In light of the economic recession and in support of the cost reduction initiatives of Tredegar Corporation and its subsidiaries (the "Corporation"), the following named executive officers of the Corporation have voluntarily agreed to reduce their annual base salaries in the percentages and dollar amounts set forth below opposite each such executive officer's name, effective June 1, 2009 and continuing until changed or modified by the Executive Compensation Committee of the Board of Directors (the "Committee"). The Committee approved these changes on May 18, 2009.

                                              Salary Reduction %    Annual Base
       Name                  Title                 (Amount)         Salary After
                                                                     Reduction
 John D. Gottwald      President and CEO        25% ($135,000)        $405,000
 Nancy M. Taylor    Corporate Executive Vice     15% ($60,001)        $340,007
                    President and President,
                     Tredegar Film Products
                          Corporation
 Duncan A. Crowdis  Corporate Vice President     12% ($33,600)        $246,400
                   and President, The William
                    L Bonnell Company, Inc.

Non-Employee Director Compensation

In support of the Corporation's cost reduction initiatives, on May 19, 2009, the Board of Directors of the Corporation voluntarily agreed to reduce the cash portion of the quarterly Director retainers by fifteen percent (15%), effective June 1, 2009 and continuing through December 31, 2009. The stock portion of Directors' retainers, the Chairman retainer and the retainers for Directors' service on Board committees remain unchanged.

In addition, Norman A. Scher, the Corporation's Vice Chairman of the Board, who is also an employee of the Corporation and receives an annual base salary but does not receive any compensation for his service as a Director, has voluntarily agreed to reduce his current annual base salary in the percentage and dollar amount set forth below opposite his name, effective June 1, 2009 and continuing until changed or modified by the Nominating and Governance Committee of the Board of Directors. The Nominating and Governance Committee approved this change on May 21, 2009.

                                             Salary Reduction %    Annual Base
       Name                 Title                 (Amount)         Salary After
                                                                    Reduction
  Norman A. Scher       Vice Chairman           10% ($18,500)        $166,500