CANAL 8-K This presentation includes forward-looking statements that are made pursuant to the safe harbor provisions of the Private

1

Chesapeake Corp.

Chesapeake Corp.

Lender Presentation

Lender Presentation

August 9, 2006

August 9, 2006

Exhibit 99.1

2

Disclaimer

This presentation includes forward-looking statements that are made pursuant to the safe harbor provisions of the Private

Securities Litigation Reform Act of 1995. Changes in the following important factors, among others, could cause Chesapeake’s

actual results to differ materially from those expressed in the forward-looking statements:  the Company’s inability to realize the full

extent

of

the

expected

savings

or

benefits

from

the

cost

savings

program

and

to

complete

such

activities

in

accordance

with

its

planned timetable and within expected cost range; competitive products and pricing; production costs (particularly for raw

materials such as folding carton and plastics materials); fluctuations in demand; possible recessionary trends in U.S. and global

economies; governmental policies and regulations; interest rates; currency translation movements; the ability of the Company to

remain in compliance with its debt covenants; and other risks that are detailed from time to time in reports filed by the Company

with the Securities and Exchange Commission.

This presentation speaks only as of the date of this presentation and Chesapeake assumes no obligation to update the

presentation.  Users of the presentation are advised to review public disclosure by Chesapeake subsequent to the date of this

presentation.

Non-GAAP Financial Measures

Chesapeake defines Adjusted EBITDA as income from continuing operations before interest, income taxes, depreciation,

amortization

and

gains

or

losses

on

divestitures

and

on

sales

of

non-strategic

land,

restructuring

expenses,

asset

impairments

and

other exit costs. Normalized Adjusted EBITDA is defined as Adjusted EBITDA further adjusted by the effects of changes in foreign

currency rates, increases in pension expense and the historical results of the Company’s French luxury packaging business that

was sold in July 2006.  Adjusted EBITDA and Normalized Adjusted EBITDA are not a measure of performance defined by GAAP

and

should

not

be

considered

in

isolation

or

as

a

substitute

for

net

income

or

cash

flows

from

operating

activities,

which

have

been

prepared

in

accordance

with

GAAP.

We

believe

Adjusted

EBITDA

and

Normalized

Adjusted

EBITDA

provide

useful

information

regarding our ability to service our debt and are used by investors and analysts to evaluate companies within the packaging

industry. Adjusted EBITDA may be adjusted for certain cash and non-cash charges to determine compliance with certain financial

covenants under our senior credit facility. Adjusted EBITDA and Normalized Adjusted EBITDA, as presented, may not be

comparable to the calculation of similarly titled measures reported by other companies.  Reconciliations of these measures to

income (loss) from continuing operations before interest, extinguishment of debt and taxes (EBIT) are presented herein.

3

Wachovia Securities

Welcome Address

Andrew Kohut

Company Overview

CEO & President

Market Overview

Joel Mostrom

Historical Financial Summary

Senior Vice President & CFO

Cash Flow & Profitability Initiatives

Management Team

Conclusion / Q&A

Wachovia Securities

Credit Facilities

Candace Formacek

Forecast Financial Summary

Treasurer

Agenda

4

Company Overview

5

•

A leading supplier of value-added, specialty paperboard packaging in

Europe

•

A leading supplier of specialty plastic packaging products to niche end-

use markets

•

Focus on higher growth, lower cyclicality end-use markets that require

rigorous process & quality control, brand positioning and product

differentiation

•

Strategically located facilities and long-standing customer relationships

with globally recognized companies

•

Existing platform and recent expansions into North America and emerging

markets provide organic growth opportunities

Business Summary

6

A Leading Producer of Value-Added,

Specialty Packaging Products

Paperboard Packaging

Plastic Packaging

Revenue Contribution:

83% of FY 2005 Revenue

17% of FY 2005 Revenue

Products & Services:

Folding cartons, booklets, leaflets,

HDPE bottles, closures and

labels, composite tubes, rigid set-up

containers; PET bottles, closures,

boxes and vacuum-formed packaging

containers and preforms

Markets Served:

Pharmaceutical and healthcare;

Agrochemicals and other specialty

branded products such as alcoholic

chemicals; food and beverage

drinks, confectionaries, cosmetics,

and fragrances; tobacco

Manufacturing Facilities:

40 Locations

8 Locations

Competitive Strengths:

- Market leader

- Leader in niche markets

- Extensive manufacturing network

- Proprietary technology

- Blue chip customer base

- Innovative product solutions

- Preferred supplier status

- Innovative product solutions

7

Note: Based on estimated 2004 sales value of production

Source:  Company estimates / Packaging Focus Ltd.

A Leading W. European Paper-based

Specialty Packaging Company

Sales -

$ in millions

0

100

200

300

400

500

600

700

800

900

Graphic Packaging

Reno de Medici

Edelmann

Amcor

A&R

VGB

MY Holdings

MeadWestvaco

Chesapeake

Mayr Melnhof

Folding Cartons

Labels and Leaflets

8

Broad Specialty Packaging

Portfolio

9

Innovative, Design Focused

Packaging Solutions

•

Partnered with GlaxoSmithKline in

creating an innovative design

combining shelf appeal, protective

and informative packaging, and

compatibility with high-speed

packing lines

•

Winner of Pharmapack Exhibition

“Selection Specially du Jury”

award

Our award winning design teams work with customers to develop innovative

solutions for technically demanding or brand focused packaging applications

•

Created a striking six-color

transparent gift carton, providing

strong shelf impact in a highly

competitive environment

•

Pioneered groundbreaking, patent-

pending technology to produce a

polypropylene carton able to

support the requirements of global

brands in a wide range of markets

•

Produced a “Fairy Tale”

vodka pack

that utilized a distinctive thematic

approach  and unique construction,

consisting of five machined and

hand-glued units

•

Winner of a 2006 Silver Starpack

Award and top honors in the

Creative Cartonboard Packaging –

Non Food Category

10

Diversified Across Markets &

Geographies

2005 Sales by Market

2005 Sales by Geography

Pharma-

Healthcare 36%

Plastics

17%

Tobacco

13%

United Kingdom

52%

Other

4%

Belgium

6%

Ireland

8%

Germany

12%

United States

3%

France

11%

2005 Revenues $1.04 Billion

34%

Branded Products

(Alcoholic Drinks,

Confectioneries &

Cosmetics)

South Africa

4%

11

Long-Standing Relationships

with Blue Chip Customers

12

Why We Are Successful

Comprehensive Design Expertise

Broad Network of State-of-the-Art Facilities &

Long-term Customer Relationships

Leading Positions in Western Europe End-Use Markets

Significant investment in design capabilities

Collaborative design relationship with customers

48 sector-focused, efficient manufacturing facilities

Strategically located near key customers

Average relationship with top 10 customers > 30 years

A primary paperboard packaging manufacturer for many customers

+

=

Leading positions in markets with technical and brand-focused packaging

requirements

#1 in paper-based Pharma/Healthcare, a leader in Branded Products and

Tobacco, as well as a leader in niche HDPE and PET markets

13

Market Overview

14

Pharmaceuticals &

Healthcare Market

Customer Requirements/Needs:

•

Comprehensive design services

•

Special packaging features

•

Reduced delivery times

•

Flexibility in order size

•

Broader geographic coverage

•

Rigorous process and quality

standards

•

Text integrity

Key Demand Drivers:

•

Increasing use of lifestyle drugs

•

Aging population

•

Increasing OTC drug sales

•

Information disclosure

requirements

•

Anti-counterfeiting legislation

and requirements

Attractive Demand

Prospects

Well Positioned to Meet

Market Trends

Opportunities:

•

North America

•

Emerging markets

CSK’s Market Position:

•

Leading position in Western Europe

•

26 dedicated manufacturing facilities

across 8 countries

36%

15

Branded Products

Market

Attractive Demand

Prospects

Well Positioned to Meet

Market Trends

Customer Requirements/Needs:

•

Brand positioning/differentiation in

discerning global markets

•

Multi-substrate capabilities

•

Consistent image/anti-counterfeiting

•

Exceptional print/finishing

techniques

•

Large scale international product

launches/re-launches/range-

extensions

Key Demand Drivers:

•

Increased consumer marketing

focus on promotional

packaging

•

Greater demand for anti-

counterfeiting as more

products are shipped to

developing countries

Opportunities:

•

Eastern Europe

34%

CSK’s Market Position:

•

A leading position in Western

Europe for alcoholic drinks and

confectioneries

16

Tobacco Market

Attractive Demand

Prospects

Well Positioned to Meet

Market Trends

Customer Requirements/Needs:

•

Supplier rationalization

•

Shift from soft to hard pack

•

Advertising restrictions lead to

point-of-sale differentiation

•

Increased government healthcare

warnings

•

High speed gravure printing,

embossing and gold leaf

processes

Key Demand Drivers:

•

Good growth projected in

developing countries

•

Low/negative growth in

industrialized countries

Opportunities:

•

Eastern Europe

•

Far East

13%

CSK’s Market Position:

•

A leading position in Western

Europe

17

Plastics Market

Attractive Demand

Prospects

Well Positioned to Meet

Market Trends

Customer Requirements/Needs:

•

Lighter weight containers for

agrochemicals and other specialty

chemicals with superior barrier

characteristics

•

Innovative designs for plastic

beverage bottles

Key Demand Drivers:

•

Increased soft drink and

mineral water consumption

•

Barrier containers for

agrochemicals and other

specialty chemicals

•

Substitution of plastic for glass

bottles and aluminum cans

Opportunities:

•

Expansion in emerging markets

•

Supply-chain synergies with

Pharma/Healthcare customers

17%

CSK’s Market Position:

•

Largest manufacturer of HDPE

fluorinated barrier containers for

niche agrochemicals and milk bottles

in Ireland

•

A leading position in PET soft drink

bottles and preforms in South Africa

18

#1 Focus is to Increase Cash

Flow & Profitability

Cost Savings Program

-

$25 million

Organic Growth

-

Worldwide

pharmaceutical packaging demand

expected to grow 5% per year to 2009,

CSK position with top 20 Pharmaceutical

customers

Strategic Initiatives

-

Arlington Press,

South Africa, China

Increased

Cash Flow

& Profitability

Cost of Capital

-

Refinancing resulting in

$3 million plus in annual interest savings

Proactive Management of Legacy

Pension Obligations

19

Historical Financial

Summary

20

Key Financial Highlights

•

CSK financial performance from 2002 -

2004

–

Reported revenue, gross profit and Adjusted EBITDA increased annually

–

Cash flow from operations increased at a 35% CAGR

–

Debt was reduced by $62.5 million

•

Financial performance has declined in 2005 and YTD 2006

–

The decline in profitability is primarily tied to macroeconomic factors, including

oversupply in Western Europe, increased pension expense and increased energy /

resin costs

–

CSK has maintained a market leadership across its markets

–

CSK is in process of implementing a cost reduction initiative, as well as other

initiatives to improve financial performance

•

#1 priority is to increase cash flow and profitability

21

Reported Historical Financial

Summary

Historical Financial Summary

($  in millions)

Fiscal Year End

LTM

2002

2003

2004

2005

7/2/2006

Total Net Sales

$781.8

$885.6

$1,031.7

$1,042.0

$1,012.7

% Growth

n/a

13.3%

16.5%

1.0%

n/a

Total Gross Profit

141.8

163.4

173.3

176.5

169.8

% Margin

18.1%

18.5%

16.8%

16.9%

16.8%

Adjusted EBITDA

106.9

110.7

108.9

104.4

98.9

% Margin

13.7%

12.5%

10.6%

10.0%

9.8%

Cash Flow From Operations

51.1

80.0

93.1

44.6

34.5

Capital Expenditures

51.2

52.4

35.5

38.3

42.8

Cash

15.7

11.9

54.3

8.7

6.7

Senior Debt

306.9

286.6

149.7

190.6

209.7

Subordinated Debt

184.5

200.3

279.2

242.3

251.9

Total Debt

491.4

486.9

428.9

432.9

461.6

Net Debt

475.7

475.0

374.6

424.2

454.9

Shareholders' Equity

476.6

570.1

712.2

295.3

298.2

Total Debt to Adjusted EBITDA

4.60x

4.40x

3.94x

4.15x

4.67x

(1)

Senior Debt to Adjusted EBITDA

2.87x

2.59x

1.37x

1.83x

2.12x

Net Debt to Adjusted EBITDA

4.45x

4.29x

3.44x

4.06x

4.60x

Interest Coverage

2.40x

2.62x

2.94x

3.15x

2.82x

(1)

Total leverage based on credit agreement methodology is 4.44x

•

Adjusted

EBITDA

is

a

non-GAAP

measure

and

is

defined

as

income

from

continuing

operations

before

interest,

income

taxes,

depreciation,

amortization

and

gains

(losses)

on

divestitures

and

on

sales

of

non-strategic

land,

restructuring

expenses,

asset

impairments

and

other

exit

costs.

Reconciliation

of

this

measure

to

EBIT

is

presented

herein.

22

Paperboard Business Segment

Revenue

Adjusted EBITDA

•

Adjusted

EBITDA

is

a

non-GAAP

measure

and

is

defined

as

income

from

continuing

operations

before

interest,

income

taxes,

depreciation,

amortization

and

gains

(losses)

on

divestitures

and

on

sales

of

non-strategic

land,

restructuring

expenses,

asset

impairments

and

other

exit

costs.

Reconciliation

of

this

measure

to

EBIT

is

presented

herein.

$753.4

$864.7

$860.2

$846.5

$0

$250

$500

$750

$1,000

FY '03

FY '04

FY '05

LTM 7/2/06

Based on 2003 exchange rates

FX Impact

$90.5

$96.6

$104.0

$99.0

$0

$30

$60

$90

$120

FY '03

FY '04

FY '05

LTM 7/2/06

Based on 2003 exchange rates

FX Impact

23

Plastics Business Segment

Revenue

Adjusted EBITDA

•

Adjusted

EBITDA

is

a

non-GAAP

measure

and

is

defined

as

income

from

continuing

operations

before

interest,

income

taxes,

depreciation,

amortization

and

gains

(losses)

on

divestitures

and

on

sales

of

non-strategic

land,

restructuring

expenses,

asset

impairments

and

other

exit

costs.

Reconciliation

of

this

measure

to

EBIT

is

presented

herein.

$166.2

$181.8

$167.0

$132.2

$0

$50

$100

$150

$200

FY '03

FY '04

FY '05

LTM 7/2/06

Based on 2003 exchange rates

FX Impact

$24.3

$24.6

$22.6

$26.0

$0

$8

$16

$24

$32

FY '03

FY '04

FY '05

LTM 7/2/06

Based on 2003 exchange rates

FX Impact

24

Normalized Performance

•

Normalized Adjusted EBITDA is a non-GAAP measure and is defined as Adjusted EBITDA further adjusted by the effects of

changes in foreign currency rates, increases in pension expense and the historical results of the Company’s French luxury

packaging business that was sold in July 2006.  Reconciliation of this measure to EBIT is presented herein.

Normalized Performance

($ in millions)

Fiscal Years Ended

LTM

2003

2004

2005

7/2/2006

Adjusted EBITDA

$110.7

$108.9

$104.4

$98.9

Foreign exchange impact

(1)

-

(12.8)

(12.2)

(9.0)

Pension increase over 2003

(1)

-

4.2

9.2

12.8

French luxury packaging (income) loss

(1)

(0.5)

2.4

1.4

1.0

Normalized Adjusted EBITDA

$110.2

$102.7

$102.8

$103.7

(1)

Based on 2003 exchange rates

25

Proactive Management of

Legacy Pension Obligations

•

Proactive management of legacy obligations

•

US Plan benefits frozen 12/05, UK Plan frozen to new entrants 12/05

•

Reduced UK benefits level for new entrants in 2004

•

Increased UK employer and employee contribution rates in 2004

•

Rising discount rates reduce future expense and funding estimates

•

25 bps change impacts deficit by $26 million

•

Incremental total funding in 2004-2006 of $35 million improves plan

deficit funding levels

Summary of Retirement Benefit (DB, DC and Retiree Medical) Funding and Expense

($ in millions)

2003

2004

2005

2006(E)

Expense

$7

$12

$18

$25

Funding

$19

$21

$28

$34

26

Cash Flow &

Profitability Initiatives

27

Cost Savings Initiative

•

Publicly announced $25 million annual cost savings initiative

–

Two year implementation period: 2006 -

2007

–

Estimated cost of $30 -

$40 million pre-tax

•

Sale or closure of underperforming / underutilized assets

•

General workforce reduction

•

Process improvement and overhead reduction

•

CSK’s management incentive program is linked to the success of the cost

savings initiative / earnings improvement

28

Cost Savings Initiative:

Progress to Date

•

Completed the closure of the Birmingham facility (food and household) in April 2006

–

Severance benefits have been paid to approximately 190 employees

•

Sold the Lurgan facility (food and beverage) in March 2006

–

Facility not viewed as a strategic fit

•

In process of closing the Bedford facility (pharmaceutical and healthcare) with an

estimated closure completion in 2H 2006

–

Severance benefits to be paid in 2006 to approximately 87 employees

•

Completed the closure of the Ezy-sure-Eure facility (luxury packaging) in May 2006

–

Severance benefits to be paid in 2006 to approximately 44 employees

•

Company-wide workforce reduction initiatives throughout the first half of 2006

•

Sold what remained of French luxury packaging business in July 2006

•

Approximately $14 million in annualized pre-tax savings associated with announced

initiatives

29

Cost Savings Initiative:

On-going and Future Initiatives

•

On-going and future initiatives include:

–

Additional Facility Rationalizations

–

Additional Workforce Reduction

–

Additional Process Improvement Initiatives

•

The global $25 million initiative represents identifiable costs that have

been, or will be, eliminated

–

Monthly / quarterly reporting on all initiatives

–

Cost savings and key metrics are reported to the Audit Committee

quarterly

$25 million Cost Savings Initiative:

Approximately $14 million in annualized pre-tax savings associated with announced initiatives

Additional annualized savings of $11 million from on-going and future initiatives

30

#1 Focus is to Increase Cash

Flow & Profitability

Cost Savings Program

-

$25 million

Organic Growth

-

Worldwide

pharmaceutical packaging demand

expected to grow 5% per year to 2009,

CSK position with top 20 Pharmaceutical

customers

Strategic Initiatives

-

Arlington Press,

South Africa, China

Increased

Cash Flow

& Profitability

Cost of Capital

-

Refinancing resulting in

$3 million plus in annual interest savings

Proactive Management of Legacy

Pension Obligations

31

Comparison of Debt Breakdown

Debt Currency Mix

Fixed vs. Variable Debt

Sterling, 36%

Sterling, 59%

Euro, 29%

Euro, 29%

USD, 35%

USD, 12%

0%

25%

50%

75%

100%

Reported 7/2/06

Proforma for transaction

Variable, 7%

Fixed, 68%

Fixed, 93%

Variable, 32%

0%

25%

50%

75%

100%

Reported 7/2/06

Proforma for transaction

32

Debt Maturity Schedule

Pro Forma for Transaction

$22

$5

$5

$3

$5

$3

$50

$128

$123

$122

0

50

100

150

$200

2006

2007

2008

2009

2010

2011

2012

2013

2014

2019

Senior Debt

Subordinated Debt

33

Conclusion / Q&A

34

Conclusion / Q&A

•

Market leadership position in targeted markets

•

Comprehensive design and manufacturing capabilities

•

Global manufacturing presence –

strategically located

•

Long-term customer relationships (top ten average > 30 years)

•

Designated as “Primary Supplier”

to many of its customers

•

Cost savings initiative results in de-leveraging

•

Experienced management team

•

#1 priority is to increase cash flow and improve profitability

35

Credit Facilities

36

Sources & Uses

•

Current: Refinance the existing credit facilities and pay fees and expenses

associated with the Credit Facilities

•

November 15th: Fund the Delayed Draw Term Loan with proceeds utilized

to call the Notes and pay the associated call premium of 105.1875%

Note: The sources and uses are based upon debt outstanding as of

July 2, 2006  and an exchange rate of  1.8484 $/£

Sources

Uses

($ in millions)

Revolver

$0.0

Refinance Credit Facility

$126.6

Delayed-Draw TL

129.4

Call the Notes

124.0

Term Loan

129.4

Excess Cash

0.3

Prepayment Penalty

6.4

Est. Fees and Expenses

1.5

Total

$258.8

Total

$258.8

37

Pro Forma Capitalization

•

Holding debt constant, leverage is reduced to 3.8x utilizing the

$25 million

savings targeted

Pro Forma Capitalization

($ in millions)

Pro Forma At Close 7/2/06

Cumulative

Pro Forma Post Redemption

Cumulative

Cumulative

Book Capitalization

(4)

Multiple of

Book Capitalization

(5)

Multiple of

Multiple of

$

%

LTM EBITDA

(1)

$

%

LTM EBITDA

(2)

LTM EBITDA

(3)

Revolving Credit Facility

$0.0

0.0%

0.00x

$0.0

0.0%

0.00x

0.00x

Delayed-Draw TL

0.0

0.0%

0.00x

129.4

17.0%

1.15x

1.04x

Term Loan

129.4

17.0%

1.31x

129.4

17.0%

2.29x

2.09x

Capital Leases

12.6

1.7%

1.44x

12.6

1.7%

2.40x

2.19x

Industrial Revenue Bonds due 2019

50.0

6.6%

1.94x

50.0

6.6%

2.85x

2.59x

Other Senior Debt

20.5

2.7%

2.15x

16.2

2.1%

2.99x

2.72x

Total Senior Debt

212.5

27.9%

2.15x

337.6

44.3%

2.99x

2.72x

10.375% Sr. Sub. Notes due 2011

124.0

16.3%

3.40x

0.0

0.0%

2.99x

2.72x

7.0% Sr. Sub. Notes due 2014

127.9

16.8%

4.70x

127.9

16.8%

4.12x

3.76x

Total Debt

464.4

60.9%

4.70x

465.5

61.1%

4.12x

3.76x

Shareholders' Equity

298.3

39.1%

296.2

38.9%

Total Capitalization

$762.7

100.0%

$761.7

100.0%

(1)

Based on LTM 7/2/06 Adj. EBITDA of:

$98.9

(2)

Based on LTM 7/2/06 Pro Forma Adj. EBITDA, adjusted for $14.0 million achieved or in process cost savings, of:

$112.9

(3)

Based on LTM 7/2/06 Pro Forma Adj. EBITDA, adjusted for $25.0 million in publicly announced targeted cost savings, of:

$123.9

(4)

Assumes the refinancing of the credit facilities and the financing of the est. fees and expenses, excludes the call of the notes and related prepayment penalty.

(5)

Assumes the refinancing of the credit facilities, the call of the notes and related prepayment penalty and the financing of the

est. fees and expenses as if occurred on 7/2/06.

38

Summary Terms

BORROWER:

Chesapeake Corporation and various foreign subsidiary borrowers

SOLE BOOKRUNNER:

Wachovia Capital Markets, LLC

CO-LEAD ARRANGERS:

Wachovia Capital Markets, LLC and Banc of America Securities LLC

FACILITIES:

$125 million 5-Year Revolving Credit Facility

£70

million 7-Year Term Loan

£70 million 7-Year Delayed Draw Term Loan

SECURITY:

First-priority

perfected

security

interest

in

(a)

the

equity

interests

in

Chesapeake’s 

U.S.

subsidiaries

and

certain

significant

foreign

subsidiaries

and

(b)

all

of

the

U.S.

assets

of

Chesapeake

Corporation

and

its

U.S.

subsidiaries,

subject

to

carveouts

and

exceptions

to

be

mutually

agreed

upon

AMORTIZATION:

Term Loans: 1% in years 1-6, 94% in year 7

EXCESS CASH FLOW SWEEP:

50% when total leverage exceeds 2.50x

FINANCIAL COVENANTS:

Maximum Senior Secured Leverage: 3.75x with step-downs TBD

Maximum Total Leverage: 5.25x with step-downs TBD

Minimum Interest Coverage: 2.50x throughout

39

Appendix

40

Financial Reconciliations

Reconciliation of Adjusted EBITDA and Adjusted EBIT to EBIT

($ in millions)

Year-Ended

LTM

December 29,

December 28,

January 2,

January 1,

July 2,

2002

2003

2005

2006

2006

Sales from continuing operations:

Paperboard Packaging

$678.1

$753.4

$864.7

$860.2

$846.5

Plastic Packaging

103.7

132.2

167.0

181.8

166.2

781.8

885.6

1,031.7

1,042.0

1,012.7

Adjusted EBITDA

Paperboard Packaging

101.2

104.0

99.0

96.6

90.5

Plastic Packaging

17.1

22.6

26.0

24.6

24.3

Corporate Overhead

(11.4)

(15.9)

(16.1)

(16.8)

(15.9)

106.9

110.7

108.9

104.4

98.9

Depreciation and amortization

Paperboard Packaging

(38.9)

(43.6)

(50.4)

(49.3)

(49.4)

Plastic Packaging

(8.6)

(10.2)

(10.3)

(9.6)

(9.0)

Corporate Overhead

(0.7)

(0.5)

(0.3)

(0.3)

(0.3)

(48.2)

(54.3)

(61.0)

(59.2)

(58.7)

Adjusted EBIT

Paperboard Packaging

62.3

60.4

48.6

47.3

41.1

Plastic Packaging

8.5

12.4

15.7

15.0

15.3

Corporate Overhead

(12.1)

(16.4)

(16.4)

(17.1)

(16.2)

58.7

56.4

47.9

45.2

40.2

Goodwill impairment charge

-

-

-

(312.0)

(312.0)

Restructuring charges, asset impairments and

  other exit costs

(2.6)

-

-

(13.1)

(23.2)

Gain (loss) on divestitures and sale of non-strategic land

-

11.2

6.9

(5.8)

(0.4)

Income (loss) from continuing operations before

  interest, extinguishment of debt and taxes (EBIT)

56.1

67.6

54.8

(285.7)

(295.4)

41

Chesapeake Corp.

Chesapeake Corp.

Lender Presentation

Lender Presentation

August 9, 2006

August 9, 2006