LAKE FOREST, Ill. – July 17, 2006 – Pactiv Corporation (NYSE: PTV) today announced that its board of directors has increased its share repurchase authorization by 10 million shares of its common stock. This new authorization, coupled with the remainder of the prior authorization, brings the total shares that can be repurchased to 12.1 million. Stock purchases will be made from time to time, based on market conditions, and the shares may be purchased in open market or privately negotiated transactions. The repurchased shares will be held in Treasury and used for general corporate purposes. In the first half of the year the Company repurchased 5.7 million shares.

This press release includes certain “forward-looking statements” such as “will be made from time to time” and “will be... used for general corporate purposes.” These statements are based on management’s current reasonable and good faith expectations. A variety of factors may cause actual results to differ materially from these expectations. More detailed information about these and other factors is contained in the Company’s Annual Report on Form 10-K at page 59 filed with the Securities and Exchange Commission as revised and updated by Forms 10-Q and 8-K as filed with the Commission.

Pactiv Corporation is a leading producer of specialty packaging products for the consumer and foodservice/food packaging markets. With sales of $2.8 billion, Pactiv has one of the broadest product lines in the specialty packaging industry and derives more than 80 percent of its sales from market sectors in which it holds the No. 1 or No. 2 market-share position. For more information about Pactiv, visit the company’s web site at www.pactiv.com.