Citigroup 11 th Annual Global Paper and Forest Products Conference December 7, 2006

1. Packaging Corporation of America Citigroup 11th Annual Global Paper and Forest Products Conference December 7, 2006 Paul T. Stecko Chairman and CEO

2. 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 PCA’s current expectations are those identified under the caption “Risk Factors” in PCA’s Form 10K filed with the Securities and Exchange Commission and available at the SEC’s website at “www.sec.gov”.

3. 95% Smurfit- International Koch / GP Stone Paper PCA Temple-Inland Weyerhaeuser Note: Based on company press releases and PCA and analyst estimates Pure Play in the Right Product % of Revenues from Containerboard and Corrugated Products

4. Containerboard Imports and Exportsas a Percentage of Production Source: AF & PA reports

5. Containerboard Capacity Growth (U.S. Only) Source: AF & PA Capacity Survey. Includes permanent shutdowns announced after the survey and current indefinite shutdowns as of December 5, 2006.

6. Recycled Mills - Key Cost and Investment Drivers Key Cost Data ’05 – ‘06 % 1992 Avg. Increase % of Total Cash Cost (4) U.S. Natural Gas (1)(2)$1.74 $7.09 307% (per thousand cubic ft.) OPEC Crude Oil (1)(3)$17.81 $56.37 217% (per barrel) Electricity (1)$48.30 $58.74 22% (per MKWH) Recycled Fiber(1)$27.00 $75.08 178% (per ton) • 1. Source of pricing data: U.S. Government Energy Information Administration for U.S. natural gas, OPEC crude oil and electricity prices available as of December 4, 2006, and industry publications for recycled fiber prices which excludes delivery costs of about $20.00 per ton. • 2. Wellhead price of natural gas, excluding $1.00 to $1.50 in delivery and transportation costs. • Landed cost to U.S. • PCA estimate based on Industry publications and cost studies.

7. Industry Corrugated Products DemandPer Workday(2) Year-over-Year % Change (1) 2005 2006 • Year-over-year change 2005 vs 2004 by month, and January - October 2006 • Source: Fiber Box Association

8. Industry Containerboard Inventory & Pricing 000 Tons Price Per Ton 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

9. * Tomahawk * Filer City * Counce Valdosta * 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%

10. Solvay Norampac Temple-Inland Koch / GP International Paper Visy Weyerhaeuser Smurfit-Stone PCA Source: Industry publications and PCA estimates Limited Exposure to Potential IncreasesIn Wastepaper Prices Wastepaper Utilization

11. Natural Gas Oil Natural Gas Bark Bark Coal Oil Coal 2000 4Q ’05 Actual Mill Purchased Fuel Mix

12. 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

13. Lancaster 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 Roanoke High Point Oxnard Knoxville Salisbury Morganton Los Angeles Goldsboro Muskogee Rutherfordton Jackson South Gate Honea Path Phoenix Newberry Olive Branch Atlanta Plano Arlington Garland Opelika El Paso Jackson Waco Jacksonville Winter Haven Corrugated plants Miami Donna Sheet/specialty plants

14. PCA Industry Corrugated Products Growth (1) 33% Cumulative % Change 3% 1998 1999 2000 2001 2002 2003 2004 2005 Oct YTD ‘06 (1) Shipments per workday / FBA Data for Industry, and PCA actuals

15. 2005 2002 2004 2003 PCA Box Shipments2005, 2004, 2003 and 2002 MMSF Per Workday

16. E-Commerce Retail Sales $ Billions 4th Quarter 1Q – 3Q Average Source: U.S. Department of Commerce, except for 4Q ’06 estimated based on current published reports

17. Interest Cost ($MM) (3) 8 31 16 73 24 Interest Cost % 1.4% 2.5% 2.2% 4.2% 2.0% Pre-Tax Earnings ($MM) $ 87 $ 94 $ 58 $ 92 $ 78 Pre-Tax Earnings % 15.3% 7.5% 7.7% 5.3% 6.2% • Company third quarter earnings press releases and SEC filings. • Adjustments were made to the following companies’ reported containerboard segment earnings before interest and taxes per their press releases or SEC filings to eliminate unusual or non-recurring items with adjustments to International Paper of ($13MM) and to Weyerhaeuser of $6MM. • Total reported company interest cost was pro-rated based on net sales by segment to reflect segment allocated interest cost. • For comparability to other companies for reported segment earnings, PCA results exclude corporate overhead, other expense, net, and solid wood loss from operations. PCA’s containerboard segment sales, EBIT and pre-tax earnings are calculated as follows: • PCA net sales $575 PCA income from operations $77 • Less: Solid Wood net sales (8) Add: Corporate overhead, other expense, net, • PCA Containerboard sales $567 and Solid Wood loss from operations 18 • PCA Containerboard EBIT $95 • Less: Interest expense, net (8) • PCA Containerboard pre-tax earnings $87 Industry Margins – 3Q 2006Containerboard Segment (1) PCA(4) IP TIN SSCC WY Sales ($MM) $ 567 $ 1,250 $ 746 $ 1,733 $ 1,245 EBIT ($MM) (2) 95 125 74 165 102 EBIT % 16.7% 10.0% 9.9% 9.5% 8.2%

18. PCA (3) 2.1 PCA (3) 10.4 PCA 50% Strong Credit Profile September 2006 Data(1) Debt / Adjusted EBITDA(2) / Debt / Adjusted EBITDA(2) Adjusted Interest (2) Total Capital Temple Inland 1.9 Weyerhaeuser 2.9 International Paper 3.9 Smurfit Stone 7.0 Temple Inland 43% Weyerhaeuser 49% International Paper 63% Smurfit Stone68% Temple Inland 6.9 Weyerhaeuser6.7 International Paper 4.5 Smurfit Stone 1.5 • 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 twelve-month period ended September 30, 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 384.0 Temple Inland (63.0) • Smurfit Stone 92.0 Weyerhaeuser 1,508.0 • Weyerhaeuser’s reported interest was adjusted to exclude the loss from early debt extinguishment of $15.0 million. No other adjustments were made to the other companies’ reported interest. • (3) PCA’s adjusted EBITDA is calculated as follows: • Income before interest and taxes, as reported for the period $ 165.1 • Add: plant closure and severance costs 1.3 • Adjusted EBIT 166.4 • Add: Depreciation, depletion and amortization as reported the period 156.4 • Adjusted EBITDA $ 322.8 Source: Company SEC filings and press releases

19. Dividend Yield (1) • Based on share prices as of December 1, 2006 and announced annual dividend rates

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