#1Crown Holdings, Inc. Investor Presentation September 2018 CROWN Brand-Building Packaging TM#2Notes to Investors Except for historical information, all other information in this presentation consists of forward-looking statements within the meaning of federal securities law. These forward-looking statements involve a number of risks, uncertainties and other factors, that may cause actual results to be materially different from those expressed or implied in the forward-looking statements. Important factors that could cause the statements made in this press release or the actual results of operations or financial condition of the Company to differ are discussed under the caption "Forward Looking Statements" in the Company's Form 10-K Annual Report for the year ended December 31, 2017 and in subsequent filings. The Company does not intend to review or revise any particular forward-looking statement in light of future events. ➤ Adjusted EBITDA, adjusted EPS, segment income, free cash flow and net debt are not defined terms under U.S. generally accepted accounting principles (non- GAAP measures). Non-GAAP measures should not be considered in isolation or as a substitute for net income, cash flow or total debt data prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies. Adjusted EBITDA, adjusted EPS, segment income, free cash flow and net debt are derived from the Company's Consolidated Statements of Operations and Cash Flows and Consolidated Balance Sheets, respectively, and reconciliations to non-GAAP measures, including adjusted EBITDA, adjusted EPS, segment income, free cash flow and net debt, can be found in the "For Investors" section of the Company's website at www.crown cork.com CROWN Brand-Building Packaging™M 2#3Overview 2017 ProForma Sales By Region United States Developing Markets 31% & Canada 33% By Product Other Beverage Cans 12% 46% Transit 21% 36% 21% Western Europe Food Cans & Closures 48 countries 236 plants ■ Benefit from diverse product and geographic portfolio. ■ Focus on strong, market-leading platforms in Southeast Asia, Mexico and Turkey. ■ Grow beverage cans faster than annual industry rate of 2-3%. ■ Commitment to safety, operational excellence & continuous cost reduction. ■ Generate significant free cash flow. CROWN Brand-Building Packaging™M 3#42017 Highlights ■ Increased segment income by 5% and adjusted EPS by 2.5%. Four-year (2014-2017) adjusted EPS CAGR stands at 9%. ■ Generated $503 million adjusted free cash flow for the year and $2.2 billion from 2014 to 2017. ☐ Repurchased $339 million (or 4.3% of outstanding) common shares. ■ 2017 projects to support above-market growth: - New plant in Nichols, New York New plant in Jakarta, Indonesia Second line in Custines, France Second line in Danang, Vietnam Capacity expansion in Bogota, Colombia Acquired transit packaging leader Signode for $3.9 billion, which closed on April 3, 2018. ■ Global beverage can market growing at annual average of 3% and totals approximately 340 billion units. ■ Crown's 5-year beverage can unit CAGR is 4.4%. CROWN Brand-Building Packaging™M#52016-2018 Global Beverage Projects Monterrey, Mexico New 1-Line Plant 4Q'16 Custines, France 2nd Aluminum Line 2Q'17 Osmaniye, Turkey 2nd Can Line 4Q'16 Yangon, Myanmar New 1-Line Plant 2Q'18 Danang, Vietnam 2nd Can Line 3Q'17 Phnom Penh, Cambodia New 1-Line Plant 3Q'16 Phnom Penh, Cambodia 3rd Can Line 3Q'18 Chihuahua, Mexico New Glass Bottle Plant 1Q'18 Nichols, NY New 2-Line Plant 1Q 2017 Parc Sagunt, Spain New 2-line Can Plant 2018 CROWN Brand-Building Packaging™M Santafe de Bogota, Colombia Capacity Expansion 2Q'17 Sihanoukville, Cambodia Can End Expansion 3Q'16 Jakarta, Indonesia New 1-Line Plant 3Q'17 5#62018 Outlook ■ With Signode acquisition closing on April 3rd, add Transit Packaging segment to Crown portfolio. ■Continued beverage can growth in most regions with Crown well positioned to benefit. ■ Beverage cans continue to gain share in many markets. Quick chilling Preserve flavor - Graphics - Portability Infinitely recyclable Most recycled beverage package Stable food and aerosol can volumes in Europe and North America. Expect to utilize majority of free cash flow to reduce leverage. CROWN Brand-Building Packaging™M 6#7Financial Metrics Adjusted EPS $2.99 $5.15-$5.30 $4.14 $4.24 $3.58 $3.79 2013 2014 2015 2016 2017 2018E EBITDA ($mm) $1,375 $1,194 $1,263 $1,325 $1,051 2013 2014 2015 2016 2017 CROWN Brand-Building Packaging™M Q1 Adjusted EPS 2017 2018 5-yr CAGR 12% ៩៩ 8៩ Q1 $0.77 $0.94 Q2 $1.17 $1.55 Q3 $1.46 $1.60-$1.70 Est. Q4 $0.84 FY $4.24 $5.15-$5.30 Est. 4-yr CAGR 7% Cash from Operating Activities($mm) $1,085 $956 $930 $1,001* $912 2014 2015 2016 2017 2018E *Excludes pension pre-funding. • Strong, recurring cash flow#8Our Strengths Scale and Worldwide Reach Franchise Businesses Successful Execution in Developed & Emerging Markets Proven Track Record of Successful Acquisitions and Integrations Strong Returns Driven by Efficient Capital Allocation CROWN Brand-Building Packaging™M SCOOBY-DOM! TOMATO Sou PASTA GHOULS CHUN VAS REGA Gillette 2 Waistline BOSCH VEROIDS IN LAGILE Heineken PRESTIC 8#9Americas Beverage CROWN Brand-Building Packaging™M North America Summary Financials 2006 2011 2017 Revenue $1.6bn $2.3bn $2.9bn Segment Income $160mm $302mm $474mm Margin % Plants 10% 13% 16% 21 22 29 South America Investment Activity 2016: Monterrey, Mexico New Can Plant 2017: Nichols, NY New Can Plant Chihuahua, Mexico Glass Bottle Plant Santafe de Bogota, Colombia Expansion 9#10Europe Beverage Europe CROWN Brand-Building Packaging™M Summary Financials 2006 2011 2017 Revenue $1.2bn $1.7bn $1.5bn Segment Income $122mm $210mm $239mm Margin % 10% 13% 16% Plants 13 14 15 Middle East Investment Activity 2016: Osmaniye, Turkey 2nd Line 2017: Custines, France 2nd Aluminum Line 2018: Parc Sagunt, Spain New Can Plant 10#11Asia-Pacific Asia* Summary Financials 2006 2011 2017 Revenue $482mm $862mm $1,117mm Segment Income $46mm $125mm $168mm Margin % Plants* 10% 15% 14% 13 15 29 Investment Activity 2016: Phnom Penh, Cambodia 1-Line Can Plant 2017: Jakarta, Indonesia 1-Line Can Plant Danang, Vietnam 2nd Line 2018: Yangon, Myanmar 1-Line Can Plant Phnom Penh, Cambodia 3rd Can Line * Only Beverage Can / End plants shown on map (16). Food, Aerosol and General Line plants not included. CROWN Brand-Building Packaging™M 11#12Europe Food Europe CROWN Brand-Building Packaging™M Summary Financials 2006 2011 2017 Revenue $1.9bn $2.0bn $1.9bn Segment Income $174mm $239mm $247mm Margin % Plants 9% 12% 13% 41 40 42 Investment Activity Acquired and successfully integrated Mivisa in 2014 High cash flow conversion: EBITDA $299mm EBITDA less capex $254mm Cash conversion 85% Annual capex for Europe Food averaged $39mm over last 5 years 12#13Uses of Cash (US$ millions) $3,000 $2,500 $2,000 $1,500 $3,148 $896 $2,252 $1,000 $789 $581 $575 $339 $473 $500 $257 $300 $328 $354 $324 $275 $328 $354 $473 $498 $0 2012 2013 2014 2015 2016 2017 Total ■Capex ■Share repurchases CROWN Brand-Building Packaging™M 13#14Significant Free Cash Flow & Strong Deleveraging Long history of strong and recurring free cash flow. Proven track record of deleveraging. Net Debt / EBITDA 4.6x CROWN Brand-Building Packaging™M 3.1x 3.0x 2.9x 2.8x 2.6x 2.5x 4.1x 3.8x 3.6x 3.3x 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 PF Mivisa & Empaque Acquisitions Signode Acquisition 14#15FCF and Leverage Projections FCF guidance Dividends to MI FCF available ▪ Use FCF to repay pre-payable term loan debt - currently fixed-rate debt 2018 2019 $625 $775 (75) (75) $550 $700 ■ No stock repurchases in 2018 Year-end 2018 estimated net debt $8.20 bn 2018 pro forma EBITDA (full year Signode) $1.78 bn PF leverage estimate end 2018 4.6x pay floating debt Estimate end 2019 low-4x average fixed interest Estimate end 2020 mid-3x rate 3.7% CROWN Brand-Building Packaging™ 15#16Transit Packaging - Signode Acquisition April 2018 Purchased at 10x EBITDA, 10.8x EBITDA-Capex vs. packaging industry average of 15-16x. 90% cash conversion rate. #1 or #2 position in virtually all businesses. Industry-leading equipment, tools and service business. Beneficiary of general industrial/economic expansion. Broad customer, product, end user and geographic mix. Strategic opportunities both in existing platform and adjacencies. CROWN Brand-Building Packaging™ 16#17Signode#18Signode is the Premier Global Transit Packaging Company Signode Highlights Products used to contain, unitize and protect goods during manufacturing, transport and warehousing Serves a very diverse customer base across many end use sectors Beneficiary of general industrial / economic expansion and not dependent on any one end use sector Platform for growth Strategic enhancements to existing platform Adjacencies to complement current "protective" packaging platform Key Signode Figures - 2017 $2.3 billion Sales $370 million Adj. EBITDA ~$165 million* Free Cash Flow ($1.21 per share (1)) CROWN Brand-Building Packaging™M *Incremental levered FCF to Crown (1) Based on 136 million shares outstanding 18#19Overview of Signode Segments % of Total Sales (1) Products Key End Use Sectors Key Brands Industrial Solutions 60% ■ Steel strap consumables ■ Plastic strap consumables ■ Industrial stretch film ■ Other related consumables, such as woven strap and seals ■ Metals ■ Distribution B Construction Food/beverage Corrugated Container/beverage Agriculture MSIGNODEⓇ muller load containment solutions Fleetwood MIMA FILMS Protective Solutions Edge protectors Airbags 23% Honeycomb products ■ Container liners ■ Protective cornerboard Food/consumer ■ Distribution ■ Industrial ■ Construction ■ Chemicals ▪ Lumber Transport ■ Metals Angleboard DOWN RIVER MW MULTI-WALL PACKAGING Shippers PRODUCTS Equipment and Tools 17% ■ Automatic and semi-automatic end-of-line manufacturing equipment ■ Automatic and manual tools • ■ Aftermarket parts and maintenance service Food/beverage Corrugated Agriculture ■ Construction ■ Metals ■ General Industrial HAL ILA LOVESHAW ORGAPACK Lachenmeier Lachenmeier MSIGNODE® Source: Company information CROWN Brand-Building Packaging™M 19#20Signode Industrial and Protective Solutions Steel Strapping Plastic Strapping Stretch Film CROWN Brand-Building Packaging™M Honeycomb and Airbags Angleboard 20 20#21Equipment and Tools Strap Equipment Battery Powered Hand Tool General Purpose Machine Stretch Equipment CROWN Brand-Building Packaging™M Ring Machine Rotary Arm Machine 21 21#22Attractive Customer Value Proposition Trusted supply chain partner to global blue-chip customers • Mission critical products with high cost of failure Products provide critical protection in transit Essential partner protecting high volume, high value goods. Average cost of Signode solution de minimis relative to value Well invested asset base with close proximity to customers Global footprint enables Signode to serve multi-national customers CROWN Brand-Building Packaging™M 22 22#23Compelling Acquisition Rationale High Quality Franchise Business ◉ ■ ◉ Clear leader in attractive global transit packaging market Razor-razorblade business model Recurring revenue driven by significant installed machine base Stable top line serving growing global market. Attractive Financial Profile ◉ Broad, diverse customer base ◉ Consistent cash flow generation with low capex requirements Immediate Benefits to Crown Long-term Benefits to Crown ■ ◉ ■ Significant accretion to margins, earnings, and Free Cash Flow per share Incremental $165 million of Free Cash Flow Rapid deleveraging from robust Free Cash Flow generation Attractive new franchise packaging business in growing global category Significant opportunity for future consolidation in fragmented market Long term stability from diversified earnings base CROWN Brand-Building Packaging™M 23#24Highly Accretive Acquisition 12/31/2017 Financials ($ in millions) Sales Crown + Signode = Pro Forma Crown Significant improvement on every metric Change $8.698 $2,232 $10,930 + 26% Adjusted EBITDA 1,375 370 1,745 + 27% % Margin 15.8% 16.6% 16.0% + 22 bps EBITDA Capex $877 $332 $1,209 + 38% % Margin 10.1% 14.9% 11.1% + 100 bps % Cash Conversion 64% 88% 69% + 564 bps CROWN Brand-Building Packaging™M 14 24#25Further Enhances Free Cash Flow Free Cash Flow ($ in millions) ($ in millions) $333 $345 2017 Signode Adjusted EBITDA CapEx $370 ($38) Interest, Taxes & Other() ($167) Signode Incremental Free Cash Flow $165 Crown 2017 Adjusted Free Cash Flow Pro Forma Free Cash Flow $503 ~ $668 $641 $612 $602 $503 $479 $668 -$775 2011 2012 2013 2014 2015 2016 2017 PF 2017 2019E CROWN Brand-Building Packaging™M (1) Based on 136 million shares outstanding FCFShare (1) $3.70 $4.91 $5.70 25#26Debt Maturity Profile Pro Forma December 31, 2017 ($1.20 per €) Floating/Prepayable TLA RCF TLB $2,050 (1) $1,150 $1,165 $841 $781 $1,000 Fixed Rate $720 $720 4.50% $402(1) $875(1) $600 (1) 4.75% $400 $350 $900 €650 €335 4.25% (€750) 4.0% 2.25% $324 $122 €600 2.625% €600 3.375% €500 2.875% 7.375% (€270) (€102) Maturity 2022 2022 2025 2022 2023 2024 2025 2026 Total debt $9.4bn including $0.2 not shown Maturities in: U.S. debt 2018 $26mm € debt (1) 2018 borrowings in connection with Signode acquisition 2019 $46mm 2020 $52mm CROWN Brand-Building Packaging™M 2021 $52mm 26#27Appendix#28Adjusted EBITDA Reconciliation - Year Ended 12/31/17 Appendix 1 Net income/(loss) Adjustments: Interest expense Crown Signode $428 ($2) 252 129 Interest income (15) (1) Loss from debt extinguishment 7 Loss on foreign exchange transactions 4 46 Income tax 401 16 Depreciation and amortization. 247 161 Provision for asbestos 3 Restructuring and other costs 48 11 Stock-based compensation. 7 Sponsor management fee 3 Adjusted EBITDA $1,375 $370 CROWN Brand-Building Packaging™M 28