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Robert W. Baird & Co.
2008 Growth Stock Conference
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Avery Dennison
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Supplemental Materials
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 Appendix
section of this presentation.

3. Challenging business conditionsline continued throughfar right edge ofExtend toMedium gray
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> Slowdown in U.S. retail environment drove sales declines (organic basis) for
both RIS and Office Products
– Office Products customers reduced inventories… current levels approximately
15-20% lower than same time last year
> Volume growth trend in roll materials improved vs. Q4, both in NA and Europe,
but Graphics and Reflective declined
> PSM margins negatively impacted by pricing, weaker product mix, and raw
material inflation
> Actions underway to weather the storm and position Company for economic
rebound:
– Implementing price increases in Roll Materials (worldwide) and Office Products
– Executing Paxar integration
– Driving increased productivity across organization
– Protecting investment in key growth programs (RFID, emerging markets, RIS,
other)
– Increasing focus on free cash flow… trimming capital/IT budgets and reducing
working capital
Remain committed to achieving original 2008 cash flow target
2008 Growth Stock
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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
2008 Growth Stock
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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
2008 Growth Stock
5 * ”Other” includes Canada, Australia and South Africa
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Pressure-sensitive Materials (PSM)
Who we are.
> Global market share leader
How we win.
> Innovation
> Product breadth and quality
> Global footprint
2007 FINANCIAL SNAPSHOT
> Regional scale
Sales $3.5 bil.
Organic Sales Growth 2.8%
Operating Margin(1) 9.5%
2008 Growth Stock (1) Excluding restructuring charges and other items –
6
Conference see Appendix, “Reconciliation of Non-GAAP Financial Measures to GAAP”

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PSM: How do we grow?
> Expand in faster-growing international markets by
leveraging global and regional scale advantages
Other*
Latin
America
Roll Materials
2007 revenues by U.S.
geography, before
Asia
intergeographic
eliminations
Eastern
Europe
Western
Europe
2008 Growth Stock
7 * ”Other” includes Canada, Australia and South Africa
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PSM: How do we grow?
> Drive increased PS penetration of food and
beverage segments (shift from glue-applied labels)
through product innovation and marketing
2008 Growth Stock
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PSM: How do we grow?
> Drive share gain in durable goods applications
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6% total applied cost advantage in labeling is the default color.
for breweries
Total Applied Cost Comparison
Pressure-
Glue-
Sensitive
Applied
Cost down more
than 6%...
… while achieving:
> Premium brand image
> Design flexibility
> Functionality
> Ease of product changeover
Material Process Costs Tooling Other Costs
2008 Growth Stock
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11. Pressure-sensitive penetration photoprime label (brandbar rightsegments
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is still less than 25 percent in North Americathe default color.
is
North American Prime Label (Brand ID) Segments
80%
Pharma Wine
60% Personal Care
PS Penetration
Food
40%
Spirits
Household
20%
Beer
Other Beverage
0%
0% 1% 2% 3% 4% 5% 6% 7% 8%
Projected Market Growth
('07 - '10 CAGR)
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Joint partnership with customers drives growth
Growth • Drive growth in underpenetrated segments
(food, beverage, household)
How can we help you grow?
Productivity
• Lean and Six Sigma process improvement
How can we help you become
• Expanded service programs
more cost effective?
Innovation
• Continual product re-engineering
How can we help you look
• Specialty application development
to the future?
2008 Growth Stock
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Graphics and Reflective… > $600 mil. business with solid growth drivers
is the default color.
> Emerging markets
> Wide-format digital printers
> Differentiation through
innovation, quality, and service
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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
14 * Excluding restructuring charges
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Major initiatives underway Optional photo extends
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> Announced price increases
> Product (materials) re-engineering
> Raw materials… strategic sourcing initiatives
> Quakertown scale-up for films
> Coater optimization and shut-downs
> Enterprise Lean Sigma
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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 –
16
Conference see Appendix, “Reconciliation of Non-GAAP Financial Measures to GAAP”

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Global Footprint
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Benefits of Paxar acquisition
Enhanced the Company’s top-line growth potential
> More than doubled sales in segment with above-average
growth potential
> Combined complementary strengths
> Improved ability to meet customer demands for product
innovation, quality, and speed of service
$115 to $125 mil. of cost synergies
> Elimination of headquarters, costs of running public company
(~ $25 mil.)
> “Front-end” (e.g., sales, product development) redundancies
(~ $15 mil.)
> In-sourcing of supplies, procurement savings
(~ $25 mil.)
> Rationalization of production facilities and related overhead
($50 to $60 mil.)
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Integration update: actions taken or underway
Restructuring actions approved to-date (~ $85 mil. of savings)
Close former Paxar corporate headquarters Completed
Consolidate sales force Completed
Integrate Korea, Singapore and Thailand Completed
Restructure Mexico, El Salvador and Dominican Republic By Q2’08
Close Paxar manufacturing unit in Germany End of ‘08
Transfer production lines to more cost-effective locations Q4’07 - Q4’08
Other End of ‘08
Procurement / in-sourcing related projects (~ $25 mil. of savings):
Absorb third party or Paxar in-house laminates into Q3’07 - Q2’08
Roll Materials Division
Execute procurement actions to leverage scale Q3’07 - Q3’08
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margin improvement over medium-term
Adjusted RIS Operating Margin*
6% -1% 12% +
6%
2007 Combined Incremental 2009/2010
Incremental Other Productivity,
Goodwill Net of Incremental
Synergies
(Incl. Paxar prior Amortization Investments & Cost
to acquisition) and Corp. Fee Inflation
2008 Growth Stock * Excluding restructuring charges, integration transition costs, and other items –
20
Conference see Appendix, Reconciliation of Non-GAAP Financial Measures to GAAP”

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RIS growth through innovation is the default color.
> Digital Printing
Services
> Heat Transfer
> Packaging
> RFID Applications
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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 –
22
Conference see Appendix, “Reconciliation of Non-GAAP Financial Measures to GAAP”

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OCP: Key Strategic Priorities
Focus on core products, growth projects with rapid payback
> “Product renovation” to maintain / grow share
vs. private label offerings
Maintain / expand margin and ROTC
> Product mix improvement
> Price increases to offset raw material inflation
> Enterprise Lean Sigma
> Capital investment substantially below D&A
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Renovation example: Labels
Objective: Deliver consumer preferred, IP-protected,
value-added product that drives sales growth
Strategy: Optimize products by application (addressing,
return addressing, shipping and filing/identification)
TrueBlock Next Gen Repositionable
Clear Internet White Larger Return
Shipping and Filing Easy Peel
Easy Peel Shipping Easy Peel Address
Q4 2005 Q2 2006 Q4 2006 Q4 2007 Q4 2008 Q4 2008 Q4 2009
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for Office Products North America
Reduction in supply chain costs 2008 est. vs. ’01/’02
Supply chain headcount 39%
Direct labor costs 51%
Improved service, quality, and safety record
Service – line fill rate 2.2 pts to 97.8%
Defects per million 85%
Improved capital efficiency and ROTC
Plant/DC square footage 35%
Fixed assets 36%
ROTC 12.6 pts.
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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
2008 Growth Stock
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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 8.7% to 10.2% 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 through 2010
2008 Growth Stock * Excludes restructuring charges, gains on sale of assets, and other items –
27
Conference see Appendix for detail.

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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 –
28
Conference see Appendix for detail.

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Increase in free cash flow…
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%
Free cash flow up ~ 75% in 2008; current FCF Yield ~ 9%
(1) 2008 Guidance includes $5 - $10 mil. in capital investments related to Paxar integration
2008 Growth Stock
29 (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
5
7
9
1
3
5
7
9
1
3
5
7
9
1
3
5
7
'7
'7
'8
'8
'9
'9
'0
'0
'7
'8
'8
'8
'9
'9
'9
'0
'0
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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Wrap-up: Medium-term Financial Targets
Adjusted EPS (1) > 12% CAGR through 2010
ROTC (1) 15% by 2010
Free Cash Flow (2) > 30% CAGR through 2010
(1) Excluding restructuring charges, gains on sale of assets, and other items
2008 Growth Stock
32 (2) Cash flow from operations less payment for capital expenditures, software and other deferred
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Appendix
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2008 Earnings and Free Cash Flow Guidance
2008 Guidance
(revised)
Reported (GAAP) Earnings Per Share $3.60 to $3.90
Add Back:
Estimated Integration Transition Costs, Restructuring and
Asset Impairment Charges* ~ $0.40
Adjusted (non-GAAP) Earnings Per Share $4.00 to $4.30
Capital Expenditures and Investments in Software (ex-integration) ~ $170 mil.
Cash Costs of Paxar Integration (before tax) ~ $ 65 mil.
Free Cash Flow (before dividends) $400 to $450 mil.
2008 Growth Stock
35 * Subject to revision as plans are finalized
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2008 Earnings Guidance (revised): Key Considerations
Guidance for adjusted (non-GAAP) earnings per share: $4.00 to $4.30 (from
$4.15 to $4.55 previously)
> Performance within range is highly dependent on organic growth and product mix
> Midpoint of range assumes no meaningful change in macro-economic environment
over the balance of the year
Positive factors contributing to our outlook:
> Incremental cost synergies from Paxar integration ($60 to $70 mil.)
> Restructuring actions already announced ($25 to $30 mil. incremental to 2007)
> Other restructuring and ongoing productivity initiatives
> Price increases to partially offset raw material inflation
> Reduced loss from building RFID business ($10 mil.)
> Currency translation benefit of approx. 5% to top-line (E.P.S. benefit of ~ $0.16)
> Lower tax rate
Offsetting factors vs. 2007:
> Higher interest ($10 to $15 mil.) and equity-based comp expense (~ $10 mil.)
> Raw material inflation (~2.5% before cost-outs, or approx. $70 mil.)
> General inflation and reinvestment of savings for growth
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2008 Earnings Guidance (revised): Key Assumptions
Current Assumptions Previous Assumptions
> Reported revenue up 10% to 12%, > Reported revenue up 9.5% to 12.5%,
including approximately 5% benefit from including 2% to 3% from currency and
currency, and 7% from acquisitions 6.5% from acquisitions
– Sales up 1% to 3% on an
– Sales roughly flat on an organic basis,
organic basis
with modest volume growth offset by
negative price/mix
> Approx. 2% ($50-$55 mil.)
> Raw material cost inflation of
approximately 2.5% (~ $70 mil.), offset
with benefit from global sourcing
strategies, material cost-outs, and price
increases
> 9% to 10%
> Operating margin of 8.5% to 9.0%
> $125 to $135 mil.
> Interest expense of $115 to $120 mil.
> Effective tax rate of 15% to 18% (approx. > 18% - 20%
20% effective quarterly tax rate in Q2-Q4)
> Negligible change in shares outstanding > Negligible change
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First Quarter 2008 Overview
Net sales increased 18.4% over prior year
> Net effect of Paxar acquisition was approx. 14%
> Currency added 6% ($0.05 benefit to earnings per share)
> Sales declined approximately 2% on an organic basis
Operating margin before restructuring and asset impairment charges
and transition costs associated with the Paxar integration declined by
200 basis points vs. prior year
> Decline reflects carryover of 2007 price reductions in the roll materials
business, raw material inflation, negative segment and product mix, as
well as reduced fixed cost leverage
> Headwinds also included 50 basis points of margin compression from
addition of base Paxar business (margin of base business is lower than
Company-average before integration savings)
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First Quarter 2008 Overview (continued)
Annual effective tax rate for 2008 expected to be in the 15%-18% range
(down from 18%-20% originally)
> Ongoing annual tax rate now expected to be in the 17%-19% range for the
foreseeable future (down from 18%-20% previously), subject to significant
volatility from quarter to quarter
> Effective tax rate for the quarter was negative (12.3%), primarily due to
recognition of $21 million tax benefit from increased ability to realize
deferred tax assets
Reported E.P.S. of $0.69 includes $0.11 of restructuring charges, asset
impairment, and transition costs for Paxar integration
> $0.06 of transition costs associated with Paxar integration
> $0.05 of restructuring and asset impairment charges
Adjusted E.P.S. of $0.80
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First Quarter 2008 Segment Overview
PRESSURE-SENSITIVE MATERIALS
Reported sales of $920 mil., up 7% compared with prior year
> Organic sales growth of approx. 1%, slower than Q4 pace
Change in sales for roll materials business by region, adjusted for the
effect of currency and intercompany sales:
> Europe up at low single digit rate (improved vs. Q4 pace)
> North America declined at low single digit rate (similar to 2H-07)
> Asia growth in mid-teens
> South America roughly comparable to prior year
Graphics & Reflective business down mid-single-digit rate before currency
Excluding restructuring and asset impairment charges, operating margin
declined 170 basis points vs. prior year to 8.0%, as the negative effects of
pricing and raw material inflation more than offset benefits from
restructuring and other productivity initiatives
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First Quarter 2008 Segment Overview (continued)
RETAIL INFORMATION SERVICES
Reported sales of $372 mil., up 138% compared with prior year due to
the Paxar acquisition
> Organic sales decline of approx. 1%
> Continued weakness of domestic retail apparel market; sales on products
destined for European market remained solid
Operating margin before transition costs and restructuring charges
declined 330 basis points to 1.0%, as integration synergies (approx. $17
mil.) and other productivity actions were more than offset by the effects
of:
> Employee-related / raw material cost inflation
> Reduced fixed cost leverage
> Negative price/mix
> Intangible amortization (approx. $6 mil.) and higher corporate cost
allocation (approx. $4 mil.) associated with Paxar
2008 Growth Stock
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Paxar Integration Update
> Targeting up to $125 mil. of annual synergy savings when complete
> Realized approx. $17 mil. of savings in Q1, up from $11 mil. in Q4
> Over 75% of targeted savings expected to be captured in run rate by
year-end
> No change to anticipated cash costs of integration ($165 - $180 mil)
> Last piece of permanent financing completed in February
2008 Growth Stock
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First Quarter 2008 Segment Overview (continued)
OFFICE AND CONSUMER PRODUCTS
Reported sales of $194 mil., down 9% compared with prior year
> Organic sales decline of approx. 12%, due in part to customer inventory
reductions ($12 mil. estimated impact to net sales)
Excluding restructuring charges, operating margin declined 150 basis
points to 11.1%, as the benefit of restructuring and other productivity
initiatives was more than offset by reduced fixed cost leverage
OTHER SPECIALTY CONVERTING
Reported sales of $159 mil., comparable to prior year
> Organic sales decline of approx. 4%, or roughly comparable to prior year
when adjusted for exit of low margin distribution business
Excluding restructuring charges, operating margin declined 130 basis
points to 5.8%, as the benefit of restructuring and other productivity
initiatives as well as a reduction in the loss from RFID was more than
offset by reduced fixed cost leverage and cost inflation
2008 Growth Stock
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Reconciliation of Non-GAAP
Financial Measures to GAAP
2008 Growth Stock
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Conference

45. Organic Sales Growth by Segment: 2007
Pressure Retail Office and Other Specialty
Sensitive Information Consumer Converting
($ in millions) Materials Services Products Businesses
2006 GAAP Sales $3,236.3 $667.7 $1,072.0 $599.9
Impact of 2007 Currency Changes $174.3 $16.7 $25.3 $15.6
2006 Adjusted Non-GAAP Sales $3,410.6 $684.4 $1,097.3 $615.5
2007 GAAP Sales $3,497.7 $1,174.5 $1,016.2 $619.4
Est. Impact of Acq.& Divestitures ($7.8) $486.6 ($9.2) ($1.4)
2006 Adjusted Non-GAAP Sales $3,505.5 $687.9 $1,025.4 $620.8
GAAP Sales Growth 8.1% 75.9% -5.2% 3.3%
Organic Sales Growth 2.8% 0.5% -6.6% 0.9%
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46. OPERATING MARGIN BY SEGMENT
FY 2005 FY 2006 FY 2007
($ in millions, except as noted)
Pressure Sensitive Materials
Net Sales 3,114.5 3,236.3 3,497.7
Operating income, as reported 264.1 301.6 318.7
Operating margin, as reported 8.5% 9.3% 9.1%
Non-GAAP adjustments:
Restructuring costs, asset impairment
charges, and other items 23.0 9.3 13.8
Adjusted non-GAAP operating income 287.1 310.9 332.5
Adjusted non-GAAP operating margin 9.2% 9.6% 9.5%
Retail Information Services
Net Sales 630.4 667.7 1,174.5
Operating income, as reported 37.7 45.7 -4.0
Operating margin, as reported 6.0% 6.8% -0.3%
Non-GAAP adjustments:
Transition costs, restructuring costs, asset
impairment charges, and other items 7.5 11.2 74.2
Adjusted non-GAAP operating income 45.2 56.9 70.2
Adjusted non-GAAP operating margin 7.2% 8.5% 6.0%
Prior period reported numbers restated to conform with Q4-07 change in inventory accounting methodology and
reclassification of units between segments.
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47. OPERATING MARGIN BY SEGMENT
FY 2005 FY 2006 FY 2007
($ in millions, except as noted)
Office and Consumer Products
Net Sales 1,136.1 1,072.0 1,016.2
Operating income, as reported 161.9 187.4 173.6
Operating margin, as reported 14.3% 17.5% 17.1%
Non-GAAP adjustments:
Restructuring costs, asset impairment
charges, and other items 21.8 (2.3) 4.8
Adjusted non-GAAP operating income 183.7 185.1 178.4
Adjusted non-GAAP operating margin 16.2% 17.3% 17.6%
Other Specialty Converting Businesses
Net Sales 592.5 599.9 619.4
Operating income, as reported 14.9 17.3 25.4
Operating margin, as reported 2.5% 2.9% 4.1%
Non-GAAP adjustments:
Restructuring costs and asset impairment
charges 6.2 3.7 4.2
Adjusted non-GAAP operating income 21.1 21.0 29.6
Adjusted non-GAAP operating margin 3.6% 3.5% 4.8%
EBIT Impact of RFID (32.5) (31.8) (25.4)
Adj non-GAAP operating income ex-RFID 53.6 52.8 55.0
Adj non-GAAP operating margin ex-RFID 9.1% 8.8% 9.0%
Prior period reported numbers restated to conform with Q4-07 change in inventory accounting methodology and
reclassification of units between segments.
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48. Earnings Per Share*, GAAP vs. Adjusted
2008 Guidance
2003 2004 2005 2006 2007 (revised)
GAAP EPS 2.67 2.78 2.26 3.72 3.07 $3.60 to $3.90
Restructuring costs, asset impairment
0.22 0.27 0.40 0.27 0.49 ~ $0.25
charges, and other items
Loss (income) from discontinued
(0.25) 0.01 0.65 (0.15) - -
operations
- - 0.14 - - -
Tax Expense on Repatriated Earnings
Transition costs associated with the Paxar
- - - - 0.35 ~ $0.15
integration
Adjusted EPS 2.64 3.06 3.45 3.84 3.91 $4.00 to $4.30
* Prior period reported numbers restated to conform with Q4-07 change in inventory accounting methodology.
Historical figures have NOT been adjusted to remove the contribution from businesses subsequently divested or
discontinued.
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49. ROTC*, GAAP vs. Adjusted
FY 2003 FY 2004 FY 2005 FY 2006 FY 2007
($ in millions, except as noted)
GAAP
Average Invested Capital (5 point average) 2,421.0 2,671.1 2,717.5 2,667.5 3,649.8
Net Income 267.4 279.0 226.8 373.2 303.5
Addback: After-tax interest expense 42.4 44.0 46.0 45.7 85.1
Return on Average Total Capital 12.8% 12.1% 10.0% 15.7% 10.6%
Adjusted
Adj. Average Invested Capital (5 point average) 2,419.9 2,690.2 2,752.9 2,695.4 3,683.8
Net Income 267.4 279.0 226.8 373.2 303.5
Addback: After-tax interest expense 42.4 44.0 46.0 45.7 85.1
Addback: After-tax transition costs, restructuring
costs, asset impairment charges, impact of
discontinued ops, and other items -3.0 27.6 119.8 12.5 83.0
Adjusted Return on Average Total Capital 12.7% 13.0% 14.3% 16.0% 12.8%
* Prior period reported numbers restated to conform with Q4-07 change in inventory accounting methodology.
Historical figures have NOT been adjusted to remove the contribution from businesses subsequently divested or
discontinued.
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