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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>
SECOND QUARTER 1999:
   Income (Loss) from Operations                    $ 43,537      $ (3,886)      $(4,397)      $ 35,254
   Add:  Depreciation and amortization                30,910         3,467         1,051         35,428
             Dividends from equity investments            --            --           885            885
             Other non-cash charges (A)                1,025           103           820          1,948
                                                    --------      --------       -------       --------
EBITDA (B)                                          $ 75,472      $   (316)      $(1,641)      $ 73,515
                                                    ========      ========       =======       ========

SECOND QUARTER 1998:
   Income (Loss) from Operations                    $ 17,398      $ (2,711)      $(4,380)      $ 10,307
   Add:  Depreciation and amortization                32,723         2,687           244         35,654
             Dividends from equity investments            --            --           994            994
             Other non-cash charges (A)               15,062           465         1,144         16,671
                                                    --------      --------       -------       --------
EBITDA (B)                                          $ 65,183      $    441       $(1,998)      $ 63,626
                                                    ========      ========       =======       ========

FIRST SIX MONTHS 1999:
   Income (Loss) from Operations                    $ 73,306      $(11,334)      $(7,847)      $ 54,125
   Add:  Depreciation and amortization                61,107         8,382         1,190         70,679
             Dividends from equity investments            --            --           885            885
             Other non-cash charges (A)                  852           206         2,457          3,515
                                                    --------      --------       -------       --------
EBITDA (B)                                          $135,265      $ (2,746)      $(3,315)      $129,204
                                                    ========      ========       =======       ========

FIRST SIX MONTHS 1998:
   Income (Loss) from Operations                    $ 33,970      $ (7,331)      $(9,086)      $ 17,553
   Add:  Depreciation and amortization                62,834         7,476           530         70,840
             Dividends from equity investments            --            --         1,612          1,612
             Other non-cash charges (A)               16,390           751         2,768         19,909
                                                    --------      --------       -------       --------
EBITDA (B)                                          $113,194      $    896       $(4,176)      $109,914
                                                    ========      ========       =======       ========
</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.


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