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Pactiv and Reynolds Clear Waiting Period for Proposed Merger

Lake Forest, Illinois, USA, and Auckland, New Zealand, 23 September 2010 – Pactiv Corporation (NYSE: PTV), a leader in the consumer and foodservice packaging markets, and Reynolds Group Holdings Limited, a leading global manufacturer and supplier of consumer food and beverage packaging and storage products, today announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, relating to Reynolds Group’s proposed merger with Pactiv, has expired, thereby satisfying a condition to the closing of the transaction. Completion of the transaction remains subject to other customary closing conditions, including approval by Pactiv’s stockholders and foreign regulatory approvals. The transaction is expected to close by the end of 2010.

In connection with the proposed merger, Pactiv filed a preliminary proxy statement with the Securities and Exchange Commission (SEC) on 30 August 2010. The preliminary proxy statement is not yet final and will be amended. The definitive proxy statement in connection with the proposed merger will be mailed to the stockholders of Pactiv. The preliminary proxy statement, the definitive proxy statement (when it becomes available), other relevant materials (when they become available), and any other documents filed by Pactiv with the SEC, may be obtained, without charge, from the SEC’s Web site at www.sec.gov or by request to Pactiv Corporation, Attention Corporate Secretary, 1900 W. Field Court, Lake Forest, IL 60045; 866-456-5439; www.pactiv.com.

Pactiv Corporation (NYSE: PTV) is a leader in the consumer and food service/food packaging markets it serves. With 2009 sales of USD 3.4 billion, Pactiv derives more than 80% of its sales from market sectors in which it holds the No. 1 or No. 2 market-share position. Pactiv’s products include waste bags, slider storage bags, disposable tableware, and disposable cookware. Pactiv’s foodservice/food packaging offering is one of the broadest in the industry, including both custom and stock products in a variety of materials. For more information, visit www.pactiv.com.

Reynolds Group is a leading global manufacturer and supplier of consumer food and beverage packaging and storage products and operates through five primary segments: Reynolds Consumer, Reynolds Foodservice, SIG, Evergreen, and Closures. Reynolds Group is based in Auckland, New Zealand. Additional information regarding Reynolds Group is available at www.reynoldspkg.com.


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