On January 24, 2023, Avery Dennison Corporation entered into Amendment No. 2 to Credit Agreement (the “Amendment”) with the lenders party thereto, Bank of America, N.A., as administrative agent (the “Administrative Agent”), and Mizuho Bank Ltd., as syndication agent, which amends that certain Fifth Amended and Restated Credit Agreement dated as of February 13, 2020 (as amended by that certain First Amendment dated as of August 9, 2021, the “Existing Credit Agreement,” and as further amended by the Amendment, the “Credit Agreement,”), to (i) replace the benchmark reference rate of Eurocurrency Rate with (x) Term SOFR for borrowings denominated in U.S. Dollars, and (y) Alternative Currency Term Rate (which is SONIA for borrowings denominated in Sterling, EURIBOR for borrowings denominated in Euros, or such benchmark reference rate with respect to any other currency (other than Euros, Sterling, or U.S. Dollars) as approved by the Administrative Agent), (ii) utilize the one-year maturity extension option under the Existing Credit Agreement to extend the maturity date from February 13, 2025 to February 13, 2026, and (iii) incur additional revolving commitments in the amount of $400 million for total commitments under the Credit Agreement of $1,200 million. The terms “Alternative Currency Term Rate,” “EURIBOR,” “Eurocurrency Rate,” “SONIA,” and “Term SOFR” have meanings customary for financings of this type.