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1 Investor Presentation November 2018

2 Forward Looking Statements Any statements of the Company s expectations in these slides constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of Such statements, including but not limited to, expected increases in Adjusted EBITDA and cash flow, as well as expected capital spending, pension expense, cash taxes, depreciation and amortization, pension amortization, interest expense, effective tax rate, and net leverage, 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, inflation of and volatility in raw material and energy costs, cutbacks in consumer spending that reduce demand for the Company s products, continuing pressure for lower cost products, the Company s ability to implement its business strategies, including productivity initiatives and cost reduction plans, 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 net operating loss offset to taxable income, and those that impact the Company s ability to protect and use its intellectual property. Undue reliance should not be placed on such forwardlooking 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. 2

3 We are a Packaging Company Making Products for the World s Food, Beverage, Foodservice, and Consumer Products Companies Food (37% of Revenue) Beverage (20% of Revenue) Foodservice (23% of Revenue) Household, Personal Care, Other (20% of Revenue) 3

4 The Graphic Packaging Story Pure Play paper based packaging company deriving nearly 100% of revenue from defensive food, beverage, foodservice, and consumer goods end-markets Largest North American folding carton and paper cup manufacturer Vertically integrated, low cost supplier Leading paperboard producer across the CRB, CUK, and SBS paperboard grades ~3.7M tons of paperboard produced annually Significant opportunities for growth and productivity gains post combination with SBS mills and foodservice converting assets Focused on driving SBS mill integration higher via organic opportunities and tuck-under acquisitions in the U.S. and Europe Strong cash flow generation profile and balance sheet. Significant flexibility to pursue tuckunder acquisitions as well as maintain balance sheet strength to repurchase IP s stake, if IP chooses to begin monetizing on 1/1/2020 Cash Flow Geographic Profile (1) ~ (1) The 2017 Cash Flow is before the impact of the $82 million incremental pension contribution 4

5 Leading Market Positions in Folding Carton, Paper Cups, and Paperboard Production North America Folding Carton Market U.S. Paper Cups Market Source: PPC, management estimate Source: Management estimate Paperboard Mill Position (000, tons) #1 N.A. Share #2 N.A. Share Source: AF&PA, management estimate #1 N.A. Share 5

6 A Vertically Integrated Business Model Drives Cash Flow by Selling Folding Cartons and Foodservice Products to Leading CPG Companies Innovative Converted Products Efficient Converting Low Cost Mills Generate ~1-2% growth annually from innovation Focused on consumer trends: Sustainability Specialty Brands Convenience Freshness Healthier Choices Innovation centers world-wide 60+ Global Converting Plants U.S. National Accounts Located close to mills to minimize logistics costs U.S. Regional Accounts Located close to customers to optimize response time Europe Acquired network of high quality, low cost assets 4 Virgin Paper Mills located near Southeast low cost wood fiber baskets Largest producer of CUK in world at ~1.5M tons 2 nd largest N. America SBS producer at ~1.2M tons 4 Recycled Mills located near largest customers Largest N. America producer of CRB at ~1.0M tons Drives Long- Term EBITDA & Cash Flow Recent investments: Reduce energy footprint Reduce chemical usage Reduce water usage 6

7 Vertically Integrated Business Model Offers Tremendous Operating Leverage Grow converting volume Invest in the mills Add incremental capacity (when clearly required) Reduce costs Expand product offering New product development Growth in foodservice Conversions into CUK Targeted share gains Acquisitions Drives EBITDA and Cash Flow Outsource to support additional demand Europe Other International North America Fill the mills Maintain/grow open market and integrated sales volume Optimize the mix 7

8 New Product Development (NPD) Summary NPD adds approximately 100 basis points to revenue per annum GPK s core volume has roughly been flat over the last 5-years as NPD growth with new customers and in new geographies offset end-market trends in packaged food NPD focus areas Brand Building, Convenience, Foodservice, Strength substrate substitution opportunities Brand Building Differentiate product on shelf Substrate substitution Shrink wrap to CUK Convenience Improved convenience features for customers On the go consumption Proprietary microwave technology Foodservice Growing vertical Well positioned with SBS and CUK paperboard substrates Strength Exposed to the Club Store channel Substrate substitution Corrugated to CUK Drives savings to CPG Improved shelf appeal and convenience features 8

9 Net Debt/EBITDA US$, M EBITDA US$ M EBITDA Margins (%) US$ M Key Financial Metrics Adjusted EBITDA and EBITDA Margins Cash Flow from Operations (CFO), Capex 800 $800 $750 $700 $650 $600 $550 $500 $450 $ % 18.0% 17.0% 16.0% 15.0% 14.0% 13.0% 12.0% 11.0% 10.0% Adjusted EBITDA Adjusted EBITDA Margins (200) (400) CFO Capex Capex Avg. Net Debt/Adjusted EBITDA Dividends and Share Repurchases Net Debt/Adjusted EBITDA Dividends Share Repurchases (1) The 2017 Cash Flow from Operations is before the impact of the $82 million incremental pension contribution 9

10 Key Strategic Priorities Operational Excellence Re-Investment In The Business Capital Allocation Outperform in tough end-market volume environment End-markets are stable, with limited natural growth Grow in foodservice, global beverage, and through new product development Ensure price offsets commodity inflation over reasonable timeframe For CRB and CUK, roughly, 50% of the contracts that adjust use an index pricing model and 50% are on a cost-model For SBS, largely tied to an index pricing model Continuing to migrate to cost-models Drive productivity in excess of labor inflation within baseline capital spend Baseline capital spend including the SBS mill and foodservice converting assets combination ~$325M Maintenance ~$225M Return focused ~$100M When capital exceeds $325M, clearly outline the project scope and return profile Size of projects typically in the $15-$40M range Target after-tax IRR s in mid-to-high teens Projects in 2016/17 that were above baseline capital spend Curtain coater installation at Macon in Q $30M investment / $10M of annualized EBITDA Machine upgrade at W. Monroe in Q $40M investment / $12M of annualized EBITDA Acquisitions Purchase assets at postsynergy multiple well below our current valuation trading multiple Continue to increase our integrated (mill to converting) position, to drive cash flow Extend run-way for organic capital deployment at compelling IRRs Dividends At $0.30/share, dividend/cash flow ratio is approximately 25% Good runway to grow dividend as earnings grow Share repurchases Excess cash flow after acquisitions and dividends back to shareholders via share repurchases, when valuation is compelling 10

11 Completed 2019 Capital Expenditures Planning Process. Targeting 2019 Spending of ~$325 Million Baseline capital expenditures framework Drive productivity in excess of labor and benefits inflation within baseline capital spend Baseline capital spend including the SBS mill and foodservice assets ~$325 million Maintenance ~$225 million Targeting 2019 Capex of ~$325 million Baseline pre-sbs Assets Baseline post-sbs Assets Return focused ~$100 million When capital exceeds $325 million, clearly outline the project scope and return profile Target after-tax IRR s in mid-to-high teens Projects in 2018 that were above baseline capital spend Capital expenditures in 2018 expected to be $390 million compared to our baseline figure of $325 million Curtain coater installation at Macon in Q $30 million investment / $10 million of annualized EBITDA Augusta recovery boiler rebuild and related electrical upgrades in Q $40 million project Curtain Coater Projects Completed Timeframe Mill Machine Q Kalamazoo No. 1 Q Macon No. 1 Q Macon No. 2 11

12 Combination with SBS Mill and Foodservice Converting Assets Closed on January 1 st, 2018 SBS Mill and Foodservice Converting Assets Overview ~$1.6B Annual Revenue / $210M Adjusted 2017 Estimated EBITDA U.S. Coated Paperboard Mills ~1.2M Tons of SBS U.S. Foodservice Converting ~950K Tons ~250K Tons Packaging & Foodservice Foodservice 3 rd Party Converters Internally Converted Quick Service Restaurants Specialty Coffee Theater, Convenience Hospitality Coated Paperboard Mill Foodservice Plant Extrusion Plant Design Center Product Development and Engineering Center 12

13 Integration of the SBS Mill and Foodservice Converting On Track, High Confidence in $75 Million Synergy Capture and Potential for Consistent Organic Growth Driven by Conversions to Paper Based Cups Combination Expanded leading boxboard mill production footprint to include scaled SBS assets On Track to Capture $75 million of Synergies by End of Year Three Significantly expanded converting footprint in growing foodservice market Targeting $75 million in synergies by end of year three Created platform to increase SBS mill to converting integration via organic and non-organic growth SBS Mill and Foodservice Assets EBITDA Bridge Q3 Performance, Integration Q3 EBITDA of $63 million Integration of SBS mill and converting assets on track executing on $75 million of targeted synergies Expect full year 2018 EBITDA of $225 million, reflecting greater synergy realization offset by higher commodity input costs and mill reliability costs Augusta reliability issue being addressed with planned Q4 recovery boiler rebuild Logistics ($18) Chemicals ($8) Wood ($7) Resin ($7) Implemented 2 nd 2018 open market SBS cup stock and SBS folding carton increase Closed Letica Foodservice Assets acquisition 13

14 Transaction has compelling Business and Financial Rationale BUSINESS RATIONALE The SBS mill and foodservice converting assets are scaled and low cost Expands leading boxboard (CRB + CUK) mill production footprint to include scaled solid bleached sulfate (SBS) assets FINANCIAL RATIONALE Structure provides balance sheet strength to build out an integrated SBS platform Projected to be accretive to earnings in year one Preserves GPK NOL s Significantly expands converting footprint in the growing foodservice market Targeting $75 million in synergies by the end of year three Creates platform to increase SBS mill to converting integration via core growth and acquisitions 14

15 Compelling Rationale for Transaction 1 Broadens leading North America CRB and CUK mill footprint to include a scaled SBS footprint Annual Production 2.5M Tons Annual Production 3.7M Tons 2 Significantly increases exposure to the growing foodservice market from 10% to 23% of sales 3 Provides runway to increase SBS vertical integration rates 4 Opportunity to drive significant synergies ~$75M 15

16 The Combination is Aligned with Graphic Packaging s Long- Standing Operational and Strategic Objectives Platform for growth to increase vertical integration of SBS capacity to 80% over time by applying successful CRB/CUK integration strategy Growth in faster growing foodservice market Continued expansion into European markets Strengthen combined new product development capabilities Improve mill profitability through continued cost optimization and investment 16

17 Summary Transaction Structure Overview Transaction closed on January 1, 2018 SBS mill and foodservice business valued at $1.8 billion International Paper s (IP) Partnership interest valued at $1.14 billion, and assumed debt of $660 million IP s $1.14 billion partnership interest (20.5%) reflects million GPK share equivalents ($14.25/share) if and when IP chooses to monetize its stake no GPK shares issued at transaction close date Graphic Packaging will be the sole operator of GPIP. No change to Graphic Packaging s current Board of Directors or leadership team IP will have a 2-year lock-up on the monetization of their ownership interest International Paper will have the option to monetize its stake on 1/1/2020 If IP chooses to monetize its stake GPK has significant flexibility on how that occurs of the million shares can be settled in cash or GPK shares; the delta ( million shares) must be settled in cash The maximum IP can monetize in a 180-day period (6-months) is $250 million IP cannot purchase GPK shares for a period of 5 years, subject to limited exceptions The combined businesses will operate as Graphic Packaging International, the company s operating subsidiary Source: Exchange Agreement in 8-K filed on 1/2/

18 Summary Transaction Structure Overview Illustrative Transaction Framework Public Shareholders Public Shareholders IP (Publicly-traded) GPK (Publicly-traded) 20.5% 79.5% Graphic Packaging International Partners, LLC (GPIP) Graphic Packaging International, LLC 18

19 Recent North American Acquisitions Provide Profitable Growth Platform in Key Geographies and End Markets RECENT ACQUISITIONS JAN 2015 OCT 2018 Combined expected annualized Sales ~$690M Seydaco (Dec 17) Combined expected annualized EBITDA of ~$86M Combined expected annualized EBITDA including synergies of ~$ M Added 18 folding carton and 2 foodservice facilities, and a CRB mill Carton Craft (Jul 17) New Albany, IN PFP (Jun 18) Letica Foodservice (Oct 18) Increased U.S. East Coast presence Extended reach in Western U.S., Canada and Mexico Integrated additional tons Tijuana, Mexico Broadened customer base Offering new and existing customers a wider range of products Monterrey, Mexico Rose City (Jan 15) Cascades Norampac Mill (Feb 15) Cascades Norampac (Feb 15) Carded Garphics (Oct 15) G-Box (Jan 16) Walter G. Anderson (Feb 16) Metro Packaging & Imaging (Mar 16) Gained outstanding leadership and a talented workforce Enabled closure of 3 higher cost, legacy facilities (Renton, WA; Piscataway, NJ; Menasha, WI) 19

20 Letica Acquisition Extends our Leading Position in Growing Paperboard-Based Foodservice Market in North America GEOGRAPHIC OVERVIEW LETICA ACQUISITION Purchase price ~$95 million LTM Sales of ~$110 million LTM EBITDA of ~$10 million Run rate EBITDA of $15-16 million USD in months Post-synergy, EV/EBITDA multiple expected to be ~6.0X Locations GPK Foodservice Letica Manufacturing facilities in Clarksville, Tennessee and Pittston, Pennsylvania Diversifies customer base, enhances geographic footprint, and provides needed capacity to meet growing paper cup demand Increases (30k SBS tons) mill to converting plant integration into growing markets Provides runway for further margin improvement 20

21 European Expansion by Applying our Successful North American Strategy into a Fragmented European Market Built a scale European business since December 2012: $650M Revenue base Low double digit EBITDA margins Current European Manufacturing Footprint Folding Cartons Plants 13 plants convert ~300k tons per year Strong market positions in Beverage, Food, Convenience Significant opportunity to further consolidate market through acquisitions Large, stable, and steadily growing folding carton market, 10B No. 2 market share position, but less than 10% of the overall market 21

22 Norgraft Acquisition Consistent with our Strategic Objective to Generate $1 Billion of Folding Carton Converting Revenue in Europe NORGRAFT ACQUISITION Purchase price ~$50M Includes new state of the art printing press ~$5M LTM Sales of ~$40M Norgraft (Oct 17) Cantabria, Spain LTM EBITDA of ~$5.5M Run rate EBITDA of ~$7-8M USD in months Post-synergy, EV/EBITDA multiple is expected to be ~6.0X Two converting facilities in Cantabria, Spain Acquisition expands our footprint in the stable and modestly growing Southern European food and beverage markets Provides runway for further margin improvement Increases our mill to converting plant integration into growing markets over time 22

23 Large European Folding Carton Market Served by a Broad Range of Converters European Folding Carton Market European Converters Food ~ 4.1B $1.0B $0.3B Beverage ~ 0.9B Non-Food (consumables) ~ 3.6B $0.7B $0.3B Durable/Household Total Folding Carton ~ 1.5B ~ 10B $0.6B $0.3B $0.5B $0.2B Source: Company estimates and ECMA 23

24 Appendix 24

25 US$ M US$, M Shares O/S Strong Track Record of Capital Allocation and Compelling Valuation Multiple Compared to Packaging Peers Mid-to-high teens IRR on organic capital investments that drive spending above the baseline ~$325M level Post-synergy multiple of ~6X on completed acquisitions Increased dividend to annualized $0.30/share (2.7% yield); room to grow Consistent share repurchase profile Since commencing $250M share repurchase on 2/5/2015 have repurchased $291M or 22M shares for ~$13/share, which is equivalent to ~7% of shares outstanding as of 4Q2014 $210M available under current share repurchase authorization plan The share count has declined 22% since year-end 2011 M&A Since 2012 Share Repurchases ,197 1,441 0 (50) (100) (150) (200) (250) (300) (350) Share Repurchase Shares O/S 25

26 2018 Guidance 2017 Actual 2018 Guidance Cash Flow available for Net Debt Reduction, Dividends & Share Repurchase (before M&A/Capital Markets activity) $365M $475M Capital Expenditures $260M $390M (1) Cash Pension Contributions $119M $5-$10M Pension Expense/(Income) (includes pension amortization) ($6M) $3M Cash Taxes $16M $20-$30M Depreciation & Amortization (excluding pension $314M $430-$450M (2) amortization) Pension Amortization $7M $6M Interest Expense $90M $120-$130M Effective Tax Rate (Normalized) 35.8% 23-25% Year End Net Leverage Ratio 3.12x 2.5x-3.0x (1) The 2017 Cash Flow is before the impact of the $82 million incremental pension contribution (2) Excludes accelerated depreciation related to the shutdown of the Santa Clara mill 26

27 Food ~37% of Revenue Strong competitive position High share across core CRB/CUK folding carton food markets Strong track record of innovation Low cost converting network Optimized freight position Markets are highly stable, but not growing Dry foods, cereal, pasta, frozen pizza, frozen foods, microwave Focus on outperforming tough end-market environment Brand building Convenience Strength substrate substitution from corrugated to CUK Focus on mid-tier customers that are winning in the market place GPK s volume flattish over the last 5-years, despite difficult end-market environment Grow business through acquisitions Closed 7 acquisitions in N.A. over the last 36 months Acquisitions enhance end-market (i.e. increased private label) and customer exposure (i.e. increased smaller customers base) Acquisitions provide significant runway for cost savings via closure of higher cost assets 27

28 Beverage ~20% of Revenue Strong competitive position Leading global market position across all paperboard multipack geographies ~80% of Global Beverage business is running on our machines ~40% of business is protected by proprietary innovation Mature markets are stable with pockets of growth Beer represents the majority of the portfolio Mega beer volume declined modestly in 2017 Beer is growing globally with paperboard taking share from shrink wrap, reflecting the premiumization trend globally Craft beer continues to grow, albeit at a slower rate relative to the previous 5-10 years Carbonated soft drink (CSD) volume continues to decline The pace moderated slightly in 2016 and 2017 Growth in other areas helping offset CSD decline Sparkling water Ready-to-drink teas and energy drinks GPK global beverage volume up modestly in

29 Foodservice ~23% of Revenue Strong competitive position Leading producer of SBS and CUK based foodservice products in North America Foodservice produces ~4,000 SKUs of hot and cold cups, lids, sleeves, carriers and food containers Strong track record of innovation Low cost converting network Optimized freight position Markets are stable and growing modestly Nearly 80% of sales to Quick Serve Restaurants (QSR) channel Selling to some of the largest and best known QSR banners Fiber-based foodservice products taking share from foam, polystyrene Industry organic volume growth of 1%-1.5% Focus on outperforming market through innovation Leading double-wall cup technology Strong know how in cup forming and cup lids Leading intellectual property on sustainable barrier coatings for cups and containers Path forward Focused on growing business organically and through acquisitions 29

30 Non-Food Consumer Products and Other ~20% of Revenue Market exposure for non-food Consumer Products ~7% of revenue Selling into highly stable non-food consumer product end-markets Household products Pet care Laundry Personal care Non-food cartons highly complimentary to food cartons Strong track record of innovation Convenience features Substrate substitution Market exposure for Other - ~13% of revenue Exposure to the pharmaceutical, personal care, tobacco, and general consumer end-markets via sales of open market SBS paperboard 30

31 Americas Food, Beverage, Foodservice, Consumer Products ~85% of Revenue Current profile N.A (US + Canada), Mexico, Brazil represents about $5.0B in revenue N.A. is ~$ B Mexico and Brazil are ~$ M N.A. Leading market positions across the food, beverage, foodservice, and household products verticals Leader in innovation Low cost mill and converting network Optimized freight position for food in the US Midwest Dedicated plants for beverage Mexico Recent G-Box acquisition expands footprint in Mexico beyond beverage and provides platform for further acquisitions End-market exposure Food ~37% Beverage ~20% Foodservice ~23% Household and Consumer Products & Other ~20% 31

32 Europe Food, Beverage, Consumer Products ~12% of Revenue Current profile Europe represents about $650M in revenue UK is about 50% and rest of Europe (primarily W. Europe) is 50% Achieved material margin improvement as Europe acquisitions Contego, A&R Carton, and Benson have been integrated low double digits EBITDA margin vs. 4% in 2012 On track to ship 150k+ tons of CUK to Europe in 2016, up from 90k into 2014 No. 2 market share position in a fragmented market Significant opportunity to grow via M&A Balanced end-market exposure Beverage 50% Food 20% Consumer Products 10% Convenience 10% Food Service 10% 32

33 Rest of the World Australia/Japan/China ~3% of Revenue Current profile Established positions in growing markets around the world Australia/New Zealand China Japan Majority of business is beverage, with strong market share positions Recent Colorpak acquisition expands footprint in Australia/New Zealand beyond beverage and provides platform for further acquisitions Potential for continued growth via bolt-on acquisitions 33

34 US$, M YoY % Change Recession Resistant Model Nearly 100% of revenue from defensive end-markets Food 37% Beverage 20% Foodservice 23% Non-food consumer staples folding cartons and Other 20% North America 85% of revenues Integrated mill to converting network What happened in 2009? Core paper folding carton volume was down 3.6% in 2009 GPK s Adjusted EBITDA was up $81 million yoy in 2009 to $556 million or 14% Altivity acquisition closed in March 2008 and added $26 million to EBITDA Excluding Altivity, EBITDA increased by $54 million yoy driven by positive price/cost spread, productivity, synergies realization Adjusted EBITDA and Converting Volume End-Market Exposure Adjusted EBITDA Non-food, 20% Foodservice, 23% Beverage, 20% Food, 37% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% Net Tons Sold Y/Y % Chg. 34

35 Reconciliation of Non-GAAP Financial Measures: Adjusted EBITDA Reconciliation of Non-GAAP Financial Measures For the year ended December 31, In millions Consolidated Net Sales $ 4,403.7 $ 4,298.1 $ 4,160.2 $ 4,240.5 $ 4,478.1 $ 4,337.1 $ 4,206.3 $ 4,095.0 $ 4,095.8 $ 4,079.4 Net Income Attributable to Graphic Packaging Holding Company $ $ $ $ 89.7 $ $ $ $ 10.7 $ 56.4 $ (99.7) Add (Subtract): Net (Loss) Income Attributable to Noncontrolling Interests (0.7) 0.1 (2.5) (1.7) Income Tax Expense (Benefit) (45.5) (229.8) Equity Income of Unconsolidated Entities (1.7) (1.8) (1.2) (1.7) (1.5) (2.3) (2.1) (1.6) (1.3) (1.1) Interest Expense, Net Depreciation and Amortization EBITDA Loss (Gain) on Sale, Shutdown, or Impairment of Assets (3.7) (17.9) Business Combinations and Other Special Charges Goodwill Impairment Charge Alternative Fuel Tax Credits Net of Expenses (137.8) - Loss on Modification or Extinguishment of Debt Adjusted EBITDA $ $ $ $ $ $ $ $ $ $ Adjusted EBITDA Margin % 16.2% 17.8% 18.1% 16.8% 15.0% 14.9% 14.1% 14.0% 13.6% 11.7% Net Income Attributable to Graphic Packaging Holding Company $ $ $ $ 89.7 $ $ $ $ 10.7 $ 56.4 $ (99.7) Loss (Gain) on Sale, Shutdown, or Impairment of Assets (3.7) (17.9) Business Combinations and Other Special Charges Accelerated Depreciation Related to Shutdown Loss on Modification or Extinguishment of Debt Tax Impact on Non-recurring Items (16.0) (12.6) (6.3) (65.1) (10.2) (14.7) (21.8) Alternative Fuel Tax Credits Net of Expenses (137.8) - Goodwill Impairment Charge Tax Benefit Associated with Release of Tax Valuation Allowance (265.2) Impact of U.S. Tax Reform (136.0) One-time Discrete Tax Item - (22.4) Adjusted Net Income $ $ $ $ $ $ $ $ 74.2 $ 10.4 $ (42.1) Adjusted Earnings Per Share - Basic $ 0.63 $ 0.73 $ 0.75 $ 0.72 $ 0.52 $ 0.37 $ 0.27 $ 0.22 $ 0.03 $ (0.13) Adjusted Earnings Per Share - Diluted $ 0.63 $ 0.73 $ 0.75 $ 0.72 $ 0.52 $ 0.37 $ 0.26 $ 0.22 $ 0.03 $ (0.13) Weighted Average Number of shares Outstanding - Basic Weighted Average Number of shares Outstanding - Diluted Calculation of Net Debt: Short Term Debt and Current Portion of Long-Term Debt $ 61.3 $ 63.4 $ 36.6 $ 32.2 $ 77.4 $ 79.8 $ 30.1 $ 26.0 $ 17.6 $ 18.6 Long-Term Debt(a) 2, , , , , , , , , ,165.2 Less: Cash and Cash Equivalents (67.4) (59.1) (54.9) (81.6) (52.2) (51.5) (271.8) (138.7) (149.8) (170.1) Total Net Debt $ 2,219.6 $ 2,108.7 $ 1,834.3 $ 1,892.7 $ 2,201.4 $ 2,281.8 $ 2,094.0 $ 2,440.4 $ 2,650.4 $ 3,013.7 Net Leverage Ratio (Net Debt/Adjusted EBITDA) $ 3.12 $ 2.76 $ 2.44 $ 2.66 $ 3.28 $ 3.52 $ 3.54 $ 4.25 $ 4.76 $ 6.33 (a) Excludes unamortized deferred debt issuance costs. 35

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