Graham Packaging Company, L.P. and GPC Capital Corp. I Provide Update on Status of Tender Offer for Subordinated Notes

Graham Packaging Company Inc.

announced today that its wholly-owned subsidiaries Graham Packaging Company, L.P. and GPC Capital Corp. I, do not currently intend to further extend the Expiration Time (as defined in the Statement referred to below) of the previously announced tender offer for any and all of their 9.875% Senior Subordinated Notes due 2014 (the "Subordinated Notes") set forth in the Offer to Purchase and Consent Solicitation Statement dated July 6, 2011, as supplemented by Supplement No. 1 dated July 18, 2011 and the press release dated August 4, 2011, unless a significant amount of additional tenders, as determined in the Issuers' sole discretion, are received prior to the currently scheduled Expiration Time of 5:00 p.m., New York City time, on August 19, 2011. If the Expiration Time is not extended, the Issuers intend to waive the Merger Transaction Condition (as defined in the Statement) and accept for purchase Subordinated Notes that were validly tendered (and not validly withdrawn) prior to the Expiration Time and to accept for payment Consents that were validly delivered (and not validly revoked) prior to the Early Tender/Consent Deadline (as defined in the Statement). If the Expiration Time is not extended, the Issuers will fund the purchase of the tendered Subordinated Notes with proceeds of a new senior subordinated note to be issued to Reynolds Group Holdings Limited ("RGHL") or one of its affiliates in a principal amount equal to the aggregate principal amount of Subordinated Notes being purchased by the Issuers in the Offer (as defined in the Statement) plus additional funds provided by RGHL (as defined in the Statement) or one of its affiliates. Accrued and unpaid interest on the Subordinated Notes being purchased will be paid out of cash on hand.