Assuming you are talking about Pinhole Designer, the idea is to see what shutter speed your lightmeter shows for f22, then multiply that by the exposure factor.
Originally Posted by little golan
Reading: 1/25 ( = 0.04 seconds) @ f22
x 229 = 9.16 seconds @ f333.
Note that many films exhibit reciprocity failure at long exposures, so even more time than the calculated value may be needed. Paper may have less of a problem, I've never tried it.
The important thing is that if you get anywhere near close, you should get something usable. From what I've read over the past year or so, an ISO index down around 3.2 to 6 is likely a good place to start for paper.