GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

These consolidating financial statements reflect GPHC (“the Parent”); GPII (the "Subsidiary Issuer"); and the Subsidiary Guarantors, which consist of all material 100% owned subsidiaries of GPII other than its foreign subsidiaries; and the nonguarantor subsidiaries (herein referred to as “Nonguarantor Subsidiaries”). The Nonguarantor Subsidiaries include all of GPII's foreign subsidiaries. Separate complete financial statements of the Subsidiary Guarantors are not presented because the guarantors are jointly and severally, fully and unconditionally liable under the guarantees.



	Three Months Ended March 31, 2016
In millions	Parent		Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
Net Sales	$	—	$	866.0		$	16.1		$	231.3		$	(79.4	)	$	1,034.0
Cost of Sales	—		691.4			12.7			201.6			(79.4		)	826.3
Selling, General and Administrative	—		70.1			0.7			18.3			—			89.1
Other (Income) Expense, Net	—		(1.6		)	—			2.5			—			0.9
Business Combinations and Other Special Charges	—		10.5			—			—			—			10.5
Income from Operations	—		95.6			2.7			8.9			—			107.2
Interest Expense, Net	—		(15.9		)	—			(1.0		)	—			(16.9		)
Income before Income Taxes and Equity Income of Unconsolidated Entities	—		79.7			2.7			7.9			—			90.3
Income Tax Expense	—		(31.6		)	(1.1		)	(0.5		)	—			(33.2		)
Income before Equity Income of Unconsolidated Entities	—		48.1			1.6			7.4			—			57.1
Equity Income of Unconsolidated Entities	—		—			—			0.4			—			0.4
Equity in Net Earnings of Subsidiaries	57.5		9.4			(2.6		)	—			(64.3		)	—
Net Income (Loss)	$	57.5	$	57.5		$	(1.0	)	$	7.8		$	(64.3	)	$	57.5

Comprehensive Income (Loss)	$	64.1	$	64.1		$	(1.0	)	$	13.0		$	(76.1	)	$	64.1



	Three Months Ended March 31, 2015
In millions	Parent		Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
Net Sales	$	—	$	834.3		$	0.3		$	233.7		$	(60.1	)	$	1,008.2
Cost of Sales	—		677.3			(0.3		)	201.7			(60.1		)	818.6
Selling, General and Administrative	—		67.1			2.1			16.2			—			85.4
Other (Income) Expense, Net	—		(3.4		)	—			0.1			—			(3.3		)
Business Combinations and Other Special Charges	—		1.2			—			1.0			—			2.2
Income from Operations	—		92.1			(1.5		)	14.7			—			105.3
Interest Expense, Net	—		(16.0		)	—			(0.9		)	—			(16.9		)
Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entities	—		76.1			(1.5		)	13.8			—			88.4
Income Tax (Expense) Benefit	—		(28.4		)	—			(5.2		)	—			(33.6		)
Income before Equity Income of Unconsolidated Entities	—		47.7			(1.5		)	8.6			—			54.8
Equity (Loss) Income of Unconsolidated Entities	—		—			—			0.3			—			0.3
Equity in Net Earnings of Subsidiaries	55.1		7.4			1.7			—			(64.2		)	—
Net Income (Loss)	$	55.1	$	55.1		$	0.2		$	8.9		$	(64.2	)	$	55.1

Comprehensive Income (Loss)	$	38.7	$	38.7		$	(0.9	)	$	(23.7	)	$	(14.1	)	$	38.7



	March 31, 2016
In millions	Parent		Subsidiary Issuer		Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
ASSETS

Current Assets:
Cash and Cash Equivalents	$	—	$	28.8	$	7.7	$	39.1		$	—		$	75.6
Receivables, Net	—		239.7		7.2		227.1			—			474.0
Inventories, Net	—		423.0		12.9		163.5			—			599.4
Intercompany	—		887.3		36.6		—			(923.9		)	—
Other Current Assets	—		26.3		0.1		14.8			—			41.2
Total Current Assets	—		1,605.1		64.5		444.5			(923.9		)	1,190.2
Property, Plant and Equipment, Net	—		1,417.2		54.0		218.3			—			1,689.5
Investment in Consolidated Subsidiaries	1,240.9		—		15.3		—			(1,256.2		)	—
Goodwill	—		1,101.5		70.1		108.4			—			1,280.0
Other Assets	—		361.7		64.0		105.6			—			531.3
Total Assets	$	1,240.9	$	4,485.5	$	267.9	$	876.8		$	(2,180.1	)	$	4,691.0

LIABILITIES
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	$	—	$	25.3	$	—	$	8.0		$	—		$	33.3
Accounts Payable	—		301.3		4.9		100.3			—			406.5
Intercompany	141.2		—		0.1		796.9			(938.2		)	—
Other Accrued Liabilities	—		183.2		1.7		46.1			—			231.0
Total Current Liabilities	141.2		509.8		6.7		951.3			(938.2		)	670.8
Long-Term Debt	—		2,176.1		—		91.6			—			2,267.7
Deferred Income Tax Liabilities	—		278.5		31.7		27.8			—			338.0
Other Noncurrent Liabilities	—		280.2		7.5		27.1			—			314.8

EQUITY
Total Equity	1,099.7		1,240.9		222.0		(221.0		)	(1,241.9		)	1,099.7
Total Liabilities and Equity	$	1,240.9	$	4,485.5	$	267.9	$	876.8		$	(2,180.1	)	$	4,691.0



	December 31, 2015
In millions	Parent		Subsidiary Issuer		Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
ASSETS

Current Assets:
Cash and Cash Equivalents	$	—	$	0.1	$	—	$	54.8		$	—		$	54.9
Receivables, Net	—		217.0		—		206.9			—			423.9
Inventories, Net	—		408.8		—		148.3			—			557.1
Intercompany	—		656.4		21.6		—			(678.0		)	—
Other Current Assets	—		19.2		6.3		5.4			—			30.9
Total Current Assets	—		1,301.5		27.9		415.4			(678.0		)	1,066.8
Property, Plant and Equipment, Net	—		1,358.0		0.2		228.2			—			1,586.4
Investment in Consolidated Subsidiaries	1,176.8		—		15.2		—			(1,192.0		)	—
Goodwill	—		1,042.8		—		125.0			—			1,167.8
Other Assets	—		334.7		—		100.4			—			435.1
Total Assets	$	1,176.8	$	4,037.0	$	43.3	$	869.0		$	(1,870.0	)	$	4,256.1

LIABILITIES
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	$	—	$	25.5	$	—	$	11.1		$	—		$	36.6
Accounts Payable	—		342.8		—		115.1			—			457.9
Interest Payable	—		9.2		—		—			—			9.2
Intercompany	75.1		—		—		808.8			(883.9		)	—
Other Accrued Liabilities	—		182.6		—		45.9			—			228.5
Total Current Liabilities	75.1		560.1		—		980.9			(883.9		)	732.2
Long-Term Debt	—		1,761.4		—		77.5			—			1,838.9
Deferred Income Tax Liabilities	—		249.2		—		17.5			—			266.7
Other Noncurrent Liabilities	—		289.5		—		27.1			—			316.6

EQUITY
Total Equity	1,101.7		1,176.8		43.3		(234.0		)	(986.1		)	1,101.7
Total Liabilities and Equity	$	1,176.8	$	4,037.0	$	43.3	$	869.0		$	(1,870.0	)	$	4,256.1



	Three Months Ended March 31, 2016
In millions	Parent			Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$	57.5		$	57.5		$	(1.0	)	$	7.8		$	(64.3	)	$	57.5
Non-cash Items Included in Net Income (Loss):
Depreciation and Amortization	—			59.3			0.9			10.5			—			70.7
Deferred Income Taxes	—			29.3			1.0			(1.4		)	—			28.9
Amount of Postretirement Expense Less Than Funding	—			(5.4		)	—			(1.3		)	—			(6.7		)
Equity in Net Earnings of Subsidiaries	(57.5		)	(9.4		)	2.6			—			64.3			—
Other, Net	—			12.8			—			—			—			12.8
Changes in Operating Assets and Liabilities	—			(113.2		)	4.1			4.3			—			(104.8		)
Net Cash Provided by Operating Activities	—			30.9			7.6			19.9			—			58.4

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	—			(80.0		)	—			(19.0		)	—			(99.0		)
Packaging Machinery Spending	—			(4.0		)	—			—			—			(4.0		)
Acquisition of Business, Net of Cash Acquired	—			(205.4		)				(83.1		)	—			(288.5		)
Other, Net	70.2			(84.6		)	0.1			—			12.9			(1.4		)
Net Cash Provided by (Used in) Investing Activities	70.2			(374.0		)	0.1			(102.1		)	12.9			(392.9		)

CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Common Stock	(43.5		)	—			—			—			—			(43.5		)
Payments on Debt	—			(6.3		)	—			—			—			(6.3		)
Borrowings under Revolving Credit Facilities	—			528.9			—			23.6			—			552.5
Payments on Revolving Credit Facilities	—			(108.6		)	—			(13.8		)	—			(122.4		)
Dividends Paid	(16.3		)	—			—			—			—			(16.3		)
Repurchase of Common Stock related to Share-Based Payments	(10.4		)	—			—			—			—			(10.4		)
Other, Net	—			(42.2		)	—			54.8			(12.9		)	(0.3		)
Net Cash (Used in) Provided by Financing Activities	(70.2		)	371.8			—			64.6			(12.9		)	353.3

Effect of Exchange Rate Changes on Cash	—			—			—			1.9			—			1.9

Net Increase (Decrease) in Cash and Cash Equivalents	—			28.7			7.7			(15.7		)	—			20.7
Cash and Cash Equivalents at Beginning of Period	—			0.1			—			54.8			—			54.9
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	—		$	28.8		$	7.7		$	39.1		$	—		$	75.6



	Three Months Ended March 31, 2015
In millions	Parent			Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$	55.1		$	55.1		$	0.2		$	8.9		$	(64.2	)	$	55.1
Non-cash Items Included in Net Income (Loss):
Depreciation and Amortization	—			55.4			0.5			12.2			—			68.1
Deferred Income Taxes	—			26.5			(0.2		)	3.6			—			29.9
Amount of Postretirement Expense Less Than Funding	—			(4.7		)	—			(3.4		)	—			(8.1		)
Equity in Net Earnings of Subsidiaries	(55.1		)	(7.4		)	(1.7		)	—			64.2			—
Gain on the Sale of Assets	—			—			—			—			—			—
Other, Net	—			11.6			—			(0.9		)	—			10.7
Changes in Operating Assets and Liabilities	—			(12.7		)	3.9			(119.2		)	—			(128.0		)
Net Cash Provided By (Used in) Operating Activities	—			123.8			2.7			(98.8		)	—			27.7

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	—			(48.1		)	(0.1		)	(9.0		)	—			(57.2		)
Packaging Machinery Spending	—			(3.5		)	—			—			—			(3.5		)
Acquisition of Business, Net of Cash Acquired	—			(80.1		)	—			(36.5		)	—			(116.6		)
Other, Net	24.1			(0.1		)	—			—			(24.1		)	(0.1		)
Net Cash Provided by (Used in) Investing Activities	24.1			(131.8		)	(0.1		)	(45.5		)	(24.1		)	(177.4		)

CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Common Stock	(4.0		)	—			—			—			—			(4.0		)
Payments on Debt	—			(6.3		)	—			—			—			(6.3		)
Borrowings under Revolving Credit Facilities	—			276.1			—			120.6			—			396.7
Payments on Revolving Credit Facilities	—			(241.4		)	—			(9.9		)	—			(251.3		)
Repurchase of Common Stock related to Share-Based Payments	(20.1		)	—			—			—			—			(20.1		)
Other, Net	—			(24.1		)	—			—			24.1			—
Net Cash (Used in) Provided by Financing Activities	(24.1		)	4.3			—			110.7			24.1			115.0

Effect of Exchange Rate Changes on Cash	—			—			—			(3.5		)	—			(3.5		)

Net Increase (Decrease) in Cash and Cash Equivalents	—			(3.7		)	2.6			(37.1		)	—			(38.2		)
Cash and Cash Equivalents at Beginning of Period	—			2.0			—			79.6			—			81.6
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	—		$	(1.7	)	$	2.6		$	42.5		$	—		$	43.4