Investor Presentation...This presentation includes certain financial measures that exclude or adjust...

Inspired Packaging. A World of Difference.

Investor PresentationJuly 2020

2

FORWARD LOOKING STATEMENTS

©2020 Graphic Packaging International

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Any statements of the Company’s expectations in these slides, including but not limited to expectations regarding 2020 Adjusted EBITDA and cashflow

(including expectations for certain components thereof), timing and commercialization of PaperSealTM, reductions in costs due to CRB mill consolidation, the

cost impact of mill market and maintenance downtime, pension expense, depreciation and amortization, pension amortization, effective tax rate, and net

leverage, constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on currently

available information and are subject to various risks and uncertainties that could cause actual results to differ materially from the Company's present

expectations. These risks and uncertainties include, but are not limited to, the effects of the COVID-19 pandemic on the Company’s operations and business,

inflation of and volatility in raw material and energy costs, cutbacks in consumer spending that reduce demand for the Company’s products, continuing

pressure for lower cost products, the Company’s ability to implement its business strategies, including productivity initiatives, cost reduction plans, and

integration activities, as well as currency movements and other risks of conducting business internationally, and the impact of regulatory and litigation matters,

including the continued availability of the Company’s net operating loss offset to taxable income, and those that impact the Company’s ability to protect and

use its intellectual property. Undue reliance should not be placed on such forward-looking statements, as such statements speak only as of the date on which

they are made and the Company undertakes no obligation to update such statements except as required by law. Additional information regarding these and

other risks is contained in the Company's periodic filings with the SEC.

NON-GAAP FINANCIAL MEASURES

This presentation includes certain financial measures that exclude or adjust for charges or income associated with business combinations, facility shutdowns,

extended mill outages, sales of assets and other special charges or income. The Company’s management believes that the presentation of these financial

measures provides useful information to investors because these measures are regularly used by management in assessing the Company’s performance.

These financial measures are not calculated in accordance with generally accepted accounting principles in the United States (“GAAP”) and should be

considered in addition to results prepared in accordance with GAAP, but should not be considered substitutes for or superior to GAAP results. In addition,

these non-GAAP financial measures may not be comparable to similarly-titled measures utilized by other companies, since such other companies may not

calculate such measure in the same manner as we do. A reconciliation of these measures to the most relevant GAAP measure is available in our latest

earnings press release which can be found in the Investors section on the Graphic Packaging website at www.graphicpkg.com.

GRAPHIC PACKAGING: LONG-TERM INVESTMENT CASE

• REDEFINING INDUSTRY LEADERSHIP WITH VISION 2025

• CAPTURING SUSTAINABILITY SUPPORTED ORGANIC GROWTH

• CLEAR PATH TO DELIVER PRODUCTIVITY DRIVEN MARGIN IMPROVEMENT

• STRONG FINANCIAL FLEXIBLITY TO ACHIEVE VISION 2025

• BALANCED CAPITAL ALLOCATION MAXIMIZING STOCKHOLDER RETURN

3©2020 Graphic Packaging International

4

FOOD, BEVERAGE, FOODSERVICE & CONSUMER PRODUCTS PAPERBOARD PACKAGING LEADER

$6.2B2019 SALES

87% 11% 2%Americas Europe ROW

8 75 3.8MPaperboard Mills Converting

Plants

Tons

Produced

MARKETS

Food

Beverage

Foodservice

Other Consumer

37%

20%

23%

20%


5

KEY CUSTOMERS ACROSS FOOD, BEVERAGE, FOODSERVICE & CONSUMER PRODUCTS MARKETS


37%of all folding cartons

in NorthAmerica

30%

SUSTAINED MARKET LEADERSHIP

#2 SBS Producer

22%5.4M ton U.S. market

#1 CUK Producer


#1 CRB Producer


of all paper cups in the U.S.

Source: PPC, AF&PA, RISI, GPI estimates


POWERFUL, VERTICALLY INTEGRATED BUSINESS MODEL

PRODUCTS WE USE EVERYDAYHIGHLY EFFICIENT CONVERTING &PACKAGING MACHINERY

70% vertical integration results in best-in-class EBITDA margins; significant opportunities to drive integration rates higher

LOW COST, HIGH QUALITYPAPERBOARD MILLS


Grow converting volume

VERTICALLY INTEGRATED BUSINESS MODEL OFFERS TREMENDOUS OPERATING LEVERAGE

• Europe

• Asia/Australia/New Zealand

• NorthAmerica

• Sustainability supported organic

growth

• Targeted share gains/acquisitions

• Increase integration across all

paperboard grades

• Conversions into CRB, CUK, SBS to

optimize mix

• Add incremental capacity for growth

(when clearly required)

• Reduce costs

• Expand product offering to support

customer requirementsOutsource to support

additional demand

Fill the millsInvest in the mills

Model

Drives EBITDA

& Cash Flow


INVEST IN THE BUSINESS


PURSUE TARGETED ACQUISITIONS

RETURN CAPITAL TO STOCKHOLDERS

• Invest to drive 100-200 basis points of organic revenuegrowth per year

• Drive productivity in excess of labor & benefits inflation within normalized capital spend ($325M per year)

• When capital spend exceeds normalized levels, clearly outline project scope and return profile

• Target after-tax IRR’s in excess of the cost of capital

• Expand geographic reach and participation in growth niches for paperboard packaging

• Increase paperboard vertical integration rates

• Extend runway for organic capital deployment at compelling IRR’s

• Purchase assets at post-synergy multiples below the long-term valuation trading multiple

• Dividends

– $0.30/share

• Share repurchases

– Repurchase shares opportunistically when share price is below intrinsic value of GPK

CAPITAL ALLOCATION PRIORITIES

BALANCED APPROACH TO CAPITAL ALLOCATIONFROM 2015 TO 2019, $3.4B IN ADJ(1) OPERATING CASH FLOW

NET DEBT LEVERAGE RATIOCommitted to long-term range 2.5x–3.0x range

STOCKHOLDER RETURNReturned significant value to stockholders

~17%Reduction in

share count

$484MDividends

$695MShare

repurchases

$244$295

$260

CAPITAL INVESTMENTS & PRODUCTIVITY(2)

Invested $1.5B in capital

~6% of sales driving $355M in productivity

$395$353

$74 $73 $57 $77 $74

TARGETED ACQUISITIONSAcquired 15 businesses for ~$1Bat compelling post synergy valuations

Combined with IP’s Consumer Packaging business in 2018 adding ~$200M in ADJ EBITDA and ~$75Msynergies

Multiples

(Pre/Post)

ADJ EBITDA

($M)

~8.5X

~$100

~5.6X

~$190

3.4%Current weighted

avg. interest rate

$ 1.4BLiquidity

3.3xQ220

2015 2016 2017 2018 2019(2) 2018 productivity includes $35m in synergies; 2019 productivity excludes $36M of incentives & pension

(3) Includes $23M for CRB consolidation


(5) (5)

(1) Operating cash flow in 2018 and 2019 adjusted to recognize net cash from receivables program

(4) Includes distributions to GPIP partner

(5) Share repurchases through June 30, 2020

(3)

(4)

ROBUST STOCKHOLDER RETURN COMMITMENT

• $250M Partnership Redemption in Q1 2020

• $158M Shares Repurchased June 2020 YTD at $12.82/share

• Since February 2015 repurchased $695 million of shares, representing 17% gross reduction from shares outstanding at program inception

TRACK RECORD OF STOCKHOLDER RETURN

SHARE REPURCHASE HISTORY $(M)

US $(M) $ Per ShareNumber of

Shares (M)

% of GPK

Shares At

Inception(1)

June 2020 YTD $158 $12.82 12 4%

Since Jan 2018

(1Q’18 – 2Q’20)$405 $12.27 33 10%

Since Inception

(1Q’15 – 2Q’20)$695 $12.57 55 17%

(1) Represents gross shares repurchased since inception

11

2016-2018 PRICE / COMMODITY COST DISCLOCATION FULLY RECOVERED

100-200 BPS / YEAR NET ORGANICREVENUE GROWTH MATERIALIZING

POISED FOR SALES, VOLUME, MARGIN & CASH GENERATION GROWTH

From 9 to 6 months

PRICE LAGS REDUCED


-$8

$150

$124

$6

2016-2018 2019-1H20

VISION 2025

Partners

GROW WITH THE BEST CUSTOMERS IN THE BESTMARKETS

Profit

GENERATE SUPERIOR RETURNS

Planet

LEVERAGE SUSTAINABILITY PROFILE & REDUCE ENVIRONMENTAL IMPACT


People

ENGAGE EMPLOYEES IN A HIGH-PERFORMANCE CULTURE

VISION 2025

PartnersGrow with the best customers in the best markets

#1 paperboard market

share in North America&

Europe

$400M – $700M net new

product sales 2020-2025

included in organic growth

100 – 200 bps/year

sustainability supported,

organic growth

Strategic,

high return M&A

$400M – $500M in

productivity 2020-2025

to drive margin growth


VISION 2025

ProfitGenerate superior returns

2019 Vision 2025

Paperboard Integration 68% 80 – 90%

Sales $6.2B ~$10B

ADJ EBITDA Margins 16.7% 18 – 20%

ROIC 8% 10 – 12%

ADJ EPS $0.87 $2.00+

Normalized Capex(% Sales) 5% 5%


VISION 2025

Reduce water

usage by 15%

Reduce LDPE usage

by 40%

Reduce green house

gases by 15%

PlanetLeverage industry leading sustainability profile, reducing impact on the environment

4

Reduce energy

consumption by 15%

GPI products

100% recyclable


VISION 2025

PeopleEngage employees in a high-performance culture

Top quartile

engagement scores

Reduce LTIR from

0.3 to 0.2 (Safety)

GPI University

30 hours of trainingper

employee, per year

Attract and retain the right

talent

Play on a winning team


SUSTAINABILITY HAS BECOME A GLOBAL PHENOMENON & MANDATE WHAT BRANDS ARE SAYING….


“Tackling plastic waste is one of my top priorities and I take this challenge personally. We are doing our part to address the issue head on by reducing, recycling and reinventing our packaging.”

—Ramon Laguarta, CEO PepsiCo

Soft drink giants Coca-Cola & PepsiCo have announced they are cutting ties with a trade association representing the plastic industry over concerns their memberships contradict a commitment to reducing waste.

—Newsweek, July 2019

Starbucks is aiming to double therecycled content in [their] cup by2022. It’s also testing more than 12greener technologies for paper cupliners.

—CNN, February 2019

Pepsi has committed to using only recyclable, compostable or biodegradable packaging by 2025.

—CNN, July 2019

In Germany, Aldi scrapped single-use bags. Aligned to its pledge to cut down plastic packaging by 25% by 2024, the new compostable bags are made of biodegradable material.

—Forbes, July 2019

Source: Goldman Sachs

The Kellogg Company is expanding its global sustainability commitments to include a goal of working towards 100% reusable, recyclable or compostable packaging by the end of 2025.

—Kellogg Company PR, October 2018

[McDonald’s] wants to have 100% of its customer packaging come from renewable, recycled, or certified sources and have recycling available in all its restaurants [by 2025].

—USA Today, January 2018

GPI SUSTAINABILITY INITIATIVES SUPPORT CUSTOMER ASPIRATIONS

Source: Goldman Sachs; Molson Coors Sustainability Report 2019

Renewable / Recyclable Sources

100% by2025

PBP Recyclable / Reusable / Compostable

100% by2025

PBP Recycled Content

17% by2025

Recyclable / Reusable Materials

100% by 2025

Elimination of 10 ProblematicPlastics

100% by2024

Recyclable / Reusable / Compostable

100% by2025

Recycled Content

25% by2025

Reusable / Recyclable / Compostable / Biodegradable

100% by2025

Recycled Content

30% by202550% by 2030

Recyclable Packaging

100% by 2030Recycled Content

Recyclable Products

100% by 2025Water Usage

-15%

Energy

-15%


Green house gases

-15%

LDPE usage

-40%

PAPERBOARD PACKAGING WILL EMERGE AS A WINNER AMONG THE SOLUTIONS PREFERRED BY CONSUMERS

Paperboard Packaging


Foam Cups

$1B

Plastic Cups

$1B

Foam Containers

$1B

Beverage Packaging

$1B

CPET Trays, Bowls

$500M

Stand-up Pouches

$250M

LARGE $5 BILLION ADDRESSABLE MARKET ESTIMATEDIN NORTH AMERICA AND EUROPE FOR PAPERBOARD CONVERSIONS

CURRENT MARKET OFFERING


TARGETING 100-200 BASIS POINTS OF NET ORGANIC GROWTH PER YEAR(10-15% OF ADDRESSABLE MARKET FROM 2020 TO 2025)

Paperboard

bowls

Microwave

cooking

solutions

Insulated

paperboard cups

(hot & cold)Packaging

machinery &

beverage

carriers

Packaging

machinery &

food can

containers

PE-free

cups

High strength

packaging

Food

containers

Ship in own

container (SIOC)

TARGETED, INNOVATIVE SOLUTIONS

Compostable

cups


PE-FREE CUP PROGRESS / CONVERSIONS EXPECTED IN 2021

Foam Cups

Major customers announced exits from foam Next gen plant-based lined cup; now more

cost effective

PE Coated Paperboard Cups PE-Free Cups (100% Plant-Based)

+40% cost premium to foam +50% cost premium to PE coated,

reduced to +10% to +15% at scale

Cost premium for 100% plant-based cup is currently ~50% more than a PE coated paper cup.

Expect to reduce the premium to 10-15% at scale with next gen PLA

2013 2019 2021

Recyclable

Renewable

Compostable

90% Renewable

Recyclable

Compostable

90% Renewable

Recyclable

Commercially

Compostable


PaperSealTM

• PaperSeal was formally introduced in 2019

• Offers brands and retailers a new barrier-lined paperboard alternative, increasing food tray recyclability

• Customer programs underway with positive results

• Europe & Australia commercialized; expect to be commercialized in North America in 2021

• Large $1B total market opportunity

• Range of applications including proteins, cheeses, frozen foods, snacks, salads and fruits

DEMAND FOR SUSTAINABLE PACKAGING CONTINUES IN PANDEMICNEW MARKETS / NEW PRODUCT DEVELOPMENT

©2020 Graphic Packaging International 24

TWO MAJOR SOURCES OF SIGNIFICANT PRODUCTIVITY IMPROVEMENT AND MARGIN GROWTH

TRACK RECORD OF ONGOING PRODUCTIVITY CRB MILL CONSOLIDATION

Mill Curtain Coaters Automation

Monroe Facility

$50-70MPer Year

$100MAdditional PerYear

Kalamazoo

900kT

East Angus

100kT

~1,000kTTotal CRB capacity

Kalamazoo

500kT

Battle

Creek

210kTEast Angus

100kT

Middletown

170kT

White

Pigeon

70kT


ONGOING COMMITMENT TO GENERATING $50-70M IN PRODUCTIVITY EVERY YEAR

SNEEK FACILITY MONROE FACILITY CURTAIN COATERS

• Invested Capital: $25M

• Most productive and flexible folding carton

manufacturing facility in Europe

• Increase sales capacity by $40M to support

conversions from shrink/plastic to paperboard

• Expect ~$10M run-rate EBITDA

• Invested Capital: $180M

• State Of The Art Fully Automated

1.3M ft2 of manufacturing & warehousespace

• Strategically located near West Monroe

paperboard mill to reduce logistics costs

• 400K converting tons per year


• Invested Capital: ~$115M

• Macon and Kalamazoo investments in place

• West Monroe planned over the next two years

• Significant reduction in Latex and TiO2 usage


TRACK RECORD OF ONGOING PRODUCTIVITY


• Lowest basis weight and caliper profile in North America


• Higher quality paperboard enables internal converting improvements and external customer benefits

• Significantly enhances sustainability profile

• Rare opportunity for a large, highly differentiating investment

• Fully supports customer mandates for high quality sustainable paperboard

• High return on capital employed with value driven by cost reduction

• World-class paperboard technology

• Best in class coststructure

• Lowest ongoing maintenance capital

• Leverage digitally native talent pool as population of skilled machinists shrinks

• Operating one large and two small mills focuses and simplifies operations

• One large mill reduces financial impact of ongoing maintenance downtime and mill system complexity

HIGHLY STRATEGIC AND UNIQUE OPPORTUNITY TO INVEST IN OUR CRB PLATFORM

CRB MILL CONSOLIDATION

AN INVESTMENT

IN THE COREMORE

“FUTURE-PROOF”

FOCUSED, SIMPLIFIED

OPERATIONS

HIGHEST QUALITY

PRODUCT

ANNUAL FIXED COSTS


VARIABLE COSTS

$100M REDUCTION IN ANNUAL FIXED AND VARIABLE COSTS


~$70M ~$30MCost Savings Cost Savings

UNMATCHED CRB COST STRUCTURE POST INVESTMENT

Source: RISI

GPK Mills

Competitor Mills


GP

K K

ala

mazoo

GP

KE

astA

ngus

GPK $400/ton

Competitors (Avg)

$532/ton

~$130/ton

advantage

Production = ~2M tons


Kalamazoo

QUANTIFIED BENEFITS

Note: WACC = 7%

(1) Date has moved from 2022 to 2024 due to the anticipated continued IP monetization

Not a material U.S. cash taxpayer until 2024(1)

Fixed CostReduction

• ~$70M, versus today’s

footprint

—Close Middletown

—Close Battle Creek

—300+ reduction in

workforce

Variable CostReduction

• ~$30M, at today’s

volumes

• Reduced commodity input

consumption

—Freight

—Chemicals

—Energy

—Coatings

—Fiber


HIGHLY STRATEGIC AND UNIQUE OPPORTUNITY TO INVEST IN OUR CRB PLATFORM

310MNPV

12%

IRR (after tax)

$

$0

($50)

($100)

($150)

($200)


$250

$200

$150

$100

$50

2019 2024 2029 2034 2039 2044 2049

FINANCIAL RETURNS

Unlevered Free Cash Flow from CRB Mills

COMPELLING POSITIVE ENVIRONMENTAL IMPACT


*Information based on Legacy GPI / Source: Schneider Electric and GPK Management Estimates


Current Future % Change

Green House Gases(Metric Tons)

497K 419K - 16%

Water Usage(Gallons/Ton)

916 614 - 33%

Purchased Energy(KWH/Ton)

1,901 1,562 - 18%

ANNUAL CRB PROFILE

CURRENT ENVIRONMENT & RECENT FINANCIAL RESULTS

FULL YEAR 2019 FINANCIAL RESULTS

(US$ M) 2019 2018 % Chg

Net Sales $6,160 $6,029 +2%

Adj. EBITDA $1,030 $971 +6%

Adj. EBITDA Margin 16.7% 16.1% +60bps

Adj. EPS $0.87 $0.81 +7%

Adj. Cash Flow $528 $469 +13%

Global Liquidity $1,710 $1,280 ------

Integration Rate(1) 68% 67% +100bps

2019 GROWTH & INVESTMENT

• Adj. EBITDA met upwardly revised target, growing +6% y/y

• Adj. EPS increased +7% y/y to $0.87

• Volume driven by acquisitions & sustainability supported net organic growth

• Price to commodity input cost relationship improved $98 million

• Capital investment back into business of$353M including initial $23M in transformational CRB investment

• $1.7B in global liquidity

• Integration rate increased 100bps to 68%

Adjusted figures represent non-GAAP measures. Please refer to Q4 and full year 2019 earnings press release for

reconciliations to equivalent GAAP measures.

(1) Integration rate is defined as paperboard we produce which is converted in manufacturing facilities we operate.


1H 2020 FINANCIAL RESULTS

(US$ M) 1H 2020 1H 2019 % Chg

Net Sales $3,210 $3,059 +5%

Adj. EBITDA $555 $527 +5%

Adj. EBITDA Margin 17.3% 17.2% +10bps

Adj. EPS $0.57 $0.44 +30%

Global Liquidity $1,413 $1,456

• Net Sales up 5% y/y

o Net organic sales growth of 3% y/y

• Adj. EBITDA +5% y/y

• Adj. EBITDA Margin +10 basis points

• Adj. EPS +30% y/y

• $1.4B in Global Liquidity

• Integration rate increased 200bps to 70%

Adjusted figures represent non-GAAP measures. Please refer to earnings press release for reconciliations to

equivalent GAAP measures.

.

EXECUTION & SOLID PERFORMANCE

34

• Solid Financial Performance Driven by Net Organic Sales Growth, Acquisitions and

Strong Operational Execution

• Agility, Preparedness and Focus on Employee Safety has Resulted in Best-in-Class Customer

Service and Continuity of Supply During Current Challenging COVID-19 Environment

• Continued Progress of our Strategic Priority to Increase Paperboard Integration Rate; Improved Another 200 Basis

Points from 68% in 2019 to 70% YTD 2020

• Delivered Positive Net Productivity of $10 Million in First Half Including $25 Million Net Negative Impact from Planned

Increased Maintenance Outages in Q2

• Critical Investments and Strategic Actions Remain On Track

o Kalamazoo CRB Investment On Time and On Budget

o White Pigeon CRB Mill Closed & PM1 Containerboard Machine Shut Down

• Maintained Significant Balance Sheet Strength and Flexibility with $1.4 Billion of Global Liquidity

• Reinstated Full Year Guidance: Adj. EBITDA $1.05 to $1.09 Billion; Adj. Cash Flow $200 to $275 Million

1H 2020 HIGHLIGHTS

©2020 Graphic Packaging International 35

• Delivering industry best

customer service levels

• Strengthening long-term

partnerships

• Collaborating with customers to

modify paperboard substrates

to meet increased demand

levels

• Successfully executing virtual

qualification trials where

needed

• 97% OTIF (On Time & In Full);

delivering supply chain

continuity across the Food,

Beverage, Consumer and

Foodservice markets

EMPLOYEES CUSTOMERS


COMMUNITIES

• Following all CDC guidelines

• Paid $5M in one-time payments

to front-line production

employees in Q2

• Plexiglass barriers installed on

production lines

• Temperature scanners in place

• Face masks provided to all

production employees

• Breakrooms reconfigured for

greater separation

• Employees monitoring

temperature / staying home if

sick

• Adhering to local, state and

regional government guidelines

• Completed $500K in

contributions to local food

banks in every community with

GPK manufacturing operations

• Working with government

administrations and industry

associations on safety

executive orders

• Organizing volunteer

opportunities with local and

national philanthropies to

support communities with GPK

operations

COVID-19 HEALTH AND SAFETY STANDARDS

36

FIRST 6-MONTHS 2020 NET SALES PERFORMANCE

$s in millions


+5%

37

FIRST 6-MONTHS 2020 ADJUSTED EBITDA PERFORMANCE

$s in millions


+5%

/ Deflation

Net Productivity $34.5M

Planned Maintenance ($24.6M)

38

FINANCIAL & BUSINESS IMPACT

Closure of 70,000 ton White Pigeon

CRB Mill

CRB investment in Kalamazoo on time

and on budget

Rationalization of two high cost

converting facilities

Downtime on SBS cup production paper machine;

conversions from CUK into SBS to support demand

Shutdown of non-core 120,000 ton

West Monroe containerboard

machine

• Working capital improvements

in 2H as inventory is worked out

of the system

• Long-term operating leverage w/

ongoing cost reduction, facility

rationalization, and maximizing

volume in lower cost facilities

• Matching our paperboard supply

with demand / taking market

downtime where needed

• CRB mill consolidation expected

to yield $100M reduction in

annual fixed and variable costs

in 2022 / 2023

• Curtain coater project will yield

$40M and supports $50-70M

annual productivity goal

ACCELERATING STRATEGIC ACTIONS

CONSOLIDATION / OPTIMIZATION

39

NOTE: Assumes hypothetical transaction taking place on 1/1/19 and the impact on 2019 results assuming $250M conversion at $16.50/share

reducing IP’s partnership units from 79.9M to 64.8M. Hypothetical conversion using debt includes proforma increased interest

expense using current market rates on incremental $250M debt. Adj. EPS calculated using 294.8M GPK diluted shares for both

actual results and conversion using debt, while using 309.9M diluted shares for conversion using shares.

INTERNATIONAL PAPER PARTNERSHIP MONETIZATION ILLUSTRATION:

$250M TRANSACTION FOR GPK SHARES OR DEBT

Actual 2019 Results

(Before $250M

Conversion)

$250M Conversion Utilizing

GPK Shares / Hypothetical

Impact on 2019 Results

$250M Conversion Utilizing

Debt / Hypothetical Impact

on 2019 Results

Adj. EBITDA $1,030M $1,030M $1,030M

Net Debt - 12/31/19 $2,720M $2,720M $2,970M

Net Leverage Ratio - 12/31/19 2.64x 2.64x 2.88x

Adj. Net Income $345M $345M $342M

Adj. Net Income Attributable to GPHC $256M $270M $266M

Adj. EPS $0.87 $0.87 $0.90

GPK Shares Issued & Outstanding –

12/31/19290.2 305.3 290.2

IP Partnership Units 79.9 64.8 64.8

Total GPK Shares/IP Units 370.1M 370.1M 355.0M

IP Ownership 21.6% 17.5% 18.3%

OPTIONALITY IN PARTNERSHIP MONETIZATION

40

Cash Flow Components

Cap Ex (~$625M)

Interest ($125M – $135M)

Tax ($30M – $40M)

Working Capital $0 – $50M

Pension ($10M – $20M)

EBITDA Components

Price $0M – $20M

Volume $0M – $20M

Commodity Input Costs(1) $10M – $30M

Net Performance $60M – $80M

L&B / Other(2) ($50M – $60M)

FX(3) ($10M – $15M)

(1) Represents input cost deflation

(2) Other primarily includes inflation associated with insurance and property taxes

(3) FX range at current rates

REINSTATING 2020 ADJUSTED EBITDA and CASH FLOW GUIDANCE


Adjusted EBITDA $1,050M - $1,090M Cash Flow $200M - $275M

350 ~6252019 2020 2021

$ $ ~625$

Normalized

325$

Significant cash flow generation expected in 2022Cap Ex ($M)

41

APPENDIX

2020 OUTAGE COST IMPACT AND SUPPLEMENTAL INFORMATION


2019Actual

2020Guidance

Pension Expense/(Income)(1)

(includes pension amortization)$16M $14M

Depreciation & Amortization(2)

(excluding pension amortization)$447M $460M

Pension Amortization $10M $6M

Effective Tax Rate (Normalized) 25.8% 24%-26%

Net Outage Cost Impact Y/Y

Changes ($M) : SBS Mill Market Downtime in Q3; Macon Maintenance Outage Moved to Q4

(1) Pension expense for 2019 excludes $39.2 million non-cash pension plan settlement charge. Pension expense guidance for 2020 excludes $152.5M non-cash pension plan settlement charge.(2) D&A 2019 actual includes $4.7M of accelerated depreciation related to exit activities. D&A 2020 guidance range excludes approximately $26M of accelerated depreciation related to exit activities.

Q1 Q2 Q3 Q4

Last Schedule $0 ($28) $0 +$25

Maintenance Timing +$12 ($14)

Market Downtime ($12)

Current Schedule $0 ($25) $0 +$11

COMMODITY ANNUAL CONSUMPTION 2019 REVENUE BY CURRENCY

SUPPLEMENTAL INFORMATION

Categories Units

Wood (Million tons)

10

Recycled Fiber (Million tons)

1

Natural Gas (MMBTU)

22

Caustic Soda (000, tons)

40

Starch (Million lbs.)

150

TiO2 (Million lbs.)

25

Polyethylene (Million lbs.)

105

80.7%

2.2%

0.4%

0.8%

2.6%0.4%

2.0%5.6% 4.6% 0.7%

USD AUD NZD BRL CAD

CNY MXN GBP EUR JPY



RECESSION RESISTANT MODEL HISTORICALLY

Last Recession - What happened in 2009?

Core folding carton volume declined 3.6%

Adj. EBITDA improved $81M y/y to $556 million or 14%

o $54M increase in Adj. EBITDA y/y driven by positive price/cost relationship, productivity, synergy realization

o $27M increase in acquired Adj. EBITDA

SBS industry demand down mid-to-high single digits in 2009, largely recovered in 2010(1)

(1) As reported by AF&PA; GPK did not own SBS assets until January 2018

2,000

2,200

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2,600

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3,000

3,200

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4,000

0

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2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Net

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Adjusted EBITDA Net Tons Sold

Investor Presentation...This presentation includes certain financial measures that exclude or adjust...

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