by book-entry transfer to an account maintained by the exchange agent at
 DTC (as defined in the offer to exchange) pursuant to the procedures set forth in
 &#147;Description of the Offer&#151;Procedures for Tendering Corporate HiMEDS Units&#148; in the offer to exchange. Delivery of documents to DTC does not constitute
 delivery to the exchange agent. Holders of Corporate HiMEDS Units whose Corporate
 HiMEDS Units are not immediately available, or who are unable to deliver their Corporate
 HiMEDS Units and all other documents required by this letter of transmittal to the
 exchange agent on or prior to the expiration date, or who are unable to complete
 the procedure for book-entry transfer on a timely basis, must tender their Corporate
 HiMEDS Units according to the guaranteed delivery procedures set forth in the offer
 to exchange under the caption &#147;Description of the Offer&#151; Procedures for
 Tendering Corporate HiMEDS Units&#151;Guaranteed Delivery.&#148;</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">QUESTIONS
 AND REQUESTS FOR ASSISTANCE OR FOR ADDITIONAL COPIES OF THE OFFER TO EXCHANGE AND
 THIS LETTER OF TRANSMITTAL MAY BE DIRECTED TO THE INFORMATION AGENT.</font></p>
<p align="center"><font face="Times New Roman" size="2">2</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>TENDERING HOLDERS MUST
 COMPLETE THE APPROPRIATE BOX(ES) BELOW WITH RESPECT<br>TO THE CORPORATE HIMEDS
 UNITS TO WHICH THIS LETTER OF TRANSMITTAL RELATES.</b></font></p>
<table border="1" cellpadding="5" cellspacing="0" width="100%">
<tr>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid" align="center" colspan="3"><font face="Times New Roman" size="2"><b>Description
 of Corporate HiMEDS Units Tendered</b></font></td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid"><font face="Times New Roman" size="2">Name and Address of Registered Holder or<bR>Name of DTC Participant (fill in, if blank)</font></td>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid" valign="bottom" align="center"><font face="Times New Roman" size="2">Certificate or Registration Number(s)<sup>1</sup></font></td>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid" valign="bottom"><font face="Times New Roman" size="2">Stated Amount of Corporate HiMEDS Units Tendered<sup>2</sup></font></td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid" valign="bottom" align="center"><font face="Times New Roman" size="2">&#160;</font></td>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid" valign="bottom" align="center"><font face="Times New Roman" size="2">&#160;</font></td>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid" valign="bottom"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;$</font></td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid" valign="bottom" align="center"><font face="Times New Roman" size="2">&#160;</font></td>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid" valign="bottom" align="center"><font face="Times New Roman" size="2">&#160;</font></td>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid" valign="bottom" align="center"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid" valign="bottom" align="center"><font face="Times New Roman" size="2">&#160;</font></td>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid" valign="bottom" align="center"><font face="Times New Roman" size="2">&#160;</font></td>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid" valign="bottom" align="center"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid" valign="bottom" align="center"><font face="Times New Roman" size="2">&#160;</font></td>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid" valign="bottom" align="center"><font face="Times New Roman" size="2">&#160;</font></td>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid" valign="bottom" align="center"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid" valign="bottom" align="center"><font face="Times New Roman" size="2">&#160;</font></td>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid" valign="bottom" align="center"><font face="Times New Roman" size="2">&#160;</font></td>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid" valign="bottom" align="center"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid" valign="bottom" align="center"><font face="Times New Roman" size="2">&#160;</font></td>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid" valign="bottom" align="center"><font face="Times New Roman" size="2">&#160;</font></td>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid" valign="bottom" align="center"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
</table>
<p style="text-indent: 10px;"><font face="Times New Roman" size="2">If the space provided above is inadequate,
 list the information requested above on a separate signed schedule and attach that
 schedule to this letter of transmittal.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="3" align="left"><hr size="1" width="8%" color="#000000"></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>

<tr>
<td width="1%" align="left" valign="top"><font face="Times New Roman" size="2">1.</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="2"><b>Need
 not be completed by book-entry eligible holders.</b> Such eligible holders should
 check the appropriate box below and provide the requested information.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">2.</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="2">Each Corporate
 HiMEDS Unit has a stated amount equal to $50.00.</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">3</font></p>
<page>

<p style="text-indent: 30px;"><font face="Times New Roman" size="2">The undersigned
 has completed, executed and delivered this letter of transmittal to indicate the
 action the undersigned desires to take with respect to the offer. Holders who wish
 to tender their Corporate HiMEDS Units must complete this letter of transmittal
 in its entirety.</font></p>
<table cellSpacing="0" cellPadding="0" width="100%" border="0">
<tr>
<td width="1%" valign=bottom align=left><font face=wingdings size=2>o</font></td>
<td width="1%"><font face="Times New Roman" size=2>&#160;</font></td>
<td valign=bottom align=left><font face="Times New Roman" size=2>CHECK
 HERE IF TENDERED CORPORATE HIMEDS UNITS ARE ENCLOSED HEREWITH.</font></td>
</tr>
<tr>
<td align=left><font face="Times New Roman" size=2>&#160;</font></td>
<td align=left><font face="Times New Roman" size=2>&#160;</font></td>
<td><font face="Times New Roman" size=2>&#160;</font></td></tr>
<tr>
<td valign="top" align=left><font face="wingdings" size="2">o</font></td>
<td><font face="Times New Roman" size=2>&#160;</font></td>
<td valign=bottom align=left><font face="Times New Roman" size=2>CHECK
 HERE IF TENDERED CORPORATE HIMEDS UNITS ARE BEING DELIVERED BY BOOK-ENTRY TRANSFER
 MADE TO THE ACCOUNT MAINTAINED BY THE EXCHANGE AGENT AT DTC AND COMPLETE THE FOLLOWING
 (FOR USE BY ELIGIBLE INSTITUTIONS ONLY):</font></td>
</tr>
</table><br>
<table cellSpacing="0" cellPadding="0" width="100%" border="0">
<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">
Name of Tendering Institution:    ________________________________</font></td>
</tr>
<tr>
<td align=left><font face="Times New Roman" size=2>&#160;</font></td>
<td align=left><font face="Times New Roman" size=2>&#160;</font></td>
<td><font face="Times New Roman" size=2>&#160;</font></td>
</tr>
<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">
DTC Account Number:    ______________________________________</font></td>
</tr>
<tr>
<td align=left><font face="Times New Roman" size=2>&#160;</font></td>
<td align=left><font face="Times New Roman" size=2>&#160;</font></td>
<td><font face="Times New Roman" size=2>&#160;</font></td>
</tr>

<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">Transaction Code Number:    ___________________________________</font></td>
</tr>
<tr>
<td align=left><font face="Times New Roman" size=2>&#160;</font></td>
<td align=left><font face="Times New Roman" size=2>&#160;</font></td>
<td><font face="Times New Roman" size=2>&#160;</font></td>
</tr>

<tr>
<td valign=top align=left width="1%"><font face=wingdings size=2>o</font></td>
<td width="1%"><font face="Times New Roman" size=2>&#160;</font></td>
<td valign=bottom align=left><font face="Times New Roman" size=2>CHECK
 HERE IF TENDERED CORPORATE HIMEDS UNITS ARE BEING DELIVERED PURSUANT TO A NOTICE
 OF GUARANTEED DELIVERY PREVIOUSLY SENT TO THE EXCHANGE AGENT AND COMPLETE THE FOLLOWING
 (FOR USE BY ELIGIBLE INSTITUTIONS ONLY):</font></td>
</tr>
<tr>
<td align=left><font face="Times New Roman" size=2>&#160;</font></td>
<td align=left><font face="Times New Roman" size=2>&#160;</font></td>
<td><font face="Times New Roman" size=2>&#160;</font></td>
</tr>

<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">Name(s) of Registered Holder(s):    _______________________________</font></td>
</tr>
<tr>
<td align=left><font face="Times New Roman" size=2>&#160;</font></td>
<td align=left><font face="Times New Roman" size=2>&#160;</font></td>
<td><font face="Times New Roman" size=2>&#160;</font></td>
</tr>

<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">Window Ticket Number (if any):      _______________________________</font></td>
</tr>
<tr>
<td align=left><font face="Times New Roman" size=2>&#160;</font></td>
<td align=left><font face="Times New Roman" size=2>&#160;</font></td>
<td><font face="Times New Roman" size=2>&#160;</font></td>
</tr>

<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">Date of Execution of Notice of Guaranteed
 Delivery:    _________________</font></td>
</tr>
<tr>
<td align=left><font face="Times New Roman" size=2>&#160;</font></td>
<td align=left><font face="Times New Roman" size=2>&#160;</font></td>
<td><font face="Times New Roman" size=2>&#160;</font></td></tr>

<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">Name of Institution Which Guaranteed Delivery:    ____________________</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">4</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>NOTE: SIGNATURES MUST
 BE PROVIDED BELOW<br>PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY</b></font></p>
<p><font face="Times New Roman" size="2">Ladies and Gentlemen:</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">By the execution
 hereof, the undersigned hereby acknowledges receipt of the offer to exchange dated
 February 3, 2009, relating to the offer to exchange HiMEDS Units in the form of
 Corporate HiMEDS Units, stated amount $50.00, of Avery Dennison Corporation, a Delaware
 corporation (&#147;Avery Dennison,&#148; &#147;we,&#148; &#147;our&#148; and &#147;us&#148;), for 0.9756 shares of Avery Dennison common stock and $6.50 in cash (which
 includes the accrued and unpaid contract adjustment payments with respect to the
 purchase contracts and the accrued and unpaid interest with respect to the HiMEDS
 senior notes) per Corporate HiMEDS Unit (the &#147;offer consideration&#148;), and
 this letter of transmittal (as supplemented or amended, this &#147;letter of transmittal&#148;). We urge you to review the offer to exchange for the terms and conditions
 of the offer. Certain terms used but not defined herein have the meaning given to
 them in the offer to exchange.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">Upon the terms
 and subject to the conditions of the offer, including the proration provisions,
 the undersigned hereby tenders to Avery Dennison the above-described stated amount
 of Corporate HiMEDS Units. Subject to and effective upon the acceptance for exchange
 of, and exchange of, Corporate HiMEDS Units tendered herewith, the undersigned hereby
 (1) irrevocably tenders, sells, assigns and transfers to Avery Dennison all right,
 title and interest in and to all such Corporate HiMEDS Units as are being tendered
 herewith and (2) irrevocably appoints the exchange agent as its agent and attorney-in-fact
 (with full knowledge that the exchange agent is also acting as agent of Avery Dennison
 with respect to the tendered Corporate HiMEDS Units with full power coupled with
 an interest) to (a) deliver certificates representing the Corporate HiMEDS Units,
 and/or transfer ownership of the Corporate HiMEDS Units on the account books maintained
 by DTC, together with all accompanying evidences of transfer and authenticity, to
 or upon Avery Dennison&#146;s order, (b) present the Corporate HiMEDS Units for
 transfer on the relevant security register, (c) receive all benefits or otherwise
 exercise all rights of beneficial ownership of the Corporate HiMEDS Units, all in
 accordance with the terms of the offer and (d) deliver, in book-entry form, the
 shares of common stock issuable upon acceptance of Corporate HiMEDS Units tendered
 hereby, together with any Corporate HiMEDS Units not accepted in the exchange offer,
 to the DTC account designated herein by the undersigned, all in accordance with
 the terms and conditions of the offer as described in the offer to exchange.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">Subject to
 applicable regulations of the Securities and Exchange Commission, if, for any reason
 whatsoever, acceptance for exchange of, or exchange of, any Corporate HiMEDS Units
 tendered pursuant to the offer is delayed (whether before or after Avery Dennison&#146;s acceptance for exchange of, or exchange of, Corporate HiMEDS Units) or Avery
 Dennison extends the offer or is unable to accept for exchange or exchange the Corporate
 HiMEDS Units tendered pursuant to the offer, Avery Dennison may instruct the exchange
 agent to retain tendered Corporate HiMEDS Units, and those Corporate HiMEDS Units
 may not be withdrawn, except to the extent that you are entitled to the withdrawal
 rights set forth in the offer to exchange. If you have tendered Corporate HiMEDS
 Units, you may withdraw those Corporate HiMEDS Units prior to the applicable withdrawal
 deadline by delivering a written notice of withdrawal subject to the limitations
 and requirements described in &#147;Description of the Offer&#151;Withdrawal of
 Tenders&#148; in the offer to exchange.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2"><b>The undersigned
 hereby represents and warrants that the undersigned has full power and authority
 to tender, sell, assign and transfer the Corporate HiMEDS Units tendered hereby
 and to acquire the offer consideration issuable upon the exchange of such tendered
 Corporate HiMEDS Units, and that, when the Corporate HiMEDS Units are accepted for
 exchange, Avery Dennison will acquire good, marketable and unencumbered title thereto,
 free and clear of all liens, restrictions, charges and encumbrances, and that the
 Corporate HiMEDS Units tendered hereby are not subject to any adverse claims or
 proxies. The undersigned will, upon request, execute and deliver any additional
 documents deemed by Avery Dennison or the exchange agent to be necessary or desirable
 to complete the sale, assignment and transfer of the Corporate HiMEDS Units tendered
 hereby. The undersigned has read the offer to exchange and agrees to all of the
 terms and conditions of the offer.</b></font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">The undersigned
 understands that tenders of Corporate HiMEDS Units pursuant to any one of the procedures
 described in the offer to exchange under the heading &#147;Description of the Offer
&#151;Procedures for Tendering Corporate HiMEDS Units&#148; and in the instructions
 herein will, upon Avery Dennison&#146;s acceptance for exchange of such tendered
 Corporate HiMEDS Units, constitute a binding agreement between the undersigned and
 Avery Dennison upon the terms and subject to the conditions of the offer.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">The offer
 is subject to certain conditions described in the section of the offer to exchange
 entitled &#147;Description of the Offer&#151;Conditions to the Offer.&#148;</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">The undersigned
 understands that the delivery and surrender of the Corporate HiMEDS Units is not
 effective, and the risk of loss of the Corporate HiMEDS Units does not pass to the
 exchange agent, until receipt by the exchange agent of this letter of transmittal
 (or a manually signed facsimile hereof) properly completed and duly executed, together
 with all accompanying</font></p>
<p align="center"><font face="Times New Roman" size="2">5</font></p>
<page>
<p><font face="Times New Roman" size="2">evidences
 of authority and any other required documents in form satisfactory to Avery Dennison,
 or receipt of an agent&#146;s message. All questions as to the form of all documents
 and the validity (including the time of receipt) and acceptance of tenders and withdrawals
 of Corporate HiMEDS Units will be determined by Avery Dennison, in its sole discretion,
 which determination shall be final and binding.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">The name(s)
 and address(es) of the registered holder(s) of the Corporate HiMEDS Units tendered
 hereby should be printed above, if they are not already set forth above, as they
 appear on the certificates representing such Corporate HiMEDS Units. The certificate
 number(s) and the Corporate HiMEDS Units that the undersigned wishes to tender should
 be indicated in the appropriate box(es) above.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">Unless otherwise
 indicated in the boxes entitled &#147;Special Payment or Issuance Instructions&#148;
 or &#147;Special Delivery Instructions&#148; in this letter of transmittal, the
 offer consideration (and any Corporate HiMEDS Units not tendered or not accepted)
 will be issued in the name of and delivered to the acting holder of the Corporate
 HiMEDS Units or deposited at such holder&#146;s account at DTC, as applicable. If
 the offer consideration is to be issued to a person other than the person(s) signing
 this letter of transmittal, or if the offer consideration is to be deposited to
 an account different from the accounts of the person(s) signing this letter of transmittal,
 the appropriate boxes of this letter of transmittal should be completed. If Corporate
 HiMEDS Units are surrendered by holder(s) that have completed either the box entitled
 &#147;Special Payment or Issuance Instructions&#148; or &#147;Special Delivery Instructions&#148; in this letter of transmittal, signature(s) on this letter of transmittal
 must be guaranteed by a Medallion Signature Guarantor (as defined in Instruction
 4).</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">All authority
 herein conferred or agreed to be conferred in this letter of transmittal shall survive
 the death or incapacity of the undersigned and any obligation of the undersigned
 hereunder shall be binding upon the heirs, executors, administrators, personal representatives,
 trustees in bankruptcy, legal representatives, successors and assigns of the undersigned.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2"><b>THE UNDERSIGNED,
 BY COMPLETING THE BOX(ES) ENTITLED &#147;DESCRIPTION OF CORPORATE HIMEDS UNITS TENDERED&#148; ABOVE AND SIGNING THIS LETTER OF TRANSMITTAL, WILL BE DEEMED TO HAVE TENDERED
 THE CORPORATE HIMEDS UNITS AS SET FORTH IN SUCH BOX(ES).</b></font></p>
<p align="center"><font face="Times New Roman" size="2">6</font></p>
<page>
<p align="center"><font face="Times New Roman" size="2"><b>ACKNOWLEDGEMENT OF REPRESENTATIONS
 AND WARRANTIES</b></font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">The common
 stock portion of the offering consideration is being made pursuant to an exemption
 from the registration requirements of the Securities Act of 1933, as amended (the
 &#147;Securities Act&#148;), contained in Section 3(a)(9) of the Securities Act,
 and has not been registered under any other applicable securities laws.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">By signing
 this letter of transmittal, the undersigned also represents, warrants and acknowledges
 that:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" valign="top"><font face="Times New Roman" size="2">(i)</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="2">it has carefully reviewed the offer to exchange;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Times New Roman" size="2">(ii)</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td  align="left"><font face="Times New Roman" size="2">there
 are risks incident to the acquisition of the common stock portion of the offer consideration,
 including, without limitation, those risks which are summarized under &#147;Risk
 Factors&#148; in the offer to exchange.</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">7</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>REGISTERED HOLDERS OF
 CORPORATE HIMEDS UNITS SIGN HERE</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>(In addition, complete
 Form W-9)</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">PLEASE SIGN
 HERE</font></td>
<td width="10%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">PLEASE SIGN
 HERE</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">_______________________________________________________________<br>Authorized
 Signature of Registered Holder</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">______________________________________________________________________<br>Authorized
 Signature of Registered Holder</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">_______________________________________________________________<br>Date</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">______________________________________________________________________<br>Date</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="5" align="left"><p style="text-indent: 30px;"><font face="Times New Roman" size="2">Must be signed
 by registered holder(s) exactly as name(s) appear(s) on the Corporate HiMEDS Units
 or on a security position listing as the owner of the Corporate HiMEDS Units or
 by person(s) authorized to become registered holder(s) by properly completed bond
 powers transmitted herewith. See Instruction 4. If signature is by attorney-in-fact,
 trustee, executor, administrator, guardian, officer of a corporation or other person
 acting in a fiduciary or representative capacity, please provide the following information:</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="2" valign="top" align="left"><font face="Times New Roman" size="2">Name:    __________________________________________________________</font></td>
<td ><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Name:    _________________________________________________________________</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="2" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="2" valign="top" align="left"><font face="Times New Roman" size="2">Title:    ___________________________________________________________</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Title:    __________________________________________________________________</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="2" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="2" valign="top" align="left"><font face="Times New Roman" size="2">Address:   ________________________________________________________</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Address:   _______________________________________________________________</font></td>
</tr><tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="2" align="left"><font face="Times New Roman" size="2">&#160;_______________________________________________________________</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="2" align="left"><font face="Times New Roman" size="2">&#160;______________________________________________________________________</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="2" valign="top" align="left"><font face="Times New Roman" size="2">Telephone
 Number:   _______________________________________________</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Telephone
 Number:   ______________________________________________________</font></td>
</tr><tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="2" valign="top" align="left"><font face="Times New Roman" size="2">Dated:   __________________________________________________________</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Dated:   _________________________________________________________________</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="2" valign="top" align="left"><font face="Times New Roman" size="2">_______________________________________________________________<br>Taxpayer Identification
 or Social Security Number</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">_______________________________________________________________________<br>Taxpayer Identification
 or Social Security Number</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="2" valign="top" align="left"><font face="Times New Roman" size="2">_______________________________________________________________<br>DTC Account
 to Which Common Stock Portion of the Offer Consideration Should be Delivered</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">_______________________________________________________________________<br>DTC Account
 to Which Common Stock Portion of the Offer Consideration Should be Delivered</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">8</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>SIGNATURE GUARANTEE</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>(If required, see Instruction
 4)</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Signature(s)
 Guaranteed<br>by an Eligible Institution:    ____________________________________________________</font></td>
<td width="10%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Date:__________________________________________________</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Authorized
 Signature</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Name of Eligible
 Institution<br> Guaranteeing Signature:   ____________________________________________________</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Address:    ______________________________________________________</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Capacity (full
 title):    ____________________________________________________</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Telephone
 Number:   ____________________________________________________</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table><br>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>SPECIAL
 PAYMENT OR ISSUANCE</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>INSTRUCTIONS
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>SPECIAL
 DELIVERY INSTRUCTIONS</b></font></td>
</tr>
<tr>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>(See
 Instructions 4 and 5)</b></font></td>
<td width="10%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>(See
 Instructions 4 and 5)</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="3" valign="top" align="left"><font face="Times New Roman" size="2">To be completed
 ONLY if the offer consideration or any Corporate HiMEDS Units that are not tendered
 or not accepted are to be issued in the name of someone other than the undersigned.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="2" valign="top" align="left"><font face="Times New Roman" size="2">To be completed
 ONLY if the offer consideration or any Corporate HiMEDS Units that are not tendered
 or not accepted are to be sent to someone other than the undersigned, or to the
 undersigned at an address other than that shown above.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Issue:</font></td>
<td align="left">&#160;&#160;<font face="wingdings" size="2">o</font><font face="Times New Roman" size="2">&#160;&#160;Common
 stock portion of the offer consideration to:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Send:</font></td>
<td><font face="Times New Roman" size="2">&#160;&#160;<font face=wingdings size=2>o</font>
 &#160;&#160;Common
 stock portion of the offer consideration to:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#160;&#160;<font face=wingdings size=2>o</font>
&#160;&#160;Corporate
 HiMEDS Units to:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#160;&#160;<font face=wingdings size=2>o</font>
&#160;&#160;Corporate
 HiMEDS Units to:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#160;&#160;<font face=wingdings size=2>o</font>
&#160;&#160;Check:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#160;&#160;<font face=wingdings size=2>o</font>
&#160;&#160;Check:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Name(s):   ___________________________________________________________</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Name(s):   ___________________________________________________________</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Address:    ___________________________________________________________</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Address:    ___________________________________________________________</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;__________________________________________________________________</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;__________________________________________________________________</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Telephone
 Number:   __________________________________________________</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Telephone
 Number:   __________________________________________________</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Book-Entry
 Transfer Facility Account    ___________________________________________________________________</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="2">___________________________________________________________________</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">___________________________________________________________________<br>(Taxpayer
 Identification or Social Security number)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">___________________________________________________________________<br>(Taxpayer
 Identification or Social Security number)</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">9</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>INSTRUCTIONS</b><br><br><b>Forming Part of the Terms
 and Conditions of the Offer</b></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" align="left"><font face="Times New Roman" size="2"><b>1.</b></font></td>
<td width="1%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td colspan="3" align="left"><font face="Times New Roman" size="2"><b>&#160;Delivery of this Letter of
 Transmittal and Certificates.</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>

<tr>
<td colspan="6" align="left"><p style="text-indent: 30px;"><font face="Times New Roman" size="2">All physically
 delivered Corporate HiMEDS Units or confirmation of any book-entry transfer to the
 exchange agent&#146;s account at DTC, as well as a properly completed and duly executed
 copy of this letter of transmittal (or facsimile thereof), and any other documents
 required by this letter of transmittal with any required signature guarantees or,
 in the case of a book-entry transfer, an appropriate agent&#146;s message, must
 be received by the exchange agent at any of its addresses set forth herein on or
 prior to the expiration date. The method of delivery of this letter of transmittal,
 the Corporate HiMEDS Units and all other required documents is at the election and
 risk of the holder. Instead of delivery by mail, it is recommended that holders
 use an overnight or hand delivery service. Except as otherwise provided below, the
 delivery will be deemed made only when actually received by the exchange agent.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">Any beneficial
 holder whose Corporate HiMEDS Units are registered in the name of a broker, dealer,
 commercial bank, trust company or other nominee and who wishes to tender Corporate
 HiMEDS Units in the offer should contact such registered holder promptly and instruct
 such registered holder to tender on such beneficial holder&#146;s behalf. If such
 beneficial holder wishes to tender directly, such beneficial holder must, prior
 to completing and executing this letter of transmittal and tendering Corporate HiMEDS
 Units, either make appropriate arrangements to register ownership of the Corporate
 HiMEDS Units in such beneficial holder&#146;s own name or obtain a properly completed
 bond power from the registered holder. Beneficial holders should be aware that the
 transfer of registered ownership may take considerable time.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">Delivery to
 an address other than as set forth herein, or instructions via a facsimile number
 other than the ones set forth herein, will not constitute a valid delivery.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">Avery Dennison
 expressly reserves the right, at any time or from time to time, to extend the expiration
 date by complying with certain conditions set forth in the offer to exchange.</font></td>
</tr>
<tr>
<td colspan="6" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td width="1%" align="left"><font face="Times New Roman" size="2"><b>2.</b></font></td>
<td width="1%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td colspan="3" align="left"><font face="Times New Roman" size="2"><b>&#160;Guaranteed Delivery Procedures</b></font></td>
</tr>
<tr>
<td colspan="6" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="6" align="left"><p style="text-indent: 30px;"><font face="Times New Roman" size="2">
Holders who
 wish to tender their Corporate HiMEDS Units and whose Corporate HiMEDS Units are
 not immediately available or who cannot deliver their Corporate HiMEDS Units, this
 letter of transmittal or any other documents required hereby to the exchange agent
 prior to the expiration date or who cannot complete the procedure for book-entry
 transfer on a timely basis and deliver an agent&#146;s message, must tender their
 Corporate HiMEDS Units according to the guaranteed delivery procedures set forth
 in the offer to exchange. Pursuant to such procedures:</font></p></td>
</tr>
<tr>
<td colspan="6" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">such tender
 must be made by or through a firm that is a member of a registered national securities
 exchange or of the National Association of Securities Dealers Inc., a commercial
 bank or a trust company having an office or correspondent in the United States or
 an &#147;eligible guarantor institution&#148; within the meaning of Rule 17Ad-15
 under the Exchange Act (an &#147;Eligible Institution&#148;);</font></td>
</tr>
<tr>
<td colspan="6" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td width="1%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">prior to the
 expiration date, the exchange agent must have received from the eligible institution
 a properly completed and duly executed notice of guaranteed delivery (by facsimile
 transmission, mail or hand delivery) setting forth the name and address of the holder
 of the Corporate HiMEDS Units, the registration number(s) of such Corporate HiMEDS
 Units and the total principal amount of Corporate HiMEDS Units tendered, stating
 that the tender is being made thereby and guaranteeing that, within three New York
 Stock Exchange trading days after the expiration date, this letter of transmittal
 (or facsimile hereof) together with the Corporate HiMEDS Units in proper form for
 transfer (or a book-entry confirmation) and any other documents required hereby,
 will be deposited by the eligible institution with the exchange agent; and</font></td>
</tr>
<tr>
<td colspan="6" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">the certificates
 for all physically tendered shares of Corporate HiMEDS Units, in proper form for
 transfer (or book-entry confirmation, as the case may be) and all other documents
 required hereby must be received by the exchange agent three New York Stock Exchange
 trading days after the expiration date.</font></td>
</tr>
<tr>
<td colspan="6" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="6" align="left"><p style="text-indent: 30px;"><font face="Times New Roman" size="2">Any holder
 of Corporate HiMEDS Units who wishes to tender Corporate HiMEDS Units pursuant to
 the guaranteed delivery procedures described above must ensure that the exchange
 agent receives the notice of guaranteed delivery prior to 12:01 a.m., New York City
 time, on the expiration date. Upon request of the exchange agent, a notice of guaranteed
 delivery will be sent to holders who wish to tender their Corporate HiMEDS Units
 according to the guaranteed delivery procedures set forth above.</font></p></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">10</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>LETTERS OF TRANSMITTAL
 SHOULD <u>NOT</u> BE SENT TO AVERY DENNISON OR DTC.</b></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" align="left"><font face="Times New Roman" size="2"><b>3.</b></font></td>
<td width="1%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2"><b>&#160;Partial Tenders.</b></font></td>
</tr>
<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="3" align="left"><p style="text-indent: 30px;"><font face="Times New Roman" size="2">If less than
 the entire stated amount of Corporate HiMEDS Units evidenced by a submitted certificate
 is tendered, the tendering holder should fill in the stated amount tendered in the
 column entitled &#147;Stated Amount of Corporate HiMEDS Units Tendered&#148; of
 the appropriate box above. As soon as practicable after the applicable settlement
 date, the exchange agent will return to any holder who partially tendered a Corporate
 HiMEDS Unit a certificate for the portion of the Corporate HiMEDS Unit that was
 not tendered or accepted and not exchanged for the offer consideration. All Corporate
 HiMEDS Units delivered to the exchange agent will be deemed to have been tendered
 in full unless otherwise indicated.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">Any Corporate
 HiMEDS Units which have been tendered but which are not accepted for exchange will
 be returned to the holder thereof without cost to such holder as promptly as practicable.</font></td>
</tr>
<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2"><b>4.</b></font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2"><b>&#160;Signature on this Letter of
 Transmittal; Written Instruments and Endorsements; Guarantee of Signatures.</b></font></td>
</tr>
<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="3" align="left"><p style="text-indent: 30px;"><font face="Times New Roman" size="2">If this letter
 of transmittal is signed by the registered holder(s) of the Corporate HiMEDS Units
 tendered hereby, the signature(s) must correspond with the name(s) as written on
 the face of the certificates without alteration or enlargement or any change whatsoever.
 If this letter of transmittal is signed by a participant in DTC, the signature must
 correspond with the name as it appears on the security position listing as the owner
 of the Corporate HiMEDS Units.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">If any of
 the Corporate HiMEDS Units tendered hereby are owned of record by two or more joint
 owners, all such owners must sign this letter of transmittal.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">If a number
 of Corporate HiMEDS Units registered in different names are tendered, it will be
 necessary to complete, sign and submit as many separate copies of this letter of
 transmittal as there are different registrations of Corporate HiMEDS Units.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">Signatures
 on all letters of transmittal must be guaranteed by a recognized participant in
 the Securities Transfer Agents Medallion Program, the New York Stock Exchange Medallion
 Signature Program or the Stock Exchange Medallion Program (a &#147;Medallion Signature
 Guarantor&#148;), unless the Corporate HiMEDS Units tendered thereby are tendered
 (i) by an holder of Corporate HiMEDS Units (or by a participant in DTC whose name
 appears on a security position listing as the owner of such Corporate HiMEDS Units)
 who has not completed either the box entitled &#147;Special Payment or Issuance
 Instructions&#148; or the box entitled &#147;Special Delivery Instructions&#148;
 on this letter of transmittal or (ii) for the account of an Eligible Institution).
 If the Corporate HiMEDS Units are registered in the name of a person other than
 the signer of this letter of transmittal or if Corporate HiMEDS Units not accepted
 for purchase or not tendered are to be returned to a person other than the holder,
 then the signatures on the letters of transmittal accompanying the tendered Corporate
 HiMEDS Units must be guaranteed by a Medallion Signature Guarantor as described
 above.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">If this letter
 of transmittal is signed by the registered holder or holders of Corporate HiMEDS
 Units (which term, for the purposes described herein, shall include a participant
 in DTC whose name appears on a security listing as the owner of the Corporate HiMEDS
 Units) listed and tendered hereby, no endorsements of the tendered Corporate HiMEDS
 Units or separate written instruments of transfer or exchange are required. In any
 other case, the registered holder (or acting holder) must either properly endorse
 the Corporate HiMEDS Units or transmit properly completed bond powers with this
 letter of transmittal (in either case executed exactly as the name(s) of the registered
 holder(s) appear(s) on the Corporate HiMEDS Units, and, with respect to a participant
 in DTC whose name appears on a security position listing as the owner of Corporate
 HiMEDS Units, exactly as the name of the participant appears on such security position
 listing), with the signature on the Corporate HiMEDS Units or bond power guaranteed
 by a Medallion Signature Guarantor (except where the Corporate HiMEDS Units are
 tendered for the account of an Eligible Institution).</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">If Corporate
 HiMEDS Units are to be tendered by any person other than the person in whose name
 the Corporate HiMEDS Units are registered, the Corporate HiMEDS Units must be endorsed
 or accompanied by an appropriate written instrument or instruments of transfer executed
 exactly as the name or names of the holder or holders appear on the Corporate HiMEDS
 Units, with the signature(s) on the Corporate HiMEDS Units or instruments of transfer
 guaranteed as provided above, and this letter of transmittal must be executed and
 delivered either by the holder or holders, or by the tendering person pursuant to
 a valid proxy signed by the holder or holders, which signature must, in either case,
 be guaranteed as provided above.</font></td>
</tr>
<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2"><b>5.</b></font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2"><b>&#160;Special Issuance, Delivery
 and Payment Instructions.</b></font></td>
</tr>

<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="3" align="left"><p style="text-indent: 30px;"><font face="Times New Roman" size="2">Tendering
 holders should indicate, in the applicable box, the account at DTC in which the
 offer consideration is to be issued and deposited, if different from the accounts
 of the person signing this letter of transmittal.</font></p></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">11</font></p>
<page>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="3" align="left"><p style="text-indent: 30px;"><font face="Times New Roman" size="2">Tendering
 holders should indicate, in the applicable box, the name and address in which Corporate
 HiMEDS Units for stated amounts not tendered or not accepted for exchange are to
 be issued and delivered, if different from the name and address of the person signing
 this letter of transmittal.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">In the case
 of issuance or payment in a different name, the taxpayer identification number or
 social security number of the person named must also be indicated and the tendering
 holder should complete the applicable box.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">If no instructions
 are given, the offer consideration (and any Corporate HiMEDS Units not tendered
 or not accepted) will be issued in the name of and delivered to the acting holder
 of the Corporate HiMEDS Units or deposited at such holder&#146;s account at DTC,
 as applicable.</font></td>
</tr>
<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td width="1%" align="left"><font face="Times New Roman" size="2"><b>6.</b></font></td>
<td width="1%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2"><b>Transfer Taxes.</b></font></td>
</tr>
<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="3" align="left"><p style="text-indent: 30px;"><font face="Times New Roman" size="2">Avery Dennison
 shall pay all transfer taxes, if any, applicable to the exchange of Corporate HiMEDS
 Units pursuant to the offer. If, however, transfer taxes are payable in circumstances
 where certificates representing the common stock portion of the offer consideration
 or Corporate HiMEDS Units for stated amounts not tendered or accepted for exchange
 are to be delivered to, or are to be registered or issued in the name of, any person
 other than the registered holder of the Corporate HiMEDS Units tendered or where
 tendered Corporate HiMEDS Units are registered in the name of any person other than
 the person signing this letter of transmittal, or if a transfer tax is imposed for
 any reason other than the exchange of Corporate HiMEDS Units pursuant to the offer,
 then the amount of any such transfer taxes (whether imposed on the registered holder
 or any other person) will be payable by the tendering holder. If satisfactory evidence
 of payment of such taxes or exemption therefrom is not submitted herewith, the amount
 of such transfer taxes will be billed directly to such tendering holder.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">Except as
 provided in this Instruction 6, it will not be necessary for transfer stamps to
 be affixed to the Corporate HiMEDS Units listed in this letter of transmittal.</font></td>
</tr>
<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2"><b>7.</b></font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2"><b>&#160;Waiver of Conditions.</b></font></td>
</tr>
<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="3" align="left"><p style="text-indent: 30px;"><font face="Times New Roman" size="2">Avery Dennison
 reserves the absolute right to waive, in whole or in part, any of the specified
 conditions to the offer set forth in the offer to exchange.</font></p></td>
</tr>
<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2"><b>8.</b></font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td align="left"><font face="Times New Roman" size="2"><b>&#160;Mutilated, Lost, Stolen or
 Destroyed Corporate HiMEDS Units.</b></font></td>
</tr>
<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="3" align="left"><p style="text-indent: 30px;"><font face="Times New Roman" size="2">Any holder
 whose Corporate HiMEDS Units have been mutilated, lost, stolen or destroyed should
 contact the exchange agent at the address and telephone number indicated above for
 further instructions.</font></p></td>
</tr>
<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2"><b>9.</b></font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2"><b>&#160;Requests for Assistance or
 Additional Copies.</b></font></td>
</tr>
<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>

<tr>
<td colspan="3" align="left"><p style="text-indent: 30px;"><font face="Times New Roman" size="2">Questions
 and requests for assistance relating to the offer to exchange, this letter of transmittal
 and other related documents and relating to the procedure for tendering may be directed
 to the exchange agent at the address and telephone number set forth above.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">Questions
 and requests for assistance or for additional copies of the offer to exchange may
 be directed to the information agent at the address and telephone number set forth
 above.</font></p></td>
</tr>
<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2"><b>10.</b></font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2"><b>&#160;Validity and Form.</b></font></td>
</tr>
<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="3" align="left"><p style="text-indent: 30px;"><font face="Times New Roman" size="2">All questions
 as to the validity, form, eligibility (including time of receipt) and acceptance
 for exchange of any tendered Corporate HiMEDS Units pursuant to any of the instructions
 in this letter of transmittal, and the form and validity (including time of receipt
 of notices of withdrawal) of all documents will be determined by Avery Dennison
 in its sole discretion, which determination will be final and binding. Avery Dennison
 reserves the absolute right to reject any or all tenders of any Corporate HiMEDS
 Units determined by Avery Dennison not to be in proper form, or if the acceptance
 or exchange of such Corporate HiMEDS Units may, in the opinion of counsel for Avery
 Dennison, be unlawful. Avery Dennison also reserves the absolute right to waive
 any conditions to any offer that Avery Dennison is legally permitted to waive.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">Tender of
 Corporate HiMEDS Units will not be deemed to have been validly made until all defects
 or irregularities in such tender have been cured or waived. All questions as to
 the form and validity (including time of receipt) of any delivery will be determined
 by Avery Dennison in its sole discretion, which determination shall be final and
 binding. None of Avery Dennison, the exchange agent, the information agent or any
 other person or entity is under any duty to give notification of any defects or
 irregularities in any tender or withdrawal of any Corporate HiMEDS Units, or will
 incur any liability for failure to give any such</font></p></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">12</font></p>
<page>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">notification.
 Holders should send all materials to the exchange agent and not to Avery Dennison,
 the information agent or any dealer manager.</font></td>
</tr>
<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td width="1%" align="left"><font face="Times New Roman" size="2"><b>11.</b></font></td>
<td width="1%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2"><b>Important Tax Information.</b></font></td>
</tr>
<tr>
<td colspan="3" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>

<tr>
<td colspan="3" align="left"><p style="text-indent: 30px;"><font face="Times New Roman" size="2"><b>TO COMPLY
 WITH TREASURY DEPARTMENT CIRCULAR 230, YOU ARE HEREBY NOTIFIED THAT: (A) ANY DISCUSSION
 OF FEDERAL TAX ISSUES IN THIS LETTER OF TRANSMITTAL IS NOT INTENDED OR WRITTEN TO
 BE USED, AND CANNOT BE USED BY YOU, FOR THE PURPOSE OF AVOIDING PENALTIES THAT MAY
 BE IMPOSED ON YOU UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE &#147;CODE&#148;); (B) ANY SUCH DISCUSSION IS INCLUDED HEREIN BY AVERY DENNISON IN CONNECTION
 WITH THE PROMOTION OR MARKETING OF THE OFFER TO EXCHANGE DESCRIBED IN THE OFFER
 TO EXCHANGE; AND (C) YOU SHOULD SEEK ADVICE BASED ON YOUR PARTICULAR CIRCUMSTANCES
 FROM AN INDEPENDENT TAX ADVISOR.</b></font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">Under current
 U.S. federal income tax law, the exchange agent (as payor) may be required to withhold
 a portion of any payments made to certain holders (or other payees) pursuant to
 the offer and other transactions described in the offer to exchange. To avoid such
 backup withholding, each tendering U.S. holder or other U.S. payee must provide
 the exchange agent with its correct taxpayer identification number (&#147;TIN&#148;)
 and certify that it is not subject to backup withholding by completing Form W-9
 of the Internal Revenue Service (the &#147;IRS&#148;), or otherwise establish an
 exemption from the backup withholding rules. In general, for an individual, the
 TIN is such individual&#146;s social security number. Furthermore, certain penalties
 may be imposed by the IRS on a recipient of payments that is required to supply
 information but that does not do so in the proper manner. If an exemption from backup
 withholding is not established, any reportable payments will be subject to backup
 withholding at the applicable rate, currently 28%. Such reportable payments generally
 will be subject to information reporting, even if an exemption from backup withholding
 is established. If a U.S. holder has not been issued a TIN and has applied for one
 or intends to apply for one in the near future, such U.S. holder should write &#147;Applied
 For&#148; in the space provided for the TIN in Part I of Form W-9, sign and date
 the Form W-9 and the Certificate of Awaiting Taxpayer Identification Number. If
 &#147;Applied For&#148; is written in Part I and the exchange agent is not provided
 with a TIN prior to the date of payment, the exchange agent will withhold 28% of
 any reportable payments made to the U.S. holder. For further information concerning
 backup withholding and instructions for completing Form W-9 (including how to obtain
 a TIN if you do not have one and how to complete Form W-9 if the Corporate HiMEDS
 Units are held in more than one name), consult the instructions in Form W-9. All
 IRS forms mentioned herein may be obtained on the IRS website at www.irs.gov.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">Certain persons
 (including, among others, all corporations and certain non-U.S. persons) are not
 subject to these backup withholding and reporting requirements. Exempt U.S. persons
 should indicate their exempt status on Form W-9. To satisfy the exchange agent that
 a non-U.S. person qualifies as an exempt recipient, such person must submit a Form
 W-8 of the IRS, signed under penalties of perjury, attesting to that person&#146;s
 non-U.S. status. A Form W-8 can be obtained from the exchange agent, Holders should
 consult their tax advisors as to any qualification for exemption from backup withholding,
 and the procedure for obtaining the exemption.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">A person&#146;s failure to
 complete Form W-9, Form W-8 or other appropriate form will not, by itself, cause
 such person&#146;s Corporate HiMEDS Units to be deemed invalidly tendered, but may
 require the exchange agent to withhold a portion (currently 28%) of any payments
 made to such person pursuant to the offer and other transactions described in the
 offer to exchange. Backup withholding is not an additional U.S. federal income tax.
 Rather, the amount of U.S. federal income tax withheld should generally be creditable
 against the U.S. federal income tax liability of a person subject to backup withholding.
 If backup withholding results in an overpayment of U.S. federal income tax, a refund
 generally may be obtained provided that the required information is timely furnished
 to the IRS.<br><br>NOTE: FAILURE TO COMPLETE AND RETURN FORM
 W-9 (OR FORM W-8, AS APPLICABLE) MAY RESULT IN BACKUP WITHHOLDING OF 28% OF ANY
 REPORTABLE PAYMENTS MADE TO YOU PURSUANT TO THE OFFER AND OTHER TRANSACTIONS DESCRIBED
 IN THE OFFER TO EXCHANGE. PLEASE REVIEW FORM W-9 AND THE INSTRUCTIONS CONTAINED
 IN THIS LETTER OF TRANSMITTAL FOR ADDITIONAL DETAILS OR CONTACT THE EXCHANGE AGENT
 FOR THE APPLICABLE FORM W-8.<br><br>IMPORTANT: THIS LETTER OF TRANSMITTAL OR
 A FACSIMILE THEREOF TOGETHER WITH CORPORATE HIMEDS UNITS OR CONFIRMATION OF BOOK-ENTRY
 TRANSFER AND ALL OTHER REQUIRED DOCUMENTS MUST BE RECEIVED BY THE EXCHANGE AGENT,
 OR THE NOTICE OF GUARANTEED DELIVERY MUST BE RECEIVED BY THE EXCHANGE AGENT, ON
 OR PRIOR TO THE EXPIRATION DATE.</font></p></td>
</tr>
</table>

<p align="center"><font face="Times New Roman" size="2">13</font></p>
<page>

<p align="center"><font face="Times New Roman" size="2"><b>CERTIFICATE OF AWAITING
 TAXPAYER IDENTIFICATION NUMBER</b></font></p>
<p><font face="Times New Roman" size="2">I certify under penalties of perjury that
 a taxpayer identification number has not been issued to me, and either (1) I have
 mailed or delivered an application to receive a taxpayer identification number to
 the appropriate Internal Revenue Service Center or Social Security Administration
 office or (2) I intend to mail or deliver an application in the near future. I understand
 that if I do not provide a taxpayer identification number by the time of payment,
 a portion (currently 28%) of all reportable payments made to me will be withheld
 and remitted to the Internal Revenue Service.</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">SIGNATURE:______________________________</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"> DATE:____________________</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">14</font></p>

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<title></title>
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<body>
<p align="right"><font face="Times New Roman" size="2"><b>Exhibit (a)(5)(A)</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><img src="front.jpg"></td>
<td align="left"><font face="Arial" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="4" color="red">News Release
</font></td>
</tr>
</table>
<br>
<div><hr noshade size="1" color="#000000"></div>
<div><font face="Arial" size="2"><b>Miller Corporate Center</b></font></div>
<p><font face="Arial" size="2"><b>Media Relations: <br>Dan Hilley (213)
 630-6550<br>communications@averydennison.com</b></font></p>
<p><font face="Arial" size="2"><b>Investor Relations:<br>Eric M. Leeds
 (626) 304-2029<br>investorcom@averydennison.com</b></font></p>
<p align="center"><font face="Arial" size="2"><b>AVERY DENNISON ANNOUNCES OFFER TO EXCHANGE
 UP TO 8,360,000 OF ITS OUTSTANDING CORPORATE HIMEDS UNITS</b></font></p>
<p style="text-indent: 100px;"><font face="Arial" size="2">Pasadena,
 California &#150; February 3, 2009 &#150; Avery Dennison Corporation (NYSE: AVY)
 today announced that it is offering to exchange (the &#147;offer&#148;) up to 8,360,000,
 or 95%, of its HiMEDS Units, stated amount $50.00 per unit (the &#147;HiMEDS Units&#148;), in the form of Corporate HiMEDS Units
 (the &#147;Corporate HiMEDS Units&#148;), comprised of (i) a purchase contract (the &#147;purchase contract&#148;)
 obligating the holder to purchase from Avery Dennison shares of Avery Dennison&#146;s
 common stock, par value $1.00 per share (the &#147;common stock&#148;), and (ii)
 a 1/20 or 5.0% undivided beneficial interest in a $1,000 aggregate principal amount
 5.350% senior note due November 15, 2020 (the &#147;HiMEDS senior notes&#148;), for
 0.9756 shares of common stock and $6.50 in cash (which includes the accrued and
 unpaid contract adjustment payments with respect to the purchase contracts and the
 accrued and unpaid interest with respect to the HiMEDS senior notes) per Corporate
 HiMEDS Unit. The terms and conditions of the offer are set forth in the offer to
 exchange dated February 3, 2009 (the &#147;offer to exchange&#148;) and the related
 letter of transmittal (the &#147;letter of transmittal&#148;). The offer is not
 subject to a minimum condition.</font></p>
<page>
<p style="text-indent: 100px;"><font face="Arial" size="2">The offer
 and withdrawal rights will expire at 12:01 a.m., New York City time, on March 4,
 2009, unless extended by Avery Dennison (as such date may be extended, the &#147;expiration
 date&#148;). Validly tendered Corporate HiMEDS Units may be withdrawn at any time
 prior to the expiration date by submitting a notice of withdrawal to the exchange
 agent, in accordance with the procedures described in the offer to exchange and
 in the letter of transmittal. In addition, if Avery Dennison has not accepted Corporate
 HiMEDS Units for exchange by March 31, 2009, holders may withdraw their previously
 tendered Corporate HiMEDS Units at any time thereafter until such HiMEDS Units are
 accepted for exchange. Once Corporate HiMEDS Units are accepted for exchange, they
 cannot be withdrawn.</font></p>
<p style="text-indent: 100px;"><font face="Arial" size="2">The number
 of validly tendered and not withdrawn Corporate HiMEDS Units Avery Dennison will
 accept in the offer will be prorated if (a) more than 8,360,000 Corporate HiMEDS
 Units are tendered or (b) Avery Dennison shall have concluded based on discussions
 with the New York Stock Exchange that the Corporate HiMEDS Units are likely to be
 de-listed as a result of the acceptance by Avery Dennison of all Corporate HiMEDS
 Units validly tendered and not withdrawn in the offer.</font></p>
<p style="text-indent: 100px;"><font face="Arial" size="2">Questions
 about the offer should be directed to D.F. King &#038; Co., Inc., the exchange agent
 and information agent for the offers, at (800) 758-5880 (U.S. toll-free) or (212)
 269-5550 (collect). Holders of HiMEDS Units who desire a copy of the offer to exchange
 or other related documents should contact D.F. King &#038; Co., Inc. at the above
 numbers.</font></p>
<p style="text-indent: 100px;"><font face="Arial" size="2">Latham &#038;
 Watkins LLP served as legal advisor to Avery Dennison.</font></p>
<p style="text-indent: 100px;"><font face="Arial" size="2">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</font></p>
<page>

<p><font face="Arial" size="2">automotive, industrial and durable goods applications.
 A FORTUNE 500 Company with sales of $6.7 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.</font></p>
<p align="center"><font face="Arial" size="2"># # #</font>
</p>
<p align="center"><font face="Arial" size="2"><b>Forward-Looking Statements
</b></font></p>
<p style="text-indent: 100px;"><font face="Arial" size="2">Certain statements
 contained in this document are "forward-looking statements." Such forward-looking
 statements and financial or other business targets are subject to certain risks
 and uncertainties.</font></p>
<p style="text-indent: 100px;"><font face="Arial" size="2">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; 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 ("DOJ") (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.
</font></p>
<p style="text-indent: 100px;"><font face="Arial" size="2">The Company
 believes that the most significant risk factors that could affect its financial
 performance in the near-term include (1) the impact of economic conditions on underlying
 demand for the Company&#146;s products; (2) the impact of competitors&#146; actions,
 including pricing, expansion in key markets, and product offerings; (3) 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) potential adverse developments in legal proceedings and/or investigations regarding
 competitive activities, including possible fines, penalties, judgments or settlements;
 and (5) the ability of the Company to achieve and sustain targeted cost reductions.
</font></p>
<p style="text-indent: 100px;"><font face="Arial" size="2">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 27, 2008, and the Company&#146;s
 Form 10-Q filed on November 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.</font>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>7
<FILENAME>ad90061_exa5b.htm
<TEXT>
<html>
<head>
<title></title>
</head>
<body>
<p align="right"><font face="Times New Roman" size="2"><b>Exhibit (a)(5)(B)</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>AVERY DENNISON CORPORATION
</b></font></p>

<p align="center"><font face="Times New Roman" size="2">Offer to Exchange up to 8,360,000 HiMEDS
 Units in the Form of Corporate HiMEDS Units,<br>stated amount $50.00 per unit,<br>
for shares of Common Stock of Avery Dennison Corporation and cash</font></p>

<table border="0" cellpadding="5" cellspacing="0" width="100%">
<tr>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid">
<font face="Times New Roman" size="2"><b>THE OFFER AND WITHDRAWAL RIGHTS WILL
 EXPIRE AT 12:01 A.M., NEW YORK CITY TIME, ON MARCH 4, 2009, UNLESS THE OFFER IS
 EXTENDED BY US. TENDERS MAY NOT BE WITHDRAWN AFTER THE CORPORATE HIMEDS UNITS HAVE
 BEEN ACCEPTED FOR EXCHANGE.</b></font></td>
</tr>
</table>

<p align="right"><font face="Times New Roman" size="2">February 3, 2009</font></p>
<p><font face="Times New Roman" size="2">To Brokers, Dealers, Commercial Banks,<br>
Trust Companies and Other Nominees:</font></p>
<p><font face="Times New Roman" size="2">We are offering to exchange up to 8,360,000
 of our HiMEDS Units, stated amount $50.00 per unit, in the form of Corporate HiMEDS
 Units (the &#147;Corporate HiMEDS Units&#148;), comprised of (i) a purchase contract
 obligating the holder to purchase from Avery Dennison shares of Avery Dennison&#146;s
 common stock, par value $1.00 per share, and (ii) a 1/20 or 5.0% undivided beneficial
 interest in a $1,000 aggregate principal amount 5.350% senior note due November
 15, 2020, for 0.9756&#160;shares of our common stock and $6.50&#160;in cash (which
 includes the accrued and unpaid contract adjustment payments with respect to the
 purchase contracts and the accrued and unpaid interest with respect to the senior
 notes) per Corporate HiMEDS Unit.<br><bR>The exchange offer is made on the terms and
 is subject to the conditions set forth in our offer to exchange dated February 3,
 2009 and the related letter of transmittal.<bR><br>We are asking you to contact
 your clients for whom you hold Corporate HiMEDS Units. For your use and for forwarding
 to those clients, we are enclosing copies of the offer to exchange, as well as the
 related letter of transmittal. We are also enclosing a printed form a of letter
 that you may send to your clients, with space provided for obtaining their instructions
 with regard to the exchange offer. <b>WE URGE YOU TO CONTACT YOUR CLIENTS AS PROMPTLY
 AS POSSIBLE.<br></b><br>D.F. King &#038; Co., Inc. has been appointed information agent
and exchange agent for the exchange offer. Any inquiries you may have with respect to the exchange
 offer should be addressed to the information agent at the address and telephone
 number set forth on the back cover of the offer to exchange. Additional copies of
 the enclosed materials may be obtained from the information agent.</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="40%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Very truly
 yours,</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Avery Dennison
 Corporation</font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2"><b>Nothing contained herein or in the enclosed
 documents shall constitute you our agent or the agent of the information agent or
 the exchange agent, or authorize you or any other person to use any document or
 make any statement on our or their behalf in connection with the exchange offer
 other than statements made in our offer to exchange or the related letter of transmittal.
</b></font></p>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>8
<FILENAME>ad90061_exa5c.htm
<TEXT>
<html>
<head>
<title></title>
</head>
<body>
<p align="right"><font face="Times New Roman" size="2"><b>Exhibit (a)(5)(C)</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>AVERY DENNISON CORPORATION
<bR><br>LETTER TO CLIENTS</b></font></p>
<p align="center"><font face="Times New Roman" size="2">Offer to Exchange up to 8,360,000 HiMEDS
 Units in the Form of Corporate HiMEDS Units,<br>stated amount $50.00 per unit,<br>
for shares of Common Stock of Avery Dennison Corporation and cash</font></p>

<table border="0" cellpadding="5" cellspacing="0" width="100%">
<tr>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid">
<font face="Times New Roman" size="2"><b>THE OFFER AND WITHDRAWAL RIGHTS WILL
 EXPIRE AT 12:01 A.M., NEW YORK CITY TIME, ON MARCH 4, 2009, UNLESS THE OFFER IS
 EXTENDED BY US (SUCH DATE AND TIME, AS THE OFFER MAY BE EXTENDED, THE &#147;EXPIRATION
 DATE&#148;). TENDERS MAY NOT BE WITHDRAWN AFTER THE CORPORATE HIMEDS UNITS HAVE
 BEEN ACCEPTED FOR EXCHANGE.</b></font></td>
</tr>
</table>

<p><font face="Times New Roman" size="2">To Our Clients:</font></p>
<p style="text-indent: 20px;"><font face="Times New Roman" size="2">We are enclosing
 an offer to exchange dated February 3, 2009 (as supplemented or amended, the &#147;offer
 to exchange&#148;) and the related letter of transmittal (as supplemented or
 amended, the &#147;letter of transmittal&#148;), relating to our offer to exchange
 up to 8,360,000 of our HiMEDS Units, stated amount $50.00 per unit, in the form
 of Corporate HiMEDS Units (the &#147;Corporate HiMEDS Units&#148;), comprised of
 (i) a purchase contract obligating the holder to purchase from us shares of our
 common stock, par value $1.00 per share, and (ii) a 1/20 or 5.0% undivided beneficial
 interest in a $1,000 aggregate principal amount 5.350% senior note due November
 15, 2020, for 0.9756 shares of our common stock and $6.50&#160;in cash (which includes
 the accrued and unpaid contract adjustment payments with respect to the purchase
 contracts and the accrued and unpaid interest with respect to the senior notes)
 per Corporate HiMEDS Unit.</font></p>
<p style="text-indent: 20px;"><font face="Times New Roman" size="2">The offer is subject to certain conditions. See &#147;Description
 of the Offer&#151;Conditions to the Offer.&#148;</font></p>
<p style="text-indent: 20px;"><font face="Times New Roman" size="2">We are the holder of record
 of Corporate HiMEDS Units held by us for your account. A tender of such Corporate
 HiMEDS Units can be made only by us as the record holder and pursuant to your instructions.
 The enclosed letter of transmittal is furnished to you for your information only
 and cannot be used by you to tender Corporate HiMEDS Units held by us for your account.</font></p>
<p style="text-indent: 20px;"><font face="Times New Roman" size="2">We request instructions as to whether you wish to tender any or all of the Corporate
 HiMEDS Units held by us for your account pursuant to the terms and conditions of
 the offer to exchange.</font></p>
<p style="text-indent: 20px;"><font face="Times New Roman" size="2">We urge you to read carefully the offer to exchange and
 related letter of transmittal before instructing us to tender your Corporate HiMEDS
 Units. You may use the attached form to give your instructions.</font></p>
<p style="text-indent: 20px;"><font face="Times New Roman" size="2"><b>PLEASE RETURN
 YOUR INSTRUCTIONS TO US IN THE ENCLOSED ENVELOPE WITHIN AMPLE TIME TO PERMIT US
 TO SUBMIT A TENDER ON YOUR BEHALF PRIOR TO THE EXPIRATION DATE.</b></font></p>
<page>
<p align="center"><font face="Times New Roman" size="2"><b>INSTRUCTIONS TO REGISTERED
 HOLDER AND/ OR<br>THE DEPOSITORY TRUST COMPANY PARTICIPANT</b></font></p>
<p><font face="Times New Roman" size="2">To Registered Holder and/or Participant
 of the Depository Trust Company:</font></p>
<p style="text-indent: 20px;"><font face="Times New Roman" size="2">The undersigned
 hereby acknowledges receipt of the offer to exchange dated February 3, 2009 (as
 supplemented or amended, the &#147;offer to exchange&#148;) and the related
 letter of transmittal (as supplemented or amended, the &#147;letter of transmittal&#148;), relating to our the offer to exchange up to 8,360,000 of its HiMEDS Units,
 stated amount $50.00 per unit, in the form of Corporate HiMEDS Units (the &#147;Corporate
 HiMEDS Units&#148;), comprised of (i) a purchase contract obligating the holder
 to purchase from us shares of our common stock, par value $1.00 per share, and (ii)
 a 1/20 or 5.0% undivided beneficial interest in a $1,000 aggregate principal amount
 5.350% senior note due November 15, 2020, for 0.9756 shares of our common stock and
 $6.50 in cash (which includes the accrued and unpaid contract adjustment payments
 with respect to the purchase contracts and the accrued and unpaid interest with
 respect to the senior notes) per Corporate HiMEDS Unit.</font></p>
<p style="text-indent: 20px;"><font face="Times New Roman" size="2">This will instruct you,
 the registered holder and/or DTC participant, as to the action to be taken by you
 relating to the offer to exchange with respect to the Corporate HiMEDS Units held
 by you for the account of the undersigned.</font></p>
<p style="text-indent: 20px;"><font face="Times New Roman" size="2">
The number of Corporate HiMEDS Units
 held by you for the account of the undersigned is (fill in amount):</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u> Corporate
 HiMEDS Units.</font></td>
</tr>
</table>
<p style="text-indent: 20px;"><font face="Times New Roman" size="2">With respect to the offer
 to exchange, the undersigned hereby instructs you (check appropriate box):</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="center"><font face="Wingdings" size="2">o</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">To tender
 the following Corporate HiMEDS Units held by you for the account of the undersigned
 (insert number of Corporate HiMEDS Units to be tendered) (if any):</font></td>
</tr>
</table>

<bR>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u> Corporate
 HiMEDS Units *</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="center"><font face="Wingdings" size="2">o</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">not to tender
 Corporate HiMEDS Units held by you for the account of the undersigned.</font></td>
</tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" width="2%" align="left"><font face="Times New Roman" size="2">*</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Unless otherwise
 indicated, the entire number of Corporate HiMEDS Units indicated above as held for
 the account of the undersigned will be tendered.</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2"><b>SIGN HERE</b></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Name(s) of
 beneficial owner(s):&#160;&#160;&#160;<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;
&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>

<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Signature(s):&#160;&#160;&#160;<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;</u></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Name(s):&#160;&#160;&#160;<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;</u></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">(PLEASE PRINT)</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Address(es):&#160;&#160;&#160;<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;</u></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Telephone
 Number(s):&#160;&#160;&#160;<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;</u></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left" nowrap><font face="Times New Roman" size="2">Taxpayer Identification
 or<br>Social Security
 Number(s):&#160;&#160;&#160;<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;</u></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Date:&#160;&#160;&#160;<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">2</font></p>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>9
<FILENAME>ad90061_exa5d.htm
<TEXT>
<html>
<head>
<title></title>
</head>
<body>
<p align="right"><font face="Times New Roman" size="2"><b>Exhibit (a)(5)(D)</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>NOTICE OF GUARANTEED DELIVERY
<bR><br>AVERY DENNISON CORPORATION<br><bR>Offer to Exchange up to 8,360,000 HiMEDS Units
 in the Form of Corporate HiMEDS<bR>Units, stated amount $50.00 per unit,<bR>for shares
 of Common Stock of Avery Dennison Corporation and cash</b></font></p>
<table border="0" cellpadding="5" cellspacing="0" width="100%">
<tr>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid">
<font face="Times New Roman" size="2"><b>THE OFFER
 AND WITHDRAWAL RIGHTS WILL EXPIRE AT 12:01 A.M., NEW YORK CITY TIME, ON MARCH 4,
 2009, UNLESS THE OFFER IS EXTENDED BY US (SUCH DATE AND TIME, AS THE OFFER MAY BE
 EXTENDED, THE &#147;EXPIRATION DATE&#148;). TENDERS MAY NOT BE WITHDRAWN AFTER THE
 CORPORATE HIMEDS UNITS HAVE BEEN ACCEPTED FOR EXCHANGE.</b></font></td>
</tr>
</table>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">This form,
 or one substantially equivalent hereto, must be used by a holder to accept the offer
 of Avery Dennison Corporation (&#147;Avery Dennison&#148;), and to tender HiMEDS
 Units, stated amount $50.00 per unit, in the form of Corporate HiMEDS Units (the
 &#147;Corporate HiMEDS Units&#148;), to the exchange agent pursuant to the guaranteed
 delivery procedures described in &#147;Description of the Offer&#151;Procedures
 for Tendering Corporate HiMEDS Units&#151;Guaranteed Delivery&#148; in the offer
 to exchange, dated February 3, 2009 (the &#147;offer to exchange&#148;) and the
 related letter of transmittal. Any holder who wishes to tender Corporate HiMEDS
 Units pursuant to such guaranteed delivery procedures must ensure that the exchange
 agent receives this notice of guaranteed delivery prior to the expiration date.
 Certain terms used but not defined herein have the meanings ascribed to them in
 the offer to exchange or the letter of transmittal.</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><i><b><i>
<b>Delivery to</b></i></b></i><b>:</b></font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>D.F.
 King &#038; Co., Inc.</b></font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Exchange
 Agent</b></font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><i>By Mail,
 Overnight Courier or Hand Delivery</i></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><i>By Facsimile
 (Eligible Guarantor Institutions Only)</i></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">D.F. King
 &#038; Co., Inc.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">(212) 809-8838</font></td>
</tr>

<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">48 Wall
 Street, 22nd Floor</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">(provide
 call back telephone number</font></td>
</tr>

<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">New York,
 New York 10005</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">on fax cover
 sheet for confirmation)</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Attn: Elton
 Bagley</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Confirmation:
 (212) 493-6996</font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2"><b>DELIVERY OF THIS NOTICE OF GUARANTEED
 DELIVERY TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE OR TRANSMISSION OF THIS NOTICE
 VIA FACSIMILE TO A NUMBER OTHER THAN AS SET FORTH ABOVE WILL NOT CONSTITUTE A VALID
 DELIVERY.</b></font></p>
<p><font face="Times New Roman" size="2">This notice of guaranteed delivery is not
 to be used to guarantee signatures. If a signature on the letter of transmittal
 is required to be guaranteed by an &#147;eligible institution&#148; under the instructions
 thereto, such signature guarantee must appear in the applicable space provided in
 the signature box on the letter of transmittal.</font></p>
<page>

<p><font face="Times New Roman" size="2">Ladies and Gentlemen:</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">The undersigned
 hereby tenders to Avery Dennison, upon the terms and subject to the conditions set
 forth in the offer to exchange and the related letter of transmittal, receipt of
 each of which the undersigned hereby acknowledges, the number of Corporate HiMEDS
 Units set forth below, pursuant to the guaranteed delivery procedures set forth
 in the offer to exchange and in the letter of transmittal.</font></p>
<p style="text-indent: 30px;"><font face="Times New Roman" size="2">The undersigned hereby tenders
 the Corporate HiMEDS Units listed below:</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="center" style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid"><font face="Times New Roman" size="2"><b>Title of
 Series</b></font></td>
<td valign="bottom" align="center" style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid"><font face="Times New Roman" size="2"><b>(1)
<br>Certificate Number(s)<br>(if known) of<br>Corporate HiMEDS Units or<br>Account
 Number<br>at the Book-Entry<br>Transfer Facility</b></font></td>
<td valign="bottom" align="center" style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid"><font face="Times New Roman" size="2"><b>(2)
<br>Corporate HiMEDS Units<br>Held</b></font></td>
<td valign="bottom" align="center" style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid"><font face="Times New Roman" size="2"><b>(3)<br>
Number of<br>Corporate<br>HiMEDS Units<br>Tendered*</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left" style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid"><font face="Times New Roman" size="2">7.875% Corporate
 HiMEDS Units</font></td>
<td valign="bottom" align="center" style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid" valign="bottom" colspan="4" align="left"><font face="Times New Roman" size="2">
* Unless otherwise indicated in this column, a holder will be deemed to have tendered
 ALL of the Corporate HiMEDS Units indicated in column 2. Corporate HiMEDS Units
 tendered hereby must be in denominations of $50.00 stated amount or any integral
 multiple thereof.</font></td>
</tr>
</table>
<bR>
<div style="BORDER-BOTTOM: black 1px solid; BORDER-top: black 1px solid; BORDER-right: black 1px solid; BORDER-left: black 1px solid">
<table border="0" cellpadding="4" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>PLEASE
 SIGN AND COMPLETE</b></font>
<P align="left"><font face="Times New Roman" size="2">Name(s) of
 Record Holder(s):</font></p>
<hr size="1" color="#000000" noshade>
<p align="left"><font face="Times New Roman" size="2">Address(es):</font></p>

<hr size="1" color="#000000" noshade>
<p align="left"><font face="Times New Roman" size="2">Area Code
 and Telephone Number(s):</font></p>
<hr size="1" color="#000000" noshade>
<p align="left"><font face="Times New Roman" size="2">Signature(s):</font></p>

<hr size="1" color="#000000" noshade>
<p align="left"><font face="Times New Roman" size="2">Dated:</font></p>

<hr size="1" color="#000000" noshade>
<p align="left"><font face="Times New Roman" size="2">This notice
 of guaranteed delivery must be signed by the holder(s) exactly as their name(s)
 appear on certificates for Corporate HiMEDS Units or on a security position listing
 as the owner of Corporate HiMEDS Units, or by person(s) authorized to become holder(s)
 by endorsements and documents transmitted with this notice of guaranteed delivery.
 If signature is by a trustee, executor, administrator, guardian, attorney-in-fact,
 officer or other person acting in a fiduciary or representative capacity, such person
 must provide the following information.</font></p>
<p align="center"><font face="Times New Roman" size="2"><b>PLEASE
 PRINT NAME(S) AND ADDRESS(ES)</b></font></p>
<p align="left"><font face="Times New Roman" size="2">Name(s):</font></p>
<hr size="1" color="#000000" noshade>
<br>
<hr size="1" color="#000000" noshade>
<br>
<hr size="1" color="#000000" noshade>
<p align="left"><font face="Times New Roman" size="2">Capacity:</font></p>
<hr size="1" color="#000000" noshade>
<p align="left"><font face="Times New Roman" size="2">Address(es):</font></p>
<hr size="1" color="#000000" noshade>
<bR></td>
</tr>
</table>
</div>
<p align="center"><font face="Times New Roman" size="2">2</font></p>
<page>
<p align="center"><font face="Times New Roman" size="2"><b>GUARANTEE<br>(not to be used for signature
 guarantees)<br></b></font></p>

<p><font face="Times New Roman" size="2">
The undersigned, a firm which is a member of a registered national
 securities exchange or of the National Association of Securities Dealers, Inc.,
 or is a commercial bank or trust company having an office or correspondent in the
 United States, or is otherwise an &#147;eligible guarantor institution&#148; within
 the meaning of Rule 17Ad-15 under the Securities Exchange Act of 1934, guarantees
 deposit with the exchange agent of the letter of transmittal (or facsimile thereof),
 together with the Corporate HiMEDS Units tendered hereby in proper form for transfer
 (or confirmation of the book-entry transfer of such Corporate HiMEDS Units into
 the exchange agent&#146;s account at DTC as described in the offer to exchange under
 the caption &#147;Description of the Offer&#151;Procedures for Tendering Corporate
 HiMEDS Units&#151;Guaranteed Delivery&#148; and in the letter of transmittal) and
 any other required documents, all by 12:01 a.m., New York City time, within three
 New York Stock Exchange trading days following the expiration date.</font></p>
<p align="center"><font face="Times New Roman" size="2"><b>(Please Type or Print)</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="10%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>(Firm
 Name)</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>(Authorized
 Signature)</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>(Print
 or Type Name of Signatory)</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>(Firm
 Address)</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>(Title)
</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>(Area
 Code and Telephone Number and</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>(Date)
</b></font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Fax Number)
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2"><b>Do not send Corporate HiMEDS Units with
 this form. Actual surrender of Corporate HiMEDS Units must be made pursuant to,
 and be accompanied by, a properly completed and duly executed letter of transmittal
 and any other required documents.<bR><br>This form is not to be used to guarantee signatures.
 If a signature on a letter of transmittal is required to be guaranteed by an &#147;Eligible
 Institution&#148; under the instructions thereto, such signature guarantee must
 appear in the applicable space provided in the signature box on the letter of transmittal.
</b></font></p>
<p align="center"><font face="Times New Roman" size="2">3</font></p>

<page>
<p align="center"><font face="Times New Roman" size="2"><b>INSTRUCTIONS FOR NOTICE OF GUARANTEED
 DELIVERY</b></font></p>
<p><font face="Times New Roman" size="2">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b>Delivery of this Notice of Guaranteed
 Delivery.</b> A properly completed and duly executed copy of this notice of guaranteed
 delivery and any other documents required by this notice of guaranteed delivery
 must be received by the exchange agent at its address set forth herein prior to
 the expiration date. The method of delivery of this notice of guaranteed delivery
 and any other required documents to the exchange agent is at the election and sole
 risk of the holder, and the delivery will be deemed made only when actually received
 by the exchange agent. If delivery is by mail, registered mail with return receipt
 requested, properly insured, is recommended. As an alternative to delivery by mail,
 the holders may wish to consider using an overnight or hand delivery service. In
 all cases, sufficient time should be allowed to assure timely delivery. For a description
 of the guaranteed delivery procedures, see Instruction 2 of the letter of transmittal.
<bR><br>2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b>Signatures on this Notice of Guaranteed Delivery.</b> If this notice of
 guaranteed delivery is signed by the registered holder(s) of the Corporate HiMEDS
 Units referred to herein, the signature must correspond with the name(s) written
 on the face of the Corporate HiMEDS Units without alteration, enlargement, or any
 change whatsoever. If this notice of guaranteed delivery is signed by a participant
 of DTC whose name appears on a security position listing as the owner of the Corporate
 HiMEDS Units, the signature must correspond with the name shown on the security
 position listing as the owner of the Corporate HiMEDS Units.<bR><br>If this notice of
 guaranteed delivery is signed by a person other than the registered holder(s) of
 any Corporate HiMEDS Units listed or a participant of DTC, this notice of guaranteed
 delivery must be accompanied by appropriate stock powers, signed as the name of
 the registered holder(s) appears on the Corporate HiMEDS Units or signed as the
 name of the participant shown on DTC&#146;s security position listing.<bR><br>If this
 notice of guaranteed delivery is signed by a trustee, executor, administrator, guardian,
 attorney-in-fact, officer of a corporation, or other person acting in a fiduciary
 or representative capacity, such person should so indicate when signing and submit
 with the letter of transmittal evidence satisfactory to Solectron of such person&#146;s authority to so act.
<br><br>3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b>Questions or Additional Copies.</b> Questions
 regarding procedures for tendering Corporate HiMEDS Units or requests for additional
 copies of the offer to exchange may be directed to the information agent at the
 address or telephone number set forth in the offer to exchange. Holders may also
 contact their broker, dealer, commercial bank, trust company, or other nominee for
 assistance concerning the offer to exchange. Any questions regarding the terms of
 the offer should be directed to Avery Dennison at the address or telephone number
 set forth in the offer to exchange.</font></p>
<p align="center"><font face="Times New Roman" size="2">4</font></p>
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