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Packaging Holdings Names Marc Shore as CEO, Looking for Acquisitions

Press release from the issuing company

NEW YORK--June 13, 2005-- Packaging Holdings, Inc., announced today that Marc Shore has joined as Chief Executive Officer. Packaging Holdings serves as Bear Stearns Merchant Banking's specialty printing investment vehicle and owns The John Henry Company, a manufacturer of pharmaceutical as well as horticulture and floral products and packaging. In addition, Packaging Holdings announced the formation of a new media division, to be known as Multi Packaging Solutions ("MPS"). MPS will focus on the multimedia industry, which includes packaging and design for the music, movie, video game and computer software markets. "Marc's experience and reputation are well known throughout the packaging industry. As we continue to expand this business, Marc's leadership will be invaluable to the organization," said Phil Carpenter, Managing Director of Bear Stearns Merchant Banking. "His expertise will help drive our expansion into specialty packaging for home entertainment and personal care products." Packaging Holdings will continue to support John Henry's growth strategy while seeking to acquire suppliers of printed materials for media and consumer product end markets. Acquisitions and facility expansions will be funded by Packaging Holdings' existing investor group, which is led by Bear Stearns Merchant Banking's $1.5 billion private equity fund. "I'm excited to be partnering with Bear Stearns Merchant Banking, which has a proven track record of success with growth-oriented companies," said Marc Shore. "I look forward to working with John Henry's management team and identifying new investment opportunities in the multimedia, pharmaceutical and consumer categories." Mr. Shore's experience stems from his 27 years at Shorewood Packaging, where he was appointed President in 1993 and then CEO and Chairman in 1995. Shorewood, a leading manufacturer of premium packaging, was sold to International Paper in 2000, where Mr. Shore continued as an officer from 2000 until 2004. During his tenure at Shorewood, Mr. Shore developed the business to include international operations covering the United States, Canada, Europe and China. Shorewood was the largest independent packaging company in the country until its acquisition by International Paper.