January 2021 Investor Presentation

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January 2021

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Safe harbor

FORWARD-LOOKING STATEMENTS

• This presentation contains certain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. The words “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “aspiration,” “objective,” “project,” “believe,” “continue,” “on track” or “target” or the negative thereof and similar expressions, among others, identify forward-looking statements. All forward looking statements are based on information currently available to management. Such forward-looking statements are subject to certain risks and uncertainties that could cause events and the Company’s actual results to differ materially from those expressed or implied. Please see the disclosure regarding forward-looking statements immediately

preceding Part I of the Company’s Annual Report on the most recently filed Form 10-K. The company assumes no obligation to update any forward-looking statements.

REGULATION G

• This presentation includes certain non-GAAP financial measures like Adjusted EBITDA and other measures that exclude special items such as restructuring and other unusual charges and gains that are volatile from period to period. Management of the company uses the non-GAAP measures to evaluate ongoing operations and believes that these non-GAAP measures are useful to enable investors to perform meaningful

comparisons of current and historical performance of the company. All non-GAAP data in the presentation are indicated by footnotes. Tables showing the reconciliation between GAAP and non-GAAP measures are available at the end of this presentation and on the Greif website at www.greif.com.

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January 2021 – P.3

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Leading industrial packaging solutions provider

(1) A summary of all adjustments that are included in the Adj. EBITDA is set forth in the appendix of this presentation

Note: A reconciliation of the differences between all non-GAAP financial measures used in this presentation with the most directly comparable GAAP

financial measures is included in the appendix of this presentation.

Highlights and capabilities

• Leading product positions in

multiple packaging substrates

• Diverse geographic portfolio

(presence in 40+ countries) with

wide market reach

Differentiations

• Demonstrated commitment to

customer service and industry

partnership

• Broadest industrial packaging product

portfolio capability of fulfilling

customer needs

FY 2020 net sales by segment (%)

Rigid Industrial

Packaging & Services Paper Packaging & Services

Flexible Products & Services

Land Management

FY 2020 Adj. EBITDA

1

by segment (%)

Rigid Industrial

Packaging & Services Paper Packaging & Services

Flexible Products & Services

Land Management

FY 2020 Performance ($M)

Revenue

$4,515.0

Adj. EBITDA

1

$642.6

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Leading positions in multiple packaging substrates

Fibre

IBC

#3

Industrial

Closures

Plastic

#2 #1

Steel

#1

Flexible IBCs

Note: Ranking denotes standing in global market. Based on company estimates.

Industrial Packaging

Tube & Core

Upstream Operations

Uncoated Recycled Paperboard (URB)

Coated Recycled Paperboard (CRB)

#2

#3

#2

Recovered Fiber Group

Top 10

#1 #1

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Engaged Teams

Customer Service Excellence

Enhanced Performance

Health and Safety

• Recorded 24% fewer medical cases with 1M+ more man hours worked vs. 2019 ‒ High focus on LIFE risk identification /

mitigation

• Implemented enhanced protocols in response to COVID-19

Colleague Engagement

• Achieved 3rd _{consecutive Gallup colleague}

engagement score improvement

• Expanded Colleague Resource Groups to further advance inclusivity

Customer Satisfaction Index

• Achieved record trailing four quarter CSI performance (93.0)

Net Promoter Score

• Achieved record Net Promoter Survey score (67)

Adjusted Free Cash Flow

• FY20 Adj. FCF = $347.6M, + ~$78M vs. 2019

Sustainability

• Awarded 3rd _{consecutive gold rating by}

EcoVadis

• Awarded 3rd _{consecutive “A-” leadership}

ranking by CDP

• Launched FY21 ESG materiality assessment

Fiscal Year (FY20) highlights

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Greif’s culture is the foundation for our business

The Principles That Guide Our Business

Behaviors

Communicate

with respect,

candor, and trust

Act with the

mindset of a

champion

Model the

behaviors of a

servant leader

Think Greif first

Ethical

We can be trusted to do what is right. Greif’s Code of Conduct and Ethics guides our decisions and actions.

Strong Through

Diversity

We encourage and embrace our diversity of culture, language, location and thought. Our differences define but do not divide us; our common interests unite us. From the many,

we are one: Greif.

Serious About

Sustainability

We honor our history as we focus on our future. We use financial, natural and human

resources wisely without compromising the ability of future generations to meet their

needs.

Committed to

Continuous

Improvement

We always look for ways to make our work, our products, our services and our Company

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Who we are How we operate Why invest in Greif? Business segment overview Appendix

To safely package and protect our customers goods and materials to

serve the essential needs of communities around the world

In industrial packaging, be the best performing

customer service company in the world

Engaged Teams

Differentiated Customer Service

Enhanced Performance

• Best in class health and safety

• Top decile colleague

engagement

• Accountability aligned to value

creation

• Deliver Superior customer

experience

• Create value for our customers

through a solutions based

approach

• Earn our customers trust and

loyalty

• Value driven growth

• Margin and Free Cash

Flow expansion via the

Greif Business System

• Sustainability commitment

The Greif Business System

THE GREIF WAY

Vision Strategic Priorities Values Key Enabler Purpose

Greif’s purpose, vision and three strategic priorities

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21%

Higher profitability

17%

Higher productivity

10%

Higher customer metrics

70%

Fewer safety incidents

59%

Less turnover

41%

Lower absenteeism

28%

Less shrinkage

Strategic priority: engaged teams

Gallup Overall Engagement Score

1

3.81 3.97 4.17 3.7 3.8 3.9 4.0 4.1 4.2 2018 2019 2020 74th 55th Manufacturing sector percentile ranking ₈₉_th

Teams in the top quartile of those Gallup

1

has

studied have…

(1) According to “The Relationship Between Engagement at Work and Organizational Outcomes: 2016 Q12_{Meta- Analysis}

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January 2021 – P.11 30 40 50 60 70 80 90 100

FY15 FY16 FY17 FY18 FY19 FY20 Goal

Note: CSI is an internal measure of a plant’s or business’ performance against selected parameters that customers

experience, giving us an indication of our level of meeting our customers basic needs. Components include: customer complaints received; customer complaints open greater than 30 days; credits raised; number of late deliveries; and the number of deliveries.

Strategic priority: differentiated customer service

Customer Satisfaction Index (CSI)

5 11 23 38 72 51

Wave 10

Wave 1

Net Promoter Score (NPS)

Detractors Passive Promoters

Net Promoter Score

= 67

= 40

2

Who we are How we operate Why invest in Greif? Business segment overview Appendix

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Sharp focus on generating reliable and sustainable cash flow through cycles

Adj. Free Cash Flow over time ($M)

Strategic priority: generate sustainable Free Cash Flow

3

$0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500

FY15 FY16 FY17 FY18 FY19 FY20 Column1 FY22

Commitment

‘22 Commitment: $410 - $450M

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There is a solid link between sustainability / ESG, customer service excellence and value creation

ESG factors

Environment

Social

Governance



Enhancing/promoting circular options



Reducing scrap



Minimizing energy



Reducing GHG emissions



Reducing water usage



Reducing raw materials



Improving logistics, transportation



Improving safety



Promoting diversity / inclusion



Protecting human rights in the

workplace



Improving working conditions



Enhancing colleague training and

development



Maintaining compliance with

environmental, safety, antitrust,

antibribery and other laws



Enhancing ethics



Implementing fair business

practices

•

Improves EBITDA through higher

sales and reduced costs

•

Improves EBITDA through lower

costs and higher colleague

retention

•

Improves EBITDA by reducing

fines and compliance costs

Who we are How we operate Why invest in Greif? Business segment overview Appendix

Strategic priority: pursuing sustainability through ESG

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Targets

Recognition

Diversity & Inclusion

Waste

Responsibility

Sustainability

90%

Percent of waste diverted from landfills from all legacy Greif production facilities by

the end of FY25

Energy & Emissions

1

Water

10%

Reduction in BOD discharged in kilograms per

metric ton of production by the end of FY25

Corporate ESG

Leadership

ISS ESG

Rated Greif “Prime” status for corporate ESG performance with above sector-specific averages

CDP

Awarded Greif

“A-Leadership” ranking for third consecutive year as part of their annual climate change

assessment

Newsweek

recognized Greif on its list of America’s Most Responsible

Companies

EcoVadis

Awarded Gold Rating in sustainability performance for the third consecutive year

25%

Increase in proportion of women in management by

the end of FY25

10%

Reduction in energy and greenhouse gas (GHG)

emissions per unit of production

Strategic priority: key sustainability goals and recognition

3

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Global trends support Greif’s future growth

Trend

Details

Greif Actions

Growth of emerging economies

• Emerging economies driving

greater consumption of goods and

infrastructure

• Optimize capacity to serve increased demand

from emerging economies

Expanding influence of

sustainability and multi-use

packaging

• Paper products and plastic-based

packaging (especially IBCs) are

easily reused or recycled

• Expand IBC collection and reconditioning

network and expand paper solutions

Expansion of e-commerce

adoption

• Increasing demand for delivery in

consumer segments

• Focus on meeting demand with corrugated

and other paper products

Increasing importance of food

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Who we are How we operate Why invest in Greif? Business segment overview Appendix

• Positive demand for bulk /commodity chemicals

• Negative but improving demand for lubricants, specialty chemicals and industrial paints • Weak demand for food (poor conical season)

End markets continue to rebound from COVID-19 impact

RIPS steel drum demand has improved

-5% 0%

5% Q4 '20 Aug '20 Sep '20 Oct '20

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-5% 0%

5% Q4 '20 Aug '20 Sep '20 Oct '20

20% 25% 30% 35%

40% Q4 '20 Aug '20 Sep '20 Oct '20

• Positive demand from independent and integrated customers across range of end markets (i.e. durables, food, ag, e-commerce)

Robust demand for corrugated sheets and improving demand for tubes and cores

Solid demand seen in PPS’ converting operations

CorrChoice YoY comparison (MSF per day) IPG (tube / core) YoY comparison (units per day)

• Positive demand from construction and film

• Soft but improving demand from paper mills and metal strapping

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Disciplined capital allocation priorities are in place

Reinvesting in the business

De-levering the balance sheet

Returning cash to shareholders

 Fund maintenance to sustain the “cash

machine” and organic growth opportunities that exceed required returns

 Reduced net debt by ~$294M in FY20

 Current compliance leverage ratio =

3.66x; on track to achieve targeted leverage ratio of 2.0 – 2.5x by 2023

 Returned more than $104M to

shareholders through dividends in FY20

 Remain committed to potentially

growing dividend once target leverage ratio is achieved

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Attractive valuation relative to peer companies

Forward EV to EBITDA 2021E FCF Yield

0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x O-I Glass

International Paper Westrock Greif Berry Global Group Graphic Packaging Silgan Holdings Sonoco Products Sealed Air Packaging Corps of America Crown Holdings Avery-Dennison Aptargroup Ball 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Ball Aptargroup Crown Holdings Avery-Dennison Packaging Corps of America Silgan Holdings O-I Glass Graphic Packaging Sealed Air Sonoco Products International Paper Greif Westrock Berry Global Group

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Fiscal 2022 financial commitments updated at FQ4 2020

$M FY ‘22 Adj.EBITDA1 Free Cash FlowFY ‘22 Adj. 2

RIPS _{$314 – $341} PPS _{$437 – $477} FPS _{$28 – $38} Land _{$6 – $9} Total Company _{$785 – $865} _{$410 – $450}

XXXX

Substantial increase in Free Cash Flow on the horizon

(1) No reconciliation of the fiscal year 2022 Adjusted EBITDA, a non-GAAP financial measure which excludes gains and losses on the disposal of businesses, timberland and property, plant and equipment, acquisition costs, non-cash pension settlement charges, restructuring and impairment charges is included in this presentation because, due to the high variability and difficulty in making accurate forecasts and projections of some of the excluded information, together with some of the excluded information not being ascertainable or accessible, we are unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measure without unreasonable efforts.

(2) No reconciliation of the fiscal year 2022 Adjusted free cash flow, defined as net cash provided by (used in) operating activities, less cash paid for purchases of properties, plants and equipment, plus cash paid for acquisition-related costs, plus cash paid for debt issuance costs, plus cash paid for incremental COVID-19 costs, net, plus cash paid for acquisition-related Enterprise Resource Planning (ERP) systems, is included in this presentation because, due to the high variability and difficulty in making accurate forecasts and projections of some of the excluded information, together with some of the excluded information not being ascertainable or accessible, we are unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measure without unreasonable efforts.

Current FY2022 commitment vs. June 2019

• RIPS Adj. EBITDA increase driven product mix; portfolio optimization and greater efficiencies

• PPS Adj. EBITDA decrease driven by COVID-19 delay to operational enhancements; delayed network optimization benefit; freight / insurance cost inflation; and CPG divestiture

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Why invest in Greif?

Robust and diverse product portfolio with exposure to a

variety of end markets

Compelling customer value proposition due to demonstrated commitment

to customer service

Numerous avenues for incremental low-risk growth

and margin enhancement

Compelling dividend and opportunity for free cash

flow expansion

We have leading market positions (e.g. steel drum, fiber

drum, large plastic drum, uncoated recycled board) that

serve a variety of markets globally.

We are pursuing our vision: in industrial packaging, be the

best performing customer service company in the world.

We partner with customers to help solve their problems and

grow their businesses.

We use the Greif Business System to drive a sharp focus

on cost control and operating discipline. We employ a

risk-adjusted return process that drives capital investment. We

are growing close to the core in plastics and increasing our

containerboard integration.

We have a clear and consistent capital allocation philosophy, offer an industry leading dividend and are laser focused on generating growing

and sustainable Free Cash Flow.

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RIPS: broad product and services capability

Fibre

#1

IBC

#3

Closures

#1

Plastic

#2 #1

Steel

Note: Ranking denotes standing in global market. Based on company estimates.

Filling

Earth Minded

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Highlights and Capabilities

Differentiation

2020 Net Sales By Geography

2020 Revenue Mix

2020 Top End Markets By Revenue

• Extensive global expertise and

operational footprint

• Large product shares in steel and

fibre and fast growing IBC business

• FPS cross selling opportunities

(1)A summary of all adjustments that are included in the Adj. EBITDA is set forth in the appendix of this presentation (2)Includes packaging accessories, reconditioning, water bottles, pails and other miscellaneous

Note: A reconciliation of the differences between all non-GAAP financial measures used in this presentation with the most directly comparable GAAP

financial measures is included in the appendix of this presentation

RIPS: highlights and differentiation

• Industry’s most comprehensive

product line offering

• Ability to serve customers globally

• Differentiated customer service focus;

long tenured relationships

2020 Financials ($M)

Revenue

$2,298.9

Adj. EBITDA

1

$297.5

Adj. EBITDA margin

12.9%

Who we are How we operate Why invest in Greif? Business segment overview Appendix

Petrol Prod, Lube Oils & Adds Specialty Chemicals Bulk/Commodity Chemicals Solid Food Prod, Pastes & Ed Oils

Paints, Coatings, Inks, Adhesives

Packaging Distributors Juices & Beverage Products Agro Chemicals

Blenders, Fillers & Chem Distr.

Pharmaceutical & Personal Care

Flavours & Fragrances Other Steel Plastic Fibre IBC Filling All Other United States

Europe, Middle East and Africa

Asia Pacific and Other Americas

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RIPS: expanding reconditioning for sustainable solutions

Collection

Pickup conditions vary from plant to plant and country to country

Recycle Components

Raw materials that cannot be used are recycled for alternative purposes

Clean, Reshape, Recondition

Greif facilities clean, wash, rebottle, recondition, test and inspect as required

Reuse

Companies that reuse through reconditioning can make a more sustainable impact than recycling

Reporting

Capability to track and evaluate your carbon footprint with

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PPS: broad portfolio offering a variety of paper products

Note: Ranking denotes standing in the U.S. Based on company estimates.

Uncoated Recycled

Paperboard

#2

Coated Recycled

Paperboard

#3

Tube & Core

#2

Containerboard

C

Corrugated

Products

Recovered Fiber

Mills

Converting

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Differentiation

North

America

2020 Net Sales By Geography

End Markets

North America

PPS: highlights and differentiation

• Niche position in containerboard

• Leadership position in URB and

tubes/cores

• Unique converting capabilities

• Speed – response and lead times

• Breadth of product offerings

• Long-standing customer

relationships

• Best in class customer service

• Containerboard serves a variety of

industrial and consumer needs

• URB serves predominantly

industrial end markets

• CRB serves predominantly

consumer end markets

2020 Financials ($M)

Revenue

$1,916.9

Adjusted EBITDA

1

$306.4

Adjusted EBITDA margin

16.0%

(1)A summary of all adjustments that are included in the Adj. EBITDA is set forth in the appendix of this presentation.

Note: A reconciliation of the differences between all non-GAAP financial measures used in this presentation with the most directly comparable GAAP

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January 2021 – P.29 Transport / Logistics Procurement / Materials SG&A Other Fixed Costs Operational Enhancements

Realized synergies and FY22 estimate

Who we are How we operate Why invest in Greif? Business segment overview Appendix

PPS:

Caraustar integration proceeding on plan

Caraustar run-rate synergy detail

$0 $10 $20 $30 $40 $50 $60 $70 $80 Deal

Assumption RealizedFY19 RealizedFY20 ExpectedFY22

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Recovered

Fiber Group

Packaging Industry Various industries Folding carton and other customers

Containerboard

~1M tons

Uncoated Boxboard

~700K tons

Coated Boxboard

~200K tons

Corrugated

Network of sheet

feeders

Tubes & Cores

converting plants

across the US

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PPS: IPG benefits from diverse end markets

Top 10 Tube/core revenue by end market

1

(1)Based on FY 2020 sales

• IPG’s diversified end market revenue provides broad

exposure to US economic activity

• Tube/core market offers limited risk as paper remains

best substrate due to performance characteristics

‒ URB preferred to containerboard due to

performance, board cost and adhesive cost

‒ URB preferred to plastic due to cost, performance,

and recyclability

Who we are How we operate Why invest in Greif? Business segment overview Appendix

IPG services a diverse set of end markets with low substitution risk

Film Paper Mill Protect A Board Construction Cloth

All Other Core Yarn

Carpet & Floor Metal, Foil Strapping Roofing

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North America

FPS: global market leader with superior capabilities

Note: Ranking denotes standing in global market. Based on company estimates.

4 loop bag

1&2 loop bag

Reconditioning

Container liners

1-Loop 2-Loop

#1 #1 #1

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Differentiation

North America

2020 Net Sales By Geographies

2020 Revenue Mix

FPS: highlights and differentiation

• Leading position in highly

fragmented market

• Largest FIBC re-conditioner in the

industry

• 50/50 joint venture

• Exceptional technical capabilities

and differentiated customer service

• Unmatched global network of

production and commercial facilities

• Going to market with RIPS

(1)A summary of all adjustments that are included in Adj. EBITDA is set forth in the appendix of this presentation

Note: A reconciliation of the differences between all non-GAAP financial measures used in this presentation with the most directly comparable

GAAP financial measures is included in the appendix of this presentation

2020 Financials ($M)

Revenue

$272.9

Adj. EBITDA

1

$26.8

Adj. EBITDA margin

9.8%

Who we are How we operate Why invest in Greif? Business segment overview Appendix

1 & 2 Loop 4 Loop All Other United States

Europe, Middle East and Africa

Asia Pacific and Other Americas

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January 2021 – P.35 $0 $200 $400 $600 $800 $1,000 $1,200 2021 2022 2023 2024 2025 2026 2027

7.375% Senior Notes - 2021¹ US Revolver - FY 2024 Asset Securitization Other 6.50% Senior Notes - 2027 Term Loan A-1 Term Loan A-2

Debt schedule as of 10/31/2020 ($M)

Solid balance sheet with anticipated interest savings

Anticipate significant interest

expense savings in H2 2021 from locked in refinancing of below 3%

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Operationalizing sustainability

Advancing and embedding circular economy principles in our business

GREIF Recovered Fiber Collection Center

DISTRIBUTION Internal and External

Collected Fiber GREIF Recycled Paperboard Manufacturing CONSUMER INTERNAL AND EXTERNAL CUSTOMERS GREIF Converted Products;

Cores, and Other Paperboard Products

CONVERTING Internal and External Recycled Paperboard RECYLABLE WASTE

EXTERNAL CONVERTERS

Net positive recycler in Paper Packaging

Rigid and Flexible Packaging highlights

35+

Reconditioning facilities in North America and Europe

4.5 mil.

Containers reconditioned and recycled in 2019

63%

Reduction in emissions from rebottling with a reconditioned

vs. new 15kg IBC

100%

Scrap from internal production reused to make new plastic products

75%

Scrap from internal production reused to make new flexible

products

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GAAP to Non-GAAP Reconciliation:

Reconciliation of Operating Profit to Adjusted EBITDA $Millions

(12)_{Adjusted EBITDA is defined as net income, plus interest expense, net, plus income tax expense, plus depreciation, depletion and amortization expense, plus}

restructuring charges, plus acquisition-related costs, plus non-cash impairment charges, plus incremental COVID-19 costs, net, plus non-cash pension settlement (income) charges, less (gain) loss on disposal of properties, plants, equipment and businesses, net. However, because the Company does not calculate net income by segment, this table calculates adjusted EBITDA by segment with reference to operating profit by segment, which, as demonstrated in the table of consolidated adjusted EBITDA, is another method to achieve the same result.

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GAAP to Non-GAAP Reconciliation:

Adjusted Free Cash Flow(1)

$Millions

(in millions) 2015 2016 2017 2018 2019 2020

Net cash provided by operating activities $ 206.3 $ 301.0 $ 305.0 $ 253.0 $ 389.5 $ 454.7 Cash paid for purchases of properties, plants and equipment (135.8) (100.1) (96.8) (140.2) (156.8) (131.4)

Free Cash Flow $ 70.5 $ 200.9 $ 208.2 $ 112.8 $ 232.7 $ 323.3 Cash paid for acquisition-related costs - - - 0.7 29.7 17.0 Cash paid for debt issuance costs - - - - 5.1 -Cash paid for incremental COVID-19 costs, net - - - 2.6 Cash paid for acquisition-related ERP systems - - - - 0.3 3.3 Additional U.S. pension contribution - - - 65.0 - -Free cash flow from Venezuela operations 9.9 - - - -

-Adjusted Free Cash Flow $ 80.4 $ 200.9 $ 208.2 $ 178.5 $ 267.8 $ 346.2

Twelve Months Ended October 31,

(1)_{Adjusted free cash flow is defined as net cash provided by (used in) operating activities, less cash paid for purchases of properties, plants and equipment, plus cash paid}

for acquisition-related costs, plus cash paid for debt issuance costs, plus cash paid for incremental COVID-19 costs, net, plus cash paid for acquisition-related ERP systems, plus the additional one-time $65.0 million contribution made by the Company to its U.S. defined benefit plan (the “additional U.S. pension contribution”) during the third

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GAAP to Non-GAAP Reconciliation:

Adjusted Free Cash Flow(1)

$Millions

(1)Adjusted free cash flow is defines as net cash provided by operating activities, plus cash paid for acquisition-related costs, plus cash paid for debt issuance costs, less cash paid for purchases of properties, plants and equipment.

(2)Cash paid for debt issuance costs is defined as cash payments for debt issuance related expenses included within net cash used in operating activities.

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Q4 Price, Volume and Foreign Currency Impact to Net Sales for Primary Products:

RIPS NA -8.2% -2.9% -0.4% -11.5% ($16.4) ($5.8) ($0.8) ($22.9) RIPS LATAM -2.9% 0.7% -16.6% -18.8% ($1.1) $0.3 ($6.6) ($7.5) RIPS EMEA -0.6% -4.2% 1.4% -3.4% ($1.5) ($11.1) $3.6 ($9.0) RIPS APAC 9.8% -4.6% 2.8% 8.0% $4.9 ($2.3) $1.4 $4.0 RIPS Segment -2.6% -3.4% -0.4% -6.4% ($14.2) ($18.8) ($2.4) ($35.4) PPS Segment 8.0% -2.4% 0.0% 5.6% $35.7 ($10.6) $0.0 $25.0 FPS Segment -0.2% 1.7% 2.7% 4.2% ($0.2) $1.2 $1.8 $2.8 PRIMARY PRODUCTS 2.3% -2.5% 0.0% -0.3% $24.5 ($26.8) ($0.5) ($2.8)

RECONCILIATION TO TOTAL COMPANY NET SALES

-38.2% ($63.3)

TOTAL COMPANY -5.7%

($70.8)

NON-PRIMARY PRODUCTS

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Fiscal 2022 financial commitments assumptions

Who we are How we operate Why invest in Greif? Business segment overview Appendix

• Net sales will be approximately $5.0B in FY22 reflecting a 2018 like economy with the impacts of both the COVID-19 pandemic and the industrial recession in place pre-COVID fully behind us

• Raw material costs increase slightly against current indices in the markets in which we participate; assume OCC cost range of $35/ton -$75/ton (midpoint = $55/ton)

• Raw material price changes are passed to customers through price adjustment mechanisms in contracts or otherwise with customary delay in our RIPS and FPS businesses

• FX rates flat to FY21 rates

• DD&A to increase to $250M - $260M by FY22 • Annual other expense to be $5M in FY22 • Cash taxes paid to be $65M - $75M in FY22

• Interest expense is calculated to be $90M - $95M by FY22 based on debt pay down • OWC is a use of cash in FY22 as a result of higher sales

• Annual CapEx to range between $150M – $170M

• Synergies of $70M to be realized by FY22 ($10M increase vs 2019 investor day assumption) • Acquisitions or divestitures not contemplated in targets

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