The most recent actuarial valuation of the UK defined benefit pension plan for funding purposes was as of January 1, 2008. The next required actuarial valuation will be as of January 1, 2011. The new valuation will be finalized towards the end of the first quarter in 2012. The most recent actuarial valuation for funding purposes for the executive defined benefit pension plan in Canada was as of January 1, 2009. The next required actuarial valuation will be as of January 1, 2012. The Company has chosen to recognize all defined benefit post-employment plan actuarial gains or losses in other comprehensive income immediately. Information for December 31 regarding the defined benefit post-employment plans, including the defined benefit pension plans, supplemental retirement plans and other post-employment defined benefit plans discussed above is as follows: 70 CCL Industries Inc. 2011 Annual Report Dec 31, 2011 Dec 31, 2010 Jan 1, 2010 Present value of unfunded defined benefit obligations $ 59,319 $ 55,441 $ 53,483 Present value of wholly or partly funded defined benefit obligations 33,154 28,834 31,641 Total present value of obligations 92,473 84,275 85,124 Fair value of plan assets (20,703) (19,540) (20,691) Recognized liability for defined benefit obligations 71,770 64,735 64,433 Liability for long-service leave and jubilee plans 1,677 1,600 1,652 Liability for long-term incentive plan 5,559 1,792 — Cash-settled share-based payment liability 2,417 1,654 1,150 Total employee benefits 81,423 69,781 67,235 Total employee benefits reported in other payables 3,617 3,562 1,756 Total employee benefits reported in non-current liabilities $ 77,806 $ 66,219 $ 65,479 2011 Canada/U.S. U.K. Germany Other Total Accrued benefit obligation: Balance, beginning of year $ 49,977 $ 22,044 $ 7,011 $ 5,243 $ 84,275 Current service cost 418 — 244 453 1,115 Interest cost 2,584 1,202 325 239 4,350 Employee contributions 624 — — — 624 Benefits paid (1,401) (536) (264) (639) (2,840) Actuarial (gain)/loss 1,748 2,458 (189) 126 4,143 Effect of movements in exchange rates 660 394 (72) (176) 806 Balance, end of year $ 54,610 $ 25,562 $ 7,055 $ 5,246 $ 92,473 Plan assets: Fair value, beginning of year $ 4,408 $ 15,132 $ — $ — $ 19,540 Expected return on plan assets 284 990 — — 1,274 Actuarial losses (326) (471) — — (797) Employee contributions — — 103 — 103 Employer contributions 1,316 1,031 161 639 3,147 Benefits paid (1,401) (536) (264) (639) (2,840) Effect of movements in exchange rates — 276 — — 276 Fair value, end of year $ 4,281 $ 16,422 $ — $ — $ 20,703 Funded status, net deficit of plans $ (50,329) $ (9,140) $ (7,055) $ (5,246) $ (71,770) Accrued benefit liability $ (50,329) $ (9,140) $ (7,055) $ (5,246) $ (71,770) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Years ended December 31, 2011 and 2010 (In thousands of Canadian dollars, except share and per share information)