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: DIXON DIANE B (Sr. VP, Worldwide Comm. & Adv.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-17	Common Stock	M	1462	$43.375	Acquired	3470	Direct
2003-11-17	Common Stock	M	926	$45.1875	Acquired	4396	Direct
2003-11-17	Common Stock	F	2144	$52.445	Disposed	2252	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-17	Employee Stock Option (Right to Buy)	$43.375	M	1462	Disposed	2007-12-04	Common Stock (1462)	Direct
2003-11-17	Employee Stock Option (Right to Buy)	$45.1875	M	926	Disposed	2008-12-03	Common Stock (926)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3017.26	Indirect
Common Stock	4549.998	Indirect
Common Stock	525.328	Indirect

Footnotes

F1: 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.