Restructuring and other items had a negative impact of $0.03 per Class B share for 2011 compared to $0.01 per Class B share in 2010. Adjusted basic earnings per Class B share (a non-IFRS measure; see “Key Performance Indicators and Non-IFRS Measures” in Section 5A below) were $2.57 in 2011, up 17.9% from $2.18 in 2010. CCL Industries Inc. 2011 Annual Report 13 F) Seasonality and Fourth Quarter Financial Results 2011 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Year Sales Label $ 247.7 $ 255.9 $ 254.5 $ 254.2 $ 1,012.3 Container 47.7 42.6 43.0 42.4 175.7 Tube 20.2 20.4 19.2 20.7 80.5 Total sales $ 315.6 $ 318.9 $ 316.7 $ 317.3 $ 1,268.5 Segment operating income Label $ 41.9 $ 37.3 $ 32.3 $ 31.0 $ 142.5 Container 3.7 2.1 1.7 1.7 9.2 Tube 3.1 3.7 2.5 2.7 12.0 Operating income 48.7 43.1 36.5 35.4 163.7 Corporate expenses 6.3 7.2 4.4 6.9 24.8 Earnings (loss) in equity accounted investments — (0.1) (0.1) 1.4 1.2 42.4 35.8 32.0 29.9 140.1 Finance expense, net 5.7 5.3 5.2 5.2 21.4 36.7 30.5 26.8 24.8 118.7 Restructuring and other items – net loss (0.5) — — (0.3) (0.8) Earnings before income taxes 36.2 30.5 26.8 24.4 117.9 Income taxes 9.4 8.8 9.6 6.0 33.8 Net earnings $ 26.8 $ 21.7 $ 17.2 $ 18.4 $ 84.1 Per Class B share Net earnings $ 0.81 $ 0.66 $ 0.52 $ 0.55 $ 2.54 Diluted earnings $ 0.80 $ 0.64 $ 0.52 $ 0.54 $ 2.50 Restructuring and other items and tax adjustments included in net earnings – net loss $ (0.01) $ — $ — $ (0.02) $ (0.03)