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Avery Dennison Elects Two New Directors

Press release from the issuing company

PASADENA, Calif.--Dec. 5, 2002--Avery Dennison Corporation today announced that its board of directors has elected Julia A. Stewart and Peter K. Barker as directors of the Company, effective January 2003. Stewart, 47, is president, chief executive officer and chief operating officer of IHOP Corp., the company that owns, operates and franchises the International House of Pancakes restaurant chain. Stewart has more than 30 years of experience in the food service industry. Barker, 54, retired in November 1998 as partner at Goldman, Sachs & Company, where he was responsible for the firm's investment banking activities on the West Coast. Barker had a 28-year career at Goldman, Sachs and, at the time of his retirement, was partner-in-charge of the Los Angeles office. "Julia Stewart and Peter Barker are outstanding additions to our board of directors," said Philip M. Neal, chairman and chief executive officer of Avery Dennison. "These two talented executives bring years of retail marketing experience and financial management expertise to Avery Dennison, and we look forward to the valuable insight and breadth they will bring to our board." Before joining IHOP in December 2001, Julia Stewart served as president of the domestic division of Applebee's International, Inc., from 1998 to 2001, with responsibility for running the company's restaurant chain in North America, which totaled 1,300 retail outlets operating under the Applebee's brand. Prior to joining Applebee's, Stewart held several senior management positions from 1991 to 1998 at Taco Bell Corporation, including serving as national vice president of franchise and license, and western region vice president of operations. Over a 15-year period prior to joining Taco Bell, Stewart's extensive food service industry experience included serving in senior marketing positions at leading national restaurant companies. Stewart has held key leadership positions in organizations representing the food service industry, including past president and founding member of the Women's Foodservice Forum, executive board member of the California Restaurant Association, and president of the National Restaurant Association's marketing executives group. Peter Barker joined the London office of Goldman, Sachs & Company in 1971 and rapidly moved to the position of associate in the firm's global finance department in New York. In 1975, Barker was appointed a vice president in the Global Finance department in New York. In 1978, he moved to the investment banking operation at the Los Angeles office of Goldman, Sachs as vice president and head of the firm's West Coast investment banking region. Barker was appointed as partner in 1982, heading up investment banking activities for Goldman, Sachs on the West Coast. Barker is active in a variety of leadership roles at academic and community organizations. He currently serves as chairman of the board of trustees at Claremont McKenna College and as a director and treasurer of the board of W.M. Keck Foundation. He is a trustee of the Huntington Library, and he serves on the board of directors of the Metropolitan YMCA in Los Angeles, Fletcher Jones Foundation, and the Music Center of Los Angeles County. Barker's corporate board memberships include Ameron International and Stone Energy, Inc.