PROJECTED CAPITAL SPENDING

The following table includes the projected capital expenditures of the combined company for 2008 through 2012.

Year		Projected Capital Expenditure (in millions)
2008		$	237
2009			237
2010			209
2011			144
2012			141

EBITDA Reconciliation:

($ in millions)
UNAUDITED PRO FORMA CREDIT AGREEMENT EBITDA RECONCILIATION

		PF
		12/31/2007
2007 Graphic EBITDA		$	347.0
Adjustments:
(+) Pension Add-back		$	21.3
(+) Merger Related Expenses			4.6
(+) Other			1.0
Graphic Credit Agreement EBITDA		$	373.9
2007 Altivity EBITDA		$	175.8
Adjustments:
Losses from Closed Facilities			1.7
Restructuring Expense — Closed Facilities			1.0
One-Time Carve Out Expenses			23.4
Duplicative Stand Alone Cost			1.2
Extraordinary & Non-Recurring — Severance / Relo’s			7.0
Amortization of Stepped Up Inventory			(0.1	)
Minority Interest (Income) / Loss			0.9
Gain / Loss on Disposal of Fixed Assets			(0.6	)
Santa Clara Fire/ KC Bag Water/ Philadelphia Boiler Losses			0.3
One time Graphic Packaging Merger Related Cost			2.9
Initial Marseilles Savings			0.9
Initial Ink Synergies			4.0
Equipment Lease Buyout			1.0
Headcount Reduction Savings — Delayering			0.8
Altivity 2008 Projected Cost Savings			23.0
Altivity Credit Agreement EBITDA		$	243.2
Transaction Cost Synergies			20.0
Pro Forma Credit Agreement EBITDA		$	637.1
Transaction Cost Synergies:
Plant Rationalization		$	3.5
SG&A			6.0
Procurement			6.4
Mill Optimization			4.1
Total		$	20.0