Exhibit 12.1

Graphic Packaging International

Fixed Charges Ratio

6/30/2017

	Year Ended December 31,
	2012			2013			2014			2015			2016			6/30/2017
Fixed Charges
Interest Expense		105.4			95.6			77.7			65.2			72.5			41.3
Amortization of Debt Issue Cost		6.2			6.3			4.8			4.1			4.8			2.5
Capitalized Interest		2.2			3.5			1.6			0.8			1.3			0.1
Interest Factor in Rent Expense		10.9			12.0			10.0			9.7			11.7			5.8
FIXED CHARGES		124.7			117.4			94.1			79.8			90.3			49.7
Earnings
Income from Continuing Operations Before Income Tax		202.6			214.1			134.4			360.5			321.2			120.2
Dividends Received, Net of Earnings in Equity Affiliates		(2.3	)		(0.2	)		0.3			—			0.6			(0.7	)
Fixed Charges		124.7			117.4			94.1			79.8			90.3			49.7
Capitalized Interest		(2.2	)		(3.5	)		(1.6	)		(0.8	)		(1.3	)		(0.1	)
Amortization of Capitalized Interest		2.0			2.0			1.8			1.6			1.7			0.8
EARNINGS		324.8			329.8			229.0			441.1			412.5			169.9
Ratio of Earnings to Fixed Charges		2.6			2.8			2.4			5.5			4.6			3.4