Common Stock Quosi-IPO

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Packaging Corporation of America
JP Morgan Basics Industrials Conference June
5, 2006
Paul T. Stecko Chairman and Chief Executive
Officer
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Packaging Corporation of America
Certain statements in this presentation are
forward-looking statements. Forward-looking
statements include statements about our future
financial condition, our industry and our
business strategy. Statements that contain words
such as anticipate, believe, expect,
intend, estimate, hope or similar
expressions, are forward-looking statements.
These forward-looking statements are based on the
current expectations of PCA. Because
forward-looking statements involve inherent risks
and uncertainties, the plans, actions and actual
results of PCA could differ materially. Among
the factors that could cause plans, actions and
results to differ materially from PCAs current
expectations are those identified under the
caption Risk Factors in PCAs Form 10K filed
with the Securities and Exchange Commission and
available at the SECs website at www.sec.gov.
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Pure Play in the Right Product
of Revenues from Containerboard and Corrugated
Products
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Containerboard Imports and Exportsas a
Percentage of Production
Source AF PA reports
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Containerboard Capacity Growth (U.S. Only)
Source AF PA Capacity Survey. Includes
permanent shutdowns announced after the survey
and current indefinite shutdowns as of May 16,
2006.
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Industry Corrugated Products DemandPer Workday(2)
Year-over-Year Change (1)
2005
2006

1. Year-over-year change 2005 vs 2004 by month, and
   Jan. - April 2006
2. Source Fiber Box Association

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Total Industry Containerboard Inventories1985 -
2006
Source FBA
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Industry Containerboard Inventory Pricing
Price Per Ton
000 Tons
1992 1993 1994 1995 1996
1997 1998 1999 2000
2001 2002 2003 2004
2005 2006
Sources Industry Inventory, Fiber Box
Association and American Forest Paper
Association Linerboard Prices, Industry
Publications
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Mill System

• Low Cost
• Primarily Virgin Fiber
• Fiber and Energy Flexibility
• Low Natural Gas Usage
• Lightweight Capability
• High Integration Level

ofProduction
2005 Production (000 tons)
Mill
Linerboard Counce, TN 966 41 Valdosta, GA
475 20 Total Linerboard 1,441 61
Corrugating Medium Tomahawk, WI 531 23 Filer
City, MI 375 16 Total
Medium 906 39 Total System 2,347 100
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Recycled Fiber Prices HistoricallyHave Been Very
Volatile
/Ton
1999 2000 2001
2002 2003 2004
2005 2006
Source Industry publications for OCC pricing
excluding delivery costs
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Limited Exposure to Potential IncreasesIn
Wastepaper Prices
Wastepaper Utilization
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Mill Purchased Fuel Mix
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Corrugated Products
Differentiated Operating Strategy

• Stand-alone profit centers
• Value-added products
• Two-thirds local accounts
• Over 8,300 customers
• Top 30 accounts represent
• only about 30 of sales

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Corrugated Products System
Watertown
Chelmsford
Colby
Minneapolis
Syracuse
Edmore
Golden Valley
Northampton
Milwaukee
Buffalo
Franklin
Grandville
Plymouth
Burlington
Allentown
Trexlertown
Conrad
Acorn
Akron
Hanover
Marshalltown
Ashland
Omaha
Pittsburgh
Salt Lake City
Gas City
Windsor
Newark
Middletown
Baltimore
Northglenn
Fairfield
Denver
Harrisonburg
Vincennes
Richmond
St. Louis
Roanoke
High Point
Oxnard
Knoxville
Salisbury
Morganton
Los Angeles
Goldsboro
Muskogee
Rutherfordton
Jackson
South Gate
Honea Path
Phoenix
Newberry
Olive Branch
Atlanta
Plano
Garland
Arlington
Opelika
El Paso
Jackson
Waco
Jacksonville
Winter Haven
Corrugated plants
Miami
Donna
Sheet/specialty plants
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Corrugated Products Growth
Cumulative Change
1998 1999 2000 2001
2002 2003 2004 2005
1Q 06
Source FBA Data for Industry
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Debt Structure
As of March 31, 2006
Amount (MM) (1)
Cash Interest Rate ()
Maturity
Asset Securitization 109 5.10 October 2006
(Receivables Revolving Credit
Facility) Term Loan 39 6.23 July 2008 5-Year
Notes 150 4.38 August 2008 10-Year
Notes 400 5.75 August 2013 Total
698 5.38 Revolver (2) 100 July 2008 Cash On
Hand 68

1. Excludes 2.8 million of unamortized debt
   discount related to the 5-year and 10-year notes.
2. Undrawn as of March 31, 2006.

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Strong Credit Profile March 2006 Data(1)
Debt /
Adjusted EBITDA(2) /
Debt / Adjusted EBITDA(2)
Adjusted Interest (2) Total Capital
Temple Inland 2.6 Weyerhaeuser
2.7 International Paper 4.4 Smurfit Stone 9.7
Temple Inland 47 Weyerhaeuser
48 International Paper 61 Smurfit Stone 72
Temple Inland 6.2 Weyerhaeuser
6.1 International Paper 4.2 Smurfit Stone 1.4

• Debt / Adjusted EBITDA, Adjusted EBITDA /
  Adjusted Interest, and Debt / Total Capital are
  ratios commonly used by the ratings agencies.
  Total capital is calculated as total debt plus
  minority interest plus shareholders equity.
  Adjusted EBITDA and adjusted interest are
  calculated for the twleve-month period ended
  March 31, 2006 and both exclude unusual or
  non-recurring items.
• Adjustments ( in millions) were made to the
  following companies reported income before
  interest and taxes per their SEC filings or press
  releases to eliminate unusual or non-recurring
  items.
• International Paper 134.0 Temple
  Inland 66.0
• Smurfit Stone 334.0 Weyerhaeuser 1,417.0
• Weyerhaeusers reported interest was adjusted
  to exclude the loss from early debt
  extinguishment of 36.0 million and income
  received from the sale of an investment of 115.0
  million.
• International Papers reported interest was
  adjusted to exclude interest income related to a
  tax audit agreement and collection of a note
  receivable of 54.0 million. No other
  adjustments
• were made to the other companies reported
  interest.
• (3) PCAs adjusted EBITDA is calculated as
  follows
• Income before interest and taxes, as reported
  for the period 111.1
• Less STV Dividends (11.5)
• Add plant closure and severance costs 2.6
• Adjusted EBIT 102.1
• Add Depreciation, depletion and amortization as
  reported the period 159.0
• Adjusted EBITDA 261.1

Source Company SEC filings and press releases
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Secondary Offering and Share Repurchase December
2005
Madison Dearborn Partners (MDP)
Million of Total
Price / Public Market Shares PCA
Shares Share Float
MDP Ownership of PCA Stock 44.1 40.8 59.2 Sec
ondary Offering of PCA Common Stock by MDP
(17.8) 21.50 PCA Common Stock
Share Repurchase from MDP (4.5) 20.69 MDP
Remaining Ownership after 21.8
21.0 79.0 Secondary and Share
Repurchase
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Dividend Yield (1)

1. Based on share prices as of June1, 2006 and
   announced annual dividend rates

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Strategy

• Single Business Focus - Operational Excellence
• Grow Corrugated Products Volume
• Internal Growth
• Acquisitions
• Enhance Shareholder Value Through Financial
  and Strategic Flexibility

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