PASADENA, Calif. - June 1, 2001 - Avery Dennison Corporation (NYSE/PCX:AVY) today announced that Karyn E. Rodriguez, assistant treasurer, corporate finance and investments, has been promoted to the position of vice president and treasurer, effective today. She replaces Wayne H. Smith, who has been appointed to the position of vice president, financial services. "We are pleased to have someone with Karyn's expertise serving as treasurer for the Company," said Philip M. Neal, chairman and chief executive officer of Avery Dennison. "During her four years at Avery Dennison, Karyn has made significant contributions to the Company's successful corporate finance and investment programs." "We will also benefit greatly from the breadth of experience that Wayne brings to his new role as he develops and manages a variety of critical, strategic financial initiatives for Avery Dennison," said Neal. In her new position, Rodriguez will be responsible for the treasury function worldwide, including capital structure strategy, corporate and subsidiary financing strategy and execution, foreign exchange exposure management, cash management, accounts receivable management, banking relationships and retirement plan asset management administration. She will also manage the funding of acquisition and growth initiatives and she will continue to serve as chairman of the Company's retirement plan committee. Rodriguez will report to Daniel R. O'Bryant senior vice president, finance and chief financial officer. Rodriguez joined Avery Dennison in 1997 as director, corporate finance and investments, and was promoted to her current position in 1998. Prior to working at Avery Dennison, she served as assistant treasurer and manager of banking and finance at The Vons Companies, Inc., in Arcadia, Calif., and in management positions at Bankers Trust Company in Los Angeles and at Wachovia Bank and Trust in Winston-Salem, North Carolina. Rodriguez earned an M.B.A. degree from Duke University and a B.A. degree in mathematics and economics from Smith College. In his role as vice president, financial services, Wayne H. Smith will be responsible for a variety of financial initiatives, including an assessment of international investment exposure risk management and developing a financial management strategy for e-commerce activities throughout the Company. Smith joined the Company in 1979 as vice president and treasurer. In addition to managing the treasury operation at the Company, Smith has also led the tax, risk management and investor relations functions for a number of years during his 22-year tenure at Avery Dennison. Before joining Avery Dennison, Smith served in several positions at Quaker Oats Company in Chicago, including assistant treasurer, manager of overseas finance and manager of business development. He has also held positions at Dow Chemical Company and in the U.S. Navy. Smith earned an M.B.A. from Harvard University and a B.S. degree in engineering from the University of Michigan.