Strictly Private and Confidential

Graham Packaging
Credit Suisse Global Paper & Packaging Conference
February 2011
Disclaimer
This presentation contains "forward-looking statements" within the meaning of the federal securities laws. All statements other than statements of
historical facts included in this presentation, including statements regarding our future financial position, economic performance and results of
operations, as well as our business strategy, budgets and projected costs and plans and objectives of management for future operations are forward-
looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology, such as "may,"
"will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or similar terminology. These forward-looking statements are not historical
facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by
management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, you are cautioned that any such forward-
looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to
predict. Although we believe that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations
may prove to have been materially different from the results expressed or implied by such forward-looking statements. Unless otherwise required by
law, we also disclaim any obligation to update our view of any such risks or uncertainties or to announce publicly the result of any revisions to the
forward-looking statements made in this presentation.

Important factors that could cause actual results to differ materially from our expectations include, without limitation: increased competition in our
industry which could lead to a decline in prices of plastic packaging; our ability to develop product innovations and improve our production technology
and expertise; infringement of our proprietary technology; our dependence on significant customers and the risk that customers will not purchase our
products in the amounts expected by us under their requirements contracts; that the majority of our sales are made pursuant to requirements
contracts; our exposure to fluctuations in resin prices and our dependence on resin supplies; risks associated with our international operations; our
recovery of the carrying value of our long-lived assets; our realization of the carrying value of our goodwill and other identifiable intangible assets; our
dependence on key management and the material adverse effect that could result from the loss of their services; our ability to successfully integrate
our business with those of other businesses that we may acquire; risks associated with a significant portion of our employees being covered by
collective bargaining agreements; our dependence on additional blow molding equipment in order to be able to expand our operations; risks
associated with environmental regulation and liabilities; risks associated with being deemed an "investment company" under the 1940 Act, as a result
of our ownership of Graham Packaging Holdings Company; our recent net losses; our indebtedness, which could adversely affect our cash flow and
our ability to operate and grow our business; that despite our current levels of indebtedness, we may incur additional debt in the future, which could
increase the risks associated with our leverage; the terms of our debt instruments, which restrict the manner in which we conduct our business and
may limit our ability to implement elements of our business strategy; our inability to renew or replace our debt facilities on favorable terms or at all;
payments to our existing owners for certain tax benefits we may claim; and the acquisition of voting power in our company greater than the voting
power owned by Blackstone may trigger an event of default under our credit agreement.

All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these
cautionary statements. You should evaluate all forward-looking statements made in this presentation in the context of these risks and uncertainties.

2
Today’s Presenters

Mark Burgess
Chief Executive Officer

David Bullock
Chief Financial Officer

3
Graham Packaging – At A Glance
 #1 supplier of value-added custom plastic containers based on sales

 Technology-driven packaging company delivering innovation for global consumer products customers
– Design features / performance characteristics / barrier properties
– Package design innovation / light-weighting / use of recycled resin

 Approximately 90% of sales in product categories with estimated #1 market position

 Global operations with presence in North America, South America, Europe and Asia

 8,200 employees in 15 countries and 98 facilities (approximately 1/3 of which are on-site facilities)

 LTM Net Sales and Adjusted EBITDA of approximately $2.5bn and $504mm, respectively

Note: See appendix for reconciliation of Adjusted EBITDA.

4
Superior Margins and Financial Performance
Financial Profile
Adjusted EBITDA and Margin
 Industry leading Adjusted EBITDA margins in plastic
550
containers

 EBITDA growth and margin expansion CAGR: 6.1%

$504
 ~400 bps margin expansion since 2006 $500

 Increasing EBITDA during economic recession

$463

Adjusted EBITDA ($mm)

$453
Management Approach
450
$432
 Culture of accountability

 Data-driven decision making

$399
400
 Commitment to profitable growth

Financial Objectives
350
 Consistent EBITDA growth

 Strong free cash flow generation

 Commitment to debt reduction 300

2006 2007 2008 2009 2010
 Multiples sources of earnings growth including organic
15.9% 17.5% 17.7% 20.4% 20.1%
growth, prudent acquisitions and deleveraging
Adjusted EBITDA Margin

Note: Free cash flow defined as net cash from operating activities less net cash from investing activities.
5
Investment Highlights
 Long history as leading innovator in plastic containers
Global Leader in Value-Added
Plastic Packaging  Focus on customers’ sustainability agenda

 Strong underlying global growth trends

Strategically Positioned to
Benefit from Secular Trends  Attractive conversion opportunities in key markets

 A leading supplier to blue chip global consumer products companies

Loyal, Long-Term Customer
Relationships  Supplier of choice – technology, innovation, scale and on-site model

 Data-driven decision making applied to Earnings Improvement Program

Focus on Operational
Excellence  Culture of accountability and continuous improvement

Attractive Margins  Superior margins, strong free cash flow generation and debt reduction
and Strong Free Cash Flow
 Attractive cost structure with resin cost pass-through
Generation

 Best-in-class senior leadership and deep operational bench

World Class Management
 Proven track record of EBITDA growth and margin expansion

6
 Leader in Value-Added Custom Plastic Containers

Market Leader… …with 90% of Sales Through #1 Market Positions

$2.5
Estimated
$2.3 Market Product Examples with
$2.2
Segment Position #1 Position

 Hot-fill juice
$2.0 Food &
 Sports drinks
Beverage
 Yogurt drinks

$1.5  Liquid laundry

Household
Net Sales ($bn)

$1.3
Chemical  Dish detergent

$1.0
Personal Care  Hair care
$0.8
& Specialty  Skin care
$0.6
$0.5 $0.5
$0.5

Automotive  Auto lubricants

$0.0
Graham Amcor Rigid Plastipak Consolidated Alpla Silgan Constar
Packaging* Plastic Container Plastics

* Graham Packaging revenue figure includes Liquid Container Source: Company estimates for North American market.

Source: Plastic News, North American Blow Molders, November 2010

7
A Leader in the Most Attractive Markets

Custom Custom Household / Carbonated Soft

Competitor Automotive Personal Care
Beverage Food Chemical Drink / Water

Alpla

Amcor/Ball

Consolidated Container

Constar

Plastipak

Silgan

Strong Market Position Medium Market Position Marginal Market Position

We are a pure-play plastic packaging company focused on

customized, technology-driven containers

8
Superior Technology with Long History of Innovation

Why Is Technology Important? Technology Leader

 Superior technology extends shelf life of container
 Drives cost reduction opportunities for customers
 Ability to fill product at very high temperatures,
without risk of container deformation
 Light-weight containers that maintain structural
attributes to meet customer requirements
 Approximately 80% of products utilize proprietary
technology
 Leader in package design and development with
over 1,000 issued or pending patents
 Long history of bringing the best technologies to
market
 Focus on next generation technologies

Global
Technology
Technology GlobalLeader
Leader
Hot-fill PET bottles & processes 
Hot-fill PET wide mouth jars & processes  Wide-Mouth, Hot-Fill PET Aseptic Shelf-Stable
PET Barrier: Monosorb™, SurFresh™,
SurBond™, multilayer 
Retortable PP bottles & jars 
Multi-layer polyolefins 
Post consumer recycled resin & processes 
High speed extrusion blow molding wheels  Multi-Layer Beer Inverted Ketchup

Source: Management estimates.

9
Graham Has Led Major Conversions to Plastic Containers

 Hot-fill technology for shelf stability

 Unique designs for product differentiation
 Barrier solutions for product protection
Food &
Beverage
 Innovative Poly container for single-serve
yogurt drinks
 Global supplier to market leader Danone

 Global market share leader

Household  In-mold labeling

 Integrated pour spouts

 First major conversion

Auto  74% market share
Lubricants
 Global supplier relationships

Source: Management estimates.

10
Many Conversion Opportunities Remain
Selected Conversion Opportunities

Beer

Nutritional

Fruit & Vegetable

Snacks

Source: Graham Packaging commissioned market study.

11
Plastic is the Fastest Growing Packaging Material Globally

Global Packaging Industry by Substrate Rigid Packaging Growth by Material (’09E-’14E)

2009 Total Market = $634bn

4.2%
Other
6% Rigid Plastics
21%

2.5%
Paper &
Board 1.8%
31%

Flexible
Plastics
20%

Glass Plastics Metal Glass

7%
Metal
15%

Source: Pira International.

12
Significant Scale to Capture Global Growth Opportunity

PET Packaging Consumption Growth (‘08-’13E CAGR)

Western Europe Eastern Europe

10 plants, 6 on-site 4 plants, 2 on-site
U.S. and Canada
68 plants, 13 on-site China
Western Eastern 1 plant
Europe Europe
North
4% 9% Japan
America China
4% 11% 3%
India
Mexico Africa / 14%
6 plants, 3 on-site Middle East
9% India
South Stake in PPI
America Blow Pack
Rest of
8% Asia-Pacific
10%
South America
9 plants, 7 on-site

Developed Developing Emerging

Consumption rates in Asia, Latin America and Eastern Europe are poised for high growth
Source: Growth Rates – Pira International
Note: Plant statistics as of December 31, 2010
13
Loyal, Long-Standing Customer Relationships with Leading CPGs
 A leading supplier to blue chip multi-national Consumer Packaged Goods companies (CPGs)

 Long-term relationships cemented by technology and innovation

 Average length of customer relationship of 20 years (top 20 customers)

 Vast majority of sales under long-term contracts

 Recognized by customers with multiple supplier

awards over the last 5 years

1950-60s 1970s 1980s 1990s 2000s

Note: Reflects length of relationships with Graham Packaging and predecessor companies.
14
On-Site Model Creates Strong Relationships

On-Site Advantage Co-Located with Customer Filling Sites

 Graham Packaging pioneered on-site model in

1985

– Drives long-term partnerships

– Significantly reduces freight and logistic costs

– Enhances productivity and efficiency

– Reduces working capital needs

– Fosters collaboration on new product

development

 Approximately 1/3 of plants on-site today

 Strong customer preference for on-site plants

– 8 of 10 plants most recently opened are

on-site

 High level of retention of on-site customers

15
Our Products Drive Customers’ Sustainability Agenda
Reduction of ecological footprint through…

 Higher production line speeds (2x) require less energy

Efficiency
 On-site plants reduce freight and energy consumption

 Lighter products require less raw material

Light- – Freight savings and less resin per bottle / water usage
weighting
“We recently switched to a thinner bottle, one which is 22% lighter.
This saves us money and the world resources.” – Honest Tea website

Increased  First to use 100% recycled PET bottle in Europe

Use of  Use of alternative resins including PCR (post-consumer resin)
Recycled
Resins  Graham Packaging Recycling Plant in York, PA

 Plastic outperforms metal and glass on Wal-Mart Scorecard

– vs. Steel: 83% less greenhouse gas consumed
Carbon
Footprint – vs. Glass: 60% less greenhouse gas consumed
 Increases Graham’s customer overall score by 3-5x
Graham’s carbon footprint reduced by 16% since 2006 – targeting additional 15% reduction by 2015

16
 Focus on Operational Excellence 6.0% 5.7%

5.0%
4.3%
3.9%
Initiatives 4.0%
3.1%
3.0%

 Budgeted productivity improvement goals  Bi-weekly

2.0%
EIP and monthly operations reviews

 Productivity and Earnings Improvement  Productivity-based

1.0% compensation
Program (EIP) 0.0%
2006 2007 2008 2009 (Oct)
% Net % Inflation

Quality Safety

2.5 300 # Recordables 3.5

Complaints per

# of Injuries

Incident Rate
10MM units sold 3.0
250 # Lost Time
2.0
Target (-25% YoY) LT-Incident Rate 2.5
# of Complaints

200
1.5
R-Incident Rate 2.0
150
1.0 1.5
100
1.0
0.5
50 0.5

0.0 0 0.0
Aug-05 Jan-06 Jun-06 Nov-06 May-07 Oct-07 Mar-08 Aug-08 Feb-09 Jul-09 Dec-09 2005 2006 2007 2008 2009

17
Acquisitions – Focus on Strategic Fit

Adjacent Geographies

 Supplement Graham’s international expansion agenda in higher growth markets

 Footprint from which we can serve our multinational customer base

 Leverage our process & design technology and innovation capability

Adjacent Markets

 End markets where our existing technology can bring a competitive advantage

 Different customer set / industry structure requires expertise

Adjacent Technologies

 Technologies that enhance our leadership in current markets

 Candidates: Material, barriers, process, machine technology

18
Liquid Container - Acquisition Rationale

 Significant expansion of Graham’s exposure to high margin food segment

 Minimal overlap in customer base, resulting in multiple new cross-sell
Adjacent Markets opportunities
 Exposure to smaller CPGs as well as distributors

 Leading technology position, including patent-pending ThermaSetTM technology

that will drive leadership in conversions by utilizing Graham’s robust platform
Adjacent Technology
 Machine platform and operating approach complement Graham’s operations

 Expansion of Graham’s domestic footprint, specifically South and West

Adjacent Geographies  Similar operations, end markets and geography make for low risk integration
 Ability to support Liquid’s customers’ with Graham’s international footprint

 Tangible cost synergies in purchasing, plant consolidation opportunities, general

SG&A reduction and the expectation of $25mm in synergies
Strong synergy opportunities
and free cash flow accretion  Superior cash conversion results in pro forma free cash flow accretion
 Similar financial profile to Graham -- High margin, stable cash flow business

19
World Class Management Team Has Delivered Results

Management Team Results

Joined 2006 Through 2010

Executive
Company
 Grew Adjusted EBITDA at 5.1% CAGR
Mark Burgess, 51
2006
Chief Executive Officer
 Increased Adjusted EBITDA margin by 400+ bps
David Bullock, 46
2009
Chief Financial Officer  Delivered $148mm of free cash flow

Peter Lennox, 48
2000  Reduced leverage from 6.1x to 4.3x
Executive VP and GM,
Global Food & Beverage
David Cargile, 49  More than doubled ROCE from 11% to 24%
Senior VP, 1987
Global Tech and GM of Proprietary Machinery
 Established joint venture in India, operations in
Martin Sauer, 56 China
2000
SVP Global Procurement

20
Corporate Strategy

 Utilize technology portfolio to drive further advantage over competitors

Leverage Technology Portfolio  Innovate to facilitate new conversions and drive customer sustainability
agenda

Organic Growth in  Drive remaining conversion opportunities in attractive categories

Attractive Markets  Expand presence in high growth global markets with global CPGs

 Achieve best-in-class levels of productivity, quality and safety

Operational Excellence  Continued execution of Earnings Improvement Program (EIP) and
benefits of Graham Performance System (GPS)

Consistent Growth and Strong  Disciplined growth and capital investment

Cash Flow Generation  Commitment to deleveraging and accelerated earnings growth

 Disciplined global expansion alongside leading global customers

Opportunistic and Accretive
Strategic Investments  Target new markets, new geographies and new customers where
technology matters

21
Main Drivers for Stable Financial Performance

 Diversified business across basic consumer staples

Strong Demand  Exposure to top-tier, middle-tier and lower-tier price points as well as private labels
Characteristics  Blue chip customer base with long-term relationships (20 years on average)
 Top 20 customers are under long-term contracts

Margin Stability  Pass-through of increase / decrease in resin costs

and
 Approximately 75% contractual pass-through of energy costs
Pass-through of
Input Costs  HDPE bottle-to-bottle recycling plant provides alternate resin source

 Corporate focus on free cash flow and return on capital employed

– Disciplined approach to capital investment
Strong Free
Cash Flow – Further opportunities to reduce working capital
Generation  Substantial tax assets available
 Deleveraging and earnings growth

22
 Margin Stability from Pass-through of Resin Costs

$520 100¢
101¢ $504
500 93¢
96¢
88¢ $479
480 87¢ 92¢ $470 $474 90
82¢ 85¢ $463 84¢ 83¢
$455 $455 $459 83¢
460 82¢ 83¢ $453 $450
80¢ 78¢
Adjusted EBITDA ($mm)

Resin Prices (Cents/Pound)

77¢ $444
$441 77¢ 80
440 72¢ 75¢ 81¢
$432 80¢
$423 73¢
420 $413 77¢ 76¢
76¢
$399 $401 67¢ 70
72¢
400 101¢ 68¢ 69¢
380 65¢ 65¢
64¢ 60
360 60¢

340 50
320

300 40
Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10

LTM Adjusted EBITDA PET, Bottle Resin Polyethylene High Density Resin

Contractual pass-through of resin costs

23
Industry Leading Margins
Adjusted EBITDA Margin

25%
20% 19%
20
16%
14% 14% 14% 13%
15

10

0
Graham Aptar Graham Amcor* Silgan Crown Ball
Today FY2006

Adjusted EBITDA less Capex Margin

16%
14%
12%
12 11% 10% 10%
9%
8%
8

0
Graham Aptar Silgan Ball Crown Amcor* Graham
Today FY2006
Source: Company filings. Represents 2010 data.
* Amcor data reflects LTM as of 06/30/2010
24
Strong Focus on Capital Efficiency

 More than doubled return on capital employed from 2006 to 2009

 Disciplined approach to capital investment and working capital management

Return on Capital Employed

25.0%
Assumes full year of
25% 23.5% Liquid Container
21.9%
19.5%
20

14.5%
15
11.5%

10

0
2006 2007 2008 2009 2010

Source: Company filings.

Note: Return on Capital Employed defined as EBIT divided by the sum of net PPE and net working capital.
25
 Focus on Free Cash Flow and Deleveraging

Free Cash Flow / Margin Components of Free Cash Flow

2010

Adjusted EBITDA $504

$175 15%
Capex (157)
$51mm in inventory destocking $148
150 from 2005 stocking initiative put
in place in response to 12 (1)
hurricanes Change in Net Working Capital (1)
$124
125
Free Cash Flow ($mm)

9 Cash Interest Expense (161)

100
$91
6.5%
75
Cash Taxes (19)
$67
6
(2)
50 $40 5.0% Restructuring / Other (42)
$25 3
25
3.6% Free Cash Flow (3) $124
2.6%
% Margin 5.0%
1.0%
0 0
2006 2007 2008 2009 2010

Source: Company filings. See appendix for reconciliation to Adjusted EBITDA.

Note: (1) Net working capital defined as accounts receivable plus inventory less accounts payable.
26 (2) Restructuring / other includes restructuring and other exceptional cash costs, cash used in disc. operations, proceeds from sale of assets and change in other operating assets / liabilities.
(3) Free cash flow is also defined as net cash from operating activities less net cash from investing activities.
Attractive Liquidity Positioned Maturity Profile
 Liquidity position (1)
– $153mm in cash on balance sheet
– $123mm available under revolving credit facilities (2)

Net Debt / Covenant Compliance EBITDA Long-Term Debt Maturity Table

7.0x
Net Debt / Covenant Compliance EBITDA (x)

Reduced leverage
$1,500
by 1.5x post-Liquid acquisition $1,385
6.1x
6.0
5.7x 1,250

5.3x
1,000
$865
5.0 4.8x
4.6x 750

4.3x 500
4.0 Ex. Liq.
$253 $250
250
$38 $24 $20
$9
3.0 0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Note: See appendix for reconciliation to covenant compliance EBITDA.

(1) As of 12/31/10
27 (2) The Company had $124.8 million of commitments that will expire on October 1, 2013, and $135.2 million of commitments that expired on October 7, 2010 (“Non-Extending
Revolver”).
Graham Investment Proposition

Industry Leadership
Objectives:
Strong Free Cash Flow Generation
 Global leader in custom plastic packaging
 Superior technology / history of innovation

Strong Underlying Business Drivers

 Stable demand characteristics Continued Deleveraging

 Margin stability and pass-through of input costs

Multiple Drivers of Growth

 New conversions
 Global expansion
 Growth alongside existing customers Accelerated
 Opportunistic tuck-in acquisitions Earnings
Growth
Focus on Cash

 Disciplined capital spending

 Net working capital optimization

28
Appendix
 Reconciliation of Adjusted and Covenant Compliance EBITDA

Year Ended December 31,

($ in millions) 2006 2007 2008 2009 2010 Q4 2010
Gain / (loss) income from continuing operations ($119.9) ($203.7) ($47.4) $23.8 $61.8 $52.9
Interest income (0.7) (0.2)
Interest expense, net 206.8 209.5 179.2 175.8 185.6 54.6
Income tax provision 27.5 20.3 13.0 27.0 (50.7) (57.8)
Depreciation and amortization 204.6 201.7 175.5 158.6 171.1 53.2
Asset impairment charges 25.9 157.7 96.1 41.8 9.6 5.9
Increase in income tax receivable agreements 5.0 3.3
Fees paid pursuant to monitoring agreements 5.0 5.0 5.0 5.0 1.5 0.3
Other non-cash charges 14.3 19.4 9.3 7.3 4.9 1.9
Gain / (loss) on debt extinguishment 0.0 0.0 0.0 8.7 31.1 0.0
Write-off of amounts in accumulated other
comprehensive income related to interest rate 7.0 0.0
Contract termination & IPO related expenses 0.0 0.0 0.0 0.0 39.6 0.0
Acquisition and integration expense 20.3 9.0
Venezuelan hyperinflation accounting 0.0 0.0 0.0 0.0 2.3 0.0
Reorganization and other costs 34.6 22.0 22.0 14.4 16.0 2.0
Other administrative expenses 0.0 0.1 0.1 0.1 0.0 0.0
Adjusted EBITDA $398.8 $432.0 $452.8 $462.5 $504.4 $125.1

AFE / startup expenses / other administrative expenses 19.0 9.6 10.0 12.8 11.5 3.0
Covenant Compliance EBITDA $417.8 $441.6 $462.8 $475.3 $515.9 $128.1

30