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Pregis Announces Second Quarter 2009 Financial Results

                             Pregis Holding II Corporation
                              Consolidated Balance Sheets
                                (dollars in thousands)

                                                     June 30,     December 31,
                                                       2009           2008
    Assets                                          (Unaudited)
    Current assets
      Cash and cash equivalents                       $38,801        $41,179
      Accounts receivable
        Trade, net of allowances of $5,885
         and $5,357  respectively                     124,644        121,736
        Other                                           5,504         13,829
      Inventories, net                                 82,780         87,867
      Deferred income taxes                             4,713          4,336
      Due from Pactiv                                   1,460          1,399
      Prepayments and other current assets              7,333          8,435
                                                        -----          -----
          Total current assets                        265,235        278,781
    Property, plant and equipment, net                236,347        245,124
    Other assets
      Goodwill                                        126,288        127,395
      Intangible assets, net                           39,724         41,254
      Deferred financing costs, net                     6,547          7,734
      Due from Pactiv, long-term                       13,515         13,234
      Pension and related assets                       25,908         22,430
      Other                                               424            424
                                                          ---            ---
          Total other assets                          212,406        212,471
SOURCE Pregis Corporation
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