Exhibit 99.1

 

Investor Presentation August 2018

| 2 Forward Looking Statements This presentation contains forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 , including but not limited to the statements on the slides entitled “Q3 FY18 Key Highlights”, “Full - Year 2018 Guidance”, “Long - Term Growth FY18 - FY22”, “KapStone Brings Enhanced Scale and Expanded Product Offering”, “Expected KapStone Synergies”, “Acquisition of Plymouth Packaging”, “Key Commodity Annual Consumption Volumes and FX by Currency”, and “Mill Maintenance Schedule”, that give guidance or estimates for future periods as well as statements regarding, among other things, that we are implementing strategic investments at the Florence, SC containerboard mill, Mahrt , AL CNK mill and Porto Feliz , Brazil box plant; that we expect 10% revenue growth (to $16.3 billion), >27% adjusted EBITDA growth (to >$2.9 billion) and 22.5% adjusted opera tin g cash flow growth (to $2.45 billion) in fiscal 2018 compared to fiscal 2017; we will generate adjusted segment EBITDA of more than $2.9 billion in fiscal 2018, more than $3.3 billion under the base case and more than $4 billion in fiscal 2022; we expect combined net sales of approximately $20 billion, with 63% from corrugated packaging and 37% from consumer packaging following the KapStone acquisition; we expect the full run rate of synergies and performance imp rovements by the end of fiscal 2021 and the allocation of synergies and performance improvements as presented on slide 9; the acquisition of Plymouth Pa ckaging ( i ) further develops our innovation platform and our differentiation strategy, (ii) enhances our automated packaging systems business and our diff ere ntiation in e - commerce and other custom applications where on - site box making is needed and (iii) improves our margin profile and growth prospects, and moves us closer to our 80% integration goal; that we estimate our annual consumption volumes of key commodities and impact from key currencies is as presented on slide 16 ; a nd that we expect our mill maintenance schedule in fiscal 2018 to be executed as presented on slide 17. Forward - looking statements are based on our current expectations, beliefs, plans or forecasts and are typically identified by wo rds or phrases such as "may," "will," "could," "should," "would," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "pr osp ects," "potential" and "forecast," and other words, terms and phrases of similar meaning. Forward - looking statements involve estimates, expectations, projections, goal s, forecasts, assumptions, risks and uncertainties. WestRock cautions readers that a forward - looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward - looking statement. WestRock’s businesses are subject to a number of genera l risks that would affect any such forward - looking statements, including, among others, decreases in demand for their products; increases in energy, raw mater ials, shipping and capital equipment costs; reduced supply of raw materials; fluctuations in selling prices and volumes; intense competition; the potent ial loss of certain customers; the scope, costs, timing and impact of any restructuring of our operations and corporate and tax structure; the occurrence of a n atu ral disaster, such as a hurricane, winter or tropical storm, earthquake, tornado, flood, fire, or other unanticipated problems such as labor difficul tie s, equipment failure or unscheduled maintenance and repair, which could result in operational disruptions of varied duration; our desire or ability t o c ontinue to repurchase company stock; and adverse changes in general market and industry conditions. Further, WestRock's businesses are subject to a number of general risks that would affect any such forward - looking statements. Such risks and other factors that may impact management's assumptions are more parti cularly described in our filings with the Securities and Exchange Commission, including in Item 1A under the caption "Risk Factors" in our Annual Repo rt on Form 10 - K for the year ended September 30, 2017 and our Form 10 - Q for the quarter ended June 30, 2018. The information contained herein speaks as of th e date hereof and WestRock does not have or undertake any obligation to update or revise its forward - looking statements, whether as a result of ne w information, future events or otherwise.

| 3 Additional Information Additional Information and Where to Find It This communication may be deemed to be solicitation material in respect of the proposed transaction among Whiskey Holdco, Inc ., a Delaware corporation (“Holdco”), WestRock, a Delaware corporation (“WestRock”), and KapStone Paper and Packaging Corporation, a Delaware corporation (“ KapStone ”). In connection with the proposed transaction, Holdco has filed with the SEC a registration statement on Form S - 4 (the “Registration Statement”), as amended, which includes a prospectus with respect to shares of Holdco’s common stock to be issued in the proposed transaction and a pr oxy statement for KapStone’s stockholders (the “Proxy Statement”), which KapStone will mail to its stockholders. Holdco will also file other documents reg ard ing the proposed acquisition with the SEC. Stockholders of WestRock and KapStone are urged to read all relevant documents filed with the SEC, including the Registration Statement and the Proxy Statement, because they contain or will contain important information about the proposed transaction. Investors and security holders are able to obtain the documents (once available) free of charge at the SEC’s web site, http://www.sec.gov. Participants in Solicitation WestRock, Holdco and KapStone and their respective directors and executive officers, may be deemed to be participants in the solicitation of proxies from the holders of shares of KapStone common stock in respect of the proposed transaction. Information about the directors and executive officers of WestRock is set forth in the proxy statement for WestRock’s 2018 Annual Meeting of stockholders, which was filed with the SEC on Decem ber 19, 2017. Information about the directors and executive officers of KapStone is set forth in the proxy statement for KapStone’s 2017 Annual Meeting of stockholders, which was filed with the SEC on April 5, 2017. Investors may obtain additional information regarding the interest of such participants by reading the Registration Statement and the Proxy Statement (once available). No Offer or Solicitation This communication is neither an offer to sell, nor a solicitation of an offer to buy any securities, the solicitation of any vo te or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of se curities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirement s o f Section 10 of the Securities Act of 1933, as amended (the “Securities Act”), and otherwise in accordance with applicable law.

| 4 Disclaimer; Non - GAAP Financial Measures We may from time to time be in possession of certain information regarding WestRock that applicable law would not require us to disclose to the public in the ordinary course of business, but would require us to disclose if we were engaged in the purchase or sale of our securities. T his presentation shall not be considered to be part of any solicitation of an offer to buy or sell WestRock securities. This presentation also may not incl ude all of the information regarding WestRock that you may need to make an investment decision regarding WestRock securities. Any investment decision should be ma de on the basis of the total mix of information regarding WestRock that is publicly available as of the date of the investment decision. We report our financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). Ho wev er, management believes certain non - GAAP financial measures provide users with additional meaningful financial information that should be considered whe n assessing our ongoing performance. Management also uses these non - GAAP financial measures in making financial, operating and planning decisions and in evaluating our performance. Non - GAAP financial measures should be viewed in addition to, and not as an alternative for, our GAAP results. The non - GAAP financial measures we present may differ from similarly captioned measures presented by other companies. See the Appendix for details abo ut these non - GAAP financial measures, as well as the required reconciliations.

| 5 Q3 FY18 Key Highlights • Net Sales increased $442 million (12%) year - over - year • Positive supply and demand fundamentals ‒ 4.1% year - over - year increase in per day North American corrugated box shipments ‒ 3.5% year - over - year organic volume increase in the Consumer Packaging segment ‒ Strong Consumer backlogs; 95%+ mill operating rates. • Inflation as expected; lower recycled fiber costs offset by higher freight and commodity costs • Installed more than 50 machines with our Corrugated and Consumer Packaging customers • Invested $239 million of capital to maintain our operations and generate returns • Paid $110 million in cash dividends • Implementing strategic investments at Florence, SC containerboard mill, Mahrt, AL CNK mill and Porto Feliz, Brazil box plant • Repurchased $101 million of stock at an average price of $59.76 per share • Leverage ratio of 2.21x at the end of quarter (2) • Returned $2.1 billion in capital to stockholders in three years since creating WestRock • Acquisition of KapStone expected to close by end of calendar 2018 • Earned $1.09 of Adjusted Earnings Per Share, up 47% year - over - year (1) • Adjusted Segment EBITDA growth of 27% with Adjusted Segment EBITDA margin of 18.4%, an increase of 220 bps year - over - year (2) • North American Corrugated Packaging Adjusted Segment EBITDA of $449 million, up 32% year - over - year, and margin of 23.0%, up 420 bps year - over - year (2) • Record (3) Adjusted Segment EBITDA margin of 28.3% in Brazil (2) • Consumer Packaging Adjusted Segment EBITDA up 18% year - over - year (2) • Achieved $1 billion synergies and performance improvements goal • Adjusted Operating Cash Flow up 21% year - over - year (2) Financial Performance Markets & Operations Capital Allocation 1) Non - GAAP Financial Measure. On a GAAP basis, earnings per diluted share were $1.03 in Q3 FY18 and $1.29 in Q3 FY17. See Non - GAAP Financial Measures and Reconciliations in the Appendix. 2) Non - GAAP Financial Measure. See Non - GAAP Financial Measures and Reconciliations in the Appendix. 3) Since the creation of WestRock upon the merger of Rock - Tenn and MeadWestvaco on July 1, 2015.

| 6 Full - Year 2018 Guidance (1) 1) Growth on a year - over - year basis vs. as reported results; excludes any potential contribution from the acquisition of KapStone 2) Non - GAAP Financial Measure. See Non - GAAP Financial Measures and Forward - looking Guidance in the Appendix. 10% Revenue Growth $16.3B >27% Adj. EBITDA (2) Growth >$2.9B 22.5% Adj. Operating Cash Flow (2) Growth $2.45B

| 7 >11% CAGR Long - Term Growth FY18 – FY22 1) Non - GAAP Financial Measure. See Non - GAAP Financial Measures and Forward - looking Guidance in the Appendix 2) Assumptions include stable pricing, normal inflation offset by ongoing productivity, and incremental returns from high - return pr ojects and acquisitions >$4B Ongoing M&A High - Return Projects >$2.9B $2.3B FY18E FY22E FY17 Base Case >$3.3B Adjusted Segment EBITDA (1,2) FY17 - FY22 FY22E

| 8 KapStone Brings Enhanced Scale and Expanded Product Offering 1) WestRock forecasted FY18 sales; KapStone sales trailing twelve months as of 6/30/2018 COMBINED $16.3B (1) SALES $3.4B (1) SALES 13.4M TON MILL SYSTEM ACROSS 27 MILLS 3.0M TON MILL SYSTEM ACROSS 4 MILLS 300 OPERATING AND BUSINESS LOCATIONS 86+ OPERATING AND DISTRIBUTION FACILITIES A LEADER IN GROWING CONSUMER AND CORRUGATED PACKAGING SEGMENTS # 5 LARGEST NORTH AMERICAN CONTAINERBOARD PRODUCER ~$20B 37% 63% NET SALES (1) CORRUGATED PACKAGING CONSUMER PACKAGING

| 9 Expected KapStone Synergies Fiber, Energy & Mill Performance Improvements 21% Mill Network Optimization 16% Converting Network & Supply Chain Optimization 28% Administrative Efficiencies 19% Procurement 12% Victory Integration 4% • Expect full run - rate of cost synergies and performance improvements by end of fiscal 2021 • Significant mill performance improvements • Network optimization opportunities • Leverage procurement scale • Integration of additional tons into Victory Packaging Approximately $200 Million of Run - Rate Cost Synergies & Performance Improvements

| 10 WestRock: Creating Shareholder Value OUTSTANDING EXECUTION & DELIVERY DISCIPLINED CAPITAL ALLOCATION BROAD PORTFOLIO OF DIFFERENTIATED SOLUTIONS We are building a leading paper and packaging company with the strategy and capabilities to generate attractive returns ✓ Delivering our broad portfolio of differentiated solutions to customers ✓ Executing on productivity opportunities and generating strong cash flow ✓ Reinvesting our cash flow back into the business and returning capital to stockholders

Appendix

| 12 N.A. Corrugated End Market Mix / Examples WestRock’s N.A. Corrugated Sales Mix Corrugated Containers Kraft Paper Pizza Beverage Food Service E - Commerce Produce & Protein

| 13 Consumer End Market Mix / Examples WestRock’s Consumer Sales Mix Food Service Beverage Folding Carton Merchandising Displays Multi Packaging Solutions

| 14 Acquisition of Plymouth Packaging ▪ On January 5, 2018, we completed the acquisition of Plymouth Packaging for $201.9 million (1) ▪ Further develops our innovation platform and our differentiation strategy ▪ Enhances our automated packaging systems business and our differentiation in e - commerce and other custom applications where on - site box making is needed ▪ Improves our margin profile and growth prospects; and moves us closer to our 80% integration goal ▪ Acquired Plymouth’s equity interest in Panotec and exclusive right from Panotec to distribute Panotec’s equipment in the United States and Canada ▪ Provides on - demand boxes with proper dimensions that lower customer’s inventory and freight costs, and deliver productivity savings ▪ L ocated on the customer’s site and use fanfold corrugated to produce custom, on - demand corrugated packaging ▪ I nstalled on customers’ sites under multi - year exclusive agreements for the fanfold corrugated supply “Box on Demand” Value Proposition Plymouth Packaging Footprint Product and Machinery Examples 1) Subject to a deferred payment and tax make - whole payment related to stepping up the assets for tax purposes. (The tax make - whole payment is not to exceed $8.5 million).

| 15 Synergies and Performance Improvements $165 million $840 million $1.025 billion $500 million Q4 FY15 Q4 FY16 Q4 FY17 Q3 FY18 Q3 FY18 Completed $1 Billion Goal 31% 32% 28% 9% Procurement Capital Investment Ongoing Productivity Corporate & Support RUN - RATE AT 6/30/18 $1.025 billion

| 16 Key Commodity Annual Consumption Volumes and FX by Currency (1) 1) All data is WestRock only and excludes KapStone Commodity Category Volume Recycled Fiber (tons millions) 4.9 Wood (tons millions) 31 Natural Gas (cubic feet billions) 70 Electricity (kwh billions) 4.7 Polyethylene (lbs millions) 44 Caustic Soda (tons thousands) 208 Starch (lbs millions) 522 Annual Consumption Volumes FX By Currency in Q3 FY18 Sensitivity Analysis Category Increase in Spot Price Annual EPS Impact Recycled Fiber (tons millions) +$10.00 / ton ($0.14) Natural Gas (cubic feet billions) +$0.25 / MMBTU ($0.05) FX Translation Impact +10% USD Appreciation ($0.06) Revenue by Transaction Currency 81% USD 8% CAD 4% EUR 3% BRL 2% GBP 2% Other

| 17 Mill Maintenance Schedule 1) Q4 FY18 amounts are forecasts 73 35 125 0 233 115 78 45 18 257 Q1 Q2 Q3 Q4 Full Year FY18 FY17 28 10 8 0 47 31 3 48 1 83 Q1 Q2 Q3 Q4 Full Year FY18 FY17 North American Corrugated Packaging (tons in thousands) Consumer Packaging (tons in thousands) (1) (1) (1) (1)

| 18 Non - GAAP Financial Measures Adjusted Earnings Per Diluted Share We use the non - GAAP financial measure “adjusted earnings per diluted share,” also referred to as “adjusted earnings per share” o r “Adjusted EPS” because we believe this measure provides our board of directors, investors, potential investors, securities analysts and ot hers with useful information to evaluate our performance since it excludes restructuring and other costs, net, and other specific items that w e b elieve are not indicative of our ongoing operating results. Our management and board of directors use this information to evaluate our perf orm ance relative to other periods. Adjusted Operating Cash Flow We use the non - GAAP financial measure “adjusted operating cash flow” because we believe this measure provides our board of direc tors, investors, potential investors, securities analysts and others with useful information to evaluate our performance since it e xcl udes restructuring and other costs, net, and other specific items that we believe are not indicative of our ongoing operating results. While th is measure is similar to adjusted free cash flow, we believe it provides greater comparability across periods when capital expenditures are changing s inc e it excludes an adjustment for capital expenditures. We believe the most directly comparable GAAP measure is net cash provided by operating act ivities. Adjusted Segment EBITDA and Adjusted Segment EBITDA Margins We use the non - GAAP financial measures “adjusted segment EBITDA” and “adjusted segment EBITDA margins”, along with other factors , to evaluate our segment performance against the performance of our peers. We believe that investors also use these measures to eva luate our performance relative to our peers. We calculate adjusted segment EBITDA for each segment by adding that segment’s adjusted s egm ent income to its depreciation, depletion and amortization. We calculate adjusted segment EBITDA margin for each segment by divi din g that segment’s adjusted segment EBITDA by its adjusted segment sales.

| 19 Non - GAAP Financial Measures (cont.) Leverage Ratio We use the non - GAAP financial measure “leverage ratio” as a measurement of our operating performance and to compare to our publi cly disclosed target leverage ratio, and because we believe investors use this measure to evaluate our available borrowing capaci ty. We define leverage ratio as our Total Funded Debt divided by our Credit Agreement EBITDA, each of which term is defined in our credit a gre ement, dated July 1, 2015. Borrowing capacity under our credit agreement depends on, in addition to other measures, the Credit Agreement Deb t/EBITDA ratio or the leverage ratio. As of the June 30, 2018 calculation, our leverage ratio was 2.21 ti mes. While the leverage ratio under our credit agreement determines the credit spread on our debt, we are not subject to a leverage ratio cap. Our credit agreement is subj ect to a Debt to Capitalization and Consolidated Interest Coverage Ratio, as defined therein. Forward - looking Guidance We are not providing forward - looking guidance for U.S. GAAP reported financial measures or a reconciliation of forward - looking n on - GAAP financial measures to the most directly comparable U.S. GAAP measure because we are unable to predict with reasonable certain ty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, merger and acq uis ition - related expenses, restructuring expenses, asset impairments, litigation settlements, changes to contingent consideration and certain oth er gains or losses. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP reported results for the guidance period.

| 20 Q3 FY18 Adjusted Segment EBITDA 760.3$ Adjustments excluded from Adjusted EPS: Land and Development segment income (9.9) Losses at closed plants and transition costs 0.8 Other 2.8 Adjusted Segment EBITDA associated with AEPS 754.0 Depreciation, amortization and depletion (317.1) Accelerated depreciation on major capital projects 6.8 Deferred financing costs 1.7 Interest expense, net (76.7) Interest expense adjustments 2.5 Other Income (expense) adjustments (0.3) Adjusted pre-tax income 370.9 Adjusted taxes (83.3) 287.6 Noncontrolling interest (3.1) Adjusted net income 284.5$ Diluted weighted average shares outstanding 260.6 Adjusted earnings per diluted share 1.09$ Adjusted Segment EBITDA Associated with Adjusted Earnings Per Share (AEPS) ($ in millions, except per share amount)

| 21 Adjusted Net Income Reconciliation 1) The GAAP results for Pre - Tax, Tax and Net of Tax are equivalent to the line items "Income before income taxes", "Income tax (exp ense) benefit" and "Consolidated net income", respectively, as reported on the statements of operations. ($ in millions) Q3 FY18 Q3 FY17 Pre-Tax Tax Net of Tax Pre-Tax Tax Net of Tax GAAP Results (1) $ 355.8 $ (84.5) $ 271.3 $ 387.3 $ (60.7) $ 326.6 Impact of Tax Cuts and Jobs Act - 4.1 4.1 - - - Multiemployer pension withdrawal 4.2 (1.1) 3.1 - - - Restructuring and other items 17.1 (4.4) 12.7 59.4 (19.3) 40.1 Inventory stepped-up in purchase accounting, net of LIFO - - - 13.9 (3.7) 10.2 Land and Development operating results including impairment (5.8) 1.6 (4.2) 1.3 (0.5) 0.8 Losses at closed plants and transition costs 0.8 (0.2) 0.6 1.9 (0.5) 1.4 Accelerated depreciation on major capital projects 6.8 (1.9) 4.9 - - - Gain on extinguishment of debt (0.9) 0.2 (0.7) (2.0) 0.7 (1.3) Gain on sale of waste services (12.3) 3.7 (8.6) - - - Gain on sale of HH&B - - - (190.6) - (190.6) Other 5.2 (0.8) 4.4 1.9 (0.7) 1.2 Adjusted Results $ 370.9 $ (83.3) $ 287.6 $ 273.1 $ (84.7) $ 188.4 Noncontrolling interests (3.1) 1.5 Adjusted Net Income $ 284.5 $ 189.9

| 22 Adjusted Earnings Per Diluted Share Reconciliation ($ per share) Q3 FY18 Q3 FY17 Earnings per diluted share 1.03$ 1.29$ Gain on sale of HH&B - (0.75) Impact of Tax Cuts and Jobs Act 0.02 - Multiemployer pension withdrawal 0.01 - Restructuring and other items 0.05 0.16 Land and Development operating results including impairment (0.02) - Losses at closed plants and transition costs - 0.01 Inventory stepped-up in purchase accounting, net of LIFO - 0.04 Accelerated depreciation on major capital projects 0.02 - Gain on sale of waste services (0.03) - Gain on extinguishment of debt - (0.01) Other 0.01 - Adjusted earnings per diluted share 1.09$ 0.74$

| 23 Adjusted Segment EBITDA and Other Items Q3 FY18 ($ in millions, except percentages) Corrugated Packaging Consumer Packaging Land and Development Corporate / Eliminations Consolidated Segment / Net Sales 2,290.5$ 1,844.5$ 64.8$ (62.3)$ 4,137.5$ Less: Trade Sales (97.9) - - - (97.9) Adjusted Segment Sales 2,192.6$ 1,844.5$ 64.8$ (62.3)$ 4,039.6$ Segment Income 313.5$ 130.3$ 9.9$ -$ 453.7$ Non-allocated Expenses - - - (8.8) (8.8) Depreciation and Amortization 171.9 141.6 0.4 3.2 317.1 Less: Deferred Financing Costs - - - (1.7) (1.7) Segment EBITDA 485.4$ 271.9$ 10.3$ (7.3)$ 760.3$ Plus: Inventory Step-up - - - - - Adjusted Segment EBITDA 485.4$ 271.9$ 10.3$ (7.3)$ 760.3$ Segment EBITDA Margins 21.2% 14.7% 18.4% Adjusted Segment EBITDA Margins 22.1% 14.7% 18.4%

| 24 Adjusted Segment EBITDA and Other Items Q3 FY17 ($ in millions, except percentages) Corrugated Packaging Consumer Packaging Land and Development Corporate / Eliminations Consolidated Segment / Net Sales 2,161.2$ 1,520.7$ 71.1$ (57.4)$ 3,695.6$ Less: Trade Sales (86.6) - - - (86.6) Adjusted Segment Sales 2,074.6$ 1,520.7$ 71.1$ (57.4)$ 3,609.0$ Segment Income 223.9$ 94.8$ 0.2$ -$ 318.9$ Non-allocated Expenses - - - (9.4) (9.4) Depreciation and Amortization 150.5 121.8 0.2 2.7 275.2 Less: Deferred Financing Costs - - - (1.1) (1.1) Segment EBITDA 374.4$ 216.6$ 0.4$ (7.8)$ 583.6$ Plus: Inventory Step-up 0.7 13.2 - - 13.9 Adjusted Segment EBITDA 375.1$ 229.8$ 0.4$ (7.8)$ 597.5$ Segment EBITDA Margins 17.3% 14.2% 15.8% Adjusted Segment EBITDA Margins 18.1% 15.1% 16.2%

| 25 Corrugated Packaging EBITDA Margins ($ in millions, except percentages) North American Corrugated Brazil Corrugated Other Corrugated Packaging Segment Sales 2,054.4$ 104.9$ 131.2$ 2,290.5$ Less: Trade Sales (97.9) - - (97.9) Adjusted Segment Sales 1,956.5$ 104.9$ 131.2$ 2,192.6$ Segment Income 296.2$ 14.0$ 3.3$ 313.5$ Depreciation and Amortization 153.2 15.7 3.0 171.9 Segment EBITDA 449.4$ 29.7$ 6.3$ 485.4$ Plus: Inventory Step-up - - - - Adjusted Segment EBITDA 449.4$ 29.7$ 6.3$ 485.4$ Segment EBITDA Margins 21.9% 28.3% 21.2% Adjusted Segment EBITDA Margins 23.0% 28.3% 22.1% ($ in millions, except percentages) North American Corrugated Brazil Corrugated Other Corrugated Packaging Segment Sales 1,886.9$ 110.3$ 164.0$ 2,161.2$ Less: Trade Sales (86.6) - - (86.6) Adjusted Segment Sales 1,800.3$ 110.3$ 164.0$ 2,074.6$ Segment Income 206.5$ 11.8$ 5.6$ 223.9$ Depreciation and Amortization 132.0 15.9 2.6 150.5 Segment EBITDA 338.5$ 27.7$ 8.2$ 374.4$ Plus: Inventory Step-up 0.7 - - 0.7 Adjusted Segment EBITDA 339.2$ 27.7$ 8.2$ 375.1$ Segment EBITDA Margins 17.9% 25.1% 17.3% Adjusted Segment EBITDA Margins 18.8% 25.1% 18.1% Q3 FY18 Q3 FY17

| 26 Adjusted Segment EBITDA and Other Items FY17 ($ in millions, except percentages) Corrugated Packaging Consumer Packaging Land and Development Corporate / Eliminations Consolidated Segment Net Sales 8,408.3$ 6,452.5$ 243.8$ (244.9)$ 14,859.7$ Less: Trade Sales (318.2) - - - (318.2) Adjusted Segment Sales 8,090.1$ 6,452.5$ 243.8$ (244.9)$ 14,541.5$ Segment Income 753.9$ 425.8$ 13.8$ -$ 1,193.5$ Non-allocated Expenses - - - (43.5) (43.5) Depreciation and Amortization 597.9 508.2 0.7 9.8 1,116.6 Less: Deferred Financing Costs - - - (4.5) (4.5) Segment EBITDA 1,351.8 934.0 14.5 (38.2) 2,262.1 Plus: Inventory Step-up 1.4 25.1 - - 26.5 Adjusted Segment EBITDA 1,353.2$ 959.1$ 14.5$ (38.2)$ 2,288.6$ Segment EBITDA Margins 16.1% 14.5% 15.2% Adjusted Segment EBITDA Margins 16.7% 14.9% 15.4%

| 27 LTM Credit Agreement EBITDA 1) Additional Permitted Charges includes among other items, $103 million of restructuring and other costs and $13 million pre - tax e xpense for inventory stepped - up in purchase accounting. ($ in millions) Q3 FY18 Consolidated Net Income 1,824.6$ Interest Expense, Net 253.2 Income Taxes (918.8) Depreciation & Amortization 1,244.8 Additional Permitted Charges (1) 419.0 LTM Credit Agreement EBITDA 2,822.8$

| 28 Total Debt, Funded Debt and Leverage Ratio ($ in millions, except ratios) Q3 FY18 Current Portion of Debt 594.4$ Long-Term Debt Due After One Year 5,943.1 Total Debt 6,537.5 Less: Unamortized Debt Stepped-up to Fair Value in Purchase and Deferred Financing Costs (236.3) Plus: Letters of Credit, Guarantees and Other Adjustments (76.0) Total Funded Debt 6,225.2$ LTM Credit Agreement EBITDA 2,822.8$ Leverage Ratio 2.21x

| 29 Adjusted Operating Cash Flow ($ in millions) Q3 FY18 Q3 FY17 Net cash provided by operating activities 771.6$ 589.1$ Plus: Cash Restructuring and other costs, net of income tax benefit of $3.9 and $14.5 11.1 55.3 Adjusted Operating Cash Flow 782.7$ 644.4$ Q1 FY18 Q2 FY18 Q3 FY18 YTD FY18 Net cash provided by operating activities 363.5$ 371.6$ 771.6$ 1,506.7$ Plus: Cash Restructuring and other costs, net of income tax benefit of $3.7, $2.7, $3.9 and $10.3 10.3 7.9 11.1 29.3 Adjusted Operating Cash Flow 373.8$ 379.5$ 782.7$ 1,536.0$