Title of Presentation

Investor Presentation June 2018

Any statements of the Company’s expectations in these slides constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. 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 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.

Food (37% of Revenue)

Beverage (20% of Revenue)

Foodservice (23% of Revenue)

Household, Personal Care, Other (20% of Revenue)

• ‘Pure Play’ paper based packaging company Cash Flow ~ deriving nearly 100% of revenue from

defensive food, beverage, foodservice, and (1) 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 Geographic Profile 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 tuck- under acquisitions as well as maintain balance sheet strength to repurchase IP’s stake, if IP chooses to begin monetizing on 1/1/2020 (1) The 2017 Cash Flow is before the impact of the $82 million incremental pension contribution ©2018 Graphic Packaging International 4 Leading Market Positions in Folding Carton, Paper Cups, and Paperboard Production

North America Folding Carton U.S. Paper Cups Market - 2017 Market - 2017

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

Innovative Efficient Converting Low Cost Mills Converted Products

• 4 Virgin Paper Mills located • Generate ~1-2% growth • 60+ Global Converting Plants near Southeast low cost wood annually from innovation fiber baskets • U.S. National Accounts – Largest producer of CUK in • Focused on consumer trends: – Located close to mills to world at ~1.5M tons – Sustainability minimize logistics costs – 2nd largest N. America SBS – Specialty Brands producer at ~1.2M tons – Convenience • U.S. Regional Accounts

– Freshness – Located close to customers • 4 Recycled Mills located near – Healthier Choices to optimize response time largest customers

– Largest N. America • Innovation centers world-wide • Europe – Acquired network of high producer of CRB at ~1.0M quality, low cost assets tons

• Recent investments: Drives Long- – Reduce energy footprint Term EBITDA – Reduce chemical usage – Reduce water usage & Cash Flow

Grow converting volume • New product development • Growth in foodservice • Conversions into CUK • Targeted share gains • Acquisitions Invest in the mills Fill the mills

• Add incremental capacity Drives EBITDA • Maintain/grow open (when clearly required) and Cash Flow market and integrated • Reduce costs sales volume • Expand product offering • Optimize the mix

Outsource to support additional demand • Europe • Other International • North America

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 Convenience • Differentiate product on shelf • Improved convenience features for customers • Substrate substitution • On the go consumption • Shrink wrap to CUK • Proprietary microwave technology

Foodservice Strength • Growing vertical • Exposed to the Club Store channel • Well positioned with SBS and CUK paperboard • Substrate substitution substrates • Corrugated to CUK • Drives savings to CPG • Improved shelf appeal and convenience features

Adjusted EBITDA and EBITDA Margins Cash Flow from Operations (CFO), Capex

800 $800 19.0% 600 $750 18.0% $700 17.0% 400 16.0% $650 15.0% 200 $600 14.0% US$ M $550 0 13.0%

EBITDA EBITDA US$ M $500 12.0% (200)

$450 11.0% EBITDA Margins (%) (400) $400 10.0% 2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017

Adjusted EBITDA Adjusted EBITDA Margins CFO Capex Capex Avg.

Net Debt/Adjusted EBITDA Dividends and Share Repurchases

180 4.5 4.3 4.0 160 3.5 3.5 3.3 140 3.5 3.1 120 3.0 2.6 2.7 2.4 2.5 100

2.0 80 US$, US$, M 1.5 60 40

Net Net Debt/EBITDA 1.0 0.5 20 0.0 0 2010 2011 2012 2013 2014 2015 2016 2017 2014 2015 2016 2017

Net Debt/Adjusted EBITDA Dividends Share Repurchases

Operational Excellence Re-Investment In The Business Capital Allocation Outperform in tough Drive productivity in excess of Acquisitions end-market volume labor inflation within baseline • Purchase assets at post- environment capital spend synergy multiple well below • End-markets are stable, • Baseline capital spend including the SBS our current valuation trading with limited natural growth mill and foodservice converting assets multiple • Grow in foodservice, global combination = $320M • Continue to increase our beverage, and through . Maintenance = $220M integrated (mill to converting) new product development . Return focused = $100M position, to drive cash flow • Extend run-way for organic Ensure price offsets When capital exceeds $320M, capital deployment at commodity inflation clearly outline the project scope compelling IRRs over reasonable and return profile timeframe • Size of projects typically in the $15-$40M Dividends • For CRB and CUK, roughly, range • At $0.30/share, dividend/cash 50% of the contracts that • Target after-tax IRR’s in mid-to-high flow ratio is approximately teens 25% adjust use an index pricing model and 50% are on a • Good runway to grow dividend Projects in 2016/17 that were as earnings grow cost-model above baseline capital spend • For SBS, largely tied to an • Curtain coater installation at Macon in Q3 index pricing model Share repurchases 2016 • Continuing to migrate to • Excess cash flow after . $30M investment / $10M of cost-models acquisitions and dividends annualized EBITDA back to shareholders via share • Machine upgrade at W. Monroe in Q1 repurchases, when valuation 2017 is compelling . $40M investment / $12M of annualized EBITDA

SBS Mill and Foodservice Converting Assets Overview ~$1.6B Annual Revenue / $210M Adjusted 2017 Estimated EBITDA

U.S. Coated Paperboard Mills U.S. Foodservice Converting ~1.2M Tons of SBS

~950K Tons ~250K Tons Quick Theater, Specialty Packaging & Foodservice Foodservice Service Convenience Coffee 3rd Party Converters Internally Converted Restaurants Hospitality

• • • • • • • •

• Coated Paperboard Mill • Foodservice Plant • Extrusion Plant • Design Center • Product Development and Engineering Center

BUSINESS RATIONALE FINANCIAL RATIONALE

• The SBS mill and foodservice • Structure provides balance sheet converting assets are scaled and low strength to build out an integrated SBS platform cost • Projected to be accretive to • Expands leading boxboard (CRB + CUK) mill production footprint to earnings in year one include scaled solid bleached sulfate (SBS) assets • 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

Compelling Rationale for Transaction

Annual Production 2.5M Tons Annual Production 3.7M Tons 1 Broadens leading North America CRB and CUK mill footprint to include a scaled SBS footprint

2 Significantly increases exposure to the growing foodservice market from 10% to 23% of sales

3 Provides runway to increase SBS 4 Opportunity to drive vertical integration significant rates synergies ~$75M

• 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

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 79.911591 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 • 61.633409 of the 79.911591 million shares can be settled in cash or GPK shares; the delta (18.278182 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

Summary Transaction Structure Overview

Illustrative Transaction Framework

Public Shareholders Public Shareholders

IP GPK (Publicly-traded) (Publicly-traded)

20.5% 79.5%

Graphic Packaging International Partners, LLC (GPIP)

Graphic Packaging International, LLC

RECENT ACQUISITIONS JAN 2015 – DEC 2017

• Combined Expected 2017 Sales ~$560M

• Combined Expected 2017 EBITDA of Seydaco ~$72M (Dec ’17) − Expected annual EBITDA of ~$90- 100M in 12 months Walter G. Anderson (Feb ’16) • Added 16 folding carton facilities and a Hamel, MN CRB mill Newton, IA Metro − Increased U.S. East Coast presence Packaging & Imaging − Extended reach in Western U.S., (Mar ’16) Canada and Mexico Wayne, NJ Carton Craft (Jul ’17) − Integrated additional tons New Albany, IN − Broadened customer base Tijuana, Mexico − Offering new and existing customers G-Box a wider range of products (Jan ’16) • Gained outstanding leadership and a Monterrey, talented workforce Mexico Rose City (Jan ’15) • Enabled closure of 3 higher cost, legacy Cascades’ Norampac Mill (Feb ’15) facilities (Renton, WA; Piscataway, NJ; Cascades’ Norampac (Feb ’15) Menasha, WI) Carded Graphics (Oct ’15)

Built a scale European business Current European Manufacturing since December 2012: Footprint

– $650M Revenue base Folding Cartons Plants

• Low double digit EBITDA margins

• 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

NORGRAFT ACQUISITION

• Purchase price ~$50M − Includes new state of the art printing press ~$5M • LTM Sales of ~$40M • LTM EBITDA of ~$5.5M • Run rate EBITDA of ~$7-8M USD in 12- 24 months • Post-synergy, EV/EBITDA multiple is Norgraft expected to be ~6.0X (Oct ‘17) Cantabria, Spain • 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

European Folding Carton Market European Converters

Food ~€4.1B $1.0B $0.3B

Beverage ~€0.9B $0.7B $0.3B Non-Food (consumables) ~€3.6B

Durable/Household ~€1.5B $0.6B $0.3B Total Folding Carton ~€10B

$0.5B $0.2B

Source: Company estimates and ECMA

COLORPAK ACQUISITION

• Enterprise Value of ~A$90M ($68M USD)1 • FY152 Sales of ~A$160M ($122M USD)1 • FY15 EBITDA of ~A$13M ($10M USD)1 − Expected to contribute $5-6M USD of EBITDA in 2016 • Run rate EBITDA of $11-13M USD in 12- Sydney, Australia 24 months

• Three converting facilities − Grows business in developed food Auckland, New Zealand and beverage end use markets Melbourne, Australia − Allows further expansion of proven integrated supply chain − Better serves new and existing customers − Compliments existing Australian Beverage business

1 Assumes an Exchange Rate of $0.76 USD per $1.00 AUD (Apr ’16 FX rate) 2 FY15 represents the Colorpak fiscal year July ’14 – June ‘15

• Mid-to-high teens IRR on organic capital investments that drive spending above the baseline $320M level • Post-synergy multiple of ~6X on completed acquisitions • Increased dividend to annualized $0.30/share (2.1% 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

14 1400 13 1,309 0 410.0 12 1200 1,069 390.0 10 1000 (50) 8.5 370.0 8 800 (100) 5.6 6 600 350.0 US$, US$, M (150) 4 400 330.0 190 (200)

2 US$ M 200 126 310.0

0 (250) Shares O/S 0 290.0 (300) 270.0 (350) 250.0 2012 2013 2014 2015 2016 2017

Share Repurchase Shares O/S

2017 2018 Actual Guidance

– Cash Flow available for Net Debt Reduction, Dividends & $365M $475M Share Repurchase (before M&A/Capital Markets activity) (1) – Capital Expenditures $260M $380M

– 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 amortization) (2) – Pension Amortization $7M $6M

– Interest Expense $90M $125-$135M

– Effective Tax Rate (Normalized) 35.8% 24-27%

– 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

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

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 2017

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

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

Current profile • N.A (US + Canada), Mexico, Brazil represents about $5.0B in revenue • N.A. is ~$5.0-5.05B • Mexico and Brazil are ~$100-150M • 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%

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%

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

Nearly 100% of revenue from defensive End-Market Exposure end-markets • Food – 37% • Beverage – 20% Beverage, Non-food, 20% • Foodservice – 23% 20% • Non-food consumer staples folding cartons and Other – 20% Foodservice, 23% Food, 37% • North America – 85% of revenues • Integrated mill to converting network

What happened in 2009? Adjusted EBITDA and Converting Volume

• Core paper folding carton volume was down 900.0 10.0% 3.6% in 2009 800.0 8.0% • GPK’s Adjusted EBITDA was up $81 million 700.0 6.0% 600.0 4.0% yoy in 2009 to $556 million or 14% 500.0 2.0% — Altivity acquisition closed in March 2008 400.0 US$, US$, M 0.0% 300.0 and added $26 million to EBITDA -2.0% 200.0 YoY% Change — Excluding Altivity, EBITDA increased by 100.0 -4.0% $54 million yoy driven by positive 0.0 -6.0% price/cost spread, productivity,

synergies realization Adjusted EBITDA Net Tons Sold Y/Y % Chg.

Reconciliation of Non-GAAP Financial Measures For the year ended December 31, In millions 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 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 $ 300.2 $ 228.0 $ 230.1 $ 89.7 $ 146.6 $ 122.6 $ 276.9 $ 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) 93.2 130.4 45.4 67.4 82.5 (229.8) 27.5 24.1 34.4 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 89.7 76.6 67.8 80.7 101.9 111.1 144.9 174.5 196.4 215.4 Depreciation and Amortization 337.3 327.4 300.9 283.9 314.2 297.6 292.3 299.3 326.8 269.2 EBITDA 680.0 723.4 728.0 497.3 628.7 609.0 480.5 510.4 602.4 418.2 Loss (Gain) on Sale, Shutdown, or Impairment of Assets (3.7) - 1.9 180.1 (17.9) 3.0 5.3 - 15.1 15.5 Business Combinations and Other Special Charges 35.9 40.4 21.3 19.0 32.3 24.4 7.1 55.1 69.6 42.1 Goodwill Impairment Charge ------96.3 - - - Alternative Fuel Tax Credits Net of Expenses ------(137.8) - Loss on Modification or Extinguishment of Debt - - - 14.4 27.1 11.0 2.1 8.4 7.1 - Adjusted EBITDA $ 712.2 $ 763.8 $ 751.2 $ 710.8 $ 670.2 $ 647.4 $ 591.3 $ 573.9 $ 556.4 $ 475.8

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 $ 300.2 $ 228.0 $ 230.1 $ 89.7 $ 146.6 $ 122.6 $ 276.9 $ 10.7 $ 56.4 $ (99.7) Loss (Gain) on Sale, Shutdown, or Impairment of Assets (3.7) - 1.9 180.1 (17.9) 3.0 5.3 11.7 15.1 15.5 Business Combinations and Other Special Charges 35.9 40.4 21.3 19.0 32.3 24.4 7.1 43.4 69.6 42.1 Accelerated Depreciation Related to Shutdown 16.3 - - - 3.5 - - - - - Loss on Modification or Extinguishment of Debt - - - 14.4 27.1 11.0 2.1 8.4 7.1 - 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 ------96.3 - - - 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 $ 196.7 $ 233.4 $ 247.0 $ 238.1 $ 181.4 $ 146.3 $ 100.7 $ 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 311.1 320.9 329.5 328.6 347.3 393.4 376.3 343.8 343.1 315.8 Weighted Average Number of shares Outstanding - Diluted 311.9 321.5 330.7 330.5 349.7 396.2 381.7 347.4 344.6 315.8

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) 2,225.7 2,104.4 1,852.6 1,942.1 2,176.2 2,253.5 2,335.7 2,553.1 2,782.6 3,165.2 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.