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Exhibit 99

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

|                                   |                                    |                                   |         |        |       |            |        |           |     |       |        |         |       |   |         |        |        | 
|---------------------------------- | ---------------------------------- | --------------------------------- | ------- | ------ | ----- | ---------- | ------ | --------- | --- | ----- | ------ | ------- | ----- | - | ------- | ------ | ------ | 
|                                   |                                    |                                   |         | Coated |       | Container- |        |           |     |       |        |         |       |  
|                                   |                                    |                                   |         | Board  |       | board      |        | Corporate |     | Total
|                                   |                                    |                                   |         |        |       |            |        |           |     |      
|Second quarter 2002:               |                                    |                                   |         |        |       |            |        |           |     |       |        |         |       |   |         |       
|                                   | Income (Loss) from Operations      |                                   | $       | 51,862 |       |            | $      | (4,888    | )   |       | $      | (5,823  | )     |   | $       | 41,151 |       
|                                   | Add: Depreciation and amortization |                                   |         | 26,723 |       |            |        | 2,997     |     |       |        | 2,918   |       |   |         | 32,638 |       
|                                   |                                    | Other non-cash charges (A)        |         |        | 4,211 |            |        |           | 640 |       |        |         | 1,165 |   |         |        | 6,016  | 
|                                   |                                    |                                   |         |        |       |            |        |           |     |       |        |         |       |   |         |       
|Credit Agreement EBITDA (B)        |                                    |                                   | 82,796  |        |       |            | (1,251 | )         |     |       | (1,740 | )       |       |   | 79,805  |       
|Less: Certain non-cash charges (C) |                                    |                                   | (2,761  | )      |       |            | (640   | )         |     |       | (1,165 | )       |       |   | (4,566  | )     
|                                   |                                    |                                   |         |        |       |            |        |           |     |       |        |         |       |   |         |       
|EBITDA, as adjusted (C)            |                                    | $                                 | 80,035  |        |       | $          | (1,891 | )         |     | $     | (2,905 | )       |       | $ | 75,239  |       
|                                   |                                    |                                   |         |        |       |            |        |           |     |       |        |         |       |   |         |       
|Second quarter 2001:               |                                    |                                   |         |        |       |            |        |           |     |       |        |         |       |   |         |       
|                                   | Income (Loss) from Operations      |                                   | $       | 43,018 |       |            | $      | (3,025    | )   |       | $      | (3,075  | )     |   | $       | 36,918 |       
|                                   | Add: Depreciation and amortization |                                   |         | 27,630 |       |            |        | 3,408     |     |       |        | 35      |       |   |         | 31,073 |       
|                                   |                                    | Dividends from equity investments |         |        |      |            |        |           |    |       |        |         | 710   |   |         |        | 710    | 
|                                   |                                    | Other non-cash charges (A)        |         |        | 1,655 |            |        |           | 309 |       |        |         | 1,457 |   |         |        | 3,421  | 
|                                   |                                    |                                   |         |        |       |            |        |           |     |       |        |         |       |   |         |       
|Credit Agreement EBITDA (B)        |                                    |                                   | 72,303  |        |       |            | 692    |           |     |       | (873   | )       |       |   | 72,122  |       
|Less: Certain non-cash charges (C) |                                    |                                   | 447     |        |       |            | (101   | )         |     |       | (1,255 | )       |       |   | (909    | )     
|                                   |                                    |                                   |         |        |       |            |        |           |     |       |        |         |       |   |         |       
|EBITDA, as adjusted (C)            |                                    | $                                 | 72,750  |        |       | $          | 591    |           |     | $     | (2,128 | )       |       | $ | 71,213  |       
|                                   |                                    |                                   |         |        |       |            |        |           |     |       |        |         |       |   |         |       
|First Six Months 2002:             |                                    |                                   |         |        |       |            |        |           |     |       |        |         |       |   |         |       
|                                   | Income (Loss) from Operations      |                                   | $       | 96,312 |       |            | $      | (13,164   | )   |       | $      | (10,816 | )     |   | $       | 72,332 |       
|                                   | Add: Depreciation and amortization |                                   |         | 53,448 |       |            |        | 6,104     |     |       |        | 5,220   |       |   |         | 64,772 |       
|                                   |                                    | Other non-cash charges (A)        |         |        | 2,671 |            |        |           | 760 |       |        |         | 1,976 |   |         |        | 5,407  | 
|                                   |                                    |                                   |         |        |       |            |        |           |     |       |        |         |       |   |         |       
|Credit Agreement EBITDA (B)        |                                    |                                   | 152,431 |        |       |            | (6,300 | )         |     |       | (3,620 | )       |       |   | 142,511 |       
|Less: Certain non-cash charges (C) |                                    |                                   | (2,734  | )      |       |            | (760   | )         |     |       | (1,976 | )       |       |   | (5,470  | )     
|                                   |                                    |                                   |         |        |       |            |        |           |     |       |        |         |       |   |         |       
|EBITDA, as adjusted (C)            |                                    | $                                 | 149,697 |        |       | $          | (7,060 | )         |     | $     | (5,596 | )       |       | $ | 137,041 |       
|                                   |                                    |                                   |         |        |       |            |        |           |     |       |        |         |       |   |         |       
|First Six Months 2001:             |                                    |                                   |         |        |       |            |        |           |     |       |        |         |       |   |         |       
|                                   | Income (Loss) from Operations      |                                   | $       | 69,327 |       |            | $      | (6,501    | )   |       | $      | (15,091 | )     |   | $       | 47,735 |       
|                                   | Add: Depreciation and amortization |                                   |         | 61,330 |       |            |        | 7,376     |     |       |        | 3,635   |       |   |         | 72,341 |       
|                                   |                                    | Dividends from equity investments |         |        |      |            |        |           |    |       |        |         | 710   |   |         |        | 710    | 
|                                   |                                    | Other non-cash charges (A)        |         |        | 5,919 |            |        |           | 411 |       |        |         | 4,190 |   |         |        | 10,520 | 
|                                   |                                    |                                   |         |        |       |            |        |           |     |       |        |         |       |   |         |       
|Credit Agreement EBITDA (B)        |                                    |                                   | 136,576 |        |       |            | 1,286  |           |     |       | (6,556 | )       |       |   | 131,306 |       
|Less: Certain non-cash charges (C) |                                    |                                   | (1,833  | )      |       |            | (203   | )         |     |       | (2,271 | )       |       |   | (4,307  | )     
|                                   |                                    |                                   |         |        |       |            |        |           |     |       |        |         |       |   |         |       
|EBITDA, as adjusted (C)            |                                    | $                                 | 134,743 |        |       | $          | 1,083  |           |     | $     | (8,827 | )       |       | $ | 126,999 |       
|                                   |                                    |                                   |         |        |       |            |        |           |     |       |        |         |       |   |         |       

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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 Credit Agreement EBITDA, as reported above. 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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