Avery Dennison Corp — Director's Dealing 2004

Nov 18, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVERY DENNISON CORPORATION (AVY)
CIK: 0000008818
Period of Report: 2004-11-17

Reporting Person: NEAL PHILIP M (Director, Chairman and C.E.O.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-17	Common Stock	M	82000	$16.25	Acquired	191117	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-17	Employee Stock Option (Right to Buy)	$16.25	M	82000	Disposed	2004-12-01	Common Stock (82000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3470.654	Indirect
Common Stock	1535.053	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.