X0303 4 2009-11-11 1 0001325281 KAPSTONE PAPER & PACKAGING CORP KPPC 0001166219 ELM RIDGE CAPITAL MANAGEMENT LLC 3 WEST MAIN STREET 3RD FLOOR IRVINGTON NY 10533 0 0 1 0 0001305978 GUTFLEISH RONALD E C/O ELM RIDGE CAPITAL MANAGEMENT, LLC 3 WEST MAIN STREET, 3RD FLOOR IRVINGTON NY 10533 0 0 1 0 Common Stock 2009-11-11 4 S 0 22426 7.00 D 4609459 I Footnote Common Stock 2009-11-12 4 S 0 69200 6.96 D 4540259 I Footnote Ronald Gutfleish is the managing member of two limited liability companies, each of which manages one or more private investment funds that hold the Issuer's shares. The Reporting Persons disclaim beneficial ownership of these shares except to the extent of their pecuniary interest therein. This report shall not be deemed an admission that the Reporting Person is the beneficial owner of the reported securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. (+) Each of the Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of its or his pecuniary interest therein and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or for any other purpose. The Reporting Persons affirmatively disclaim being a "group" for purposes of Section 16 of the Securities Exchange Act of 1934, as amended. Elm Ridge Capital Management, LLC (+), By: /s/ Ronald E. Gutfleish 2009-11-12 /s/ Ronald E. Gutfleish(+) 2009-11-12