Early Warning Report Issued Pursuant to National Instrument 62-103

                                                                                                                      TSX: CCL

TORONTO, June 1, 2023 /CNW/ - This news release relates to the shares of CCL Industries Inc. (the "Company"). 1281228 Ontario Inc. ("128") announces that on May 31, 2023, SHL Subco 15 Corp., a corporation indirectly controlled by 128 transferred 1,544,844 Class B non-voting shares (the "Class B 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 (collectively, the "Gifts"). Following completion of the Gifts, 128, together with its affiliates, no longer hold 10% 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 ("Class A Shares") and 16,772,108 Class B Shares, representing approximately 95.1% and 10.1% 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 own an aggregate of 11,209,400 Class A Shares and 13,655,924 Class B Shares, representing approximately 95.1% and 8.2% of the issued and outstanding Class A Shares and Class B Shares respectively.

The Gifts were completed in support of philanthropic endeavors 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 (the "Early Warning Report"). A copy of the Early Warning Report will appear with the Company's documents on the System for Electronic Document Analysis and Retrieval at www.sedar.com. The Company's head office is located at 111 Gordon Baker Road Suite 801, Toronto, ON M2H 3R1.

SOURCE CCL Industries Inc.

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