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Pactiv Announces Expiration and Final Results of the Change of Control Offer for Its 5.875% Notes Due 2012

Tuesday 07. December 2010 - Pactiv Corporation ("Pactiv"), an indirect wholly-owned subsidiary of Reynolds Group Holdings Limited ("Reynolds Group"), announced today that its offer to purchase for cash any and all of its outstanding 5.875% Notes due 2012 (the "2012 Notes") expired at 8:00 a.m. New York City time on December 6, 2010.

As of that time, holders of approximately $698,000 of aggregate principal amount of 2012 Notes had validly tendered their 2012 Notes. Pactiv will accept the tendered 2012 Notes for settlement on December 7, 2010, and pay the purchase price for the tendered 2012 Notes at that time. The 2012 Notes purchased in the tender offer will be canceled.
The completion of the tender offer for the 2012 Notes satisfies Pactiv’s obligations under the indenture governing the 2012 Notes (the “2012 Indenture”) to make a change of control offer following a “Change of Control Triggering Event” (as defined in the 2012 Indenture).
This news release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell Pactiv’s 2012 Notes. The change of control offer for Pactiv’s 2012 Notes was made only pursuant to the Notice of Change of Control and Offer to Purchase statement, letter of transmittal and related materials that Pactiv previously distributed to noteholders.