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Exhibit 99

RIVERWOOD HOLDING, INC.
RECONCILIATION OF INCOME FROM OPERATIONS TO EBITDA
(In thousands of dollars)
(unaudited)

|                                   |                            |   |        |        |            |   |              |     |       |   |         |       |  |   |        |       |  
|---------------------------------- | -------------------------- | - | ------ | ------ | ---------- | - | ------------ | --- | ----- | - | ------- | ----- |  | - | ------ | ----- | -
|                                   |                            |   | Coated |        | Container- |   | Corporate &  |     |       |   |        
|                                   |                            |   | Board  |        | board      |   | Eliminations |     | Total
|                                   |                            |   |        |        |            |   |              |     |      
|First Three Months 2002:           |                            |   |        |        |            |   |              |     |       |   |         |       |  |   |        |      
|Income from Operations             |                            | $ | 44,450 |        |            | $ | (8,276       | )   |       | $ | (4,993  | )     |  | $ | 31,181 |      
|Add: Depreciation and amortization |                            |   | 26,725 |        |            |   | 3,107        |     |       |   | 2,302   |       |  |   | 32,134 |      
|                                   | Other non-cash charges (A) |   |        | (1,540 | )          |   |              | 120 |       |   |         | 811   |  |   |        | (609  | )
|                                   |                            |   |        |        |            |   |              |     |       |   |         |       |  |   |        |      
|Credit Agreement EBITDA (B)        |                            |   | 69,635 |        |            |   | (5,049       | )   |       |   | (1,880  | )     |  |   | 62,706 |      
|Less:
Certain non-cash charges (C) |                            |   | 27     |        |            |   | (120         | )   |       |   | (811    | )     |  |   | (904   | )    
|                                   |                            |   |        |        |            |   |              |     |       |   |         |       |  |   |        |      
|EBITDA (C)                         |                            | $ | 69,662 |        |            | $ | (5,169       | )   |       | $ | (2,691  | )     |  | $ | 61,802 |      
|                                   |                            |   |        |        |            |   |              |     |       |   |         |       |  |   |        |      
|First Three Months 2001:           |                            |   |        |        |            |   |              |     |       |   |         |       |  |   |        |      
|Income from Operations             |                            | $ | 26,309 |        |            | $ | (3,476       | )   |       | $ | (12,016 | )     |  | $ | 10,817 |      
|Add: Depreciation and amortization |                            |   | 33,700 |        |            |   | 3,968        |     |       |   | 3,600   |       |  |   | 41,268 |      
|                                   | Other non-cash charges (A) |   |        | 4,264  |            |   |              | 102 |       |   |         | 2,733 |  |   |        | 7,099 |  
|                                   |                            |   |        |        |            |   |              |     |       |   |         |       |  |   |        |      
|Credit Agreement EBITDA (B)        |                            |   | 64,273 |        |            |   | 594          |     |       |   | (5,683  | )     |  |   | 59,184 |      
|Less:
Certain non-cash charges (C) |                            |   | (2,280 | )      |            |   | (102         | )   |       |   | (1,016  | )     |  |   | (3,398 | )    
|                                   |                            |   |        |        |            |   |              |     |       |   |         |       |  |   |        |      
|EBITDA (C)                         |                            | $ | 61,993 |        |            | $ | 492          |     |       | $ | (6,699  | )     |  | $ | 55,786 |      
|                                   |                            |   |        |        |            |   |              |     |       |   |         |       |  |   |        |      

Notes:



|(A) |  | Other non-cash charges include non-cash charges for LIFO accounting,
pension, postretirement and postemployment 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 EBITDA, as
reported above. EBITDA is defined as income
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 conforms to the presentation in the
Form S-1 registration statement for Holdings proposed
initial public offering.