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This Assignment Agreement (Convenio de Cesion) is entered into on this 18lh day of December 2014 (the " A greement") , by and among Pactiv Canada Inc . ( " Pactiv Canada " ), Reynolds Packaging International B . V. ( " Reynold s BV " ) and The Bank of New York Mellon, acting so l ely in its capacity as Collateral Agent on behalf and for the benefit of the Secured Parties, as pledgee under the Pledge Agreement (The Bank of New York Mellon , Pactiv Canada and Reynolds BV , are referred jointly as the " Parties " ) , with the acknow led gement of Pactiv Mexico, S . de R . L. de C . V . ( " Pactiv Mexico " ) , in accordance with the following Recitals , Representations and Warrantie s and Clauses. Capitalized terms used in this Agreement and not otherwise defined herein s hall have the meaning set forth in the Pledge Agreement.





Recitals





1. Pledge A greement. On April 19 , 2011 , Pactiv LLC (formerly named Pactiv Corporation), as pledgor , and The Bank of New York Mellon , as pledgee , among others, entered into an equity interests pledge agreement (as amended , extended , restructured , renewed , novated, supplemented, restated , refunded , repla ce d , acknowledged or in any other way modified from time to time , the " Pledge Agreement " ) , b y means of which , among other matters, Pactiv LLC granted a first priority pledge and security interest (the " Security Interest ' ') to the Pledgee for the benefit of the Secured Parties , over the Pactiv Corporation Pledged Partnership lntere s t , as collateral security for the due and timely payment, performance and satisfaction when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations .





II. Assignment  of  the  Pledge . Pursuant to (i) an Assignment Agreement dated November 1 , 2013 , Pactiv LLC assigned and transferred  to Pactiv NA n LLC all of its


obligations, rights and interests to and under the Pledge Agreement and (ii) an Assignment Agreement dated December 17 , 2013, Pactiv NA II LLC assigned and transferred to Reynolds BV all of its obligations , rights and interest s to and under the Pledge Agreement.





IIl.     Acquisition of the Pactiv Corporation Pledged Partnership Interest. Pursuant to an Equity Interest Assignment Agreement , dated on the date of this Agreement (the " Purchase Agreement ") , Reynolds BV , as seller , assigned, conveyed and transferred all of its respective rights , title and interests in and to the Pactiv Corporation Pledged Partner s hip lnterest in favor of Pactiv Canada, as purchaser .

















Representations and Warranties





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|I. | Reynolds BV hereby representsand warrants,through its legal representative,that:




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|-- | -----------------------------------------------------------------------------------------------------------
|a. | Itisaprivatecompany withlimited liability dulyorganizedandvalidly existingunder the lawsof The Netherlands.




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|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|b. | Before theexecution ofthePurchase Agreement, it wasthesole,legalandbeneficialowner (registered as owner inthe partnersregisterbookofPactiv Mexico)of, andhad legal title to the PactivCorporationPledged Partnership Interest,representing0.000000345% (ceropointcerocerocero cero cero cerothreefourfive percent)ofthe totalissued and outstanding capital ofPactiv Mexico,on a fullydiluted basis.




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|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|c. | TheindividualexecutingthisAgreementin its name andonits behalf bassufficientpowerand authority,as well asthe necessaryauthorizations (corporate, organizational or otherwise)tovalidly executeanddeliver thisAgreement on its behalfand tovalidlybind it under the terms herein,and thatsuchpowers,authority and authorizationshave not been revoked, modifiedorlimited.inany manner.




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|-- | -------------------------------------------------------------------------------------------------------------------------------------------------
|d. | ThePactivCorporationPledged Partnership Interest is subject to the Security Interestcreatedinfavor ofthe Pledgee,pursuant to the PledgeAgreement.




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|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|e. | Byexecuting this Agreement it expressly acknowledgesthePledgee·slegalcapacityandsufficient andnecessaryauthority toactinthename and on beha lf ofthe Secured Partiesunder the PledgeAgreement.




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|--- | --------------------------------------------------------------------------------
|II. | Pactiv Canada herebyrepresentsand warrants,through itslegal representative,that:




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|-- | ----------------------------------------------------------------------
|a. | Itis a companydulyorganizedandvalid l y existingunderthelawsof Canada.




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|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|b. | Byvirtue ofthe PurchaseAgreement,itisthesole,legalandbeneficialowner (registered as ownerinthepartners register bookofPactiv Mexico)of,and has legaltitleto the PactivCorporationPledged PartnershipInterest,representing0.000000345% (ceropointcero cero cero cero cero cerothreefour fivepercent)ofthe totalissued and outstanding capital ofPactiv Mexico,on afully diluted basis.




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|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|c. | The individual executingthisAgreementinitsnameand on itsbehalf hassufficientpowerandauthority, aswell asthe necessaryauthorizations (corporate, organizational or otherwise)tovalidly executeand deliver thisAgreement on its behalf and tovalidly bind it under thetermsherein,andthatsuch powers,authorityandauthorizationshave not beenrevoked,modifiedor limitedinany manner.













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|-- | --------------------------------------------------------------------------------------------------------------------------------------------------
|d. | The PactivCorporationPledged Partnership Interestis subject tothe Security Interestcreated in favor ofthe Pledgee,pursuant to the PledgeAgreement.




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|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|e. | Byexecutingthis Agreement it expresslyacknowledgesthe Pledgee'slegalcapacity and sufficientand necessaryauthority to actin the nameand onbehalfofthe Secured Parties under the PledgeAgreement.

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|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------
|m. | Pactiv Mexico hereby representsandwarrants,through its legal representative,that:a.It   is   alimitedliability   company    of   variable   capital(sociedad    de

r es ponsabilidad limit a da  d e  c apital v ariabl e ) duly  organi z ed  and  validly exi s ting under the law s of Mexico.





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|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------
|b. | Itacknowledgesthat the PactivCorporationPledged Partnership Interest issubject totheSecurityInterestcreatedinfavor ofthe Pledgee under thePledgeAgreement.




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|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------
|c. | The Security Interestcreated onthe PactivCorporationPledged Partnership Interest under the PledgeAgreementis registeredinthe partners register bookofPactivMexico.




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|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|d. | TheindividualexecutingthisAgreement in itsname andonits behalf hassufficientpower and authority,as well as thenecessaryauthorizations (corporate,organizational or otherwise)tovalidly execute anddeliverthisAgreement on itsbehalfand to validlybinditunder the terms herein,andthat such powers, authority and authorizationshave not beenrevoked,modified orlimited in any manner.




NOW , THEREFORE , based on the Recitals and Representation s and Warrantie s contained herein, the Parties hereto agree as follo ws:





Clauses





First.- Assignment and Acknowledgment. Reynolds BV hereby transfers and assigns to Pactiv Canada which accepts , all of its obligations , rights and interests to and under the Pledge Agreement. Pactiv Canada hereby (a) confirms, acknowledges and agrees that the Pactiv Corporation Pledged Partnership Interest continues to be subject to the Pledge Agreement and the Security Interest created thereunder , which c ontinue to be in full force and effect s ubject to the Legal Reservations (as s uch term i s defined in the Credit Agreement , a s amended , extended , re s tructured, renewed , novated , supplemented , restated , refunded , replaced or modified from time to time) ; (b) acknowledges and ratifies all of the terms and conditions of the Pledge Agreement, including , without limitation, all obUgations of the Pledgors under the Pledge Agreement ; (c) agree s to be bound by the terms of the Pledge Agreement , in its capacity as pledgor thereunder , as new owner of the Pactiv Corporation Pledged Partnership Interest subject to the Security Interest ; and (d) as s umes, in its capacity as pledgor and as new owner of the Pactiv Corporation Pledged Partnership














Interest subject to the Security Interest, all obligations of Reynolds BV arising out of the Pledge Agreement.





In view of the foregoing, the Parties hereby exp r essly acknowledge and agree that all references in the Pledge Agreement to (i) ' 'Pactiv Corporation " shall be understood and construed , to the applicable extent , as references to " Pactiv Canada Inc .' ' and (ii) the ' · Pledgors " shall be understood and construed as to include " Pactiv Canada Inc . " as new owner of the Pactiv Corporation Pledged Partnership Interest.





Second.- R elease. The Pledgee hereby agrees to and acknowledges the above and grants to Reynolds BV a full release exclusively with respect to the Pledge Agreement.





Third . - No Novation . The Parties hereby expressly agree that this Agreement shall not extinguish the Secured Obligations under any Loan Document or discharge or release the priority of any Loan Document or any other security therefor. Nothing h erein shall be construed as a s ubstitution or novation of the Secured Obligations , which shall remain in full force and effect. Nothing in . or implied by this Agreement or in any other document contemplated hereby shall be construed as a release or other discharge of any Secured Obligation. The Pledge Agreement shall remain in full force and effect notwithstanding the execution and delivery of this Agreement.





The Parties agree that this Agreement shall be deemed a ' · Security Document " for the purposes of and as defined in the First L ien lntercreditor Agreement (and for no other purpose) and that , accordingly , all rights , duties , privilege s, protections and b e nefits of the Collateral Agent set fort h in the First Lien lntercreditor Agreement are hereby incorporated by reference.





Fourth . - Entire Agreement. The Parties hereby expressly agree that this Agreement is and shall be deemed a part of the Pledge Agreement and, for such reason , all references made in or with respect to the Pledge Agreement , shall include this Agreement.





Fifth . - Jurisdiction. Governing L aw. For all matters relating to the interpretation and fulfillment of this Agreement , the Parties heret o expressly and irrevocably submit to the applicable laws of Mexico , and to the jurisdiction of the competent courts sitting in Mexico , Federal District , Mexico with respect to any actions or proceeding brought or derived from this Agreement, and the parties hereby expressly and irrevocably waive their rights to any other jurisdiction to which they may be entitled to by reason of their present or any future domiciles , or for any other reason.





Sixth. - Language . This Agreement is entered into in both the Spanish and English languages ; provided that , in the case of any judicial procedure before a Mexican court, the Spanish version shall govern for all purposes .





[ Signatur e pag e c ontinu e s]














IN WITNESS  WHEREOF,  the  Parties hereto ha ve caused this Agreement  to be duly executed on the date first above written.








Title : Authorised Signatory




















Name :


Title : Authorised Signatory











The Pledgee :





The Bank of New York Mellon , acting sole l y in its capacity a s Collateral Agent on behalf and for the benefit of the Secured Parties .














Name : Title :











With the ackn o wledgement of : Pactiv Mexico , S . de R.L. de C . Y .








IN WITNESS WHEREOF , the Parties hereto have caused this Agreement to be duly executed on the date first above written.





Pactiv Canada Inc.














Name:


Title:  Authorised Signatory








Reynolds Packaging International B.V.














Name :


Title : Authorised Signatory











The Pledgee:





The Bank of New York Mellon , acting sole l y in its capacity as Collateral Agent on behalf and for the benefit of the Secured Parties.











Name:


Title: C A T HERINE F . D ONOH UE


V IC E PRESIDENT











With the acknowledgement of : Pactiv Mexfoo , S. de R.L. de C . V .











Name :


Title : Authorised Signatory