Issuer:

Avery Dennison Corporation

Title of Securities:

1.250% Senior Notes due 2025

Legal Format:

SEC-registered

Trade Date

February 24, 2017

Settlement Date:

March 3, 2017 (T+5)*

Principal Amount:

€500,000,000

Maturity:

March 3, 2025

Coupon (Interest Rate):

1.250%

Issue Price (Price to Public):

99.917% of principal amount

Minimum Denomination:

€100,000 and integral multiples of €1,000 in excess thereof

Benchmark Security:

DBR 0.500% Notes due February 15, 2025

Spread to Benchmark Security:

141.2 bps

Benchmark Security Price and Yield:

105.22 / -0.151%

Yield to Maturity:

1.261%

Mid-Swap Yield:

0.461%

Spread to Mid-Swap:

+80 bps

Optional Redemption

The notes will be redeemable in whole or in part, at the Issuer’s option, at any time or from time to time at a redemption price equal to the greater of (a) 100% of the principal amount of the notes to be redeemed and (b) the sum of the present values of the Remaining Scheduled Payments (as defined in the Preliminary Prospectus Supplement) discounted to the redemption date, not including any portion of any payments of interest accrued to the redemption date, on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate (as defined in the Preliminary Prospectus Supplement), plus 25 basis points, plus accrued and unpaid interest thereon to, but not including, the date of redemption; provided, however, that if the Issuer redeems any notes on or after December 3, 2024 (the date falling three months prior to the maturity date of the notes), the redemption price for the notes will be equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest thereon to, but not including, the date of redemption.

Redemption for Tax Reasons:

If certain events occur involving changes in United States taxation, the Issuer may redeem the notes, in whole, but not in part, at 100% of their principal amount, together with accrued and unpaid interest to, but not including, the date fixed for redemption.

Interest Payment Dates:

Annually on each March 3, commencing March 3, 2018

Day Count Convention:

ACTUAL/ACTUAL (ICMA)

Stabilization:

Stabilization/FCA

Joint Book-Running Managers

HSBC Bank plc
J.P. Morgan Securities plc

Merrill Lynch International

Co-Managers:

MUFG Securities EMEA plc
Standard Chartered Bank
Mizuho International plc
SMBC Nikko Capital Markets Limited
Wells Fargo Securities International Limited

CUSIP:

053611 AH2

Common Code/ISIN:

XS1533922263/153392226

Listing

Avery Dennison Corporation intends to apply to list the Notes on the New York Stock Exchange.

Form:

Clearstream/Euroclear, Book-Entry

Law:

New York

Ratings**:

Baa2 (Moody’s) / BBB (S&P)