Graphic Packaging Holding Company Reports Fourth Quarter and Full Year 2012 Results

 Graphic Packaging Holding Company Reports Fourth Quarter and Full Year 2012
                                   Results

PR Newswire

ATLANTA, Feb. 7, 2013

ATLANTA, Feb. 7, 2013 /PRNewswire/ --

Fourth Quarter Highlights

  oQ4 Adjusted Earnings per Diluted Share increased to $0.08 versus $0.02 in
    the prior year period.
  oQ4 Adjusted EBITDA increased to $150.2 million versus $146.5 million in
    the prior year period.
  oAcquired Contego Packaging Holdings, Ltd. and A&R Carton Holding B.V.
  oCompleted secondary offering of approximately 21.3 million shares.
  oRepurchased 49.2 million shares, or approximately 12% of outstanding
    common stock.

Graphic Packaging Holding Company (NYSE: GPK), (the "Company"), a leading
provider of packaging solutions to food, beverage and other consumer products
companies, today reported Net Income for fourth quarter 2012 of $22.9 million,
or $0.06 per share, based upon 392.2 million weighted average diluted shares.
This compares to fourth quarter 2011 Net Income of $265.6 million, or $0.67
per share, based on 396.3 million weighted average diluted shares. The fourth
quarter of 2011 was positively impacted by the release of a $265.2 million tax
valuation allowance.

Adjusted Net Income for the fourth quarter of 2012 was $33.2 million, or $0.08
per diluted share, when adjusted for $10.3 million in charges (net of tax)
related to business combinations and other special charges (which are detailed
in the financial attachments hereto). This compares to fourth quarter 2011
Adjusted Net Income of $7.0 million or $0.02 per diluted share.

For the full year 2012, Net Income was $122.6 million, or $0.31 per diluted
share, based on 396.2 million weighted average diluted shares. This compares
to 2011 Net Income of $276.9 million or $0.73 per diluted share, based on
381.7 million weighted average diluted shares. Full year 2012 Adjusted Net
Income was $146.3 million or $0.37 per diluted share, compared to full year
2011 Adjusted Net Income of $100.7 million, or $0.26 per diluted share.

"We delivered a solid fourth quarter in a challenging operating environment,"
said CEO David Scheible. "Although end-consumer demand was sluggish, our
volume and mix trends remained positive as a result of ongoing share gains in
corrugated substitution, pasta and frozen foods. At the same time, we
continued to drive year over year margins higher through improved operating
performance and a commitment to cost reduction initiatives. Despite
approximately $5 million of year-over-year incremental costs from a planned
bi-annual maintenance cold outage at our West Monroe, LA mill, we delivered $6
million of benefit from net operating performance, bringing full year cost
reduction to over $67 million."

"I'm also excited about several transactions we executed this quarter. We
completed a secondary offering concurrent with a share repurchase. The
offering and share repurchase combined to increase the float of our stock by
more than 15% and reduced the shares held by our four largest shareholders
from 65% to 53%. We also acquired Contego's European food carton business and
A&R Carton's Beer and Beverage packaging business. Similar to our strategy in
the U.S., we are committed to growing our European business around food and
beverage end markets and optimizing our supply chain footprint around our
customers' needs. Both acquisitions will provide opportunities to further
integrate our SUS^® paperboard. Once combined with Graphic's European
operations, we expect the new business to generate $16 to $18 million of
annualized synergies within two years and be accretive to earnings in the
first full year after integration."

Net Sales

Net Sales increased 0.2% to $1,053.3 million during fourth quarter 2012,
compared to fourth quarter 2011 Net Sales of $1,051.7 million. The slight
increase resulted from $13.2 million of favorable volume/mix, partially offset
by $8.8 million of lower pricing and $2.8 million of unfavorable exchange
rates. Full year 2012 Net Sales were $4,337.1 million, which is $130.8
million or 3.1% higher than 2011.

On a segment basis, Paperboard Packaging sales, which comprised 83.2% of total
fourth quarter Net Sales, decreased 2.2% compared to the fourth quarter of
2011. The decrease primarily reflected lower contractual pricing related to
prior commodity input deflation. Net sales in the Flexible Packaging segment
increased 13.6% compared to the fourth quarter of 2011. The increase was
primarily the result of the addition of Delta Natural Kraft, LLC and
Mid-America Packaging, LLC beginning on December 8, 2011.

Attached is supplemental data showing Net Tons Sold, Net Sales and Income
(Loss) from Operations by business segment for each quarter of 2012 and
2011.

EBITDA

EBITDA for fourth quarter 2012 was $133.8 million. Excluding $12.5 million of
Charges Associated with Business Combinations and $3.9 million of other
special charges, Adjusted EBITDA was $150.2 million. This compares to fourth
quarter 2011 EBITDA of $135.8 million and Adjusted EBITDA of $146.5 million.

Full year 2012 EBITDA was $609.0 million. Excluding $22.7 million of Charges
Associated with Business Combinations and $15.7 million of other special
charges, full year 2012 Adjusted EBITDA was $647.4 million. This compares to
full year 2011 EBITDA of $480.5 million and Adjusted EBITDA of $591.3
million.

When comparing against the prior year quarter, Adjusted EBITDA in the fourth
quarter of 2012 was positively impacted by $10.8 million of commodity
deflation, $6.1 million of improved net operating performance, $1.8 million of
favorable volume/mix and $1.7 million of favorable exchange rates/other.
These benefits were partially offset by $8.8 million of lower pricing and $7.9
million in higher costs, primarily for labor and benefits.

Other Results

At the end of 2012, the Company's total debt was $2,333.3 million, or $32.5
million lower compared to the end of 2011. Taking cash and cash equivalents
into account, total Net Debt at the end of 2012 was $2,281.8 million. This
represents an increase of $187.8 million in Net Debt during 2012. The 2012
increase in Net Debt was primarily due to the $300 million incremental term
loan entered to fund the Company's fourth quarter share repurchase, as well as
the debt incurred in connection with the acquisitions of Contego Packaging
Holdings, Ltd. and A&R Carton Holding B.V. When compared to 2011, the
Company's 2012 Net Leverage Ratio remained essentially flat at 3.5 times
Adjusted EBITDA. Including cash and cash equivalents, at December 31, 2012,
the Company had available liquidity of $652.3 million, including the undrawn
availability under its $1.0 billion revolving credit facility.

The Company generated $180.3 million of Net Cash Provided by Operating
Activities in the fourth quarter of 2012. This compares to $188.9 million in
the fourth quarter of 2011. For full year 2012, Net Cash Provided by
Operating Activities was $468.6 million compared to $387.8 million in 2011.

Net Interest Expense was $25.5 million in fourth quarter 2012, compared to
$34.2 million in fourth quarter 2011. Full year 2012 Net Interest Expense was
$111.1 million compared to $144.9 million in 2011. The decrease was due to
both lower debt balances and lower effective interest rates.

Capital expenditures for fourth quarter 2012 were $74.9 million compared to
$51.7 million in the fourth quarter of 2011. For full year 2012, capital
expenditures were $203.3 million compared to $160.1 million in 2011. The
increase was primarily the result of the expenditures for the Macon, GA
biomass boiler project and consolidation of Delta Natural Kraft and
Mid-America Packaging into Graphic Flexible Packaging.

Fourth quarter 2012 Income Tax Expense was $13.9 million, compared to a $234.5
million benefit in the fourth quarter of 2011. For the full year 2012, Income
Tax Expense was $82.5 million compared to a $229.8 million benefit in 2011.
The prior year Income Tax comparisons are impacted by the fourth quarter 2011
non cash benefit of $265.2 million associated with the release of the
Company's U.S. federal, and a substantial portion of its state, deferred tax
asset valuation allowance. The valuation allowance release was based on the
Company's assessment that it is more likely than not that the Company's U.S.
federal and a substantial portion of its state deferred tax assets will be
realized. As of December 31, 2012, the Company had approximately $950 million
of NOLs for U.S. federal income tax purposes, which may be used to offset
future taxable income.

Please note that a tabular reconciliation of EBITDA, Adjusted EBITDA, Adjusted
Net Income and Total Net Debt is attached to this release.

Acquisitions of Contego Packaging Holdings, Ltd. and A&R Carton Holding B.V.

During the fourth quarter 2012, the Company made two acquisitions in Europe.
On December 31, 2012, the Company acquired Contego Packaging Holdings, Ltd.
("Contego"), a leading food and consumer product packaging company based in
the United Kingdom. Under the terms of the transaction, the Company paid
approximately $93 million and assumed debt of approximately $35 million in an
all cash transaction. Contego operates four folding carton facilities that
convert approximately 150,000 tons of paperboard annually.

On December 31, 2012, the Company acquired A&R Carton Holding B.V. ("A&R"),
which was A&R Carton's beer and beverage packaging business. Under the terms
of the transaction, the Company paid approximately $25 million and assumed
approximately $2 million in debt in an all cash transaction. A&R includes two
manufacturing facilities that convert approximately 30,000 tons of paperboard
annually.

The combination of Graphic Packaging's European packaging business with these
two acquisitions will create one of Europe's largest folding carton
businesses. The two acquisitions provide state of the art web and sheet-fed
converting assets creating a manufacturing platform in Europe similar to
Graphic Packaging's U.S. operations.

Secondary Offering and Share Repurchase

During December 2012, certain shareholders of the Company sold 18.5 million
shares of common stock in a secondary public offering at $6.10 per share, as
well as an additional 2.8 million shares pursuant to the underwriters'
overallotment option. In connection with the offering, the Company also
repurchased and retired approximately 49.2 million shares of its common stock
from the selling stockholders at $6.10 per share. The Company funded the share
repurchase with an incremental term loan borrowing pursuant to an amendment to
its Amended and Restated Credit Agreement, dated March 16, 2012 (the "Credit
Agreement"). As a result of these actions, the shares outstanding held by the
selling shareholders decreased from approximately 65% to approximately 53%.

Earnings Call

The Company will host a conference call at 10:00 am eastern time today
(February 7, 2013) to discuss the results of fourth quarter and full year
2012. To access the conference call, listeners calling from within North
America should dial 800-392-9489 at least 10 minutes prior to the start of the
conference call (Conference ID # 90000728). Listeners may also access the
audio webcast, along with a slide presentation, at the Investor Relations
section of the Graphic Packaging website: http://www.graphicpkg.com. Replays
of the call can be accessed for one week by dialing 855-859-2056.

Forward Looking Statements

Any statements of the Company's expectations in this press release constitute
"forward-looking statements" as defined in the Private Securities Litigation
Reform Act of 1995. Such statements, including but not limited to, expected
synergies and operational and financial effects of the European acquisitions,
and assessments regarding the Company's deferred tax assets 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, inflation of and volatility in raw material and energy
costs, cutbacks in consumer spending that could affect demand for the
Company's products or actions taken by our customers in response to the
difficult economic environment, continuing pressure for lower cost products,
the Company's ability to implement its business strategies, including
productivity initiatives and cost reduction plans, the Company's debt level,
currency movements and other risks of conducting business internationally,
volatility in the credit and securities markets 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. Additional information
regarding these and other risks is contained in the Company's periodic filings
with the SEC.

About Graphic Packaging Holding Company

Graphic Packaging Holding Company (NYSE:GPK), headquartered in Atlanta,
Georgia, is a leading provider of packaging solutions for a wide variety of
products to food, beverage and other consumer products companies. The Company
is one of the largest producers of folding cartons and holds a leading market
position in coated-unbleached kraft, coated-recycled boxboard and specialty
packaging. The Company's customers include some of the most widely recognized
companies in the world. Additional information about Graphic Packaging, its
business and its products, is available on the Company's web site at
www.graphicpkg.com.

GRAPHIC PACKAGING HOLDING COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
                                Three Months Ended      Twelve Months Ended
                                December 31,            December 31,
In millions, except per share   2012        2011        2012        2011
amounts
Net Sales                       $ 1,053.3   $ 1,051.7   $ 4,337.1   $ 4,206.3
Cost of Sales                   888.6       891.8       3,617.5     3,568.8
Selling, General and            91.4        87.2        378.1       342.4
Administrative
Other Income, Net               (4.3)       (1.1)       (7.3)       (2.7)
Goodwill Impairment,
Restructuring and Other         14.3        10.7        26.4        107.5
Special Charges
Income from Operations          63.3        63.1        322.4       190.3
Interest Expense, Net           (25.5)      (34.2)      (111.1)     (144.9)
Loss on Modification or         (2.1)       —           (11.0)      (2.1)
Extinguishment of Debt
Income before Income Taxes and
Equity Income of                35.7        28.9        200.3       43.3
Unconsolidated Entities
Income Tax (Expense) Benefit    (13.9)      234.5       (82.5)      229.8
Income before Equity Income of  21.8        263.4       117.8       273.1
Unconsolidated Entities
Equity Income of                0.7         0.5         2.3         2.1
Unconsolidated Entities
Net Income                      $ 22.5      $ 263.9     $ 120.1     $ 275.2
Net Loss Attributable to        0.4         1.7         2.5         1.7
Noncontrolling Interests
Net Income Attributable to
Graphic Packaging Holding       $ 22.9      $ 265.6     $ 122.6     $ 276.9
Company
Net Income Per Share
Attributable to Graphic         $ 0.06      $ 0.68      $ 0.31      $ 0.74
Packaging Holding Company -
Basic
Net Income Per Share
Attributable to Graphic         $ 0.06      $ 0.67      $ 0.31      $ 0.73
Packaging Holding Company -
Diluted
Weighted Average Number of      389.1       390.8       393.4       376.3
Shares Outstanding - Basic
Weighted Average Number of      392.2       396.3       396.2       381.7
Shares Outstanding - Diluted





GRAPHIC PACKAGING HOLDING COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
                                                    December 31,  December 31,
In millions, except share and per share amounts     2012          2011
ASSETS
Current Assets:
Cash and Cash Equivalents                           $  51.5       $  271.8
Receivables, Net                                    461.3         401.9
Inventories, Net                                    531.2         474.2
Other Current Assets                                159.1         160.2
Total Current Assets                                1,203.1       1,308.1
Property, Plant and Equipment, Net                  1,706.6       1,631.7
Goodwill                                            1,164.8       1,135.7
Intangible Assets, Net                              499.2         535.9
Other Assets                                        47.1          38.3
Total Assets                                        $  4,620.8    $  4,649.7
LIABILITIES
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term    $  79.8       $  30.1
Debt
Accounts Payable                                    453.7         411.4
Interest Payable                                    10.1          23.0
Other Accrued Liabilities                           209.3         181.0
Total Current Liabilities                           752.9         645.5
Long-Term Debt                                      2,253.5       2,335.7
Deferred Income Tax Liabilities                     137.0         63.0
Other Noncurrent Liabilities                        494.3         424.0
Redeemable Noncontrolling Interests                 10.8          14.8
SHAREHOLDERS' EQUITY
Preferred Stock, par value $.01 per share;
100,000,000 shares authorized; no shares issued or  —             —
outstanding
Common Stock, par value $.01 per share;
1,000,000,000 shares authorized; 344,534,039 and    3.4           3.9
389,474,786 shares issued and outstanding at
December 31, 2012 and 2011, respectively
Capital in Excess of Par Value                      1,915.1       2,177.5
Accumulated Deficit                                 (633.2)       (731.4)
Accumulated Other Comprehensive Loss                (311.3)       (282.1)
Total Graphic Packaging Holding Company             974.0         1,167.9
Shareholders' Equity
Noncontrolling Interests                            (1.7)         (1.2)
Total Equity                                        972.3         1,166.7
Total Liabilities and Equity                        $  4,620.8    $  4,649.7





GRAPHIC PACKAGING HOLDING COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
                                                          Twelve Months Ended
                                                          December 31,
In millions                                               2012        2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income                                                $  120.1    $ 275.2
Noncash Items Included in Net Income:
Depreciation and Amortization                             266.8       278.4
Goodwill Impairment Charge                                —           96.3
Write-off of Deferred Debt Issuance Costs on Early        7.5         2.1
Extinguishment of Debt
Amortization of Deferred Debt Issuance Costs              6.2         7.0
Deferred Income Taxes                                     76.0        (238.4)
Amount of Postretirement Expense Less Than Funding        (14.0)      (38.8)
Impairment Charges/Asset Write-offs                       5.6         7.0
Other, Net                                                17.5        19.8
Changes in Operating Assets & Liabilities                 (17.1)      (20.8)
Net Cash Provided by Operating Activities                 468.6       387.8
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending                                          (203.3)     (160.1)
Acquisition of Businesses                                 (118.4)     (51.9)
Cash Acquired Related to Business Acquisitions            13.1        —
Proceeds from Sale of Assets, Net of Selling Costs        18.8        2.3
Other, Net                                                (4.2)       (2.1)
Net Cash Used in Investing Activities                     (294.0)     (211.8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net Proceeds from Issuance of Common Stock                —           237.7
Repurchase of Common Stock                                (300.0)     (32.9)
Proceeds from Issuance or Modification of Debt            1,300.0     —
Payments on Debt                                          (1,703.4)   (249.2)
Borrowings under Revolving Credit Facilities              1,367.2     92.1
Payments under Revolving Credit Facilities                (1,034.7)   (89.6)
Debt Issuance Costs                                       (27.7)      —
Repurchase of Common Stock related to Share-Based         (10.7)      —
Payments
Other, Net                                                13.2        (0.3)
Net Cash Used in Financing Activities                     (396.1)     (42.2)
Effect of Exchange Rate Changes on Cash                   1.2         (0.7)
Net (Decrease) Increase in Cash and Cash Equivalents      (220.3)     133.1
Cash and Cash Equivalents at Beginning of Period          271.8       138.7
Cash and Cash Equivalents at End of Period                $  51.5     $ 271.8



Reconciliation of Non-GAAP Financial Measures

The tables below set forth the calculation of the Company's earnings before
interest expense, income tax expense, equity income of unconsolidated
entities, depreciation and amortization ("EBITDA"), Adjusted EBITDA, Adjusted
Net Income, Net Leverage Ratio and Total Net Debt. Adjusted EBITDA and
Adjusted Net Income exclude charges associated with: the Company's business
combinations; goodwill and asset impairments; and the modification or
extinguishment of debt. The Company's management believes that the
presentation of EBITDA, Adjusted EBITDA, Adjusted Net Income and Net Leverage
Ratio provides useful information to investors because these measures are
regularly used by management in assessing the Company's performance. EBITDA,
Adjusted EBITDA, Adjusted Net Income and Net Leverage Ratio are financial
measures not calculated in accordance with generally accepted accounting
principles in the United States ("GAAP"), and are not measures of net income,
operating income, operating performance or liquidity presented in accordance
with GAAP.

EBITDA, Adjusted EBITDA, Adjusted Net Income and Net Leverage Ratio 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,
our EBITDA, Adjusted EBITDA, Adjusted Net Income and Net Leverage Ratio may
not be comparable to Adjusted EBITDA or similarly titled measures utilized by
other companies since such other companies may not calculate such measures in
the same manner as we do.



                                      Three Months Ended   Twelve Months Ended
                                      December 31,         December 31,
In millions, except per share amounts 2012      2011       2012      2011
Net Income Attributable to Graphic    $ 22.9    $ 265.6    $ 122.6   $ 276.9
Packaging Holding Company
(Subtract) Add:
Net Loss Attributable to              (0.4)     (1.7)      (2.5)     (1.7)
Noncontrolling Interests
Income Tax Expense (Benefit)          13.9      (234.5)    82.5      (229.8)
Equity Income of Unconsolidated       (0.7)     (0.5)      (2.3)     (2.1)
Entities
Interest Expense, Net                 25.5      34.2       111.1     144.9
Depreciation and Amortization         72.6      72.7       297.6     292.3
EBITDA                                133.8     135.8      609.0     480.5
Charges Associated with Business      12.5      0.7        22.7      2.4
Combinations
Asset Impairment and Other Special    1.8       10.0       4.7       10.0
Charges
Goodwill Impairment Charge            —         —          —         96.3
Loss on Modification or               2.1       —          11.0      2.1
Extinguishment of Debt
Adjusted EBITDA                       $ 150.2   $ 146.5    $ 647.4   $ 591.3
Net Income Attributable to Graphic    $ 22.9    $ 265.6    $ 122.6   $ 276.9
Packaging Holding Company
Charges Associated with Business      7.7       0.4        14.0      1.5
Combinations (Net of Tax)
Asset Impairment and Other Special    1.2       6.2        2.9       6.2
Charges (Net of Tax)
Goodwill Impairment Charge (Net of    —         —          —         80.0
Tax)
Loss on Modification or               1.4       —          6.8       1.3
Extinguishment of Debt (Net of Tax)
Tax Benefit Associated with Release   —         (265.2)    —         (265.2)
of Tax Valuation Allowance
Adjusted Net Income                   $ 33.2    $ 7.0      $ 146.3   $ 100.7
Per Share — Basic
Net Income Attributable to Graphic    $ 0.06    $ 0.68     $ 0.31    $ 0.74
Packaging Holding Company
Charges Associated with Business      0.02      0.00       0.04      0.00
Combinations (Net of Tax)
Asset Impairment and Other Special    0.00      0.02       0.01      0.02
Charges (Net of Tax)
Goodwill Impairment Charge (Net of    —         —          —         0.21
Tax)
Loss on Modification or               0.00      —          0.02      0.00
Extinguishment of Debt (Net of Tax)
Tax Benefit Associated with Release   —         $ (0.68)   —         $ (0.70)
of Tax Valuation Allowance
Adjusted Net Income*                  $ 0.09    $ 0.02     $ 0.37    $ 0.27
Per Share — Diluted
Net Income Attributable to Graphic    $ 0.06    $ 0.67     $ 0.31    $ 0.73
Packaging Holding Company
Charges Associated with Business      0.02      0.00       0.04      0.00
Combinations (Net of Tax)
Asset Impairment and Other Special    0.00      0.02       0.01      0.02
Charges (Net of Tax)
Goodwill Impairment Charge (Net of    —         —          —         0.21
Tax)
Loss on Modification or               0.00      —          0.02      0.00
Extinguishment of Debt (Net of Tax)
Tax Benefit Associated with Release   $ —       $ (0.67)   $ —       $ (0.69)
of Tax Valuation Allowance
Adjusted Net Income*                  $ 0.08    $ 0.02     $ 0.37    $ 0.26
* May not foot due to rounding

GRAPHIC PACKAGING HOLDING COMPANY
Reconciliation of Non-GAAP Financial Measures
(Continued)
                                      Twelve Months Ended
                                      December 31,  December 31,  December 31,
In millions                           2012          2011          2010
Net Income Attributable to Graphic    $  122.6      $  276.9      $  10.7
Packaging Holding Company
(Subtract) Add:
Net Loss Attributable to              (2.5)         (1.7)         —
Noncontrolling Interests
Income Tax Expense (Benefit)          82.5          (229.8)       27.5
Equity Income of Unconsolidated       (2.3)         (2.1)         (1.6)
Entities
Interest Expense, Net                 111.1         144.9         174.5
Depreciation and Amortization         297.6         292.3         299.3
EBITDA                                609.0         480.5         510.4
Charges Associated with Business      22.7          2.4           55.1
Combinations
Asset Impairment and Other Special    4.7           10.0          —
Charges
Goodwill Impairment Charge            —             96.3          —
Loss on Modification or               11.0          2.1           8.4
Extinguishment of Debt
Adjusted EBITDA                       $  647.4      $  591.3      $  573.9
                                      December 31,  December 31,  December 31,
Calculation of Net Debt:              2012          2011          2010
Short-Term Debt and Current Portion   $  79.8       $  30.1       $  26.0
of Long-Term Debt
Long-Term Debt                        2,253.5       2,335.7       2,553.1
Less:
Cash and Cash Equivalents             (51.5)        (271.8)       (138.7)
Total Net Debt                        $  2,281.8    $  2,094.0    $  2,440.4
Net Leverage Ratio (Net Debt/Adjusted 3.52          3.54          4.25
EBITDA)





GRAPHIC PACKAGING HOLDING COMPANY
Unaudited Supplemental Data
                           Three Months Ended
                           March 31,   June 30,    September 30,  December 31,
2012
Net Tons Sold (000's)
Paperboard Packaging       596.0       621.8       629.6          611.1
Flexible Packaging         N.M.        N.M.        N.M.           N.M.
Net Sales ($ Millions):
Paperboard Packaging       $ 883.3     $ 928.1     $  929.0       $  876.6
Flexible Packaging         183.9       183.8       175.7          176.7
Total                      $ 1,067.2   $ 1,111.9   $  1,104.7     $  1,053.3
Income (Loss) from
Operations ($ Millions):
Paperboard Packaging       $ 88.2      $ 121.9     $  115.3       $  91.9
Flexible Packaging         (1.4)       (7.5)       (9.4)          (6.0)
Corporate                  (15.8)      (17.7)      (14.5)         (22.6)
Total                      $ 71.0      $ 96.7      $  91.4        $  63.3
2011
Net Tons Sold (000's)
Paperboard Packaging       600.4       636.3       627.4          618.8
Flexible Packaging         N.M.        N.M.        N.M.           N.M.
Net Sales ($ Millions):
Paperboard Packaging       $ 844.5     $ 926.2     $  913.4       $  896.2
Flexible Packaging         156.1       154.5       159.9          155.5
Total                      $ 1,000.6   $ 1,080.7   $  1,073.3     $  1,051.7
Income (Loss) from
Operations ($ Millions):
Paperboard Packaging       $ 80.5      $ 95.1      $  96.8        $  88.9
Flexible Packaging         2.1         (2.5)       (97.3)         (1.1)
Corporate                  (14.0)      (16.3)      (17.2)         (24.7)
Total                      $ 68.6      $ 76.3      $  (17.7)      $  63.1





SOURCE Graphic Packaging Holding Company

Website: http://www.graphicpkg.com
Contact: Investor Contact: Brad Ankerholz, Graphic Packaging Holding Company,
+1-770-240-7971