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Chesapeake

Annual Meeting

April 23, 2008

Chesapeake Leading Market Positions

• Pharmaceutical and healthcare packaging in Europe

• Specialty chemicals packaging in Europe

• Confectionery packaging in Germany and the U.K.

• Alcoholic drinks packaging in Europe

• Irish dairy packaging

We Protect and Promote the World’s Great Brands

Pharmaceuticals

Specialty Plastics

Branded Products

$ in millions, except EPS

¹ Excludes special items

Financial Summary

2006 2007

Sales $ 995.4 $1,059.6

Operating Income¹ 44.9 41.0

Income (loss) from

continuing operations¹ 7.0 (1.9)

EPS¹ $ 0.36 $ (0.10)

Three Focus Areas

• Operational

• Strategic

• Structural

Three Focus Areas

1. Operational Issues

– $25-million cost savings program launched in 2006

– Reached initial target in 2007 but cost reduction and

rationalization efforts continue

– Continued focus on fundamentals

• Discovered practices to save $400K/year in Belfast

Three Focus Areas

2. Strategic Direction

– Pharmaceutical and Healthcare Packaging

• Ethical and generic prescription medicines

• Over-the-counter (OTC) medicines

• Healthcare products

• Medical devices

• Toiletries

– Branded Products Packaging

• Alcoholic drinks and confectioneries

– Plastic Packaging

• Agrochemical and specialty chemicals

• Beverages - dairy, soft drinks and water

“Global Reach with Local Touch”

Pharmaceutical and Healthcare Packaging

• Ties to majority of Top 20 global

pharmaceutical companies

• Expect 5 percent annual growth in

worldwide pharma packaging

• Twenty-five dedicated sites in U.S.,

Europe and Asia

Pharmaceutical and Healthcare Packaging

• Intend to leverage position and

expand geographically into S.E.

Asia, Poland, India, Puerto Rico

and South America

• New five-year supply agreement

with GSK or new weight-loss

product

• First and only pharma plant in

China to earn S9000

certification

First Plant in China with PS9000 Certification

Looking Ahead

• Targeting 8 percent earnings growth and EBITDA

margins of 15 percent

• Shifting our footprint eastward and increasing

presence in emerging markets

• Believe we can increase sales dramatically to

pharmaceutical and healthcare customers

New Developments -- Plastic Packaging Plant in Hungary

New Developments - Consolidated Carton, Tubes

and Labels for Alcoholic Drinks in Scotland

New Developments - Anti-Static Container

Three Focus Areas

3. Financial Structure

– Debt level and refinancing uncertainty have hurt our

stock and bond prices

– Significant progress made on refinancing

– Focus on pension obligations

• Frozen or closed most defined benefit plans

• U.K. pension plan is under-funded

We Protect and Promote the World’s Great Brands

Disclaimer

This presentation contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause Chesapeake's actual results to differ materially

from those expressed in the forward-looking statements including, but not limited to: the company’s inability to realize the full extent of the expected savings or

benefits from restructuring or cost savings initiatives and to complete such activities in accordance with their planned timetables and within the cost ranges; the

effects of competitive products and pricing; changes in production costs, particularly for raw materials such as folding carton and plastics materials, and the ability

of the company to pass through increases in raw material costs to its customers; fluctuations in demand; possible recessionary trends in U.S. and global economies;

changes in government policies and regulations; changes in interest rates and credit availability; changes in actuarial assumptions related to the company’s pension

and postretirement benefit plans; fluctuations in foreign currency exchange rates; the ability of the company to remain in compliance with its debt covenants and to
refinance the company’s senior credit facility; changes in liabilities and cash funding obligations associated with the company’s defined benefit pension plans; 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

The company presents the following non-GAAP measures of results: operating income; income (loss) from continuing operations; earnings per share from continuing

operations; and cash flows from operating activities. Each is adjusted to exclude special items which include goodwill impairment charges, gains (losses) on the

extinguishment of debt, gains (losses) on divestitures, restructuring expenses, asset impairments and other exit costs, and cash spending for restructuring activities.

The company’s management believes these non-GAAP measures provide investors, potential investors, securities analysts and others with useful information to

evaluate the performance of the business, because they exclude gains and losses that management believes are not indicative of the ongoing operating results of the

business. In addition, these non-GAAP measures are used by management to evaluate the operating performance of the company. The presentation of this

additional information is not meant to be considered in isolation or as a substitute for operating income, income from continuing operations, earnings per share from

continuing operations or cash flows from operating activities as determined in accordance with GAAP.

Disclaimer

Full Year

2007 2006

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

($ in millions)

Operating (loss) income $ 26.7 $ 0.3

Add: goodwill impairment charge -- 14.3

Add: restructuring expenses, asset impairments and other exit costs 15.8 33.4

Add: (gain) loss on divestitures (1.5) (3.1)

Operating income exclusive of special items 41.0 44.9

Loss from continuing operations $ (13.8) $ (32.4)

Add: goodwill impairment charge after taxes -- 14.3

Add: restructuring expenses, asset impairments and

other exit costs after taxes 13.4 27.4

Add: (gain) on divestitures after taxes (1.5) (2.9)

Add: loss on extinguishment of debt after taxes -- 0.6

(Loss) income from continuing operations exclusive

of special items and extinguishment of debt $ (1.9) $ 7.0

Loss per share from continuing operations $ (0.71) $ (1.67)

Add: goodwill impairment charge after taxes -- 0.74

Add: restructuring expenses, asset impairments and other

exit costs after taxes 0.69 1.41

Add: (gain) on divestitures after taxes (0.08) (0.15)

Add: loss on extinguishment of debt after taxes -- 0.03

(Loss) earnings per share from continuing operations exclusive of

special items and extinguishment of debt $ (0.10) $ 0.36

Chesapeake
Annual Meeting

April 23, 2008