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Robert W. Baird & Co.
2008 Growth Stock Conference
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Dean Scarborough
President and Chief Executive Officer
May 13, 2008

2. Forward-Looking Statements
Certain information in this presentation may constitute “forward-looking” statements. These statements and financial or other
business targets are subject to certain risks and uncertainties. Actual results and trends may differ materially from historical
or expected results depending on a variety of factors, including but not limited to risks and uncertainties relating to investment
in development activities and new production facilities; fluctuations in cost and availability of raw materials; ability of the
Company to achieve and sustain targeted cost reductions, including synergies expected from the integration of the Paxar
business in the time and at the cost anticipated; ability of the Company to generate sustained productivity improvement;
successful integration of acquisitions; successful implementation of new manufacturing technologies and installation of
manufacturing equipment; the financial condition and inventory strategies of customers; customer and supplier concentrations;
changes in customer order patterns; loss of significant contract(s) or customer(s); timely development and market acceptance
of new products; fluctuations in demand affecting sales to customers; impact of competitive products and pricing; selling prices;
business mix shift; credit risks; ability of the Company to obtain adequate financing arrangements; fluctuations in interest rates;
fluctuations in pension, insurance and employee benefit costs; impact of legal proceedings, including the Australian
Competition and Consumer Commission investigation into industry competitive practices, and any related proceedings or
lawsuits pertaining to this investigation or to the subject matter thereof or of the concluded investigations by the U.S.
Department of Justice (“DOJ”), the European Commission, and the Canadian Department of Justice (including purported class
actions seeking treble damages for alleged unlawful competitive practices, which were filed after the announcement of the DOJ
investigation), as well as the impact of potential violations of the U.S. Foreign Corrupt Practices Act based on issues in China;
changes in governmental regulations; changes in political conditions; fluctuations in foreign currency exchange rates and other
risks associated with foreign operations; worldwide and local economic conditions; impact of epidemiological events on the
economy and the Company’s customers and suppliers; acts of war, terrorism, natural disasters; and other factors.
The Company believes that the most significant risk factors that could affect its ability to achieve its stated financial
expectations in the near-term include (1) the impact of economic conditions on underlying demand for the Company’s products;
(2) the degree to which higher raw material and energy-related costs can be passed on to customers through selling price
increases, without a significant loss of volume; (3) the impact of competitors’ actions, including pricing, expansion in key
markets, and product offerings; (4) potential adverse developments in legal proceedings and/or investigations regarding
competitive activities, including possible fines, penalties, judgments or settlements; and (5) the ability of the Company to
achieve and sustain targeted cost reductions, including expected synergies associated with the Paxar acquisition.
Use of Non-GAAP Financial Measures
This presentation contains certain non-GAAP measures as defined by SEC rules. As required by these rules, we have
provided a reconciliation of non-GAAP measures to the most directly comparable GAAP measures, included in the
“Supplemental Materials” handout accompanying this presentation.

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Keys to unlocking shareholder value at AVY
1. Delivering ~ $100 mil. of incremental cost synergies from integration
of Paxar acquisition
2. Demonstrating sustainable competitive advantage in roll label
materials business (through market share gain, stable/improving
operating margins and returns)
3. Driving 30%+ compound annual growth in free cash flow through
2010
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Who we are… AVY by segment
2007 Proforma Revenue By Segment,
with Annualized Paxar Sales
Other
(after intercompany eliminations) Specialty
Converting
9%
Office and
Consumer
Products
15%
Retail
Pressure-sensitive
Information
Materials
Services
52%
24%
2007 Net Sales (as reported) = $6.3 billion
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Who we are… AVY by region
2007 Proforma Revenue By Region,
with Annualized Paxar Sales
(before intergeographic eliminations)
Other*
Latin
America
U.S.
Asia
Eastern
Europe
Western
Europe
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5 * ”Other” includes Canada, Australia and South Africa
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Pressure-sensitive Materials (PSM)
Who we are.
> Largest global supplier of base
material for pressure-sensitive
label applications
How we win.
> Innovation
> Product breadth and quality
2007 FINANCIAL SNAPSHOT
> Global footprint
Sales $3.5 bil.
> Regional scale
Organic Sales Growth 2.8%
Operating Margin(1) 9.5%
2008 Growth Stock (1) Excluding
restructuring charges and other items – see “Supplemental Materials”
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7. Sustainable competitive advantages drive superior tobar right edge ofExtend toMedium gray
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profitability and returns vs. peers
|
Operating Margin* AVY PSM Segment vs. Peers
10.0%
9.0%
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
2005 2006 2007 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08
AVY PSM Segment BMS PS Segment UPM Label Materials Segment
2008 Growth Stock
7 * Excluding restructuring charges
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Retail Information Services (RIS)
Who we are.
> Largest global supplier in retail tag,
ticketing, brand and product
identification
How we win.
> Global scale, local presence
> Comprehensive product range that
offers global consistency
2007 FINANCIAL SNAPSHOT
> Strong relationships with major
retailers and brand owners
Sales $1.2 bil.
> Unparalleled ability to support,
Organic Sales Growth 0.5%
create and inspire
Operating Margin(1) 6.0%
2008 Growth Stock (1) Excluding restructuring charges, integration transition costs, and other items –
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Office and Consumer Products (OCP)
Who we are.
> Global leader in key
Printable Media categories
(labels, index dividers)
How we win.
> Proprietary products
> Ubiquitous software templates
and other consumer-use
“enablers”
2007 FINANCIAL SNAPSHOT
> Powerful consumer brand
Sales $1.0 bil. > Preferred supplier
Organic Sales Change (6.6)%
Operating Margin(1) 17.6%
2008 Growth Stock (1) Excluding
restructuring charges and other items – see “Supplemental Materials”
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RFID
Carton and
pallet tagging
Item-level
tagging…
apparel, airline
baggage,
pharmaceutical,
etc.
AD-220/AD-221 AD-420/AD-421 AD-612 AD-622 AD-812/AD-811 AD-820/AD-821
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Long-term earnings growth…
Earnings Per Share, Fully Diluted
$4.00 to $4.30
$3.91
$3.60 to
$3.84
Projecting 5 year CAGR in adjusted $3.90
$3.72
EPS of ~ 9.5% through 2008
$3.45
$3.07
$3.06
$2.78
$2.67 $2.64
$2.26
2003 2004 2005 2006 2007 2008 Guidance
(revised)
EPS - GAAP EPS - Adjusted*
Target: > 12% compound annual growth in adjusted EPS through 2010
2008 Growth Stock * Excludes restructuring charges, gains on sale of assets, and other items –
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Improving returns…
Adjusted Return on Total Capital*
16.0%
15%
14.3%
13.0% 12.8%
12.7%
~ 12.0%
2003 2004 2005 2006 2007 2008 Guidance 2010 Target
Improvement in returns temporarily halted by acquisition effect…
expect to resume progress in ‘09
2008 Growth Stock * Excludes restructuring charges, gains on sale of assets, and other items –
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~ 75% boost to free cash flow in 2008 (current default color.
is the
FCF yield ~ 9%)
2008 Guidance
(revised) 2007
(Millions, except as noted)
Cash flow from operations $600 to $640 $499.4
Payment for capital expenditures(1) $135 to $140 $190.5
Payment for software and other deferred
charges(2) $55 to $60 $ 64.3
Free Cash Flow(3) $400 to $450 $244.6
Dividends ~ $180 $171.8
Share Repurchase --- $ 63.2
Total debt to total capital at year-end 45% to 50% 53.1%
Target: > 30% compound annual growth through 2010
(1) 2008 Guidance includes $5 - $10 mil. in capital investments related to Paxar integration
2008 Growth Stock
13 (2) 2008 Guidance includes $15 - $20 mil. in software investments related to Paxar integration
Conference (3) Cash flow from operations less payment for capital expenditures, software and other deferred charges

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Dividend increase…
32 consecutive years of dividend increase
$1.80
$1.60
$1.40
$1.20
Dividends per share
$1.00
$0.80
$0.60
$0.40
$0.20
$0.00
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Current Dividend Yield ~ 3%
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Wrap-up: 2008 Priorities
1. Capture Paxar integration synergies… deliver on RIS
growth commitment
2. Improve trajectory of PSM business:
> Continued growth in emerging markets
> Investment in new application growth
> Accelerated productivity improvement
> Price increases to offset raw material inflation
3. Continue to renovate core Office Products; manage for
margin/cash flow
4. Accelerate Enterprise Lean Sigma efforts Company-
wide to improve productivity and enhance product
quality and customer service
5. Deliver significant increase in free cash flow
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