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RUNNING A DIFFERENT RACE - COMPELLING INVESTMENT CASE

PAPERBOARD PLATFORM OPTIMIZATION UPDATES Extending packaging leadership in North America; industry-leading cost base, superior paperboard quality offering Recycled Paperboard CURRENT MILL NETWORK East Angus • Kalamazoo Texarkana West Monroe ~4.2MT Virgin Paperboard Total Paperboard Capacity Graphic Packaging HOLDING COMPANY Macon • WACO CRB UPDATE Project progressing and on track Key mill management roles filled • Middletown 85% of equipment ordered Augusta • Finished goods warehouse foundation and floor pads completed • Concrete poured for recycled fiber warehouse floor

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