To the Shareholders of CCL Industries Inc. We have audited the accompanying consolidated financial statements of CCL Industries Inc. (“the Company”), which comprise the consolidated statement of financial position as at December 31, 2011, December 31, 2010 and January 1, 2010, the consolidated income statements, statements of comprehensive income, changes in equity and cash flows for the years ended December 31, 2011 and December 31, 2010, and notes, comprising a summary of significant accounting policies and other explanatory information. INDEPENDENT AUDITORS’ REPORT Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. Auditors’ Responsibility An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as at December 31, 2011, December 31, 2010 and January 1, 2010, and of its consolidated financial performance and its consolidated cash flows for the years ended December 31, 2011 and December 31, 2010 in accordance with International Financial Reporting Standards. Opinion Chartered Accountants, Licensed Public Accountants Toronto, Canada February 23, 2012 42 CCL Industries Inc. 2011 Annual Report KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG  network of independent member firms affiliated with KPMG International Cooperative (‘‘KPMG International’’), a Swiss entity.  KPMG Canada provides services to KPMG LLP.  Telephone (416) 777-8500 8 1 8 - 7 7 ) 6 1 4 ( x a F a c . g m p k . w w t e n r e t n I e r t n e C e d i a l e d A y a B 0 6 4 e t i u S t e e r t S y a B 3 3 3 5 S 2 H 5 M N O o t n o r o T Chartered Accountants KPMG LLP