<SEC-DOCUMENT>0001157523-14-000819.txt : 20140226
<SEC-HEADER>0001157523-14-000819.hdr.sgml : 20140226
<ACCEPTANCE-DATETIME>20140226132613
ACCESSION NUMBER:		0001157523-14-000819
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140224
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140226
DATE AS OF CHANGE:		20140226

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TREDEGAR CORP
		CENTRAL INDEX KEY:			0000850429
		STANDARD INDUSTRIAL CLASSIFICATION:	ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350]
		IRS NUMBER:				541497771
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10258
		FILM NUMBER:		14643756

	BUSINESS ADDRESS:	
		STREET 1:		1100 BOULDERS PKWY
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23225
		BUSINESS PHONE:		8043301000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TREDEGAR INDUSTRIES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50808897.htm
<DESCRIPTION>TREDEGAR CORP. 8-K
<TEXT>
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    <p style="text-align: center">
      <font style="font-size: 12pt"><b>UNITED STATES</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>WASHINGTON,
      DC&#160;&#160;20549</b></font><br><b>_______________</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt"><b>FORM 8-K</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt"><b>CURRENT REPORT</b></font><br><font style="font-size: 12pt"><b>Pursuant
      to Section 13 or 15(d) of the</b></font><br><font style="font-size: 12pt"><b>Securities
      Exchange Act of 1934</b></font><br><br><br>
    </p>
    <p style="text-align: left">
      <font style="font-family: Times New Roman; font-size: 12pt">Date of
      report (Date of earliest event reported): February 24, 2014</font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font>
    </p>
    <p>

    </p>
    <div style="text-align:center">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; margin-left:auto;margin-right:auto" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Times New Roman; font-size: 12pt"><b>Tredegar
            Corporation</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          (Exact Name of Registrant as Specified in its Charter)
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 33%; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          <b>Virginia</b>
        </td>
        <td style="width: 34%; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="top">
          <b>1-10258</b>
        </td>
        <td style="width: 33%; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="top">
          <b>54-1497771</b>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; padding-left: 0.0px; text-align: center" valign="top">
          (State or Other Jurisdiction<br>of Incorporation)
        </td>
        <td style="width: 34%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            File Number)
          </p>
        </td>
        <td style="width: 33%; padding-left: 0.0px; text-align: center" valign="top">
          (IRS Employer

          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 62%; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>1100 Boulders Parkway</b><br><b>Richmond, Virginia</b>
          </p>
        </td>
        <td style="width: 5%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="width: 33%; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>23225</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 62%; padding-left: 0.0px; text-align: center" valign="top">
          (Address of Principal Executive Offices)
        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 33%; padding-left: 0.0px; text-align: center" valign="top">
          (Zip Code)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <br>

    </p>
    <p style="text-align: justify; white-space: nowrap">
      Registrant's telephone number, including area code:&#160;&#160;<u><b>(804)
      330-1000</b></u>
    </p>
    <p style="text-align: center">

    </p>
    <div style="text-align:center">
    <table style="font-size: 10pt; width: 60%; margin-bottom: 10.0px; font-family: Times New Roman; margin-left:auto;margin-right:auto" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          (Former Name or Former Address, if Changed Since Last Report)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 30.0px; text-align: left">
      Check the appropriate box below if the Form 8-K is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions (<i>see</i> General Instruction A.2. below):
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p>
      <b>Item 2.02 &#160;&#160;&#160;&#160;<i>Results of Operations and
      Financial Condition</i>. </b>
    </p>
    <p>
      On February 24, 2014, Tredegar Corporation announced its results of
      operations for the fourth quarter of 2013.&#160;&#160;Furnished as Exhibit 99 and
      incorporated herein by reference is the press release issued by Tredegar
      Corporation containing that announcement.
    </p>
    <p>
      In accordance with General Instruction B.2 of Form 8-K, the information
      in this Current Report on Form 8-K, including Exhibit 99, shall not be
      deemed &#8220;filed&#8221; for the purposes of Section 18 of the Securities Exchange
      Act of 1934, as amended, or otherwise subject to the liability of that
      section, nor shall it be deemed incorporated by reference in any filing
      under the Securities Act of 1933, as amended, except as shall be
      expressly set forth by specific reference in such a filing.
    </p>
    <p>

    </p>
    <p>
      <b>Item 9.01 &#160;&#160;&#160;&#160;<i>Financial Statements and
      Exhibits.</i></b>
    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 5%; padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="width: 5%; padding-left: 0.0px; text-align: left" valign="top">
          (d)
        </td>
        <td style="width: 90%; padding-left: 0.0px; text-align: left" valign="top">
          Exhibits.
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 90%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%; padding-left: 0.0px; text-align: left" valign="top">

        </td>
        <td style="width: 5%; padding-left: 0.0px; text-align: left" valign="top">

        </td>
        <td style="width: 90%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            99 &#160;&#160;&#160;&#160;&#160;&#160;Press Release, dated February 24, 2014 (furnished
            pursuant to Item 2.02).
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="font-size: 10pt; text-indent: 30.0px">

    </p>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-size: 10pt; font-family: Times New Roman; text-align: center">
          2
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <b>SIGNATURES</b>
    </p>
    <p style="text-align: justify">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pursuant to the requirements of the Securities Exchange Act of
      1934, the registrant has duly caused this report to be signed on its
      behalf by the undersigned hereunto duly authorized.
    </p>
    <p style="text-align: justify">

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="4">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>TREDEGAR CORPORATION</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 2%; padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="width: 35%">

        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 35%">

        </td>
        <td style="width: 10%; padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 35%">

        </td>
        <td style="width: 10%; padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
          </p>
        </td>
        <td style="width: 45%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            February 26, 2014
          </p>
        </td>
        <td style="width: 3%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            By:
          </p>
        </td>
        <td style="width: 2%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 35%; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Kevin A. O'Leary
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 2%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Kevin A. O'Leary
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 2%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Vice President, Chief Financial Officer
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 2%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            and Treasurer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-size: 10pt; font-family: Times New Roman; text-align: center">
          3
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <u><b>EXHIBIT INDEX</b></u>
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 15%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>EXHIBIT</b></u>
          </p>
        </td>
        <td style="width: 85%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>DESCRIPTION</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 15%">

        </td>
        <td style="width: 85%; padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 15%; padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="top">
          99
        </td>
        <td style="width: 85%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press Release, dated February 24, 2014 (furnished pursuant to Item
            2.02).
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>a50808897ex99.htm
<DESCRIPTION>EXHIBIT 99
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Tredegar
      Reports Fourth Quarter and Full Year 2013 Results</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Management
      to Host Webcast Today at 5:00 p.m. (EST)</b></font></i>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>Net
        income from continuing operations was $35.9 million, or $1.10 per
        share in 2013; net income from ongoing operations (which excludes
        special items) was $37.3 million, or $1.15 per share</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>Total
        sales for 2013 increased to $959 million versus $882 million in the
        prior year</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>Operating
        profit from ongoing operations in 2013 versus 2012 increased by $1.0
        million and $9.3 million for Film Products and Bonnell Aluminum,
        respectively</b></font>
      </li>
    </ul>
    <p>
      RICHMOND, Va.--(BUSINESS WIRE)--February 24, 2014--Tredegar Corporation
      (NYSE:TG) today reported fourth quarter and full year 2013 financial
      results for the periods ended December 31, 2013.
    </p>
    <p>
      <u><b>Fourth Quarter Financial Results Highlights</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Net income from continuing operations was $9.4 million, or 29 cents
        per share.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income from ongoing operations, which excludes special items, was
        $8.8 million, or 27 cents per share.
      </li>
      <li style="margin-bottom: 10.0px">
        Bonnell Aluminum&#8217;s operating profit from ongoing operations increased
        to $5.9 million in the quarter, up $4.3 million from the same period
        of 2012.
      </li>
      <li style="margin-bottom: 10.0px">
        Film Products&#8217; operating profit from ongoing operations was $15.6
        million in the quarter, compared to $20.0 million in the same period
        of 2012.
      </li>
    </ul>
    <p>
      <u><b>Full Year 2013 Financial Results Highlights</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Net income from continuing operations was $35.9 million, or $1.10 per
        share.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income from ongoing operations, which excludes special items, was
        $37.3 million, or $1.15 per share.
      </li>
      <li style="margin-bottom: 10.0px">
        Cash flows from operating activities of $77 million funded investments
        for long-term growth.
      </li>
      <li style="margin-bottom: 10.0px">
        Bonnell Aluminum&#8217;s operating profit from ongoing operations increased
        to $18.3 million in 2013, up $9.3 million versus 2012.
      </li>
      <li style="margin-bottom: 10.0px">
        Film Products&#8217; operating profit from ongoing operations was $71.0
        million in 2013, compared to $70.0 million in 2012.
      </li>
    </ul>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Further details regarding the special items that reconcile operating
      profit from ongoing operations and income from ongoing operations to net
      income from continuing operations are provided in the financial tables
      to this press release.
    </p>
    <p>
      Nancy M. Taylor, Tredegar&#8217;s president and chief executive officer, said:
      &#8220;The 2013 operating environment was challenging, but we overcame some
      industry headwinds and improved our competitive positioning throughout
      the geographies in which we operate. The execution of our strategy
      delivered year-over-year growth in operating profit from ongoing
      operations, and it was our third consecutive year of over $70 million in
      cash flows from operations.&#8221;
    </p>
    <p>
      &#8220;While we expect market dynamics to remain challenging in the first half
      of 2014,&#8221; Taylor said, &#8220;we have market-leading products and innovative
      solutions that continue to attract customers. We believe we can achieve
      sales and volume improvements for the year even after a soft start.&#8221;
    </p>
    <p>
      Ms. Taylor continued, &#8220;With respect to Bonnell Aluminum, we had a strong
      finish to the year, with significant growth in profitability, as we
      successfully executed on several strategic initiatives, including the
      acquisition of AACOA, Inc. (&#8220;AACOA&#8221;) and cost savings associated with
      the 2012 shutdown of our Kentland manufacturing facility. AACOA is
      proving to be a meaningful contributor to Tredegar, as its presence in
      non-construction end-use markets has allowed us to reduce our
      concentration in nonresidential building and construction. Despite the
      lagging growth dynamics in the nonresidential building and construction
      market in 2013, we have successfully maintained our market share and we
      anticipate achieving modest growth in 2014 as the market improves.
      Overall, we are pleased with the opportunities ahead for Bonnell. The
      North American automotive market dynamics are shifting in our favor, and
      we expect that our new press and equipment will begin to serve this
      demand by the end of the first quarter.&#8221;
    </p>
    <p>
      Ms. Taylor added, &#8220;Our Film Products division grew full year 2013
      operating profit from ongoing operations by 1.5% compared to 2012,
      partially driven by the volume rebound we saw in surface protection
      films and personal care materials. That rebound was muted by challenges
      in flexible packaging films, which continued to face difficult market
      dynamics and production shortfalls in Brazil, which impacted operating
      results. We are putting several new initiatives in place to overcome
      production inefficiencies in Brazil, and we expect to start up new
      production capacity during the second quarter.&#8221;
    </p>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <b>OPERATIONS REVIEW</b>
    </p>
    <p>
      <i><b>Film Products</b></i>
    </p>
    <p>
      A summary of fourth quarter and full year operating results from ongoing
      operations for Film Products is provided below:
    </p>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="border-bottom: solid black 1.0pt" colspan="20">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="5">
          Quarter Ended
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="3">
          Favorable/
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="5">
          Year Ended
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          Favorable/
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          (In Thousands,
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top" colspan="5">
          December 31
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center" valign="top" colspan="3">
          (Unfavorable)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top" colspan="5">
          December 31
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          (Unfavorable)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          Except Percentages)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="2">
          2013
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="2">
          2012
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="3">
          % Change
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="2">
          2013
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="2">
          2012
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="2">
          % Change
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Sales volume (pounds)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          64,165
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          67,187
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (4.5
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          270,463
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          270,265
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          0.1
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Net sales
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          151,401
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          152,656
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (0.8
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          621,239
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          611,877
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1.5
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Operating profit from ongoing operations
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          15,615
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          19,951
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (21.7
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          70,966
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          69,950
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          1.5
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u><i>Fourth Quarter Results Versus Prior Year Fourth Quarter</i></u>
    </p>
    <p>
      Net sales (sales less freight) in the fourth quarter of 2013 decreased
      in comparison to the same period in the prior year, primarily due to
      lower volumes in flexible packaging films, partially offset by improved
      volume in personal care materials and the favorable impact on average
      selling prices of the contractual pass-through of average resin costs.
      Lower sales volumes in flexible packaging films had an unfavorable
      impact of approximately $4.0 million in the fourth quarter of 2013.
      Higher sales volumes in the other parts of Film Products, primarily in
      personal care films, increased net sales by approximately $0.9 million.
      The estimated change in average selling prices had a favorable impact on
      net sales of $0.7 million. Average selling prices increased primarily
      due to the favorable impact of the contractual pass-through of certain
      costs, such as higher average resin prices, and improved product mix,
      partially offset by competitive pressures in flexible packaging films
      and personal care materials. The change in the U.S. dollar value of
      currencies for operations outside the U.S. had a favorable impact on
      fourth-quarter net sales of approximately $0.5 million.
    </p>
    <p>
      Operating profit from ongoing operations in the fourth quarter of 2013
      decreased in comparison to the fourth quarter of 2012. Lower sales
      volumes in flexible packaging films due to production shortfalls at our
      manufacturing facility in Brazil, partially offset by higher sales
      volumes and improved product mix in personal care materials and surface
      protection films, had an unfavorable impact of approximately $1.4
      million. Higher production costs and operational inefficiencies,
      primarily in flexible packaging films, negatively impacted operating
      profit from ongoing operations by approximately $2.6 million. Higher
      manufacturing expenses in flexible packaging films were associated with
      spending to increase productivity on existing lines, inflation, higher
      depreciation expense and additional staffing for our new production line
      under construction in Brazil. Pricing pressures driven by global supply
      and demand dynamics in flexible packaging films had a negative impact of
      approximately $2.0 million in the fourth quarter of 2013.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      The change in the dollar value of currencies for operations outside the
      U.S. had a favorable impact of approximately $1.5 million in the fourth
      quarter of 2013 compared to the same period in the prior year. The
      estimated impact on operating profit from ongoing operations of the
      quarterly lag in the pass-through of average resin costs was
      approximately a negative $0.8 million in the fourth quarter of 2013 and
      a negative $1.0 million in the fourth quarter of 2012. The net impact on
      operating profit from ongoing operations for adjustments related to
      inventories accounted for under the last-in-first-out method (LIFO) was
      a negative $0.3 million in the fourth quarter of 2013 compared to the
      fourth quarter of 2012.
    </p>
    <p>
      <u><i>2013 Versus 2012</i></u>
    </p>
    <p>
      Net sales in 2013 increased in comparison to 2012, primarily due to
      higher volumes, improved product mix and a favorable change in the U.S.
      dollar value of currencies for operations outside the U.S., partially
      offset by the negative impact of lower average selling prices. Higher
      sales volumes and improved product mix in Film Products had a favorable
      impact of approximately $14.5 million in 2013. Higher volumes in surface
      protection films and personal care materials were partially offset by
      lower volumes in flexible packaging films, polyethylene overwrap films
      and films for other markets. The estimated change in average selling
      prices, net of cost pass-throughs, had an unfavorable impact on net
      sales of $6.6 million. Average selling prices decreased primarily due to
      competitive pressures in flexible packaging and polyethylene overwrap
      films, partially offset by the favorable impact of the contractual
      pass-through of certain costs, such as higher average resin prices. The
      change in the U.S. dollar value of currencies for operations outside the
      U.S. had a favorable impact on net sales of approximately $1.7 million.
    </p>
    <p>
      Operating profit from ongoing operations in 2013 increased compared to
      2012. Higher sales volumes and a more favorable product mix in surface
      protection films and personal care materials, partially offset by the
      negative impact from lower volumes in flexible packaging films, had a
      favorable impact of approximately $10.3 million. Price reductions that
      were not fully offset by related productivity gains had an estimated
      unfavorable impact of $10.0 million. Pricing pressures were primarily
      driven by global supply and demand dynamics in flexible packaging films.
      Higher production costs and operational inefficiencies further reduced
      operating profit from ongoing operations by approximately $7.1 million.
      Increased production expenditures were primarily associated with
      flexible packaging films due to its spending to increase productivity on
      an existing production line, inflation and staffing for our new
      production line to expand capacity in Brazil. Selling, general and
      administrative expenses decreased by approximately $2.3 million in 2013,
      primarily as a result of lower depreciation and the timing of legal
      expenses.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      The change in the dollar value of currencies for operations outside the
      U.S. had a favorable impact of approximately $7.0 million in 2013
      compared to the prior year. The estimated impact on operating profit
      from ongoing operations of the quarterly lag in the pass-through of
      average resin costs was approximately a negative $2.1 million in 2013
      and a negative $0.5 million in 2012. The net impact on operating profit
      from ongoing operations for adjustments related to inventories accounted
      for under LIFO was a negative $0.3 million in 2013 compared to 2012.
    </p>
    <p>
      Capital expenditures in Film Products were $64.9 million in 2013
      compared to $30.5 million in 2012. Current year capital expenditures
      include approximately $41 million in capital expenditures for a
      previously announced project that will expand our capacity at the
      manufacturing facility in Cabo de Santo Agostinho, Brazil. The
      additional capacity from this project is expected to be available during
      the second quarter of 2014. Film Products currently estimates that
      capital expenditures for 2014 will be approximately $50 million, which
      includes approximately $15 million for routine capital expenditures
      required to support operations. Depreciation expense was $30.4 million
      in 2013 and $33.9 million in 2012, and is projected to be approximately
      $31 million in 2014. Amortization expense was $4.9 million in 2013 and
      $5.3 million in 2012, and is projected to be approximately $4 million in
      2014.
    </p>
    <p>
      <i><b>Aluminum Extrusions</b></i>
    </p>
    <p>
      A summary of fourth quarter and full year results from ongoing
      operations for Aluminum Extrusions, which is also referred to as Bonnell
      Aluminum, is provided below:
    </p>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="border-bottom: solid black 1.0pt" colspan="19">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="5">
          Quarter Ended
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          Favorable/
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="5">
          Year Ended
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          Favorable/
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          (In Thousands,
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top" colspan="5">
          December 31
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          (Unfavorable)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top" colspan="5">
          December 31
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          (Unfavorable)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          Except Percentages)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="2">
          2013
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="2">
          2012
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="2">
          % Change
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="2">
          2013
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="2">
          2012
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="2">
          % Change
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Sales volume (pounds)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          34,834
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          33,701
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3.4
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          143,684
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          114,845
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          25.1
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Net sales
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          73,189
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          72,940
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          0.3
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          309,482
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          245,465
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          26.1
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Operating profit from ongoing operations
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          5,940
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          1,688
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          251.9
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          18,291
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          9,037
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          102.4
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><i>Fourth Quarter Results Versus Prior Year Fourth Quarter</i></u>
    </p>
    <p>
      Net sales in the fourth quarter of 2013 increased slightly in comparison
      to the fourth quarter of 2012 due to improved volume, partially offset
      by lower average prices driven by a reduction in aluminum prices.
    </p>
    <p>
      Operating profit from ongoing operations increased by $4.3 million in
      the fourth quarter of 2013 compared to the fourth quarter of 2012. The
      impact on operating profit from ongoing operations that can be directly
      attributed to our October 2012 acquisition of AACOA was $0.8 million,
      which is primarily attributed to higher sales volumes, improved product
      mix and operational efficiencies realized from acquisition synergies.
      Excluding the impact of our acquisition of AACOA, favorable pricing on
      value-added services increased operating profit from ongoing operations
      by approximately $1.3 million in the fourth quarter of 2013 in
      comparison to the fourth quarter of 2012. Lower supplies and
      maintenance-related expenditures and reduced selling, general and
      administrative expenses, which can be primarily attributed to a decrease
      in salaries and incentive-related expenses, had a favorable impact of
      approximately $1.3 million in comparison to the same period in the prior
      year.
    </p>
    <p>
      <u><i>2013 Versus 2012</i></u>
    </p>
    <p>
      Net sales in 2013 increased in comparison to the prior year, primarily
      due to the addition of AACOA in the fourth quarter of 2012. Net sales
      associated with AACOA were $88.1 million in 2013 compared to $19.5
      million subsequent to the acquisition in 2012. Excluding the impact of
      our acquisition of AACOA and the shutdown of our manufacturing facility
      in Kentland, Indiana, sales volumes were relatively flat in 2013. More
      than half of the volume that was produced at Kentland has been
      transferred to our remaining facilities.
    </p>
    <p>
      Operating profit from ongoing operations increased in 2013, primarily as
      a result of the addition of AACOA and cost savings associated with the
      2012 shutdown of our Kentland manufacturing facility. The impact on
      operating profit from ongoing operations directly attributable to the
      acquisition of AACOA, including synergies, was approximately $4.8
      million. The shutdown of our Kentland manufacturing facility had a net
      favorable impact on operating profit from ongoing operations of
      approximately $2.3 million in 2013. Lower supplies and
      maintenance-related expenditures, which had a favorable impact on
      operating profit from ongoing operations of approximately $0.7 million,
      was partially offset by construction-related expenses of $0.6 million
      associated with the new automotive press project at our manufacturing
      facility in Newnan, Georgia. The remaining increase in operating profit
      from ongoing operations can be attributed to favorable pricing on
      value-added services, partially offset by an unfavorable sales mix and
      higher production costs.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Capital expenditures for Bonnell Aluminum were $14.7 million in 2013
      compared to $2.3 million in 2012. Current year capital expenditures
      include approximately $11.5 million in capital expenditures for a
      previously announced project that will expand our capacity for serving
      the automotive industry at the manufacturing facility in Newnan,
      Georgia. Capital expenditures are projected to be approximately $10
      million in 2014, which includes approximately $5 million for routine
      capital expenditures required to support operations. Depreciation
      expense was $7.4 million in 2013 compared to $9.5 million in 2012, and
      is projected to be approximately $9 million in 2014. Higher depreciation
      expense in 2012 was primarily related to approximately $2.4 million in
      accelerated depreciation on property, plant and equipment at the
      Kentland manufacturing facility. Amortization expense was $1.8 million
      in 2013 and $0.5 million in 2012, and is projected to be approximately
      $1.6 million in 2014.
    </p>
    <p>
      <i><b>Corporate Expenses, Interest and Taxes</b></i>
    </p>
    <p>
      Pension expense was $13.7 million in 2013, an unfavorable change of $5.6
      million from the prior year. Most of the impact on earnings from higher
      pension expense is reflected in &#8220;Corporate expenses, net&#8221; in the Net
      Sales and Operating Profit by Segment table. Pension expense is
      projected to be $7.5 million in 2014. Corporate expenses, net increased
      in 2013 versus 2012 primarily due to the increase in pension expenses
      noted above and the timing of certain non-recurring corporate
      expenditures. In 2013, corporate expenses, net included $1.4 million in
      additional expenses related to responding to a Schedule 13D filed with
      the SEC by certain shareholders. Corporate expenses, net also included
      an unrealized loss on our investment in the Harbinger Capital Partners
      Special Situations Fund, L.P. of $0.4 million in 2013 and $1.1 million
      in 2012 (see Note (g) within the Notes to the Financial Tables for
      additional detail).
    </p>
    <p>
      Interest expense, which includes the amortization of debt issue costs,
      was $2.9 million in 2013 in comparison to $3.6 million in 2012 as a
      result of a decrease in the average interest rate on borrowings under
      our revolving credit facility.
    </p>
    <p>
      The effective tax rate used to compute income taxes from continuing
      operations was 32.1% in 2013 compared to 29.8% in 2012. The effective
      rate used to compute income taxes from continuing operations increased
      in 2013 compared to 2012 primarily due to a reduction in the benefit
      from foreign tax incentives. A reconciliation of significant differences
      between the estimated effective tax rate for continuing operations and
      the U.S. federal statutory rate for 2013 and 2012 will be provided in
      our Annual Report on Form 10-K for the year ended December 31, 2013.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <b>CAPITAL STRUCTURE</b>
    </p>
    <p>
      Net debt (debt in excess of cash and cash equivalents) was $86.4 million
      at December 31, 2013, compared with $79.2 million at December 31, 2012.
      Net debt is a financial measure that is not calculated or presented in
      accordance with GAAP. See the Notes to the Financial Tables for a
      reconciliation of this non-GAAP financial measure to the most directly
      comparable GAAP financial measure.
    </p>
    <p style="text-align: center">
      <b>INVESTOR WEBCAST</b>
    </p>
    <p>
      In connection with today&#8217;s earnings announcement, the Company will host
      a webcast on Monday, February 24<sup>th</sup> at 5:00 pm (EST) to
      discuss these results and respond to questions from the investment
      community. To listen to the webcast and view the slide presentation, go
      to our website, <u>www.tredegar.com</u>, and select the &#8220;2013 Annual
      Financial Results Webcast&#8221; link in the Investors section of our website.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <b>FORWARD-LOOKING AND CAUTIONARY STATEMENTS</b>
    </p>
    <p>
      Some of the information contained in this press release may constitute
      &#8220;forward-looking statements&#8221; within the meaning of the &#8220;safe harbor&#8221;
      provisions of the Private Securities Litigation Reform Act of 1995. When
      we use the words &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;anticipate,&#8221; &#8220;expect,&#8221;
      &#8220;project,&#8221; &#8220;likely,&#8221; &#8220;may&#8221; and similar expressions, we do so to identify
      forward-looking statements. Such statements are based on our then
      current expectations and are subject to a number of risks and
      uncertainties that could cause actual results to differ materially from
      those addressed in the forward-looking statements. It is possible that
      our actual results and financial condition may differ, possibly
      materially, from the anticipated results and financial condition
      indicated in or implied by these forward-looking statements.
      Accordingly, you should not place undue reliance on these
      forward-looking statements. Factors that could cause actual results to
      differ from expectations include, without limitation: acquired
      businesses, including Terphane Holdings LLC (&#8220;Terphane&#8221;) and AACOA, may
      not achieve the levels of revenue, profit, productivity, or otherwise
      perform as we expect; acquisitions, including our acquisitions of
      Terphane and AACOA, involve special risks, including without limitation,
      diversion of management&#8217;s time and attention from our existing
      businesses, the potential assumption of unanticipated liabilities and
      contingencies and potential difficulties in integrating acquired
      businesses and achieving anticipated operational improvements; Film
      Products is highly dependent on sales to one customer &#8212; The Procter &amp;
      Gamble Company (&#8220;P&amp;G&#8221;); the loss or significant reduction of sales
      associated with P&amp;G; growth of Film Products depends on its ability to
      develop and deliver new products at competitive prices; sales volume and
      profitability of Aluminum Extrusions are cyclical and highly dependent
      on economic conditions of end-use markets in the U.S., particularly in
      the construction sector, and are also subject to seasonal slowdowns; our
      substantial international operations subject us to risks of doing
      business in foreign countries, which could adversely affect our
      business, financial condition and results of operations; our future
      performance is influenced by costs incurred by our operating companies,
      including, for example, the cost of energy and raw materials; and the
      other factors discussed in the reports Tredegar files with or furnishes
      to the SEC from time-to-time, including the risks and important factors
      set forth in additional detail in &#8220;Risk Factors&#8221; in Part I, Item 1A of
      Tredegar&#8217;s 2013 Annual Report on Form 10-K (the &#8220;2013 Form 10-K&#8221;) filed
      with the SEC. Readers are urged to review and consider carefully the
      disclosures Tredegar makes in its filings with the SEC, which include
      the 2013 Form 10-K.
    </p>
    <p>
      Tredegar does not undertake, and expressly disclaims any duty, to update
      any forward-looking statement made in this press release to reflect any
      change in management&#8217;s expectations or any change in conditions,
      assumptions or circumstances on which such statements are based.
    </p>
    <p>
      To the extent that the financial information portion of this release
      contains non-GAAP financial measures, it also presents both the most
      directly comparable financial measures calculated and presented in
      accordance with GAAP and a quantitative reconciliation of the difference
      between any such non-GAAP measures and such comparable GAAP financial
      measures. Accompanying the reconciliation is management&#8217;s statement
      concerning the reasons why management believes that presentation of
      non-GAAP measures provides useful information to investors concerning
      Tredegar&#8217;s financial condition and results of operations.
      Reconciliations of non-GAAP financial measures are provided in the Notes
      to the Financial Tables included with this press release and can also be
      found within Presentations in the Investors section of our website, <u>www.tredegar.com</u>.
      Tredegar uses its website as a channel of distribution of material
      company information. Financial information and other material
      information regarding Tredegar is posted on and assembled in the
      Investor section of our website.
    </p>
    <p>
      Tredegar Corporation is a manufacturer of plastic films and aluminum
      extrusions. A global company headquartered in Richmond, Virginia,
      Tredegar had 2013 sales of $959 million. With approximately 2,700
      employees, the company operates manufacturing facilities in North
      America, South America, Europe, and Asia.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="16">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="16">
          <b>Tredegar Corporation</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="16">
          <b>Condensed Consolidated Statements of Income</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="16">
          <b>(In Thousands, Except Per-Share Data)</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="16">
          <b>(Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="6">
          Quarter Ended
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="7">
          Year Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top" colspan="6">
          December 31
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top" colspan="7">
          December 31
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="2">
          2013
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="3">
          2012
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="3">
          2013
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="3">
          2012
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Sales
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          231,096
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          233,038
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          959,346
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          882,188
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Other income (expense), net (b) (e) (f) (g)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          3,335
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          10,049
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          1,776
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          18,119
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          234,431
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          243,087
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          961,122
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          900,307
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Cost of goods sold (b) (j)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          190,173
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          187,886
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          784,675
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          712,660
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Freight
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6,506
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          7,442
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          28,625
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          24,846
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Selling, R&amp;D and general expenses (b)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          20,718
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          22,420
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          83,864
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          86,879
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Amortization of intangibles
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,511
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,759
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6,744
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5,806
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          738
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          858
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,870
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,590
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Asset impairments and costs associated with exit and disposal
            activities (b)
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          573
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          1,871
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          1,412
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          5,022
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          220,219
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          222,236
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          908,190
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          838,803
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Income from continuing operations before income taxes
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          14,212
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          20,851
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          52,932
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          61,504
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Income taxes from continuing operations (h)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          4,810
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          7,001
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          16,995
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          18,319
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Income from continuing operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          9,402
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          13,850
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          35,937
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          43,185
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Loss from discontinued operations (c)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (3,377
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (13,990
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (14,934
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Net income (b) (d)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          9,402
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          10,473
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          21,947
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          28,251
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Earnings (loss) per share:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Basic:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Continuing operations
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          .29
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          .43
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1.12
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1.35
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 40.0px; text-align: left" valign="top">
          Discontinued operations (c)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (.10
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (.44
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (.47
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 40.0px; text-align: left" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          .29
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          .33
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          .68
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          .88
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Diluted:
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right" valign="top" colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Continuing operations
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          .29
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          .43
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1.10
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1.34
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 40.0px; text-align: left" valign="top">
          Discontinued operations (c)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (.10
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (.43
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (.46
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 40.0px; text-align: left" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          .29
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          .33
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          .67
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          .88
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Shares used to compute earnings (loss) per share:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          32,222
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          32,016
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          32,172
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          32,032
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          32,622
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          32,176
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          32,599
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          32,193
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="17">
          <b>Tredegar Corporation</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="17">
          <b>Net Sales and Operating Profit by Segment</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="17">
          <b>(In Thousands)</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="17">
          <b>(Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="7">
          Quarter Ended
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="7">
          Year Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="7">
          December 31
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="7">
          December 31
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="3">
          2013
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="3">
          2012
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="3">
          2013
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="3">
          2012
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Net Sales</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Film Products
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          151,401
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          152,656
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          621,239
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          611,877
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Aluminum Extrusions
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          73,189
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          72,940
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          309,482
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          245,465
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Total net sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          224,590
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          225,596
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          930,721
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          857,342
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Add back freight
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          6,506
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          7,442
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          28,625
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          24,846
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Sales as shown in the Consolidated
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="top">
          Statements of Income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          231,096
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          233,038
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          959,346
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          882,188
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Operating Profit</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Film Products:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Ongoing operations
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          15,615
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          19,951
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          70,966
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          69,950
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Plant shutdowns, asset impairments, restructurings and other (b)
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (307
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,770
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (671
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (109
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Aluminum Extrusions:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Ongoing operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5,940
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,688
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          18,291
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          9,037
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Plant shutdowns, asset impairments, restructurings and other (b)
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (1,790
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (2,213
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (2,748
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (5,427
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Total
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          19,458
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          21,196
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          85,838
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          73,451
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Interest income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          287
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          81
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          594
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          418
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          738
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          858
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,870
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,590
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Gain (loss) on investment accounted for under fair value method (e)
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,300
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          7,100
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,400
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          16,100
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Unrealized loss on investment property (f)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,018
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Stock option-based compensation costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          296
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          285
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,155
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,432
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Corporate expenses, net (g)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          7,799
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          6,383
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          31,857
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          23,443
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Income from continuing operations before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          14,212
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          20,851
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          52,932
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          61,504
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Income taxes from continuing operations (h)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          4,810
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          7,001
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          16,995
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          18,319
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Income from continuing operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          9,402
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          13,850
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          35,937
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          43,185
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Loss from discontinued operations (c)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (3,377
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (13,990
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (14,934
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Net income (b) (d)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          9,402
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          10,473
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          21,947
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          28,251
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="7">
          <b>Tredegar Corporation</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="7">
          <b>Condensed Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="7">
          <b>(In Thousands)</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="7">
          <b>(Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          December 31
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            December 31
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="2">
          2013
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="2">
          2012
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Assets</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Cash &amp; cash equivalents
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          52,617
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          48,822
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Accounts &amp; other receivables, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          99,246
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          100,798
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Income taxes recoverable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,886
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          70,663
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          74,670
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5,628
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5,614
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Prepaid expenses &amp; other
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          6,353
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          6,780
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          234,507
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          239,570
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Property, plant &amp; equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          282,560
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          253,417
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Goodwill &amp; other intangibles, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          226,300
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          240,619
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Other assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          49,641
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          49,559
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Total assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          793,008
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          783,165
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Liabilities and Shareholders' Equity</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Accounts payable
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          82,795
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          82,067
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          42,158
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          42,514
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Income taxes payable
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          114
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          125,067
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          124,581
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          139,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          128,000
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          70,795
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          60,773
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Other noncurrent liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          55,482
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          97,559
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Shareholders' equity
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          402,664
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          372,252
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Total liabilities and shareholders' equity
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          793,008
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          783,165
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="9">
          <b>Tredegar Corporation</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="9">
          <b>Condensed Consolidated Statement of Cash Flows</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="9">
          <b>(In Thousands)</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="9">
          <b>(Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="7">
          Year Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top" colspan="7">
          December 31
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="3">
          2013
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="3">
          2012
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Cash flows from operating activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          21,947
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          28,251
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Adjustments for noncash items:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Depreciation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          37,911
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          43,463
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Amortization of intangibles
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6,744
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5,806
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (5,268
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (762
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Accrued pension income and postretirement benefits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          13,911
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          8,311
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Gain on investment accounted for under the fair value method
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (3,400
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (16,100
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Loss on asset impairments and divestitures
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,639
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,185
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Gain on sale of assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,219
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Changes in assets and liabilities, net of effects of acquisitions
            and divestitures:
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Accounts and other receivables
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1,763
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          9,454
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,727
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (9,913
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Income taxes recoverable/payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,063
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,193
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Prepaid expenses and other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (651
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,883
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,043
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          9,105
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="top">
          Other, net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (2,188
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (3,509
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 40.0px; text-align: left" valign="top">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          76,715
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          82,586
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Cash flows from investing activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Capital expenditures
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (79,661
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (33,252
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Acquisition
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          561
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (57,936
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Sale of business
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          306
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          12,071
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="top">
          Proceeds from the sale of assets and other
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          1,190
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          3,557
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 40.0px; text-align: left" valign="top">
          Net cash used in investing activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (77,604
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (75,560
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Cash flows from financing activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Borrowings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          87,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          93,250
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Debt principal payments and financing costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (76,000
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (91,604
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Dividends paid
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (9,040
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (30,782
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="top">
          Proceeds from exercise of stock options and other
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          3,317
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          2,400
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 40.0px; text-align: left" valign="top">
          Net cash provided by (used in) financing activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          5,277
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (26,736
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Effect of exchange rate changes on cash
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (593
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (407
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Increase (decrease) in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,795
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (20,117
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Cash and cash equivalents at beginning of period
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          48,822
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          68,939
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Cash and cash equivalents at end of period
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          52,617
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          48,822
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Notes to Financial Tables</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(In Millions, except per share data)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Unaudited)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (a) Tredegar's presentation of net income and earnings per share
            from ongoing operations are non-GAAP financial measures that
            exclude the after-tax effects of gains or losses associated with
            plant shutdowns, asset impairments and restructurings, gains or
            losses from sale of assets and other items, goodwill impairment
            charges and operating results and gains or losses on sale for
            businesses divested that are included in discontinued operations,
            which have been presented separately and removed from net income
            (loss) and diluted earnings (loss) per share as reported under
            GAAP. Net income and earnings per share from ongoing operations
            are used by management to gauge the operating performance of
            Tredegar's ongoing operations. They are not intended to represent
            the stand-alone results for Tredegar&#8217;s ongoing operations under
            GAAP and should not be considered as an alternative to net income
            (loss) or earnings (loss) per share from continuing operations as
            defined by GAAP. They exclude items that we believe do not relate
            to Tredegar's ongoing operations. A reconciliation is shown below:
          </p>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap" valign="top" colspan="7">
          Three Months Ended
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap" valign="top" colspan="6">
          Year Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="top" colspan="7">
          December 31
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="top" colspan="6">
          December 31
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="3">
          2013
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="3">
          2012
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="2">
          2013
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="3">
          2012
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Net income from continuing operations as reported under generally
            accepted accounting principles (GAAP)
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          9.4
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          13.9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          35.9
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          43.2
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          After-tax effects of:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Gains) losses associated with plant shutdowns, asset impairments
            and restructurings
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          .4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          .9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          .9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3.2
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="top">
          (Gains) losses from sale of assets and other
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (1.0
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (5.1
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          .5
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (7.9
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Net income from ongoing operations
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          8.8
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          9.7
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          37.3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          38.5
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Earnings per share from continuing operations as reported under
            GAAP (diluted)
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          .29
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          .43
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1.10
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1.34
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          After-tax effects per diluted share of:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Gains) losses associated with plant shutdowns, asset impairments
            and restructurings
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          .01
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          .03
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          .03
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          .10
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="top">
          (Gains) losses from sale of assets and other
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (.03
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (.16
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          .02
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (.24
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Earnings per share from ongoing operations (diluted)
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          .27
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          .30
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          1.15
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          1.20
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      (b) Plant shutdowns, asset impairments, restructurings and other in the
      fourth quarter of 2013 include:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Pretax charge of $1.5 million related to expected future environmental
        costs at our aluminum extrusions manufacturing facility in Newnan,
        Georgia (included in &#8220;Cost of goods sold&#8221; in the consolidated
        statements of income);
      </li>
      <li style="margin-bottom: 10.0px">
        Pretax charge of $0.3 million associated with the shutdown of the film
        products manufacturing facility in Red Springs, North Carolina, which
        includes asset impairment charges of $0.2 million and severance and
        other employee-related costs of $0.1 million; and
      </li>
      <li style="margin-bottom: 10.0px">
        Pretax charges of $0.3 million for severance and other
        employee-related costs in connection with restructurings in Aluminum
        Extrusions.
      </li>
    </ul>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Plant shutdowns, asset impairments, restructurings and other in 2013
      include:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Pretax charges of $1.7 million related to expected future
        environmental costs at our aluminum extrusions manufacturing facility
        in Newnan, Georgia (included in &#8220;Cost of goods sold&#8221; in the
        consolidated statements of income);
      </li>
      <li style="margin-bottom: 10.0px">
        Net pretax charges of $0.6 million associated with the shutdown of the
        aluminum extrusions manufacturing facility in Kentland, Indiana;
      </li>
      <li style="margin-bottom: 10.0px">
        Pretax charge of $0.5 million associated with the shutdown of the film
        products manufacturing facility in Red Springs, North Carolina, which
        includes severance and other employee-related costs of $0.3 million
        and asset impairment charges of $0.2 million;
      </li>
      <li style="margin-bottom: 10.0px">
        Pretax charges of $0.4 million for severance and other
        employee-related costs in connection with restructurings in Aluminum
        Extrusions ($0.3 million) and Film Products ($0.1 million);
      </li>
      <li style="margin-bottom: 10.0px">
        Pretax charges of $0.2 million for integration-related expenses and
        other non-recurring transactions (included in &quot;Selling, R&amp;D and
        general expenses&quot; in the condensed consolidated statements of income)
        associated with the acquisition of AACOA by Aluminum Extrusions; and
      </li>
      <li style="margin-bottom: 10.0px">
        Pretax loss of $0.1 million related to the sale of previously impaired
        machinery and equipment at our film products manufacturing facility in
        Shanghai, China (included in &#8220;Other income (expense), net&#8221; in the
        consolidated statements of income).
      </li>
    </ul>
    <p>
      Plant shutdowns, asset impairments, restructurings and other in the
      fourth quarter of 2012 include:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        A net pretax gain of $1.3 million in Film Products (included in &quot;Other
        income (expenses), net&quot; in the condensed consolidated statements of
        income) associated with an insurance recovery on idle equipment that
        was destroyed in a fire at an outside warehouse;
      </li>
      <li style="margin-bottom: 10.0px">
        Pretax gain of $1.1 million (included in &quot;Other income (expenses),
        net&quot; in the condensed consolidated statements of net income) on the
        sale of a previously shutdown film products manufacturing facility in
        LaGrange, Georgia;
      </li>
      <li style="margin-bottom: 10.0px">
        Net pretax charge of $0.9 million associated with the shutdown of the
        aluminum extrusions manufacturing facility in Kentland, Indiana, which
        includes shutdown-related charges of $1.4 million, partially offset by
        gains on the sale of equipment of $0.5 million (included in &quot;Other
        income (expense), net&quot; in the condensed consolidated statement of
        income);
      </li>
      <li style="margin-bottom: 10.0px">
        Pretax charges of $0.9 million for acquisition-related expenses
        (included in &quot;Selling, R&amp;D and general expenses&quot; in the condensed
        consolidated statements of income) associated with the acquisition of
        AACOA by Aluminum Extrusions;
      </li>
      <li style="margin-bottom: 10.0px">
        Pretax charges of $0.2 million for asset impairments in Film Products;
      </li>
      <li style="margin-bottom: 10.0px">
        Pretax charges of $0.2 million for severance and other
        employee-related costs in connection with restructurings in Film
        Products;
      </li>
      <li style="margin-bottom: 10.0px">
        Pretax charges of $0.2 million for integration-related expenses and
        other non-recurring transactions (included in &quot;Selling, R&amp;D and
        general expenses&quot; in the condensed consolidated statements of income)
        associated with the acquisition of AACOA by Aluminum Extrusions;
      </li>
      <li style="margin-bottom: 10.0px">
        Pretax charges of $0.1 million associated with purchase accounting
        adjustments made to the value of inventory sold by Aluminum Extrusions
        after its acquisition of AACOA (included in &quot;Cost of goods sold&quot; in
        the condensed consolidated statements of income, see note (j) below
        for further detail);
      </li>
      <li style="margin-bottom: 10.0px">
        Pretax charges of $0.1 million for integration-related expenses and
        other non-recurring transactions (included in &quot;Selling, R&amp;D and
        general expenses&quot; in the condensed consolidated statements of income)
        associated with the acquisition of Terphane by Film Products; and
      </li>
      <li style="margin-bottom: 10.0px">
        A pretax charge of $0.1 million related to expected future
        environmental costs at our aluminum extrusions manufacturing facility
        in Newnan, Georgia (included in &quot;Cost of goods sold&quot; in the condensed
        consolidated statement of income).
      </li>
    </ul>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Plant shutdowns, asset impairments, restructurings and other in 2012
      include:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Net pretax charge of $3.6 million associated with the shutdown of the
        aluminum extrusions manufacturing facility in Kentland, Indiana, which
        includes accelerated depreciation for property and equipment of $2.4
        million (included in &quot;Cost of goods sold&quot; in the condensed
        consolidated statements of income), severance and other
        employee-related costs of $1.2 million and other shutdown-related
        charges of $2.3 million, partially offset by adjustments to
        inventories accounted for under the last-in, first-out method of $1.5
        million (included in &quot;Cost of goods sold&quot; in the condensed
        consolidated statements of income) and gains on the sale of equipment
        of $0.8 million (included in &quot;Other income (expense), net&quot; in the
        condensed consolidated statement of income);
      </li>
      <li style="margin-bottom: 10.0px">
        A net pretax gain of $1.3 million in Film Products (included in &quot;Other
        income (expenses), net&quot; in the condensed consolidated statements of
        income) associated with an insurance recovery on idle equipment that
        was destroyed in a fire at an outside warehouse;
      </li>
      <li style="margin-bottom: 10.0px">
        Pretax charges of $1.3 million for acquisition-related expenses
        (included in &quot;Selling, R&amp;D and general expenses&quot; in the condensed
        consolidated statements of income) associated with the acquisition of
        AACOA by Aluminum Extrusions;
      </li>
      <li style="margin-bottom: 10.0px">
        Pretax charges of $1.1 million for integration-related expenses and
        other non-recurring transactions (included in &quot;Selling, R&amp;D and
        general expenses&quot; in the condensed consolidated statements of income)
        associated with the acquisition of Terphane by Film Products;
      </li>
      <li style="margin-bottom: 10.0px">
        Pretax gain of $1.1 million (included in &quot;Other income (expenses),
        net&quot; in the condensed consolidated statements of income) on the sale
        of a previously shutdown film products manufacturing facility in
        LaGrange, Georgia;
      </li>
      <li style="margin-bottom: 10.0px">
        Pretax loss of $0.8 million for asset impairments associated with a
        previously shutdown film products manufacturing facility in LaGrange,
        Georgia;
      </li>
      <li style="margin-bottom: 10.0px">
        Pretax charges of $0.5 million for severance and other
        employee-related costs in connection with restructurings in Film
        Products ($0.3 million) and Aluminum Extrusions ($0.2 million);
      </li>
      <li style="margin-bottom: 10.0px">
        Pretax charges of $0.2 million for asset impairments in Film Products;
      </li>
      <li style="margin-bottom: 10.0px">
        Pretax charges of $0.2 million for integration-related expenses and
        other non-recurring transactions (included in &quot;Selling, R&amp;D and
        general expenses&quot; in the condensed consolidated statements of income)
        associated with the acquisition of AACOA by Aluminum Extrusions;
      </li>
      <li style="margin-bottom: 10.0px">
        Pretax charges of $0.1 million associated with purchase accounting
        adjustments made to the value of inventory sold by Aluminum Extrusions
        after its acquisition of AACOA (included in &quot;Cost of goods sold&quot; in
        the condensed consolidated statements of income, see note (j) below
        for further detail); and
      </li>
      <li style="margin-bottom: 10.0px">
        A pretax charge of $0.1 million related to expected future
        environmental costs at our aluminum extrusions manufacturing facility
        in Newnan, Georgia (included in &quot;Cost of goods sold&quot; in the condensed
        consolidated statement of income).
      </li>
    </ul>
    <p>
      (c) On November 20, 2012, Tredegar sold its mitigation banking business,
      Falling Springs, LLC to Arc Ventures LC, a company affiliated with John
      D. Gottwald, a member of our Board of Directors, for cash and stock
      consideration of $16.6 million. All historical results for this business
      have been reflected as discontinued operations in the accompanying
      condensed consolidated financial statements.
    </p>
    <p>
      On February 12, 2008, Tredegar sold its aluminum extrusions business in
      Canada for a purchase price of approximately $25 million. All historical
      results for this business were previously reported in discontinued
      operations. Accruals were made for indemnifications under the purchase
      agreement related to environmental matters of $1.5 million ($1.5 million
      after tax) in the fourth quarter of 2012 (none in the fourth quarter of
      2013). Accruals were made for indemnifications under the purchase
      agreement related to environmental matters of $14.0 million ($14.0
      million after tax) and $13.4 million ($13.4 million after tax) in 2013
      and 2012, respectively.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      (d) Comprehensive income (loss), defined as net income (loss) and other
      comprehensive income (loss), was income of $27.2 million in the fourth
      quarter of 2013 and a loss of $7.7 million for the fourth quarter 2012.
      Comprehensive income (loss) was income of $34.0 million in 2013 and $5.3
      million in 2012. Other comprehensive income (loss) includes changes in
      foreign currency translation adjustments, unrealized gains and losses on
      derivative financial instruments and prior service costs and net gains
      or losses from pension and other postretirement benefit plans arising
      during the period and the related amortization of these prior service
      costs and net gains or losses recorded net of deferred taxes directly in
      shareholders' equity.
    </p>
    <p>
      (e) The unrealized gain on our investment in kaleo, Inc. (&#8220;kal&#233;o&#8221;),
      formerly known as Intelliject, Inc., was $3.3 million and $7.1 million
      in fourth quarters of 2013 and 2012, respectively, and $3.4 million and
      $16.1 million in 2013 and 2012, respectively. The unrealized gain in the
      fourth quarter of 2013 was primarily related to adjustments in the fair
      value for the passage of time as anticipated cash flows associated with
      achieving product development and commercialization milestones are
      discounted at 55% for their high degree of risk. The net unrealized gain
      in 2013 was primarily related to adjustments in the fair value for the
      passage of time as anticipated cash flows associated with achieving
      product development and commercialization milestones are discounted at
      55% for their high degree of risk, partially offset by adjustments in
      the fair value due to a reassessment of the amount and timing of
      projected receipt of royalty and milestone payments from commercial
      sales of kal&#233;o&#8217;s licensed product, which launched in early 2013, and
      increased development and commercialization expenses related to its
      pipeline products. The unrealized gain in the fourth quarter of 2012 is
      primarily related to adjustments in the fair value to reflect updated
      insights from market research, which resulted in a favorable adjustment
      to the timing and amount of anticipated cash flows associated with its
      product pipeline, and the passage of time as anticipated cash flows
      associated with achieving product development and commercialization
      milestones are discounted at 55% for their high degree of risk. The
      unrealized gain in 2012 is primarily attributed to the factors
      previously noted as well as the appreciation of our ownership interest
      after the weighted average cost of capital used to discount cash flows
      in our valuation of kal&#233;o was reduced in the first quarter of 2012 to
      reflect the completion of certain process testing and a reassessment of
      the risk associated with the timing for obtaining final marketing
      approval for its first product from the U.S. Food &amp; Drug Administration.
    </p>
    <p>
      (f) An unrealized loss on our investment property in Alleghany and Bath
      County, Virginia (included in &#8220;Other income (expense), net&#8221; in the
      consolidated statements of income) of $1.0 million was recorded in the
      second quarter of 2013 as a result of a reduction in the estimated fair
      value of our investment that is not expected to be temporary.
    </p>
    <p>
      (g) A pretax charge of $0.4 million in 2013 ($0.2 million in the fourth
      quarter of 2013) and $1.1 million in 2012 (none in the fourth quarter of
      2012) related to unrealized losses for our investment in the Harbinger
      Capital Partners Special Situations Fund, L.P. was recorded as a result
      of a reduction in the value of our investment that is not expected to be
      temporary. The impairment charge is included in &quot;Other income (expense),
      net&quot; in the condensed consolidated statements of income and in
      &quot;Corporate expenses, net&quot; in the statement of net sales and operating
      profit by segment.
    </p>
    <p>
      (h) Income taxes include the recognition of an additional valuation
      allowance of $0.5 million in 2013 and $1.3 million in 2012 related to
      the expected limitations on the utilization of assumed capital losses on
      certain investments recognized in previous years.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (i) Net debt is calculated as follows:
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="3">
          December 31,
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="3">
          December 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="3">
          2013
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom" colspan="3">
          2012
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="top">
          Debt
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          139.0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          128.0
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 25.0px; text-align: left" valign="top">
          Less: Cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (52.6
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (48.8
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 25.0px; text-align: left" valign="top">
          Net debt
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          86.4
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          79.2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      Net debt is not intended to represent total debt as defined by GAAP. Net
      debt is utilized by management in evaluating the company's financial
      leverage and equity valuation, and management believes that investors
      also may find net debt to be helpful for the same purposes.
    </p>
    <p>
      (j) Business combination accounting principles under U.S. GAAP require
      that we adjust the inventory acquired in the acquisitions of AACOA to
      fair value at the date of acquisition. In particular, finished goods
      inventory acquired was adjusted to reflect the cost of manufacturing
      plus a portion of the expected profit margin. The acquired inventory was
      sold in the fourth quarters of 2012. We believe that the adjustment
      included in &#8220;Cost of goods sold&#8221; in the fourth quarters of 2012 should
      be removed by investors as a means to determine profit and margins from
      ongoing operations, which reflect the operating trends of the acquired
      business.
    </p>
    <p>

    </p>
    <p>
      CONTACT:<br>Tredegar Corporation<br>Neill Bellamy, 804-330-1211<br>Fax:
      804-330-1777<br><u>neill.bellamy@tredegar.com</u>
    </p>
    <p>

    </p>
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