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## NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 

Years ended December 31, 2011 and 2010 (In thousands of Canadian dollars, except share and per share information) 

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## 27. OPERATING LEASES 

Non-cancellable operating lease rentals are payable as follows: 

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The Company enters into operating leases in the ordinary course of business, primarily for real property and equipment. Payments and other terms for these leases vary per agreement. During the year ended December 31, 2011, $9.8 million was recognized as an expense in the income statement in respect of operating leases (2010: $10.4 million). 

## 28. RELATED PARTIES 

## Transactions with key management personnel 

In March 2008, a US$1.5 million interest bearing unsecured demand loan was provided to an executive officer. During 2011, interest accrued on this loan at a rate of 5.68% (2010 – 6.10%). At December 31, 2011, the principal and accrued interest balance was US$1.8 million (2010 – US$1.7 million) and is included in other assets. 

## Beneficial ownership 

The directors and officers of CCL Industries Inc. as a group beneficially own, control, or direct, directly or indirectly, approximately 2,244,030 of the issued and outstanding Class A voting shares representing 94.5% of the issued and outstanding Class A voting shares. 

## Key management personnel compensation 

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## 29. ACCUMULATED OTHER COMPREHENSIVE LOSS 

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