Common Stock QuosiIPO

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Packaging Corporation of America
Citigroup 10th Annual Global Paper, Forest
Products and Packaging Conference December 1,
2005
Paul T. Stecko Chairman and CEO
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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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PCA is a Major Producer of Containerboard
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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 shuts announced after the survey and
current indefinite shuts as of November 28, 2005.

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Industry Corrugated Products VolumePer Workday
2005 vs. 2004
Change
Sources Fiber Box Association
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Industry Containerboard Inventory
(000 tons)
Sources Fiber Box Association and American
Forest Paper Association
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Linerboard Trendline Pricing
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Mill System

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

Tomahawk
Filer City
ofProduction
2004 Production (000 tons)
Counce
Mill
Linerboard Counce, TN 999 43 Valdosta, GA
457 20 Total Linerboard 1,456 63
Corrugating Medium Tomahawk, WI 572 24 Filer
City, MI 290 13 Total
Medium 862 37 Total System 2,318 100
Valdosta
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Recycled Fiber Prices HistoricallyHave Been Very
Volatile
/Ton
1999 2000 2001
2002 2003
2004 2005
Source Industry publications for OCC pricing
excluding delivery costs
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China Wastepaper Imports
(millions of tons)
Actual
Projected
Source 2003 Almanac of Chinas Paper Industry
for total wastepaper imports, primarily OCC.
Projections reflect an average growth in
imports of 7 per year.
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Limited Exposure to Potential IncreasesIn
Wastepaper Prices
Wastepaper Utilization
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Price of Natural Gas(1) and Coal(2)
Per M2BTU
Natural Gas Coal

• Delivered cost per M2BTU of natural gas based
  upon NYMEX actual (January 2003 November 2005)
  and futures (December 2005 March 2006) monthly
  closing prices on November 28, 2005, plus
  estimated transportation, utility, taxes and
  other cost add-ons of 0.55 to 1.30 per M2BTU.
• (2) Delivered cost of coal per M2BTU including
  estimated coal costs, plus estimated
  transportation, taxes and handling cost add-ons
  of 0.75 to 0.80 per M2BTU.

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Mill Purchased Fuel Mix
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Annual Natural Gas Usage (1)
(Millions of M2BTU)
Source Company third quarter earnings release
conference call disclosures and PCA estimates
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EPS Impact of 5.00 per M2BTU Natural Gas Price
Increase
Source Company third quarter earnings release
conference call disclosures and PCA estimates
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Corrugated Products
Differentiated Operating Strategy

• Stand-alone profit centers
• Value-added products
• 70 local accounts
• Over 8,000 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
Donna
Sheet/specialty plants
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Corrugated Products Growth
Cumulative Change
1998 1999 2000 2001
2002 2003 2004
Sept. YTD
2005
Source FBA Data for Industry
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Capital Expenditures as a Percent of Sales2000
Through 2004 Average
Source SEC filings for Containerboard and
Packaging segment of each company
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Current Debt Structure
As of Sept. 30, 2005
Amount (MM) (1)
Cash Interest Rate ()
Maturity
Asset Securitization 109 4.223 October 2006
(Receivables Revolving Credit
Facility) Term Loan 39 5.313 July 2008 5-Year
Notes 150 4.375 August 2008 10-Year
Notes 400 5.750 August 2010 Total
698 5.192 Revolver (2) 100 July 2008 Cash
On Hand 184

• Excludes 3.0 million of unamortized debt
  discount related to the 5-year and 10-year notes.
• Undrawn as of September 30, 2005. Pay 20bps for
  the 100 million commitment.

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Strong Credit Profile September 2005 Data(1)
Debt /
Adjusted EBITDA(2) /
Debt / Adjusted EBITDA(2)
Adjusted Interest (2) Total Capital
Temple Inland 2.1 Weyerhaeuser 2.6 Georgia
Pacific 3.0 International Paper 3.9 Smurfit Stone
6.2
Temple Inland 42 Weyerhaeuser 52 Georgia
Pacific 59 International Paper 65 Smurfit
Stone 69
Temple Inland 6.4 Weyerhaeuser
5.6 International Paper 4.4 Georgia
Pacific 4.4 Smurfit Stone 2.1

• 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 12 month period ended
  September 30, 2005 and both exclude unusual or
  nonrecurring 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.
• Georgia Pacific 261.0 Temple Inland 100.0
• International Paper 25.0 Weyerhaeuser 49.0
• Smurfit Stone 380.0
• Weyerhaeusers reported interest was adjusted
  to exclude the loss from early debt
  extinguishment of 73.0 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 175.7
• Less STV Dividends (39.2)
• Add plant closure and severance costs 2.2
• Adjusted EBIT 138.7
• Add Depreciation, depletion and amortization as
  reported the period 159.4
• Adjusted EBITDA 298.1

Source Company SEC filings and press releases
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Dividend Yield (1)

• Based on closing share prices as of November 28,
  2005 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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