<SUBMISSION>
<ACCESSION-NUMBER>0000950134-09-004415
<TYPE>SC TO-I/A
<PUBLIC-DOCUMENT-COUNT>3
<FILING-DATE>20090304
<DATE-OF-FILING-DATE-CHANGE>20090304
<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/A
<ACT>34
<FILE-NUMBER>005-18527
<FILM-NUMBER>09653984
</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/A
</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/A
<SEQUENCE>1
<FILENAME>v51681a3sctoviza.htm
<DESCRIPTION>AMENDMENT TO SC TO-I
<TEXT>
<HTML>
<HEAD>
<TITLE>sctoviza</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


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




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

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

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

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE TO</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 0pt"><B>(Amendment No.&nbsp;3)</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt">
<B><FONT style="font-size: 10pt">(Rule&nbsp;14d-100)</FONT><BR>
TENDER OFFER STATEMENT UNDER SECTION&nbsp;14(d)(1) OR 13(e)(1)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>

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

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

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


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

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>053611307</B><BR>
(CUSIP Number of Class of Securities)<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

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

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

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B><I>Copies to:</I></B></DIV>







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

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CALCULATION OF FILING FEE</B></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="56%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="6" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD nowrap align="center" colspan="1">Transaction Valuation*</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD nowrap align="center">Amount of Filing Fee**</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">$235,334,000</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 2px solid #000000">$9,248.63</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="6" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

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

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>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 as of February&nbsp;2, 2009, as reported
on the New York Stock Exchange.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>The amount of the filing fee was calculated
in accordance with Rule&nbsp;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.</TD>
</TR>

</TABLE>



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check the box if any part of the fee is offset as provided by
Rule&nbsp;0-11(a)(2) and identify the filing with which the offsetting
fee was previously paid. Identify the previous filing by
registration statement number, or the Form or Schedule and the
date of its filing.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amount Previously Paid: $9,248.63
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filing Party: Avery Dennison Corporation</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form or Registration No.: Schedule&nbsp;TO
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date Filed: February&nbsp;3, 2008</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check the box if the filing relates solely to preliminary
communications made before the commencement of a tender offer.</TD>
</TR>

<TR valign="bottom" style="font-size:6pt">
    <TD valign="top">&nbsp;</TD>
</TR>

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

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Third-party tender offer subject to Rule&nbsp;14d-1.</TD>
</TR>

<TR valign="bottom" style="font-size:6pt">
    <TD valign="top">&nbsp;</TD>
</TR>

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

<TR valign="bottom" style="font-size:6pt">
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Going-private transaction subject to Rule&nbsp;13e-3.</TD>
</TR>

<TR valign="bottom" style="font-size:6pt">
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment to Schedule&nbsp;13D under Rule&nbsp;13d-2.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Check the following box if the filing is a final amendment reporting the results of the tender
offer: <FONT face="Wingdings">&#111;</FONT>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s)
relied upon:
</DIV>


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

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

<TR valign="bottom" style="font-size:6pt">
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Rule&nbsp;14d-1(d) (Cross-Border Third-Party Tender Offer)</TD>
</TR>

</TABLE>
</DIV>

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





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

<!-- PAGEBREAK -->
<P><HR noshade><P>

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

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;11. Additional Information</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;12. Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="v51681a3exv99wxayx5yxey.htm">EX-99.(A)(5)(E)</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment No.&nbsp;3 (this &#147;Amendment No.&nbsp;3&#148;) amends and supplements the Issuer Tender Offer
Statement on Schedule&nbsp;TO originally filed on February&nbsp;3, 2009, as amended by Amendment No.&nbsp;1 filed
on February&nbsp;12, 2009 and as amended by Amendment No.&nbsp;2 filed on February&nbsp;25, 2009 (the &#147;Schedule
TO&#148;), by Avery Dennison Corporation, a Delaware corporation (&#147;Avery Dennison&#148; or the &#147;Company&#148;),
pursuant to Section&nbsp;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%, 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)&nbsp;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)&nbsp;a 1/20 or 5.0% undivided beneficial interest in a $1,000 aggregate
principal amount 5.350% senior note due November&nbsp;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;). The offer is made
upon the terms and subject to the conditions described in the offer to exchange, dated February&nbsp;3,
2009 (the &#147;offer to exchange&#148;), and the related letter of transmittal, previously filed as exhibits
(a)(1)(A) and (a)(1)(B), respectively, to the Schedule&nbsp;TO.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Amendment No.&nbsp;3 is filed to satisfy the reporting requirements of Rule&nbsp;13e-4(c)(1)
promulgated under the Securities Exchange Act of 1934, as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Schedule&nbsp;TO is amended by the information contained in this Amendment No.&nbsp;3. Only those
items amended are reported herein. Except as specifically provided herein, this Amendment No.&nbsp;3
does not modify any of the information previously reported on the Schedule&nbsp;TO.
</DIV>

<!-- link2 "Item&nbsp;11. Additional Information" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;11. </B><B><I>Additional Information</I></B><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item&nbsp;11 of the Schedule&nbsp;TO is hereby amended by adding the following:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The offer to exchange expired at 12:01&nbsp;a.m., New York City time, on March
4, 2009 (the &#147;expiration date&#148;). On March&nbsp;4, 2009, the Company announced that it
accepted for exchange all Corporate HiMEDS Units that had been validly tendered and
not withdrawn as of the expiration date, which included an aggregate of 6,612,978
Corporate HiMEDS Units, or 75.15% of the outstanding Corporate HiMEDS Units, and
that it would promptly issue and deliver to tendering holders an aggregate of
6,451,621 shares of Avery Dennison&#146;s common stock and an aggregate of $ 42,984,357
in cash.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The full text of the Company&#146;s press release, dated March&nbsp;4, 2009, relating to
the expiration of the offer is filed as Exhibit (a)(5)(E) hereto and is
incorporated herein by reference.</TD>
</TR>

</TABLE>
</DIV>
<!-- link2 "Item&nbsp;12. Exhibits" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;12. </B><B><I>Exhibits.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">(a)(5)(E) Press Release, dated March&nbsp;4, 2009.
</DIV>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURE" -->
<DIV align="left"><A NAME="002"></A></DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">Date:  March 4, 2009      &nbsp;</TD>
    <TD colspan="3" align="left"><B>AVERY DENNISON CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;Karyn E. Rodriguez</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
   <TD valign="top" colspan="3">Name: Karyn E. Rodriguez&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

    <TD valign="top" colspan="3">Title: Vice President and Treasurer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /Folio -->
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<DOCUMENT>
<TYPE>EX-99.(A)(5)(E)
<SEQUENCE>2
<FILENAME>v51681a3exv99wxayx5yxey.htm
<DESCRIPTION>EX-99.(A)(5)(E)
<TEXT>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Ex-99.(a)(5)(E)</B>
</DIV>

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    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><IMG src="v51681a3v5168100.gif" alt="(AVERY DENNISON LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">News Release</TD>
</TR>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Miller Corporate Center</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Media Relations: For Immediate Release<BR>
Dan Hilley (213)&nbsp;630-6550<BR>
communications@averydennison.com</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Investor Relations:<BR>
Eric M. Leeds (626)&nbsp;304-2029<BR>
investorcom@averydennison.com</B>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS">AVERY DENNISON ANNOUNCES RESULTS OF EXCHANGE<BR>
OFFER FOR CORPORATE HIMEDS UNITS</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pasadena, California &#151; March&nbsp;4, 2009 &#151; Avery Dennison Corporation (NYSE: AVY) today
announced the preliminary results of its offer to exchange (the &#147;exchange offer&#148;) up to
8,360,000 of its Corporate HiMEDS Units, stated amount $50.00 per unit (the &#147;Corporate
HiMEDS Units&#148;). The Company has been advised by the exchange agent that approximately
6,612,978 Corporate HiMEDS Units (including 341,858 Corporate HiMEDS Units tendered pursuant
to guaranteed delivery procedures), or approximately 75.15% of the outstanding Corporate
HiMEDS Units, were validly tendered and not withdrawn as of the expiration of the offer,
which occurred at 12:01&nbsp;a.m., New York City time, on March&nbsp;4, 2009 (the &#147;expiration date&#148;).
Avery Dennison has accepted all Corporate HiMEDS Units validly tendered and not withdrawn as
of the expiration date. In the aggregate, the offer is expected to result in the retirement
of approximately $330.65&nbsp;million of senior notes that are part of the Corporate HiMEDS
Units, the issuance of approximately 6.45&nbsp;million shares of Avery Dennison&#146;s common stock,
par value $1.00 per share, and the payment of approximately $42.98&nbsp;million in cash to
participating holders who validly tendered
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">and have not withdrawn their Corporate HiMEDS
Units. The exchange offer is expected to settle on March&nbsp;10, 2009.
</DIV>


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


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