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Avery Dennison Provides Overview of Top-line Growth Strategies

Press release from the issuing company

NEW YORK, N.Y. - March 14, 2001 - Avery Dennison Corporation (NYSE/PCX:AVY) today outlined its long-term financial strategies and initiatives to achieve top-line growth at a New York meeting of securities analysts hosted by the Company. Philip M. Neal, chairman and chief executive officer of Avery Dennison, discussed major sources of future growth, including increased unit volumes in core markets, continued geographic expansion, value-enhancing acquisitions and the development and introduction of new products that leverage the Company's technological strengths and manufacturing capabilities. "Our primary focus is on accelerating top-line growth to drive shareholder value and we are dedicated to making it happen," said Neal. "We enjoy a compelling set of competitive advantages that continue to strengthen." Neal identified the Company's key competitive advantages as powerful brands, proprietary products and services, expanding global presence, market leadership positions and low-cost manufacturing capabilities. Neal also described the benefits of the Company's industry-leading e-business platforms, including enhanced customer service functions that are available electronically and a variety of new Internet-based products and services. While Neal described the Company's long-term financial outlook as outstanding, he pointed out that the current weak economic conditions in North America continue to impact Avery Dennison's performance. "We expect a couple of soft quarters before things pick up," said Neal, noting that the Company is moving aggressively to offset the impact of this slowdown in North America with numerous actions that will lower the Company's breakeven, as previously announced. "We have aggressive strategies in place to deliver our goals for years to come," said Neal. "For the long term, we continue to target high single-digit revenue growth, average annual margin expansion of 50 basis points and double-digit earnings-per-share growth. We plan to maintain our superior levels of return on investment and drive increased economic value through growth."

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