#1Investor Presentation May 2021 Graphic Packaging INTERNATIONAL TRASH BAGS DRAWSTRING STRONG SUDER 30 20 DI Inspired Packaging. A World of Difference. Fruit & Nut Alway's ORGANIC 800 W AEGEAN Chewy O Granola Bars CleanCuisine Spillet mul#2FORWARD LOOKING STATEMENTS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Any statements of the Company's expectations in these slides, including but not limited to the intent to acquire Americraft Carton, Inc. and expected synergies therefrom, projected organic sales, EBITDA and return on invested capital growth, timing of the new CRB machine start-up in Kalamazoo, Michigan, and the planned investment in the Texarkana, TX SBS mill 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 demand for its products, inflation of and volatility in raw material and energy costs, 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 the Company's debt level, 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 U.S. federal income tax attributes to offset U.S. federal income taxes and the timing related to the Company's future U.S. federal income tax payments. 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 INTERNATIONAL ©2021 Graphic Packaging International 2#3POSITIONED FOR CONTINUED GROWTH IN 2021 • Expect to Grow Sales, EBITDA and ROIC Consistent with Vision 2025 Goals Focused on Winning in Growing Markets; Targeting High End of 100 - 200 Basis Points of Net Organic Sales Growth Accelerating Execution of Sustainability Supported, Innovative Packaging Solutions Pulling Forward New CRB Machine Start-up to Q4 2021; $100M Projected Benefit to EBITDA, Expect to Capture 1st $50M in EBITDA Benefit in '22 and 2nd $50M in EBITDA Benefit in '23 Investing $100M in Texarkana, TX Mill to Increase Strategic Flexibility Across Both SBS and CUK Substrates (Swing Machine) While Meeting Global Demand For CUK Packaging Solutions Proposed Acquisition of Americraft Carton, Inc, Extending Participation in New and Existing End Markets while Driving Continued Increase in Paperboard Integration Rates Advancing ESG Initiatives: Sustainability in Operations; New and Innovative Sustainable Packaging Solutions; Employee Development and Community Engagement Programs Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International 3#4INCREASED DEMAND FOR SUSTAINABLE PACKAGING IN OUR GROWTH MARKETS DRIVES 100-200BPS OF ORGANIC SALES GROWTH PER YEAR PLASTIC SUBSTITUTION Foodservice Cups and Cartons $7.5 BILLION ADDRESSABLE MARKET COOKING SOLUTIONS Microwave Technologies STRENGTH PACKAGING Beverage Multi-packs Food Trays (non cooking) CLASSIC BU BU LIG Coca-Coca-Cola Coca Coca-Cola LIG PACKAGING DESIGN AND PREMIUMIZATION cherries SEEP Callender's SHEPHERD'S PIE Paperboard Bowls and Trays Marie Callender's Club Stores, Mass Retailers, E-commerce (SIOC) FLATBREAD 12 SAMPLER THE SAMPLER OREO OREO E10 KEURIG GREEN MOUNTAIN BREAKFAST BLEND PLATFORM ENABLERS EXTRA EXTRA EXTRA PERONI PERONI AZZURRO CREATIONS CREATIONS CREATIONS Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International utz Chocolate PRETZELS utz Chocolate udweiser PRETZELS Busser NITRO RESERVE MANDAY 100 CLUMP &SEAL GLAD 2X MORE TRIPPEL FORCEFLEX 76 13 Gallon ABBEY NEW BELGIUM HONEY RANGE SOUR SAISON TRIPEL 4#5DEMAND FOR SUSTAINABLE PACKAGING CONTINUES; NEW PRODUCT DEVELOPMENT CAPTURING GROWTH OPPORTUNITIES Budweiser Budweise Budweiser Budweiser Budweiser Budweiser Keel Clip TM KeelClip™ · Introduced in 2019 AB AB EB 4x6 CA 19 Pudu KING O Budweiser GB на ØL AB BUD LIGHT BUD LIGHT EB 6x4 440ml e CANS ALC 3.5% VOL BEER RETAILER TO TEAR OFF BEFORE DISPLAYING BUD LIGHT BUD LIGHT HB AB Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International CLASSIC Coca-Coca Coca Coca Cola • 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 5#6DEMAND FOR SUSTAINABLE PACKAGING CONTINUES; NEW PRODUCT DEVELOPMENT CAPTURING GROWTH OPPORTUNITIES PAPERSEAL® THE GREEN SMART GENERATION PaperSeal® • Launched in 2020 80% LESS PLASTIC M&S SELECT KARTO Gackerle altungs THERWOHL RBY AGED SALT STEAK SIRLOIN CEAWAY 18/11/2020 34.00 2419 EB.30 The Authentic WENSLEYDALE CHEESE WITH CRANBERRIES 80% FRISCHE IST UNSERE NATUR Geflügelspezialitäten itäten aus Leidenschaf Balzer Graphic Packaging INTERNATIONAL The Authentic Grew MILD CHEDDAR ©2021 Graphic Packaging International The Authentic Gracer DDAR • . . PaperSeal currently commercial in Europe and Australia with major retailers including ASDA, Aldi, ICA, Lidl, Marks & Spencer and Woolworths Extending Paperseal innovation to new applications including cheeses and deli meats with launch of PaperSeal Slice® and PaperSeal Wedge applications in March Large $1B total market opportunity • Range of applications including fresh meat, poultry, fish, cheeses and salads 6#7DEMAND FOR SUSTAINABLE PACKAGING CONTINUES; NEW PRODUCT DEVELOPMENT CAPTURING GROWTH OPPORTUNITIES DRY FOOD COMPLETE Wild River 100% complete wit with Chicken & Lamb ADULT DOG Pet Nutrition Experts Developed with COLORS FLAVORS Integraflute™ ● Omni-channel solution with sustainable structure that is sturdy and brand enhancing • Easily processed through • • e-commerce fulfillment centers; improving handling and delivery Ships In Own Container (SIOC) increases efficiency while lowering cost, waste, materials and supply chain challenges Wide range of markets including pet care, home and garden, pool care, briquettes/wood pellets and other consumer bulk items Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International 7#8DEMAND FOR SUSTAINABLE PACKAGING CONTINUES; NEW PRODUCT DEVELOPMENT CAPTURING GROWTH OPPORTUNITIES Gala Honeycrisp Podes pack grapes Graphic Packaging INTERNATIONAL Fuji ProducePack TM Produce Pack ato Produce pack grapes ©2021 Graphic Packaging International Pack stir fr Prod Pack Co Produk cherries Rodic And berries ProducePack™ • • • • • ProducePack™ range of solutions for fresh produce including apples, mandarins, kiwis and tomatoes Launch of ProducePack Punnet expands offering into a wider variety of fresh produce including berries and snacking-sized vegetables Sustainable, 100% recyclable, preserves fresh produce from field to store Range of solutions can be hand or machine packed for small scale or mass production Available in Europe and the United States 8#9STRATEGIC M&A COMPLEMENTING ORGANIC GROWTH & RETURN ENHANCING INVESTMENTS IN SUPPORT OF VISION 2025 St. Paul, MN Sturgis, MI Norwalk, OH Memphis, TN Converting Facilities AMERICRAFT CARTON, INC. Lowell, MA Winston-Salem, NC Marietta, GA Proposed Acquisition of Americraft . . • Leading privately owned folding carton producer in North America Low-cost and high-quality business with seven well-capitalized converting facilities; 100+ year operating history; graphic and structural design capabilities ~$200 million in Sales, ~$30 million in Adjusted EBITDA; new and existing customers and end markets • 300 basis point paperboard integration opportunity across all three substrates over 24 months Expect $10 million in synergies over 24 months Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International 9#10RUNNING A DIFFERENT RACE: WINNING WITH SUSTAINABILITY- SUPPORTED INNOVATION IN GROWING MARKETS; FOCUSED ON EXECUTION AND DELIVERING ON OUR VISION 2025 GOALS Grow Converting Volume • Sustainability supported organic sales growth Targeted share gains Select tuck-under acquisitions Transformational M&A New Product Innovation • • • Expand new product development capabilities to accelerate growth Sustainable new product development to support circular economy Growth platforms that build upon each other every year (optimizing Opex/ Capex) Enhance Process Capabilities • • Drive process innovation to reduce costs Enable supply chain to create differentiated, winning customer experiences • Increase talent development capabilities • Improve business services capabilities Model Drives EBITDA & Cash Flow Fill the Mills, Increase Integration Rates • Reduce system volatility High fixed-cost utilization • Skilled and stable workforce Long-Term Strategic Investments • • New CRB machine and consolidation project (Kalamazoo) Substrate flexibility to capture growth (Texarkana) Global beverage converting platform (Monroe, Sneek) Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International 10#11CONSISTENT EBITDA GROWTH AND SIGNIFICANT RETURNS TO STAKEHOLDERS DRIVE VALUE CREATION PER GPK SHARE/IP UNIT Adj. EBITDA $s in millions Combined with IP's Consumer Business Jan 1, 2018 CAGR +5% $1,030 $971 (1) $1,120 $1,070 Adj. EBITDA/GPK Shares + IP Partnership Units (2) CAGR +13% (1) $3.65 $3.40 $712 2017 $2.78 $2.56 $2.30 2018 2019 2020 2021E 2017 2018 MAJOR DRIVERS . Net organic sales growth, strategic acquisitions • • • Neutral price-cost relationship over time Productivity greater than labor/benefits inflation Acquisition of partnership interest & share repurchases Graphic Packaging INTERNATIONAL 2019 2020 2021E GPK (in millions) Shares(2) IP Units (2) Total Shares/Units (2) 2017 310 310 2018 300 80 380 2019 290 80 370 2020 268 47 315 1Q 2021 284 23 307 (1) Assumes mid-point of 2021 Adj EBITDA guidance range $1,090M - $1,150M (2) GPK shares outstanding / IP partnership units as of year end and quarter end March 2021 ©2021 Graphic Packaging International 11#12STRATEGIC INVESTMENTS ENHANCING COMPETITIVE POSITION Graphic Packaging INTERNATIONAL#13INVESTMENT IN TEXARKANA, TX TO INCREASE STRATEGIC FLEXIBILITY ACROSS SBS & CUK WHILE MEETING CONTINUED STRONG DEMAND FOR CUK 1,260 NOW 100% APPLE QUICE BUD LIGHT Always ORGANIC 100% APPLE JUICE BUD BUD LIGHLIGHT BARLEY MALT AN NISER GPK CUK 12-YEAR CAGR 3% 1,710 90 1,620 • • Texarkana Project Overview • Flexible, swing machine capable of producing CUK or SBS ~$100M investment Expect to capture $20M in EBITDA benefit over 3 years from margin improvement Start-up of swing production in Q1 '22 • Supports global CUK growth • Overall capacity neutral . 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 300K ton production capacity on existing SBS machine (no change) ■CUK Tonnage (Mill Production in 000s) CUK Conversion to SBS (000s) Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International 13#14ACCELERATING START UP OF NEW CRB MACHINE Graphic Packaging INTERNATIONAL K2 CRB Machine Hall and Campus (Rendering) Kalamazoo, Michigan ©2021 Graphic Packaging International Kalamazoo Project Update • • • O O Start-up paperboard production on new machine in Q4 ‘21, ahead of schedule $100M projected benefit to EBITDA Expect to capture 1st $50M in '22 Expect to capture 2nd $50M in '23 Multiple benefits: Increased CRB integration Best in class cost structure Lowest basis weight and caliper profile in North America Highest quality CRB sheet in the market Reduced environmental impact 14#15MULTIPLE STRATEGIC PROJECTS SUCCESSFULLY COMPLETED Completed 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 Sneek, Netherlands Converting Facility Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International Q4 2018 Q4 2020 Project In-Process K2 Machine Investment in Kalamazoo Texarkana Swing Machine (SBS/CUK) Date Q4 2021 Q1 2022 15#16$50-70M IN ANNUALIZED PRODUCTIVITY FROM ONGOING TECHNOLOGY & PROCESS ADVANCEMENTS AND OTHER OPERATIONS IMPROVEMENTS SNEEK FACILITY MONROE FACILITY CURTAIN COATERS Packag • Invested Capital: ~$25M • • Invested Capital: ~$180M 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 • • State Of The Art Fully Automated 1.3M ft² of manufacturing & warehouse space Strategically located near West Monroe paperboard mill to reduce logistics costs 400K converting tons per year • Expect $30M run-rate EBITDA Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International • Invested Capital: ~$115M . • • Macon and Kalamazoo investments in place West Monroe planned over the next two years Significant reduction in Latex and TiO2 usage Expect $40M run-rate EBITDA 16#17K2 MACHINE INVESTMENT IN KALAMAZOO AND CRB MILL OPTIMIZATION EXPECTED TO YIELD $100M BENEFIT TO EBITDA ANNUAL FIXED COSTS ~$70M Cost Savings ~$30M VARIABLE COSTS Cost Savings ~$160M WP EA MT BC Kalamazoo 2019 Est. ~$90M EA ~$290/ton Freight / Other Chemicals Energy Coatings Fiber Kalamazoo ~$260/ton 2022 Est. Run Rate 2019 Est. 2022 Est. Run Rate Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International 17#18Source: RISI UNMATCHED CRB COST STRUCTURE POST INVESTMENT GPK Mills Competitor Mills ~$130/ton advantage GPK Kalamazoo Kalamazoo Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International Production = ~2M tons GPK East Angus Competitors (Avg) $532/ton GPK $400/ton 18#19COMPELLING POSITIVE ENVIRONMENTAL IMPACT ANNUAL CRB PROFILE Green House Gases (Metric Tons) Water Usage (Gallons/Ton) Purchased Energy (KWH/Ton) Current Future % Change 497K 400 - 419K - 16% to -20% 916 614 - 33% 1,901 1,562 - 18% *Information based on Legacy GPI / Source: Schneider Electric and GPK Management Estimates Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International 19#20COMPANY HISTORY AND INDUSTRY POSITIONING Graphic Packaging INTERNATIONAL#21FOOD, BEVERAGE, FOODSERVICE & CONSUMER PRODUCTS PAPERBOARD PACKAGING LEADER 39% P 20% 2020 SALES $6.6B 86% Americas 12% MARKETS Food 2% Europe ROW Foodservice 8 Paperboard Mills Graphic Packaging INTERNATIONAL 73 Converting Plants 3.9M Tons Produced ©2021 Graphic Packaging International 21% 20% Beverage Other Consumer 21#22KEY CUSTOMERS ACROSS FOOD, BEVERAGE, FOODSERVICE & CONSUMER PRODUCTS MARKETS ABInBev Amy's. Asahi DUNKIN' Coca-Cola DANONE Ferrara. G General Mills MARS P&G M McDonald's FAMILY OWNED WITH PRIDE PALERMO'S since 1964 SIERRA NEVADA SIMPLE Mills CONAGRA BRANDS Kellogg's Kimberly-Clark Kraft Heinz MillerCoors Mondelēz Nestle International pepsi Pedigree Playtex POLAR Shiner SWEETWATER T Tyson Whiskas Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International TM 22#23SUSTAINED MARKET LEADERSHIP COFFEE CABANEL 40% 30% COBBLESTONE GOLDEN of all folding cartons in North America Hold&Go of all paper cups in the U.S. Hold GO ecotainer #1 CRB Producer #1 49% 2.1M ton U.S. market #1 CUK Producer 1 60% #1 2.7M ton U.S. market #2 SBS Producer #2 22% 5.5M ton U.S. market GPK COBBLESTONE GOLDEN ALE Source: PPC, AF&PA, RISI, GPI estimates Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International Hold Go 23#24POWERFUL, VERTICALLY INTEGRATED BUSINESS MODEL LOW COST, HIGH QUALITY PAPERBOARD MILLS PRODUCTS WE USE EVERYDAY HIGHLY EFFICIENT CONVERTING & PACKAGING MACHINERY MULTI-GRAIN CRACKERS Breakfast ESSENTIALS Camper Mal Drink VALUE PACK 30 SERVINGS Always ORGANIC 24 MULTI-GRAIN CRACKERS FLAVORS COLORE CRUNDY OVEN BAARD Classic French Vanita Coors LIGHT 15 BAKERY Tite-Pak VIN KES! 100% APPLE JUICE ORGANIC Always 100% APPLE JUICE 71% vertical integration results in best-in-class EBITDA margins; significant opportunities to drive integration rates higher Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International B Fordian 24#25POISED FOR SALES, VOLUME, MARGIN & CASH GENERATION GROWTH 100-200 BPS / YEAR NET ORGANIC REVENUE GROWTH MATERIALIZING CUP OF OATMEAL RAWBERRY ERRY & STRAN BAR RASPBERRY BLENDED WITH OATS Hold GO Hold Go Graphic Packaging INTERNATIONAL Hold G EXECUTING PRICE ACTIONS NECESSARY TO OFFSET INFLATIONARY ENVIRONMENT $(M) $124 $130 COLFAX ACON SALTED CARMEL KETTLE CORN -$8 $110 Pursuing multiple price $90 actions; ~$90M in price expected in 2021 Price/Commodity Input Costs in Equilibrium Overtime 2016-2018 2019-2020 2021E ©2021 Graphic Packaging International Price Commodity Input Cost Inflation (Deflation) PRICE LAGS REDUCED ☑ མག .9. .9. ☑☑☑ From 9 to 6 months 25#26BALANCED APPROACH TO CAPITAL ALLOCATION FROM 2015 TO 2020, $4.4B IN ADJ (1) OPERATING CASH FLOW CAPITAL INVESTMENTS (2) & PRODUCTIVITY(3) Invested $1.9B in capital ~6% of sales driving $412M in productivity $295 $260 $244 Cap Ex ■Productivity $395 $397 $330 LLLLLL $74 $73 $57 TARGETED ACQUISITIONS Acquired 15 businesses (6) for ~$1B at compelling post synergy valuations Multiples (Pre/Post) ADJ EBITDA ($M) $77 $74 $57 ~8.5X ~5.6X -$190 2015 2016 2017 2018 2019 2020 (2) '19 and '20 core capital expenditures exclude $23M and $249M, respectively, for transformational CRB consolidation project (3) 18 productivity includes $35m in synergies; '19 and '20 excludes $36M of incentives & pension and $15M economic & maintenance downtime respectively STOCKHOLDER RETURN Returned significant value to stockholders $558M*/ $854M Dividends $854M/~20% Share repurchases (1) Operating cash flow in 2018-2020 adjusted to recognize net cash from receivables program (4) Includes distributions to GPIP partner (5) Share repurchases through Dec 31, 2020 Graphic Packaging INTERNATIONAL -$100 Combined with IP's Consumer Packaging business in 2018 adding $200M in ADJ EBITDA and ~$75Msynergies (6) Does not include proposed acquisition of Americraft Carton, Inc. announced 4-27-21 NET DEBT LEVERAGE RATIO Committed to long-term range 2.5x-3.0x range ~20% $1.4B 2.9% Reduction in share count Liquidity Current weighted avg. interest rate 3.5x Est. YE 2021 26 ©2021 Graphic Packaging International#27TRACK RECORD OF STOCKHOLDER RETURN ROBUST STOCKHOLDER RETURN COMMITMENT • $400M in Partnership Redemptions in Q1 2021 • $150M in Cash Redemptions; $250M in GPK Common Stock Exchange • $500M in Cash Partnership Redemptions in 2020 • $316M Shares Repurchased in 2020 at $13.48/share Since February 2015 repurchased $854 million of shares, representing 20% gross reduction from shares outstanding at program inception SHARE REPURCHASE SCHEDULE SHARE REPURCHASE HISTORY $(M) $120 $58 $169 $128 $316 $854 $63 % of GPK US $(M) $ Per Share Number of Shares (M) Shares At Inception(1) 2015 2016 2017 2018 2019 2020 Total Since Jan 2018 $563 $12.75 44 13% (1Q'18 4Q'20) Since Inception $854 $12.84 66 20% (1Q'15 4Q'20) (1) Represents gross shares repurchased since inception Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International 27#28VISION 2025/ PIVOT TO SUSTAINABILITY-SUPPORTED GROWTH Graphic Packaging INTERNATIONAL#29ISION 2025 ON 2025 Partners GROW WITH THE BEST CUSTOMERS IN THE BEST MARKETS деа Graphic Packaging INTERNATIONAL Profit GENERATE SUPERIOR RETURNS Planet LEVERAGE SUSTAINABILITY PROFILE & REDUCE ENVIRONMENTAL IMPACT People ENGAGE EMPLOYEES IN A HIGH-PERFORMANCE CULTURE ©2021 Graphic Packaging International 29#30VISION 2025 ON 2025 Partners Grow with the best customers in the best markets #1 paperboard market share in North America & Europe 100 - 200 bps/year sustainability supported, organic growth $400M $700M net new - product sales 2020-2025 included in organic growth Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International Strategic, high return M&A $400M $500M in - productivity 2020-2025 to drive margin growth 30 30#31VISION 2025 ON 2025 Profit 2019 2020 Vision 2025 Generate superior returns Paperboard Integration 68% 70% 80-90% Sales $6.2B $6.6B ~$10B ADJ EBITDA Margins 16.7% 16.3% 18-20% ROIC 8% 8.5% 10-12% ADJ EPS Normalized Capex (% Sales) $0.87 $1.12 5% 5% $2.00+ 5% Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International 31#32VISION 2025 ON 2025 Planet Leverage industry leading sustainability profile, reducing impact on the environment со Reduce water usage by 15% Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International 201 Reduce energy consumption by 15% Reduce green house gases by 15% 4ح Reduce LDPE usage by 40% GPI products 100% recyclable 32#335ON 2025 888 VISION 2025 People Engage employees in a high-performance culture 19191919 Top quartile engagement scores Reduce LTIR from 0.3 to 0.2 (Safety) Play on a winning team Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International GPI University 30 hours of training per employee, per year Attract and retain the right talent 33#34SUSTAINABILITY HAS BECOME A GLOBAL PHENOMENON & MANDATE WHAT BRANDS ARE SAYING.... Starbucks is aiming to double the recycled content in [their] cup by 2022. It's also testing more than 12 greener technologies for paper cup liners. ―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 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 "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 Source: Goldman Sachs Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International 34#35GPI SUSTAINABILITY INITIATIVES SUPPORT CUSTOMER ASPIRATIONS Graphic Packaging Recyclable Products 100% by 2025 Water Usage -15% Energy -15% Green house gases -15% LDPE usage -40% Coca-Cola M Recyclable Packaging 100% by 2030 Recycled Content 50% by 2030 Nestle McDonald's Renewable/Recyclable Sources 100% by 2025 Unilever MOLSON Coors Reusable / Recyclable / Compostable / Biodegradable 100% by 2025 Recycled Content 30% by 2025 Walmart ** Source: Goldman Sachs; Molson Coors Sustainability Report 2019 Graphic Packaging INTERNATIONAL Recyclable / Reusable Materials 100% by 2025 Elimination of 10 Problematic Plastics 100% by 2024 Recyclable / Reusable / Compostable 100% by 2025 Recycled Content 25% by 2025 PBP Recyclable / Reusable / Compostable 100% by 2025 PBP Recycled Content 17% by 2025 ©2021 Graphic Packaging International 35#36FIBER-BASED PACKAGING: SUSTAINABLE FROM CRADLE TO CRADLE টি FORESTS FOR ALL FSC FOREVER 2+ SFI PEFC™ .02 CO₂ in... out Paperboard is CO2 is captured sourced from sustainable wood fiber sources during tree growth CO2 remains stored during all fiber recycling loops Paperboard is by-product of construction timber Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International Recyclability: packaging pass the repulpability test 36#37SUSTAINABILITY INITIATIVES AT GPK BEING RECOGNIZED MSCI: Upgraded to BBB from BB ESG Rating history AMERICA'S MOST RESPONSIBLE COMPANIES 2021 Newsweek statista AAA CDP: Upgraded from BB to A- on Climate Change Response Year Response type Status Score AA A Climate Change 2020 2020 Public Submitted A- BBB BBB BB B BB BB Forests 2020 B B 2020 Public Submitted B CCC Aug-16 Sep-17 Sep-18 Water Security 2020 2020 Public Submitted B Nov-19 Dec-20 ESG Rating history shows five most recent rating actions Sustainalytics: Upgrades to ESG Ratings SUSTAINALYTICS Climate Change 2019 2019 Public Submitted B B ESG risk score decreased to Low Risk ESG management score increased to Strong Management Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International 37#38CURRENT ENVIRONMENT AND FINANCIAL RESULTS Graphic Packaging INTERNATIONAL#39• Q1 2021 HIGHLIGHTS Sustained Net Organic Sales Growth, up 2% y/y in Q1 21; 3% Growth over LTM Driven by Conversions to Fiber-Based Packaging Solutions and Increased At-Home Consumption Providing Industry Leading Customer Service, Meeting Strong Fiber-Based Packaging Demand and Introducing New Innovative Solutions; Maintained Continuity for Customers through Winter Storm Uri Downtime Adjusted EBITDA $240M, Negatively Impacted by $29M of Winter Storm Uri Related Costs and $34M of Commodity Input Cost Inflation • Executing Price Actions to Offset Commodity Input Cost Inflation • • • • Increased Paperboard Integration Rate to 71% in Q1, up 200 basis points y/y Strengthened Balance Sheet and Interest Rate Profile by Issuing $800 Million of 0.8% and 1.5% Senior Secured Notes and Through Retirement of $425 Million Higher Interest Rate Debt with Farm Credit System Loan Acquired $400 Million of Partnership Interest from International Paper; Wind Down of Successful Partnership Continues with Current Minority Ownership Interest of ~7%, Down from Initial -21% Continuing Balanced Approach to Capital Allocation; Strategic M&A to Complement Organic Growth and Return Enhancing Investments in Support of Vision 2025 o Announcing Intent to Acquire Americraft Carton, Inc. Kalamazoo, Michigan and Texarkana, Texas Projects Remain On Track and On Budget Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International 39#40FIRST QUARTER 2021 NET SALES PERFORMANCE +3% $s in millions $20 $1,649 $33 $1,599 ($3) Q120 Graphic Packaging INTERNATIONAL Pricing Volume/Mix FX Q121 ©2021 Graphic Packaging International 40#41FIRST QUARTER 2021 ADJUSTED EBITDA PERFORMANCE $s in millions $295 $(3) $(2) $(34) $5 $240 Integrated Sales $6M $(13) $(8) Leap Year / Open Market Sales ($8M) Net Productivity $21M Winter Storm Uri ($29M) Pricing Commodity Inflation Net Performance Q121 Q120 Volume/Mix L&B / Other FX Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International 41#422020 HIGHLIGHTS • Vision 2025 Goals on Track with Solid Execution of Initiatives & Strong Financial Performance • Showcased Corporate Responsibility & Long-Standing Commitment to Sustainability in ESG Report • Strong Pivot to Growth, Net Organic Sales Increased 4% Year over Year • Achieved Pre-Pandemic EBITDA Guidance; Exceeded Cash Flow Guidance • Maintained Supply Chain Continuity for Customers; Delivered to Changing Demand Patterns • Accelerated Multiple Strategic Business Decisions to Drive Results • Instituted Protocols to Promote Employee Health and Safety • Demonstrated Commitment to Production Employees with Special Bonuses and Our Communities with Food Bank Contributions • Increased Paperboard Integration Rate to 70% from 68% in 2019 Returned Over $900 Million to Stakeholders Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International 42#432020 NET SALES PERFORMANCE $s in millions $6,160 ($1) +6% $408 $6,560 ($7) 2019 Pricing Volume/Mix FX 2020 Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International 43#442020 ADJUSTED EBITDA PERFORMANCE $s in millions +4% $22 $30 $1,030 $(1) $(52) $42 $- $1,070 Net Productivity $57M Market/Maintenance Downtime ($15M) Pricing Commodity Deflation Net Performance 2020 2019 Volume / Mix L&B / Other FX Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International 44#452021 ADJUSTED EBITDA AND CASH FLOW GUIDANCE REITERATED FULL-YEAR EBITDA GUIDANCE REITERATED DRIVEN BY EXPECTED 2H RESULTS; MULTIPLE PRICE INITIATIVES, STRONG ORGANIC SALES GROWTH, PRODUCTIVITY IMPROVEMENTS & FAVORABLE FX OFFSETING COMMODITY INPUT COST INFLATION & URI STORM COSTS Adjusted EBITDA $1,090M - $1,150M(1) EBITDA Components Volume/Mix Cash Flow $175M - $250M Cash Flow Components $20M - $40M Cap Ex $70M - $90M Interest ($60M - $50M) Tax $5M -$15M Working Capital Price to Commodity Input Cost Spread ($30M - $10M) Pension(4) Net Performance L&B / Other(2) FX(3) ($710M $690M) ($130M $120M) ($45M - $35M) ($30M - $10M) ($20M - $10M) (1) Excludes announced acquisition of Americraft Carton, Inc. (2) Other inflation is primarily related to property insurance (3) FX range at current rates Capital Investments ($M) - step down after 2020-2021 Return to Substantial Cash Flow in 2022 $ 353 $ 646 $ -700 $ -400 2019 2020 2021 2022 (4) Excludes $13.8M amount reflected as a contribution which effectively transferred a portion of the excess balance in the terminated US DB Plan. Consistent with Vision 2025, normalized capex target (% of sales) of ~5% Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International 45#46REDEFINING INDUSTRY LEADERSHIP FINING INDUSTRY LEADERSHIP 2025 • • • • Capturing strong global demand for fiber-based packaging driven by innovation and packaging solutions that scale; driving sustained net organic sales growth Differentiated by investments in infrastructure, well-capitalized mills and converting facilities are competitively advantaged with lowest cost, highest quality fiber-based packaging solutions Significant cash flow generation and strong balance sheet provide capital to continue to invest in the business and execute strategic M&A; supporting growth and return goals Commitment to price offsetting commodity input cost inflation, relentless focus on limiting dislocation when inflationary pressures exist Vertically integrated model drives operating efficiencies and optimization, incorporates sustainability mindset into all steps of the manufacturing process; development of unique solutions that consider overall impact on the environment Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International 46#47Graphic Packaging INTERNATIONAL APPENDIX Graphic Packaging#482021 YEAR OVER YEAR IMPACT SCHEDULE AND OTHER GUIDANCE NET PRICE / COMMODITY INPUT COST SPREAD & NET 2019 Actual 2020 Actual 2021 Guidance OUTAGE COST IMPACT Change Y/Y ($M) Pension Expense/(Income)(2) $16M $14M $13M (includes pension amortization) Q1 Q2 Q3 Q4 Net Price/Cost Depreciation & Amortization(3) (excluding pension amortization) $447M $450M $460M Spread Impact ($37M) Pension Amortization $10M $6M $5M Net Outage Cost (1) Impact ($10M) $OM $15M $15M Effective Tax Rate (4) (Normalized) 26% 19% 24-26% Incremental Uri (1) Storm Impact ($29M) Year End Net Leverage Ratio 2.6x 3.3x 3.0-3.5x (1) Net outage impact and Winter Storm Uri impact reflected in net performance component of ADJ EBITDA (2) 2019 and 2020 pension expense exclude $39 million and $154 million of non-cash pension plan settlement charges, respectively. (3) 2019 D&A includes $5 million of accelerated deprecation. 2020 D&A actual and 2021 D&A guidance excludes $26 million and $24 million of accelerated depreciation related to exit activities, respectively. (4) Tax rate applied to GPHC's share of the partnership earnings. Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International 48#49SUPPLEMENTAL INFORMATION COMMODITY ANNUAL CONSUMPTION 2020 REVENUE BY CURRENCY 6% 1% Categories Units 6% Wood 10 (Million tons) 2% Recycled Fiber 1 3% 1% (Million tons) 0% 2% Natural Gas 22 0% (MMBTU) Caustic Soda 40 40 (000, tons) Starch 150 (Million lbs.) TiO2 (Million lbs.) Polyethylene (Million lbs.) 25 105 Graphic Packaging INTERNATIONAL ©2021 Graphic Packaging International USD ■AUD NZD BRL CAD CNY MXN GBP EUR 79% JPY 49#50Graphic Packaging INTERNATIONAL Graphic Packaging