Page 1

CCL Industries Inc. 111 Gordon Baker Road , Suite 801 , Toronto , ON M2H 3R1 , Canada Tel +1 ( 416 ) 756-8500 www.cclind.com News Release For Immediate Release , Wednesday , May 12 , 2021 Stock Symbols : TSX - CCL.A and CCL.B CCL CCL Industries Announces First Quarter Results First Quarter Highlights • • • • Per Class B share ( 3 ) : $ 0.82 adjusted basic earnings up 13.9 % ; $ 0.82 basic earnings up 15.5 % ; currency translation negative $ 0.02 per share Sales increased 4.1 % on 4.2 % organic growth , 2.5 % acquisition growth partially offset by 2.6 % negative currency translation CCL , Checkpoint and Innovia posted organic growth of 5.4 % , 11.2 % and 5.7 % , respectively more than offsetting 10.5 % Avery organic decline Operating income improved 11.4 % , with a 16.5 % operating margin ( 1 ) up 110 bps Toronto , May 12 , 2021 - CCL Industries Inc. ( " the Company " ) , a world leader in specialty label , security and packaging solutions for global corporations , government institutions , small businesses and consumers , today reported 2021 first quarter results . Sales for the first quarter of 2021 increased 4.1 % to $ 1,349.5 million , compared to $ 1,296.5 million for the first quarter of 2020 , with organic growth of 4.2 % , acquisition - related growth of 2.5 % partially offset by 2.6 % negative impact from foreign currency translation . Operating income ( 1 ) for the first quarter of 2021 increased 11.4 % to $ 223.1 million compared to $ 200.3 million for the comparable quarter of 2020. Operating income ( 1 ) improved 14.2 % , excluding currency translation . The Company did not record any expense for restructuring and other items for the 2021 first quarter compared to $ 1.8 million , primarily for reorganization and severance costs at the Checkpoint Segment , for 2020's first quarter . Tax expense for the first quarter of 2021 was $ 46.6 million compared to $ 45.6 million in the prior year period . The effective tax rate for the 2021 first quarter was 24.2 % compared to 26.7 % for the 2020 first quarter . Net earnings increased 16.7 % to $ 147.8 million for the 2021 first quarter compared to $ 126.6 million for the 2020 first quarter . Basic and adjusted basic earnings per Class B share ( 3 ) were $ 0.82 , compared to basic and adjusted basic earnings per Class B share ( 3 ) of $ 0.71 and $ 0.72 , respectively , in the prior year first quarter .