Avery Dennison Corp — Director's Dealing 2003

Nov 14, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVERY DENNISON CORPORATION (AVY)
CIK: 0000008818
Period of Report: 2003-11-14

Reporting Person: FERRY RICHARD M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-14	Common Stock	M	4000	$15.2812	Acquired	23559	Direct
2003-11-14	Common Stock	F	1189	$51.425	Disposed	22370	Direct
2003-11-14	Common Stock	D	1054	$51.425	Disposed	21316	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-14	Director Stock Option (Right to Buy)	$15.2812	M	4000	Disposed	2004-02-24	Common Stock (4000)	Direct

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 grant under the Avery Dennison Corporation 1988 Stock Option Plan for Non-Employee Directors, in transaction that was exempt under old Rule 16b-3. Options are exerciseable in two cumulative installments of 50% each year beginning on the first anniversary date of the grant, which is the date given.