Mr. Donald Lang of 1281228 Ontario reports

EARLY WARNING REPORT ISSUED PURSUANT TO NATIONAL INSTRUMENT 62-103 TSX: CCL

This news release relates to the shares of CCL Industries Inc. On May 31, 2023, SHL Subco 15 Corp., a corporation indirectly controlled by 1281228 Ontario Inc. (128), transferred 1,544,844 Class B non-voting shares of the company to The Angel Gabriel Foundation and 1,571,340 Class B shares to The Damascus Road Foundation by way of charitable gifts. Following completion of the gifts, 128, together with its affiliates, no longer holds 10 per cent or more of the outstanding Class B shares of the company.

Stuart Lang, a director of 128, is also a director of the company, The Angel Gabriel Foundation and The Damascus Road Foundation.

Prior to completion of the gifts, 128, together with its affiliates, directly or indirectly beneficially owned an aggregate of 11,209,400 Class A voting shares of the company and 16,772,108 Class B shares, representing approximately 95.1 per cent and 10.1 per cent of the issued and outstanding Class A shares and Class B shares, respectively.

Following completion of the gifts, 128, together with its affiliates, directly or indirectly beneficially owns an aggregate of 11,209,400 Class A shares and 13,655,924 Class B shares, representing approximately 95.1 per cent and 8.2 per cent of the issued and outstanding Class A shares and Class B shares respectively.

The gifts were completed in support of philanthropic endeavours and for estate planning purposes. 128 may, depending on market and other conditions, increase or decrease its holdings in the company from time to time, as it may determine appropriate for investment and other purposes.

This press release is issued pursuant to National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the company is a reporting issuer containing information with respect to the foregoing matters. A copy of the early warning report will appear with the company's documents on the System for Electronic Document Analysis and Retrieval. The company's head office is located at 111 Gordon Baker Rd., suite 801, Toronto, Ont., M2H 3R1.