Exhibit 99.3
Ingevity Corporation
Reconciliation of WestRock's
Specialty Chemicals Division Adjusted EBITDA
to Ingevity Combined Adjusted EBITDA
| Three Months Ended March 31, 2016 | ||||
| In millions | ||||
| WestRock (WRK) - Specialty Chemicals Segment Income (GAAP) | $ | 26.2 | ||
| Plus: Inventory step-up | 0.5 | |||
| Adjusted Segment Income | 26.7 | |||
| Depreciation and Amortization | 22.9 | |||
| WRK - Specialty Chemicals Adjusted Segment EBITDA (Non-GAAP) | 49.6 | |||
| Less: Ingevity carve-out allocations | (5.7 | ) | (A) | |
| Ingevity Combined Adjusted EBITDA (Non-GAAP) | $ | 43.9 | (B) | |
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| (A) | Carve-out allocations represent allocated costs necessary to support Ingevity's operations which include governance and corporate functions such as information technology, accounting, human resources, accounts payable and other direct services. |
| (B) | Reconciliation to the nearest GAAP term is included in the table below. |
Ingevity Corporation
Reconciliation of Net Income (GAAP)
to Combined Adjusted EBITDA (Non-GAAP)
| In millions | Three Months Ended March 31, 2016 | ||
| Ingevity net income (GAAP) | $ | 9.2 | |
| Provision for income taxes | 9.3 | ||
| Interest expense | 5.4 | ||
| Separation costs | 6.4 | ||
| Depreciation and amortization | 9.0 | ||
| Restructuring and other (income) charges | 4.6 | ||
| Ingevity Combined Adjusted EBITDA (Non-GAAP) | $ | 43.9 | |