sector and the largest label company in the world. We have  successfully executed a clear mission and strategy. We strive  for continuous improvement in our manufacturing processes  and business services. We focus relentlessly on our  customers’ ideas and partner with them to turn innovative  concepts into products that make a difference. We support  our employees’ passion to make CCL a better place to work  and believe that it is synonymous with becoming a world- class supplier to our customers. Given the macroeconomic issues facing us, we are pleased  that CCL enjoyed steady growth and strong earnings  momentum in 2011. Our financial position strengthened  further from strong cash flows and now provides an even  better financial foundation for the future. Our world-class  facilities, blue-chip, diversified customer base and talented  global management team position us for future growth. Looking ahead, we are energized about our future and  comfortable with our capability to weather further economic  storms. We believe that global leadership underpins the  investment thesis for CCL shareholders. Acquisitions  remain a significant component of our success, and we will  accelerate our efforts to seek out transactions around the  world that make strategic sense and match our valuation  and quality criteria. We will also continue to invest in building  new facilities to add capability and capacity, and extend our  geographic reach. We would like to thank our customers and suppliers for their continued support, and recognize and thank our 6,400 employees around the world for their commitment,  creativity and constant drive for success.  and licence agreements have also introduced us to many  strong individuals who have joined CCL, bringing knowledge of  different cultures, new technologies and fresh ideas along with their entrepreneurial spirit. Shareholder interests are represented by a highly experienced  Board of Directors. They bring a diverse set of skills and  knowledge to our deliberations, providing wise counsel to  management and strong corporate governance. After more  than 17 years as a Director, with nine of them as Chairman  of the Board and three as Lead Director, Jon Grant has  announced his plans to retire from the Board, and therefore  he will not stand for re-election at the annual general meeting  in May 2012. His knowledge of the Company, our industry and  the environment in which we operate will be missed, and we  thank him for his guidance during his many years as a Director.  We continue to deploy many initiatives to reduce the carbon  footprint of CCL’s products and services. Our patented Wash  Off labels for returnable glass bottles reduce the impact  of glass going to landfill. We gained significant customer  traction with our tubes produced from post-consumer  polyethylene resins. Our Super Stretch Sleeves decorate PET  beverage containers without adhesive or energy and facilitate  the easy removal of the label for bottle recycling. In 2011,  we partnered with Mitsubishi to bring to customers pressure  sensitive label release liners that can be reused multiple  times through the decorating process. Many of our operations  moved to eliminate wooden pallets and corrugated boxes in  collaborative logistic partnerships, using multi-trip returnable  systems with suppliers and customers. Some CCL locations  began to use subsidies and credits to generate solar power  to run our factories, and our new plant in São Paulo, Brazil, is  being designed to the most exacting standards to minimize  our carbon footprint and become a model for future facility  constructions. CCL has reinvented itself numerous times to adapt to  changing markets and consumer demands to become what  it is today – a major global player in the specialty packaging  Positioned for Growth Geoffrey T. Martin President and Chief Executive Officer Donald G. Lang  Executive Chairman * Non-IFRS measures. See section 5 of CCL’s Management’s  Discussion & Analysis for more detail. 4 CCL Industries Inc. 2011 Annual Report