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ARD Finance S.A. Debt - Summary of Terms 2018 11.125% Secured PIK Notes

Senior Notes Date Capital Structure Borrower/Issuer Guarantors Principal/Term 185M fixed rate notes due 2018 $345M fixed rate notes due 2018 Coupon Fixed Rate Notes : 11.125% ARD Finance S.A. 13 May 2011

Security package

First priority lien on pledged shares of ARD Two and any other capital stock or other securities issued on account of the pledged shares

Key Provisions Call Protection Redeemable prior to June 1, 2014 by paying a make-whole premium. 2014 105.563% 2015 102.781% 2016 and after 100.000% Equity Claw Permitted Debt Credit Facilities Credit Facilities and Secured Notes - 1,150M plus $350M 35 at 111.128% premium

Senior Notes Only Credit Facilities - Greater of A) 350M and (B) (i) 85% of Total Receivables plus 60% of Total Inventories less (ii) 250M aggregate principal amount of the term borrowing under Senior Credit Facilities on the Issue Date; no Asset Sale ratchet; may reclassify Purchase money/cap lease basket Contribution Debt General basket Acquired debt/ Acquisition debt basket Consolidated Fixed Charge Coverage Leverage Ratio Restricted Payments Level of restrictions CNI Builder Basket General RP Basket Ordinary Course Loans/Advance for Expenses Permitted Investments Advances to Employees Management Buy-backs Max amount of Inter-company Loans and Guarantees from Credit Parties to Non-credit parties + Investments in non-loan party subs General Basket Acquisitions Investments in JV/Unrestricted Subsidiaries 2M Only investments acquired incidental to an acquisition of a Person and not any investments acquired in completion of the acquisition of such Person Not to exceed the sum of (x) Greater of 40M and 1.25% of Total Assets and (y) the sum of net after-tax return on investment (including interest payments, dividends, etc.); provided however that these net after-tax amounts have not been included in CNI in RPs 10M loans and advances for business related expenses in the ordinary course 10M loans and advances for business related expenses in the ordinary course 50% of CNI N/A 10M loans and advances for business related expenses in the ordinary course Greater of 100M and 3.0% of Total Assets N/A 100M Fine subject to Ratio below

2.0x with respect to Issuer; 2.0x with respect to Ardagh Packing Holdings Limited

Affiliate Transactions De minimis Under 20M

Senior Notes

Board Approval Sponsor Management Fees Advisory Fees (including to Sponsor) Asset Sales Excess Proceeds Basket De minimis Asset swaps

20M and above (majority of disinterested directors) - 40M requires fairness opinion N/A N/A

25M while Existing Ardagh Bonds outstanding; 30M thereafter N/A 75% of consideration consist of (i) cash; (ii) cash equivalent; (iii) any liabilities assumed by transferee and which Group Company is released from; (iv) indebtedness of the Issuer, any Restricted Subsidiary (including a former Restricted Subsidiary that is as result of the asset sale no longer a Restricted subsidiary, (v) replacement Assets AND (vi) Non-cash consideration is FMV is 30M or less May be reinvested pursuant to a definitive agreement entered into within 360 days of the receipt of such proceeds and the investment must be consummated within 180 days of execution of the 360th day after such asset disposition - BUT only if no Existing Ardagh Bonds are outstanding. NB: Must use sale of pledged shares to call Notes. Dispositions to the Parent Guarantor and any Restricted Subsidiary are permitted.

Proceeds

Loan Party to non-Loan Party dispositions Permitted Liens General basket Collateral Liens Mandatory Prepayments Change of Control Asset Sales Excess Cash Flow Disposal/recoveries Events of Default Cross Default to other Debt

40M Circles back to Permitted Liens definition

Repurchase at 101% Repurchases with Excess Proceeds None None

Cross- acceleration; 20M when Existing Ardagh Bonds outstanding/ 40M thereafter

Senior Notes Judgments Others Intercreditor/Recovery Sharing Provisions Ranking of debt and security Senior , ranked equally with existing and future senior debt. First priority lien on pledged shares of ARD Two and any other capital stock or other securities issued on account of the pledged shares. N/A 20M Customary, 25% holders required for acceleration.

Enforcement