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                                                                      EXHIBIT 99

                             RIVERWOOD HOLDING, INC.
            RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO EBITDA
                            (IN THOUSANDS OF DOLLARS)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                      Coated       Container-   Corporate and
                                                      Board          board      Eliminations        Total
                                                    ---------      ----------   -------------     ---------
<S>                                                 <C>            <C>          <C>               <C>
THIRD QUARTER 2002:
   Income (Loss) from Operations                    $  60,642       $   (980)      $ (6,005)      $  53,657
   Add:  Depreciation and amortization                 28,200          3,241          1,518          32,959
         Other non-cash charges (A)                    (6,758)        (3,593)           910          (9,441)
                                                    ---------       --------       --------       ---------
Credit Agreement EBITDA (B)                            82,084         (1,332)        (3,577)         77,175
Less: Certain non-cash charges (C)                     (1,103)          (262)          (911)         (2,276)
                                                    ---------       --------       --------       ---------
EBITDA, as adjusted (D)                             $  80,981       $ (1,594)      $ (4,488)      $  74,899
                                                    =========       ========       ========       =========

THIRD QUARTER 2001:
   Income (Loss) from Operations                    $  49,218       $ (3,970)      $ (5,132)      $  40,116
   Add:  Depreciation and amortization                 27,201          3,026          1,751          31,978
         Other non-cash charges (A)                         8           (203)         1,200           1,005
                                                    ---------       --------       --------       ---------
Credit Agreement EBITDA (B)                            76,427         (1,147)        (2,181)         73,099
Less: Certain non-cash charges (C)                        468           (102)        (1,170)           (804)
                                                    ---------       --------       --------       ---------
EBITDA, as adjusted (D)                             $  76,895       $ (1,249)      $ (3,351)      $  72,295
                                                    =========       ========       ========       =========

FIRST NINE MONTHS 2002:
   Income (Loss) from Operations                    $ 156,954       $(14,144)      $(16,821)      $ 125,989
   Add:  Depreciation and amortization                 81,648          9,345          6,738          97,731
         Other non-cash charges (A)                    (4,087)        (2,833)         2,886          (4,034)
                                                    ---------       --------       --------       ---------
Credit Agreement EBITDA (B)                           234,515         (7,632)        (7,197)        219,686
Less: Certain non-cash charges (C)                     (3,837)        (1,023)        (2,886)         (7,746)
                                                    ---------       --------       --------       ---------
EBITDA, as adjusted (D)                             $ 230,678       $ (8,655)      $(10,083)      $ 211,940
                                                    =========       ========       ========       =========

FIRST NINE MONTHS 2001:
   Income (Loss) from Operations                    $ 118,545       $(10,471)      $(20,223)      $  87,851
   Add:  Depreciation and amortization                 88,531         10,402          5,386         104,319
         Dividends from equity investments                 --             --            710             710
         Other non-cash charges (A)                     5,927            208          5,390          11,525
                                                    ---------       --------       --------       ---------
Credit Agreement EBITDA (B)                           213,003            139         (8,737)        204,405
Less: Certain non-cash charges (C)                     (1,365)          (305)        (3,441)         (5,111)
                                                    ---------       --------       --------       ---------
EBITDA, as adjusted (D)                             $ 211,638       $   (166)      $(12,178)      $ 199,294
                                                    =========       ========       ========       =========
</TABLE>


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Notes:

(A)      Other non-cash charges include non-cash charges for LIFO accounting,
         pension, post-retirement and post-employment benefits, and amortization
         of premiums on hedging contracts deducted in determining net income.

(B)      Credit Agreement EBITDA is calculated based on the definitions of
         EBITDA and GAAP contained in the Company's Senior Secured Credit
         Agreement. Credit Agreement EBITDA is defined as consolidated net
         income (exclusive of non-cash charges resulting from purchase
         accounting during the periods subsequent to the Merger) before
         consolidated interest expense, consolidated income taxes, consolidated
         depreciation and amortization, and other non-cash charges deducted in
         determining consolidated net income, extraordinary items and the
         cumulative effect of accounting changes and earnings of, but including
         dividends from, non-controlled affiliates. The Company believes that
         EBITDA provides useful information regarding the Company's ability to
         service debt, but should not be considered in isolation or as a
         substitute for the Condensed Consolidated Statements of Operations or
         cash flow data.

(C)      For purposes of Credit Agreement EBITDA, as reported above, the Company
         adds back to income from operations non-cash charges for pension,
         post-retirement and post-employment benefits, and expenses (credits)
         relating to changes in GAAP subsequent to March 1996, which are
         excluded from Credit Agreement EBITDA, as reported above.

(D)      EBITDA, as adjusted, is defined as income (loss) from operations
         before depreciation and amortization expense, loss (gain) on asset
         write-downs/unusual asset disposals, loss on impairment of assets and
         LIFO related expenses (credits) plus dividends from equity investments
         recorded in the relevant period. This definition of EBITDA, as
         adjusted, conforms to the presentation in the Form S-1 registration
         statement for Riverwood Holding's proposed initial public offering.


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