Exhibit 99.1
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
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 | ||