X0306 4 2018-02-22 0000008818 Avery Dennison Corp AVY 0001392133 Butier Mitchell R 207 GOODE AVENUE GLENDALE CA 91203 1 1 President and CEO Common Stock 2018-02-22 4 M 0 8166 117.84 A 117759 D Common Stock 2018-02-22 4 F 0 2824 117.84 D 114935 D Common Stock 2018-02-22 4 M 0 13415 117.84 A 128350 D Common Stock 2018-02-22 4 F 0 6617 117.84 D 121733 D Common Stock 2018-02-22 4 M 0 15705 117.84 A 137438 D Common Stock 2018-02-22 4 F 0 7787 117.84 D 129651 D Common Stock 2018-02-22 4 M 0 12244 117.84 A 141895 D Common Stock 2018-02-22 4 F 0 6071 117.84 D 135824 D Common Stock 2018-02-22 4 M 0 46696 117.84 A 182520 D Common Stock 2018-02-22 4 F 0 23152 117.84 D 159368 D Common Stock 2018-02-23 4 S 0 7500 118.57 D 151868 D Common Stock (Savings Plan) 3743.9336 I Savings Plan 2014 MSU Award 0 2018-02-22 4 M 0 8166 0 D 2015-02-26 2018-02-27 Common Stock 8166 0 D 2015 MSU Award 0 2018-02-22 4 M 0 13415 0 D 2016-02-26 2019-02-26 Common Stock 13415 6286 D 2016 MSU Award 0 2018-02-22 4 M 0 15705 0 D 2017-02-25 2020-02-25 Common Stock 15705 15085 D 2017 MSU Award 0 2018-02-22 4 M 0 12244 0 D 2018-02-23 2021-02-23 Common Stock 12244 19181 D 2015 PU Award 0 2018-02-22 4 M 0 46696 0 D 2018-02-26 2018-02-26 Common Stock 46696 0 D 2018 MSU Award 0 2018-02-22 4 A 0 22852 0 A 2019-02-22 2022-02-22 Common Stock 22852 22852 D 2018 PU Award 0 2018-02-22 4 A 0 23324 0 A 2021-02-22 2021-02-22 Common Stock 23324 23324 D Sale of shares to cover additional estimated tax consequences of vesting of LTI awards on 2/22/18. This transaction was executed in multiple trades at prices ranging from $118.25 to $118.94. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. Shares reflect the vesting of the fourth tranche of market-leveraged stock units granted in February 2014 at 200% of target based on our absolute total stockholder return during 2014-2017, plus dividend equivalents accrued during the period. Shares reflect the vesting of the third tranche of market-leveraged stock units granted in February 2015 at 200% of target based on our absolute total stockholder return in excess of 10% during 2015-2017, plus dividend equivalents accrued during the period. Shares reflect the vesting of the second tranche of market-leveraged stock units granted in February 2016 at 200% of target based on our absolute total stockholder return in excess of 10% during 2016-2017, plus dividend equivalents accrued during the period. Shares reflect the vesting of the first tranche of market-leveraged stock units granted in February 2017 at 188% of target based on our absolute total stockholder return in excess of 10% during 2017, plus dividend equivalents accrued during the period. Shares reflect the vesting of performance units granted in February 2015 at 200% of target, 50% based on our cumulative economic value added and 50% on our relative total stockholder return. Market-leveraged stock units vest 25% over one-, two-, three- and four-year performance periods, with the number of shares paid on each vesting date based on the percentage change in the Company's stock price, plus dividend equivalents accrued during the vesting period. Each market-leveraged stock unit represents a contingent right to receive one share of Avery Dennison Corporation common stock, plus dividend equivalents. Performance units vest, if at all, at the end of fiscal year 2020, provided certain performance objectives are met as determined in February 2021. Each performance unit represents a contingent right to receive one share of Avery Dennison Corporation common stock. /s/ Erica Perry POA for Mitchell R Butier 2018-02-26