Positioned  for growth Donald G. Lang Executive Chairman Geoffrey T. Martin President and Chief Executive Officer 2011 LETTER TO SHAREHOLDERS CCL Industries Inc. 2011 Annual Report Strong Operating Performance CCL Label CCL DELIVERED HEALTHY PROGRESS IN 2011 DESPITE A DIFFICULT ECONOMIC ENVIRONMENT, SOFT CONSUMER  SPENDING AND CONTINUING INFLATIONARY RAW MATERIAL COSTS. OUR GLOBAL CONSUMER STAPLE CUSTOMER  BASE AND OUR WIDE RANGE OF INNOVATIVE PRODUCTS FUELLED ANOTHER SUCCESSFUL YEAR. ROBUST FINANCIAL  RESULTS, WITH BOTH TOP AND BOTTOM LINE IMPROVEMENT, POSITIONED THE COMPANY FOR FUTURE GROWTH  AND INCREASED SHAREHOLDER VALUE. After a substantial recovery, in 2010, from the global  economic crisis of the previous two years, CCL posted strong  2011 operational performance across all business segments  and most of the countries in which we operate. Throughout  the year economic conditions remained unsettled, particularly  in Europe. Despite this challenge, sales increased by 6%  and net earnings by 18%. Foreign currency translation, a  strong headwind for most of the prior decade, negatively  impacted earnings by 2%, due to the rising U.S. dollar largely  offsetting the decline of the euro and other international  currencies in the second half of 2011. CCL Label is the world’s largest converter of pressure  sensitive and film materials for decorative, functional  and information labels used by large global customers.  Sales passed the $1 billion landmark for the first time in  our history in 2011, and the segment continues to be  the powerhouse for shareholders, delivering 87% of the  Company’s operating income.*  We service three main customer groups; Home & Personal  Care, Healthcare & Specialty, and Food & Beverage. Each of  these three business sectors is responsible for approximately  25% to 35% of our global Label revenues. In addition, our  small but growing CCL Design business services European  automotive and industrial machine OEMs with heavy-duty  durable products, including LED displays. CCL Label operates 63 state-of-the-art plants that are  globally located to meet the sourcing needs of its  international customers. This worldwide network was built  largely through acquisitions in the developed world and  greenfield sites in emerging markets. Significant investment  in our facilities and technologies over the last decade  created uniquely specialized operations with the capacity  and capability to support customers’ product launches,  development innovations and supply-chain initiatives all  around the world.