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

Inspired Packaging. A World of Difference.

Investor PresentationNovember 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.

INVESTMENT CASE AND COMPANY BACKGROUND


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 LONG-TERM STOCKHOLDER RETURN

4©2020 Graphic Packaging International

5

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%


6

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


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

$141

$124

-$2

2016-2018 2019-Sep 2020 YTD

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


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

~19%Reduction in

share count

$511MDividends

$785MShare

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

3.5%Current weighted

avg. interest rate

$ 1.6BLiquidity

3.1-3.3xEst Year End 2020

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

11

(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 Sep 30, 2020

(3)

(4)


ROBUST STOCKHOLDER RETURN COMMITMENT

• $500M Partnership Redemption in 2020

• $247M Shares Repurchased Sep 2020 YTD at $13.30/share

• Since February 2015 repurchased $785 million of shares, representing 19% gross reduction from shares outstanding at program inception

SHARE REPURCHASE SCHEDULE

TRACK RECORD OF STOCKHOLDER RETURN

SHARE REPURCHASE HISTORY $(M)

US $(M) $ Per ShareNumber of

Shares (M)

% of GPK

Shares At

Inception(1)

Since Jan 2018

(1Q’18 – 3Q’20)$495 $12.59 39 12%

Since Inception

(1Q’15 – 3Q’20)$785 $12.74 62 19%

(1) Represents gross shares repurchased since inception

©2020 Graphic Packaging International 12

VISION 2025 / PIVOT TO SUSTAINABILITY-SUPPORTED GROWTH


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%

Microwaveable Technologies

Paperboard Bowls and Trays

STRENGTH PACKAGINGPLASTIC SUBSTITUTION

EXPANDING GROWTH PLATFORMS DRIVING ORGANIC SALES

Foodservice Cups and Cartons

Beverage Multi-packs

Food Trays(non cooking)

PACKAGING DESIGN ANDPREMIUMIZATION

PLATFORM ENABLERS

COOKING SOLUTIONS

Club Stores and Mass Retailers

E-commerce


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


KeelClipTM

• Introduced in 2019

• Offers brands and retailers sustainability advantages and merchandising benefits compared to other packaging options

• Solution for full range of cans including sleek and slim with high-speed multipack machinery

• Commercialized in Europe and Scandinavia; expanding further into additional regions in Eastern and Western Europe

• Beverage machinery placements up ~40% in 2020 versus normal baseline year

DEMAND FOR SUSTAINABLE PACKAGING CONTINUES NEW MARKETS / NEW PRODUCT DEVELOPMENT


DEMAND FOR SUSTAINABLE PACKAGING CONTINUESNEW MARKETS / NEW PRODUCT DEVELOPMENT

PaperSeal®

• Launched in 2020

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

• Customer programs underway with positive results

• Commercialized in a number ofEuropean countries and Australia; expect to be commercialized in North America in 2021

• Large $1B total market opportunity

• Range of applications including fresh meat, poultry, fish, cheeses and salads


CONTINUED INVESTMENT BACK INTO THE BUSINESS


Project Date

West Monroe #7 Curtain Coater Q3 2020

West Monroe Recovery Boiler Q3 2020

Texarkana #3 Headbox Q3 2020

2 Greif Converting Facilities Closure Q3 2020

White Pigeon CRB Mill Closure Q2 2020

Corrugated Machine Closure Q2 2020

Monroe Converting Facility at Run-Rate Q1 2020

Macon Curtain Coater #1 Q4 2019

Texarkana Recovery Boiler Q3 2019

Augusta Recovery Boiler Q4 2018

SUCCESSFULLY EXECUTING AND COMPLETING MULTIPLE STRATEGIC

PROJECTS

Completed In-Process

Project Date

Sneek, Netherlands Converting Facility Q4 2020

K2 Machine Investment in Kalamazoo Q1 2022


ONGOING PROJECTS SUPPORT $50-70M IN ANNUALIZED PRODUCTIVITY

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



~$70M ~$30MANNUAL FIXEDCOSTS


VARIABLE COSTS

K2 MACHINE INVESTMENT IN KALAMAZOO AND CRB MILL CONSOLIDATION

EXPECTED TO YIELD $100M BENEFIT TO EBITDA

Cost Savings Cost Savings

STRATEGIC AND UNIQUE OPPORTUNITY TO INVEST IN CRB PLATFORM

Kalamazoo, Michigan

• World-class

paperboard

technology

• Best in class

cost structure

• Lowest

ongoing

maintenance

capital

• Lowest basis

weight and caliper

profile in North

America


• 95% equipment purchase orders issued

• 60% of installation purchase orders issued

• 85% of building steel erected

• Siding and roof work ongoing; expected building to be enclosed November 2020

• No current delays in equipment deliveries or construction due to COVID

• OCC plant and boilers will start operation well ahead of the K2 machine to allow more

focus on the machine start up

• Training of employees is underway in preparation of K2 start up

KALAMAZOO K2 MACHINE INVESTMENT AND CONSOLIDATION PROJECT

PROGRESSING ON PLAN


UNMATCHED CRB COST STRUCTURE POST INVESTMENT

Source: RISI

GPK Mills

Competitor Mills

CRB MILL CONSOLIDATION REVIEW

GP

K K

ala

mazoo

GP

KE

astA

ngus

GPK $400/ton

Competitors (Avg)

$532/ton

~$130/ton

advantage

Production = ~2M tons

31

Kalamazoo


COMPELLING POSITIVE ENVIRONMENTAL IMPACT


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

CRB MILL CONSOLIDATION REVIEW

Current Future % Change

Green House Gases(Metric Tons)

497K 400 - 419K - 16% to - 20%

Water Usage(Gallons/Ton)

916 614 - 33%

Purchased Energy(KWH/Ton)

1,901 1,562 - 18%

ANNUAL CRB PROFILE

CURRENT ENVIRONMENT AND FINANCIAL RESULTS


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

Exceptional Customer Service 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

• Pivot to Growth Culture with 3.5% Organic Sales Growth Driven by Customer Conversions to GPK Board Solutions

and Increased Food & Beverage At-Home Consumption

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

68% in 2019 to 70% 2020 YTD

• 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

o Matching Supply with Demand (100,000 Annualized Tons of CUK to SBS Folding Carton Grades; 30,000 Tons of

SBS Cupstock Downtime)

• Returned $828 Million to Stakeholders in Share Repurchases, Dividends, Partnership Distributions and Redemptions

SEPTEMBER 2020 YEAR-TO-DATE HIGHLIGHTS


SEPTEMBER 2020 YEAR-TO-DATE FINANCIAL RESULTS

(US$ M) YTD 2020 YTD 2019 % Chg

Net Sales $4,908 $4,640 +6%

Adj. EBITDA $805 $771 +4%

Adj. EBITDA Margin 16.4% 16.6% -20bps

Adj. EPS $0.83 $0.64 +30%

Global Liquidity $1,557 $1,487 +5%

• Net Sales up 6% y/y

o Net organic sales(1) growth of 3.5% y/y

• Adj. EBITDA +4% y/y

• Adj. EPS +30% y/y

• $1.6B in Global Liquidity

• Integration rate increased 200bps to 70%

(1) Net organic sales = Net sales - open market sales - sales from acquisitions closed within the last 12 months - pricing - FX impact

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

EXECUTION & SOLID PERFORMANCE


SEPTEMBER 2020 YEAR-TO-DATE NET SALES PERFORMANCE

$s in millions

+6%


SEPTEMBER 2020 YEAR-TO-DATE ADJUSTED EBITDA PERFORMANCE

$s in millions +4%

Net productivity $53.2M

Maintenance/Market Downtime $(36.6M)


Cash Flow Components

Cap Ex ($~625M)

Interest ($125M – $135M)

Tax ($30M – $40M)

Working Capital $25 – $50M

Pension ($15M – $20M)

EBITDA Components

Price $0M – $20M

Volume $10M – $30M

Commodity Input Costs(1) $10M – $30M

Net Performance $40M – $60M

L&B / Other(2) ($50M – $60M)

FX(3) ($0M – $5M)

(1) Represents input cost deflation

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

(3) FX range at current rates

2020 ADJUSTED EBITDA AND CASH FLOW GUIDANCE

Adjusted EBITDA $1,060M - $1,080M Cash Flow $275M - $300M

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

350 ~625

2019 2020 2021

$ $ ~625$

Normalized

~325-$350$


APPENDIX


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



Documents

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