Investor Presentaiton

BALANCED APPROACH TO CAPITAL ALLOCATION FOCUSED ON GROWTH AND CAPITAL RETURN Growth Leverage Reduction Target net leverage <2.5x at year-end 20231 Strategic M&A Bell Incorporated acquisition BELL INCORPORATED • Graphic Packaging HOLDING COMPANY 1. Excludes pending acquisition of Bell Incorporated Capital Investments Waco CRB Mill investment Innovation in consumer preferred, fiber- based packaging • • Return to shareholders Share Repurchases New $500M share repurchase authorization $590M total authorization available Dividend $0.10 dividend paid quarterly

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