NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 72 CCL Industries Inc. 2011 Annual Report Years ended December 31, 2011 and 2010 (In thousands of Canadian dollars, except share and per share information) Actuarial losses recognized directly in equity are as follows: Plan assets consist of the following: No plan assets are directly invested in the Company’s own shares or directly in any property occupied by, or other assets used by, the Company. The expected rates of return on assets are based on long-term expected rates of return for a portfolio invested in accordance with the plans’ target asset mix and include consideration of long-term historical returns. The Company considers input from its investment advisors and actuaries when determining the rates. While the Company believes equities offer the best return over the long-term, it also believes diversification is necessary and invests in bonds, hedge funds, property and cash as well. The actual returns on plan assets are as follows: The weighted average economic assumptions used to determine post-employment benefit obligations are as follows: Canada/U.S. U.K. Germany Other Total December 31, 2011 Discount rate 2.69% 4.70% 4.80% 5.21% 3.56% Expected rate of compensation increase 3.00% n.a. 2.00% 2.85% 2.79% December 31, 2010 Discount rate 3.88% 5.40% 4.65% 5.20% 4.43% Rate of compensation increase 3.00% n.a. 2.00% 2.70% 2.76% Canada/U.S. U.K. Germany Other Total 2011 $ (42) $ 519 — — $ 477 2010 $ 233 $ 1,717 — — $ 1,950 2011 Canada/U.S. U.K. Germany Other Total Equity securities 52% 52% — — 52% Debt securities 32% 38% — — 37% Real estate 0% 7% — — 6% Other 16% 3% — — 5% Total 100% 100% 0% 0% 100% 2010 Canada/U.S. U.K. Germany Other Total Equity securities 42% 56% — — 53% Debt securities 37% 34% — — 35% Real estate 0% 7% — — 5% Other 21% 3% — — 7% Total 100% 100% 0% 0% 100% 2011 2010 Cumulative amount at January 1 $ 2,387 $ — Recognized during the year in other comprehensive income 4,940 2,387 Cumulative amount at December 31 $ 7,327 $ 2,387