On August 20, 2014, Lorrence T. Kellar retired from the Board of Directors of Multi-Color Corporation, as required by the age-based retirement policy in the company's Principles of Governance. Mr. Kellar was a director of the company since 1988. Most recently, Mr. Kellar served as Chairman of the Audit and Finance Committee and a member of the Compensation and Organizational Development and Nominating and Corporate Governance Committees. Effective upon Mr. Kellar's retirement, the Board appointed Charles B. Connolly as the new Chairman of the
Audit and Finance Committee and appointed Ari J. Benacerraf as a member of the Compensation and Organizational Development and Nominating and Corporate Governance Committees.