Graphic Packaging and Altivity Merge

Altivity Packaging management expects to achieve 2007 EBITDA in excess of $200 million excluding one-time costs to achieve cost savings and other one-time expenses of an estimated $35 million. Altivity Packaging management forecasts stand-alone cost reductions of approximately $50 million in 2007 and an additional $45 million in annual cost savings to be fully achieved by 2009. Altivity Packaging’s stand-alone savings will result from manufacturing network optimization efforts, overhead reduction and supply-chain improvements and are separate from the gross merger synergies of over $90 million expected to be derived from the combination of Graphic Packaging and Altivity Packaging.