[FORM OF REGISTRATION RIGHTS AGREEMENT]



                          REGISTRATION RIGHTS AGREEMENT



                                  by and among



                           PACKAGING INVESTORS, L.P.,



                             DCBS INVESTORS, L.L.C.,



                              CB INVESTORS, L.L.C.,



                                       and



                         PACKAGING DYNAMICS CORPORATION



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                                TABLE OF CONTENTS



1.  SECURITIES SUBJECT TO THIS AGREEMENT ....................................  1

    1.1 Definitions .........................................................  1

    1.2 Registrable Securities ..............................................  2

    1.3 Holders of Registrable Securities ...................................  2



2.  SHELF REGISTRATION ......................................................  2

    2.1  Request for Shelf Registration .....................................  2

    2.2  Effective Shelf Registration and Expenses ..........................  3

    2.3  Underwriting Procedures ............................................  3

    2.4  Selection of Underwriters ..........................................  4



3.  DEMAND REGISTRATION .....................................................  4

    3.1  Request for Demand Registration ....................................  4

    3.2  Effective Demand Registration and Expenses .........................  4

    3.3  Underwriting Procedures ............................................  5

    3.4  Selection of Underwriters ..........................................  5



4.  PIGGY-BACK REGISTRATION OF COMMON STOCK. ................................  5



5.  HOLDBACK AGREEMENTS. ....................................................  6



6.  REGISTRATION PROCEDURES. ................................................  6



7.  REGISTRATION EXPENSES. .................................................. 10



8.  INDEMNIFICATION; CONTRIBUTION ........................................... 10

    8.1  Indemnification by Packaging Dynamics .............................. 10

    8.2  Indemnification by Each Holder ..................................... 10

    8.3  Conduct of Indemnification Proceedings ............................. 11

    8.4  Contribution ....................................................... 11



9.  PARTICIPATION IN UNDERWRITTEN REGISTRATIONS. ............................ 13



10. COVENANT OF HOLDERS OF REGISTRABLE SECURITIES. .......................... 13



11. RULE 144. ............................................................... 13



12. MISCELLANEOUS ........................................................... 13

    12.1 Recapitalization, Exchanges, etc., Affecting Packaging Dynamics .... 13

         Capital Stock ...................................................... 13

    12.2 No Inconsistent Agreements ......................................... 14

    12.3 Remedies ........................................................... 14

    12.4 Amendments and Waivers ............................................. 14

    12.5 Notices ............................................................ 14

    12.6 Successors and Assigns ............................................. 15



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12.7     Counterparts ....................................................... 16

12.8     Headings ........................................................... 16

12.9     Governing Law ...................................................... 16

12.10    Severability ....................................................... 16

12.11    Entire Agreement ................................................... 16

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