Packaging

Pactiv Announces Extension of the Tender Offer and Consent Solicitation for Its 6.400% Notes Due January 15, 2018

Wednesday 03. November 2010 - Pactiv Corporation (NYSE: PTV), a leader in the consumer and foodservice packaging markets, announced today that it was extending the expiration time of its cash tender offer and consent solicitation relating to its 6.400% Notes due 2018 (the "2018 Notes"). The tender offer and consent solicitation for Pactiv’s 2018 Notes, which had been scheduled to expire at 8:00 a.m. New York City time on November 2, 2010, will now expire at 5:00 p.m. New York City time on November 14, 2010, unless extended or earlier terminated.

The terms of the tender offer and consent solicitation otherwise remain as set forth in the offer to purchase and consent solicitation statement that Pactiv previously distributed to the holders of the 2018 Notes.

As of 8:00 a.m., New York City time, on November 2, 2010, holders of (i) approximately $233,295,000 of aggregate principal amount of 2018 Notes had validly tendered their 2018 Notes with the related consents delivered and (ii) approximately $385,000 of aggregate principal amount of 2018 Notes had validly delivered their consents without tendering their 2018 Notes.

The tender offer and consent solicitation for Pactiv’s 2018 Notes is being conducted in connection with the pending acquisition of Pactiv by Reynolds Group Holdings Limited (“Reynolds Group”). The tender offer and consent solicitation for Pactiv’s 2018 Notes is conditioned on consummation of the merger transaction, which is itself subject to customary closing conditions, including approval by Pactiv’s stockholders. The special meeting of Pactiv stockholders to consider and vote upon a proposal to adopt the merger agreement with Reynolds Group and approve the transactions contemplated thereby will be held on November 15, 2010.

As Pactiv intends for the date of settlement to coincide with the closing of the merger transaction, Pactiv will extend the expiration time for the tender offer and consent solicitation for its 2018 Notes and, consequently, the final acceptance date for tenders as necessary for this to occur.

Pactiv reserves the right to terminate or amend in any respect the tender offer and consent solicitation for its 2018 Notes.

Pactiv has engaged Credit Suisse Securities (USA) LLC (“Credit Suisse”) as Dealer Manager for the tender offer and as Solicitation Agent for the consent solicitation. Persons with questions regarding the tender offer and consent solicitation for the Pactiv 2018 Notes should contact Credit Suisse at (800) 820-1653 (toll free) or (212) 538-2147 (collect). Requests for copies of the offer to purchase and consent solicitation statement or other tender offer materials may be directed to D.F. King & Co., Inc., the Information Agent, at (800) 714-3312 (toll free) or (212) 269 5550 (collect).

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 6.400% Notes due 2018. The tender offer and consent solicitation for Pactiv’s 2018 Notes is being made only pursuant to the offer to purchase and consent solicitation statement, consent and letter of transmittal and related materials that Pactiv previously distributed to noteholders. Noteholders and investors should read carefully the offer to purchase and consent solicitation statement, consent and letter of transmittal and related materials because they contain important information, including the various terms of and conditions to the tender offer and consent solicitation for Pactiv’s 2018 Notes.