Third Quarter 2021 Earnings Call Presentation

THIRD QUARTER 2021 EARNINGS CALL

October 26, 2021

Michael P. Doss	Stephen R. Scherger
President and Chief Executive Officer	Executive Vice President and Chief Financial Officer

Inspired Packaging. A World of Difference.

FORWARD LOOKING STATEMENTS

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Any statements of the Company's expectations in these slides, including but not limited to pricing improvements in 2021 and 2022, the timing of the closing of the acquisition of AR Packaging Group, AB, the timing of the start up of the new K2 paperboard machine in Kalamazoo, MI, projected organic sales, 2022 Adjusted EBITDA, 2021 Adjusted EBITDA and Adjusted cash flow (and certain components thereof), expectations regarding recovery of inflation with pricing, capital expenditures, depreciation and amortization, pension expense and amortization, tax expense and effective rate and year-end leverage 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.

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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.

©2021 Graphic Packaging International	2

THIRD QUARTER 2021 HIGHLIGHTS

• Full Year '21 Net Organic Sales Growth Target of Approximately 200 Basis Points on Track Driven by Strong
  Demand for Innovative, Sustainable Packaging Solutions
  o Q3 '21 Net Organic Sales Declined 1% y/y as Supply Chain & Labor Market Constraints Delayed Sales o YTD Sept '21 Net Organic Sales Growth of 2% y/y
  o YTD Sept '21 2-Year Net Organic Sales CAGR of 3%
• Adjusted EBITDA of $284 Million Positively Impacted by $53 Million of Favorable Pricing and $79 Million in Net Performance; Offset by $88 Million of Commodity Input Cost Inflation
• Price Initiatives Successfully Implemented and Recognized

• 1. ~$650 Million in Total Pricing Projected Over '21/'22 Based on Implemented and Recognized Actions o ~$140M Million Projected in '21, ~$510 Million Projected in '22
• $1.8 Billion in Global Liquidity
• Published ESG Report in August Showcasing Long-Standing Commitment to Sustainability and Transparency in the Reporting of Progress on a Comprehensive Set of Goals Supportive of Vision 2025
• AR Packaging Acquisition Expected to Close November 1st
• Coated Recycled Paperboard Production on New K2 Machine in Kalamazoo, Michigan on Track for Start-up in Q4 '21
• Continued Confidence in Expectations for '22 Adjusted EBITDA of $1.4+ Billion

©2021 Graphic Packaging International	3

AR PACKAGING ACQUISITION ON TRACK, TARGETING NOVEMBER 1ST CLOSE

FINANCIAL EXPECTATIONS REMAIN CONSISTENT WITH MAY ANNOUNCEMENT

COMBINED INNOVATION CAPABILITIES TO BENEFIT GLOBAL CUSTOMERS

Plastic Substitution	Cooking Solutions	PaperSeal® Range	Paperboard Forming	Sealing Machinery	Premiumization
				Systems

Material Science	ProducePack™	Design Excellence	MAP Trays and	Molded Fiber	Flexible material	Child Resistant
	Punnet		Barrier Materials	Capabilities		Packaging

Greater scale enables larger investment in R&D, increasing innovation learnings to

support customers worldwide and drive organic growth

©2021 Graphic Packaging International	4

NEW STATE-OF-THE-ART K2 CRB MACHINE IN KALAMAZOO, MICHIGAN;

ON TRACK FOR PAPERBOARD PRODUCTION IN Q4 '21

©2021 Graphic Packaging International	5