Positioned for Continued Growth

2021 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

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