Investor Presentaiton

FCF 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

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