X0201 4 2004-01-30 0 0000008818 AVERY DENNISON CORPORATION AVY 0001200576 CAHOUET FRANK V MELLON FINANCIAL CORPORATION ONE MELLON BANK CENTER, STE. 4101 PITTSBURGH PA 15258-0001 1 0 0 0 Common Stock 2004-01-29 4 M 0 4000 15.2812 A 4114.575 D Common Stock 2004-01-29 4 F 0 1016 60.185 D 3098.575 D Common Stock 2004-01-29 4 D 0 2238 60.185 D 860.575 D Common Stock 21869 I by Spouse Common Stock 22201 I by Trust Director Stock Option (Right to Buy) 15.2812 2004-01-29 4 M 0 4000 0 D 1995-02-24 2004-02-24 Common Stock 4000 0 D 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. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. 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. By: Irene S. Marquard For: Frank V. Cahouet 2004-01-30