Avery Dennison Corp — Director's Dealing 2003

Nov 17, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVERY DENNISON CORPORATION (AVY)
CIK: 0000008818
Period of Report: 2003-11-17

Reporting Person: SCARBOROUGH DEAN A (Director, President and C.O.O.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-17	Common Stock	M	889	$15.2813	Acquired	13458.725	Direct
2003-11-17	Common Stock	F	269	$52.445	Disposed	13189.725	Direct
2003-11-17	Common Stock	D	620	$52.445	Disposed	12569.725	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-17	Employee Stock Option (Right to Buy)	$15.2813	M	889	Disposed	2004-02-24	Common Stock (889)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3198.051	Indirect
Common Stock	15207.034	Indirect
Common Stock	115.96	Indirect

Footnotes

F1: Represents reporting person's election to defer gain from exercise of option under the issuer's Capital Accumulation Plan ("CAP"). Reporting person surrendered the indicated option shares (including the indicated shares which were surrendered in payment of the option exercise price) in an exempt transaction under Rule 16b-3(e) and elected to defer receipt of the value thereof.

F2: Option vests nine years and nine months from the date of grant, but becomes eligible for accelerated vesting beginning three years from the date of grant, if the Company meets certain pre-established performance criteria.