Avery Dennison Corp — Director's Dealing 2008

Dec 9, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVERY DENNISON CORPORATION (AVY)
CIK: 0000008818
Period of Report: 2008-12-08

Reporting Person: VAN SCHOONENBERG ROBERT G (Exec.VP/Chief Legal Off.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-12-08	Common Stock	M	7884	—	Acquired	30946	Direct
2008-12-08	Common Stock	M	425	—	Acquired	31371	Direct
2008-12-08	Common Stock	F	2971	$28.365	Disposed	28400	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-12-08	Dividend Equivalent Rights	$	M	425	Disposed		Common Stock (425)	Direct
2008-12-08	Employee Restricted Stock Units	$	M	7884	Disposed		Common Stock (7884)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4419.18	Indirect
Common Stock	5875.003	Indirect

Footnotes

F1: Each restricted stock unit represents a contingent right to receive one share of Avery Dennison Corporation common stock together with a number of shares of "dividend equivalents" equal in value to the amount of dividends paid on each share of common stock.

F2: Settlement of dividend equivalent rights in connection with vesting of restricted stock units. The rights accrued when and as dividends were paid on the common stock. Each dividend right represents the right to receive one share of common stock.

F3: The restricted stock units vested on the date shown in column 3.