Crown Holdings Extends the Price Determination Date and Withdrawal Deadline for Its Pending Tender Offer for Any and All Outstanding Second and Third Priority Senior Secured Notes Due 2011 and 2013

PHILADELPHIA, Oct 31, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- Crown Holdings, Inc. (NYSE: CCK) today extended the Price Determination Date and Withdrawal Deadline (each as defined in the Company's Offer to Purchase and Consent Solicitation Statement dated October 18, 2005 (the "Statement")) for the pricing of the previously announced tender offers and consent solicitations for the $1,085,000,000 9.5% Second Priority Senior Secured Notes due March 1, 2011 (CUSIP Nos. 228344AA5, 228344AC1, F2398RAA8) (the "2011 Dollar Denominated Notes"), the euro 285,000,000 10.25% Second Priority Senior Secured Notes due March 1, 2011 (ISIN Nos. XS0163227258, XS0176411584) (the "2011 Euro Denominated Notes") and the $725,000,000 10.875% Third Priority Senior Secured Notes due March 1, 2013 (CUSIP No. 228344AD9) (the "2013 Notes") of Crown European Holdings SA, a subsidiary of the Company (collectively, the "Notes"). The Price Determination Date is being extended to more closely align the pricing date for the tender offers with the Company's offering of new senior unsecured notes as part of the Company's previously announced refinancing plan. The Company intends to issue a press release announcing the new Price Determination Date prior to 9:30 a.m. on the new Price Determination Date. The Withdrawal Deadline prior to which Notes tendered may be validly withdrawn has been extended to 5:00 p.m., New York City time, on November 1, 2005.

Except for the modifications described above, all of the terms and conditions of the tender offers and consent solicitations remain unchanged. The Consent Deadline (as that term is defined in the Statement) prior to which holders who tender their Notes will receive a Consent Payment will pass at 5:00 pm, New York City time, today and holders who tender their Notes after that time are not eligible to receive the Consent Payment. The tender offers and consent solicitations expire at 5:00 p.m., New York City time, on November 16, 2005, unless extended by the Company. The Expiration Time (as that term is defined in the Statement) will be extended so that it occurs at least 10 business days from the Price Determination Date.

The Depositaries have advised the Company that approximately $864 million aggregate principal amount of 2011 Dollar Denominated Notes, euro 264 million aggregate principal amount of 2011 Euro Denominated Notes and $616 million aggregate principal amount of 2013 Notes have been tendered and not withdrawn to date.

The tender offers are subject to the satisfaction or waiver of various conditions, including the receipt of consents from holders of at least 66-2/3% of the aggregate principal amount of the applicable Notes, the execution of a supplemental indenture amending the applicable indenture, the entry into new senior credit facilities and the issuance of new senior unsecured notes on terms satisfactory to the Company as part of the Company's refinancing plan, the consummation of the other tender offer and other customary conditions.

This press release is neither an offer to purchase nor a solicitation of an offer to sell securities. The tender offers and consent solicitations are made only pursuant to the Statement and related materials. Requests for information and questions regarding the tender offers and consent solicitations should be directed to Citigroup Corporate and Investment Banking or Lehman Brothers, the dealer managers and solicitation agents, at (800) 558-3745 or (212) 723-6106 or (800) 438-3242, or (212) 528-7581, or D.F. King & Co., Inc., the information agent, at (800) 628-8536.

None of the Company, the dealer managers or the information agent makes any recommendations as to whether or not holders should tender their Notes pursuant to the tender offers or consent to the proposed amendments to the Notes and the related indentures, and no one has been authorized by any of them to make such recommendations. Holders must make their own decisions as to whether to consent to the proposed amendments to the Notes and the related indentures and to tender Notes, and, if so, the principal amount of Notes to tender.

Cautionary Note Regarding Forward-Looking Statements

Except for historical information, all other information in this press release consists of forward-looking statements. 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 to differ include that the tender offers and the refinancing plan are subject to a number of conditions and the final terms may vary as a result of market and other conditions. There can be no assurance that the tender offers or refinancing plan will be completed on the terms described herein or at all. Other important factors are discussed under the caption "Forward-Looking Statements" in the Company's Form 10-K Annual Report for the year ended December 31, 2004 and in subsequent filings made prior to or after the date hereof. The Company does not intend to review or revise any particular forward-looking statement in light of future events.

Crown Holdings, Inc., through its affiliated companies, is a leading supplier of packaging products to consumer marketing companies around the world. World headquarters are located in Philadelphia, Pennsylvania.

For more information, contact: Timothy J. Donahue, Senior Vice President - Finance, (215) 698-5088.

SOURCE Crown Holdings, Inc.

Timothy J. Donahue, Senior Vice President - Finance, Crown Holdings, Inc.
+1-215-698-5088

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