Ball Corp. - 4

Listen to Ball Management Briefing

Ball Corporation [NYSE:BLL] will host a management briefing and review of the company’s operations at 2 p.m. (Eastern) today at the Waldorf-Astoria Hotel in New York City. The briefing replaces, for this quarter, the company’s quarterly earnings conference call. The investing public and others are invited to attend the briefing or to participate via toll-free telephone access at 800-638-5439 (domestic) or 617-614-3945 (international) using the pass code “Ball Corporation,” or via live Web cast at: http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=115234&eventID=1035473.

A telephone replay of the briefing will be available approximately two hours after the briefing concludes and will be accessible for seven days at 888-286-8010 (domestic) or 617-801-6888 using the pass code 44341276. A Web replay of the briefing will be available at www.ball.com in the investor relations section under “presentations” for at least 30 days after the briefing.

Forward-Looking Statements

The information in this news release contains "forward-looking" statements and other statements concerning future events and financial performance. Words such as “expects,” “anticipates,” “estimates,” and variations of same and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those expressed or implied. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Key risks and uncertainties are summarized in the company’s filings with the Securities and Exchange Commission, especially in Exhibit 99.2 in the most recent Form 10-K. These filings are available at our Web site and at www.sec.gov. Factors that might affect our packaging segments include fluctuation in consumer and customer demand; availability and cost of raw materials, particularly the recent significant increases in resin, steel, aluminum and energy costs, and the ability to pass such increases on to customers; competitive packaging availability, pricing and substitution; changes in climate and weather; fruit, vegetable and fishing yields; industry productive capacity and competitive activity; lack of productivity improvement or production cost reductions; the German mandatory deposit or other restrictive packaging laws; changes in major customer or supplier contracts or loss of a major customer or supplier; international business risks, including foreign exchange rates, tax rates and activities of foreign subsidiaries; and the effect of LIFO accounting on earnings. Factors that might affect aerospace segment include: funding, authorization and availability of government contracts and the nature and continuation of those contracts; and technical uncertainty associated with segment contracts. Factors that could affect the company as a whole include those listed plus: acquisitions, joint ventures or divestitures; regulatory action or laws including environmental and workplace safety; governmental investigations; goodwill impairment; antitrust and other litigation; strikes; boycotts; increases in employee benefits and labor costs; rates of return projected and earned on assets of the company's defined benefit retirement plans; reduced cash flow; interest rates affecting our debt; and changes to unaudited results due to statutory audits or management’s evaluation of the company’s internal control over financial reporting.

Ball Corporation

10 Longs Peak Drive • PO Box 5000 • Broomfield, CO 80021 • (303) 460-2103

“Our Quasquicentennial Year”

(a) Per share and share amounts have been retroactively restated for the two-for-one stock split on August 23, 2004.

2.  Free Cash Flow

Management internally uses a free cash flow measure (1) to evaluate the company’s operating results, (2) for planning purposes, (3) to evaluate strategic investments and (4) to evaluate the company’s ability to incur and service debt. Free cash flow is not a defined term under U.S. generally accepted accounting principles (a non-U.S. GAAP measure). Non-U.S. GAAP measures should not be considered in isolation or as a substitute for net earnings or cash flow data prepared in accordance with U.S. GAAP and may not be comparable to similarly titled measures of other companies.

Free cash flow is derived directly from the company’s cash flow statements and is defined as cash flows from operating activities less additions to property, plant and equipment. Cash flow from operating activities is the most comparable GAAP term to free cash flow and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures. Based on our current 2005 forecast, capital spending could somewhat exceed $300 million and full year 2005 free cash flow is tracking in the $225 million range.