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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-
                                                     Board           board       Corporate        Total
                                                     -----           -----       ---------        -----
<S>                                                 <C>            <C>            <C>            <C>
FIRST QUARTER 1999:
-------------------
   Income (Loss) from Operations                     $29,769       $(7,448)       $(3,450)      $18,871
   Add:  Depreciation and amortization                30,197         4,915            139        35,251
             Dividends from equity investments            --            --             --            --
             Other non-cash charges (A)                 (173)          103          1,637         1,567
                                                     -------       -------        -------       -------
EBITDA (B)                                           $59,793       $(2,430)       $(1,674)      $55,689
                                                     =======       =======        =======       =======

FIRST QUARTER 1998:
-------------------
   Income (Loss) from Operations                     $16,572       $(4,620)       $(4,706)      $ 7,246
   Add:  Depreciation and amortization                30,111         4,789            286        35,186
             Dividends from equity investments            --            --            618           618
             Other non-cash charges (A)                1,328           286          1,624         3,238
                                                     -------       -------        -------       -------
EBITDA (B)                                           $48,011       $   455        $(2,178)      $46,288
                                                     =======       =======        =======       =======
</TABLE>


Notes:

(A)      Other non-cash charges include non-cash charges for LIFO accounting,
         pension, postretirement and postemployment benefits, expenses
         associated with the write-up of inventory, depletion of prepaid timber
         and amortization of premiums on hedging contracts deducted in
         determining net income.

(B)      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. EBITDA excludes equity earnings of Igaras from the
         Company's investment in Igaras but includes dividends actually received
         from Igaras. The Company believes that EBITDA provides useful
         information regarding the Company's debt service ability, but should
         not be considered in isolation or as a substitute for the Condensed 
         Consolidated Statements of Operations or cash flow data.