CCL Container and CCL Tube Strong Financial Position Global Leadership in a Sustainable World CCL Industries Inc. 2011 Annual Report 3 Our prudent financial strategy has served us well during this  unsettled era as governments have attempted to resolve  one economic crisis after another. Our modest debt leverage  and strong cash positions around the world ensure that we  always have liquidity to run our business in good or difficult  times. Over the last decade, we have focused on aggressive  working capital management; combined with our lower capital  CCL’s global network of 69 operations reaches across six  continents and 23 countries, enabling us to service our  customers wherever they have needs around the world. Our  operating philosophy is to “think globally and act locally.”  Our global management team is a mix of seasoned industry  veterans and talented newcomers. It is also a culturally  diverse group deliberately located around the world with one  common focus – our customers. In 2011, we were pleased  to announce a number of promotions to recognize team  members’ accomplishments and to ensure that they continue  to grow and gain experience. Our acquisitions, joint ventures  With all business segments contributing to our success, CCL  reported an 18% increase in adjusted earnings per share*  (“EPS”) from, $2.18 in 2010 to $2.57 in 2011, exceeding our  EPS growth targets established for the last five years. CCL Tube had an outstanding year and exceeded all  expectations. Sales were up by 8% and profits up 37% to  record levels as we gained share in sluggish market conditions.  Our two best-in-class facilities now have the leading position  in North America for highly decorated extruded tubes sold  to personal care and cosmetic customers. In 2012, we are  planning to expand our site in Wilkes-Barre, PA, and add more  decorating capability in Los Angeles as we continue to strive  for increasing market share. Over the last decade, CCL has transformed itself from a  regionally diversified packaging company to the largest label  company in the world and the leading player in aluminum  aerosol containers and plastic tubes in North America. With  over 95% of our revenue coming from outside of Canada, CCL  continues to capitalize on the growth of the global economy.  Our strong financial position gives us significant capacity  to take advantage of acquisition opportunities. Our focus  remains on geographies and markets that can deliver growth  and greater value for shareholders, and we are determined to  retain our proven financial discipline when evaluating potential  transactions.  Our financial strength supports the stability and sustainability  of uninterrupted cash dividends to shareholders, with regular  increases and no reductions for over 30 years. We are  particularly proud that dividends have more than doubled  over the last decade. The 27% dividend payout ratio in 2011  exceeded our 25% target for another year. CCL Container delivered a major turnaround under a  revitalized management team and was the largest contributor  to earnings improvement for the Company in 2011. New  pricing programs were established to pass through the  changes in aluminum costs to the market every 90 days.  Company policy now permits hedging of our metal supply  only in conjunction with “back-to-back” priced contracts with  blue-chip customers. We were particularly pleased to see our  Canadian facility turn profitable in the second half of 2011  after three years of losses as we implemented stricter pricing  controls as well as cost reduction and productivity programs.  Our U.S. plant delivered excellent results, posting record  income for the year. Operations in Mexico enjoyed double- digit growth rates as a third line started up at our state-of-the- art plant in Guanajuato. The sudden 20% devaluation of the  peso to the U.S. dollar impacted profitability in the second  half of the year, but results remained positive. We expect  overall continuing progress in 2012, while recognizing that  future prior-year comparisons will be more challenging after  2011’s solid recovery. expenditures and strong earnings performance, this resulted  in cash flow from operations of $171 million in 2011. As a  result, our net debt to total capitalization ratio dropped to less  than 21% at the end of the year, significantly below our 45%  comfort level.  In 2011, we invested $79 million, net of proceeds on  disposals, in our plants to improve productivity, expand our  product capabilities and add to our geographic reach with  new greenfield facilities in developing markets. Given our  past investment and the quality of our global infrastructure  today, we expect to keep capital expenditures at or below  depreciation for the immediate future.