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                                  EXHIBIT 99.2

              PRELIMINARY ERISA-BASED PENSION-PLAN PROJECTIONS(A)
                           (AS OF SEPTEMBER 30, 2003)

<Table>
<Caption>
                                                                                       AMOUNT OVERFUNDED(B)
                                                                           ---------------------------------------------
                              REQUIRED CASH         FUNDING CREDIT               CURRENT               ACCRUED LIABILITY
                              CONTRIBUTION             BALANCE             LIABILITY BASIS(C)              BASIS(D)
    (In millions)             -------------         --------------         -------------------         -----------------
<S>                           <C>                   <C>                    <C>                         <C>
2003.................              $0                    $258                     $592                       $648
2004.................               0                     194                      282                        582
2005.................               0                     190                      239                        532
2006.................               0                     206                       99                        393
2007.................               0                     153                       76                        360
2008.................               0                     165                       62                        337
2009.................               0                     178                       58                        322
2010.................               0                     192                       62                        314
2011.................               0                     208                       73                        314
2012.................               0                     224                       91                        319
2013.................               0                     242                      116                        331
</Table>

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(a) Early in 2004, updated ERISA projections based on data as of the January 1,
    2004, measurement date will be available and could be different from the
    projections shown.

(b) Funded status

     ERISA measures the ability of plan assets to fund plan obligations on both
     a current liability basis and on an accrued liability (long-term) basis.
     The company's pension plan is subject to funding requirements under both
     bases at the measurement date (January 1 of each year). All figures in the
     table above are as of January 1 of each year.

     Using the assumptions specified below, Pactiv's third party actuary
     projects that no minimum ERISA cash contributions will be required over the
     next ten years.

(c) ERISA current liability method

     The figures shown represent the projected amount of overfunding relative to
     90% of the current liability as required by ERISA.

     The annual ERISA current-liability test as of the plan measurement date
     compares the smoothed value of plan assets to the present value of ERISA's
     equivalent of SFAS No. 87's accumulated benefit obligations. The discount
     rate used to determine the present value is currently 120% of the four-year
     average of 30-year treasury notes (6.65%). If the smoothed value of plan
     assets is more than 90% of the current liability, the company is not
     required to contribute cash to the plan, unless the plan's accrued
     liability is not fully funded and the plan has no funding credit balance.

     With certain exceptions, if the asset to current liability ratio falls
     below 90%, the company must make a cash contribution to the plan to bring
     the ratio up to at least 90%, unless it has a funding credit balance built
     up by previously making cash contributions in excess of minimum
     requirements. Pactiv had a funding credit balance of $258 million as of
     January 1, 2003.

--------------------------------------------------------------------------------
The projections included in this exhibit were prepared by a third-party actuary
based on management's and
such actuary's current reasonable good-faith expectations and represent
point-in-time calculations. These
calculations are affected by multiple variables which can work independently or
in concert to materially affect
the projections shown. Such variables include: actual versus assumed rates of
return on assets; discount rates
used in calculating liabilities; changes in governmental regulations; and
actuarial assumptions, such as
expectations regarding employee compensation, demographics, turnover, and
estimated age and life
expectancies.
<PAGE>

(d) ERISA accrued liability (long-term) basis

     The accrued liability funded status is determined by comparing the smoothed
     value of plan assets with ERISA's equivalent of SFAS No. 87's projected
     benefit obligations.

     Because ERISA utilizes smoothing techniques to dampen the effect of market
     fluctuations on plan assets, there is a time lag before differences between
     actual and expected rates of return on plan assets are fully reflected in
     the smoothed value of assets.

     Assumptions:

      (1) Funding interest rate: 8%

      (2) Current liability rate: 6.65% for 2003; 6% for 2004-2013
          (intentionally conservative estimate of high-quality corporate bond
          yields; in the event of higher rates in the future, the likelihood of
          cash contributions is further lessened.)

      (3) Effective 2006, the use of the U.S. Treasury Department's updated
          mortality tables (reflecting longer life expectancies) is expected to
          become effective.

      (4) Compound rate of return on assets: 9%/yr. If the rate of return is
          8.5%, cash contributions are not required through 2013. If the rate of
          return is 8.0%, after-tax cash contributions are not required through
          2009 and total $96 million for the 2010-2013 period.

--------------------------------------------------------------------------------
The projections included in this exhibit were prepared by a third-party actuary
based on management's and
such actuary's current reasonable good-faith expectations and represent
point-in-time calculations. These
calculations are affected by multiple variables which can work independently or
in concert to materially affect
the projections shown. Such variables include: actual versus assumed rates of
return on assets; discount rates
used in calculating liabilities; changes in governmental regulations; and
actuarial assumptions, such as
expectations regarding employee compensation, demographics, turnover, and
estimated age and life
expectancies.