Pregis Announces First Quarter 2008 Financi...(3 (147) Effe...),Health

Effect of exchange rate

changes on cash

and cash equivalents 2,008 641

Increase in cash and

cash equivalents 7,522 25,769

Cash and cash

equivalents, beginning

of period 34,989 45,667

Cash and cash

equivalents, end of

period $42,511 $71,436

Pregis Holding II Corporation

Supplemental Information

(Unaudited)

Calculation of Adjusted EBITDA ("Consolidated Cash Flow")

Twelve Months Ended March 31,

(dollars in thousands) 2008 2007

Net loss of Pregis Holding II

Corporation $(10,298) $(4,235)

Interest expense, net of interest

income 46,044 43,592

Income tax expense 6,766 8,220

Depreciation and amortization 56,663 53,219

EBITDA 99,175 100,796

Other non-cash charges (income):

Unrealized foreign currency

transaction gains, net (5,061) (6,274)

Non-cash stock based compensation

expense 663 127

Non-cash asset impairment charge 403 -

Impact attributable to application

of purchase accounting - 258

Net unusual or nonrecurring gains or

losses:

Non
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