Citigroup 10 th Annual Global Paper, Forest Products and Packaging Conference December 1, 2005

1. Packaging Corporation of America Citigroup 10th Annual Global Paper, Forest Products and Packaging Conference December 1, 2005 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. Market Share Source: AF & PA U.S. Containerboard Statistics October 2005, adjusted for indefinite mill shuts PCA is a Major Producer of Containerboard

4. 97% 70% 58% 19% 17% 15% Smurfit- International Georgia- Stone Paper Pacific 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

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

6. 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.

7. Industry Corrugated Products VolumePer Workday – 2005 vs. 2004 % Change Sources: Fiber Box Association

8. Industry Containerboard Inventory 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 (000 tons) Sources: Fiber Box Association and American Forest & Paper Association

9. $/Ton Linerboard Trendline Pricing Nominal Nominal Trendline Source: RISI North America Pulp and Paper Review

10. 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 *

11. China’s Source’s of OCC (2003) JAP Other HK EUR U.S. 19% 63% Recycled Fiber Prices HistoricallyHave Been Very Volatile $/Ton 1999 2000 2001 2002 2003 2004 2005 Source: Industry publications for OCC pricing excluding delivery costs

12. China Wastepaper Imports (millions of tons) Actual Projected Source: 2003 Almanac of China’s Paper Industry for total wastepaper imports, primarily OCC. Projections reflect an average growth in imports of 7% per year.

13. Solvay Norampac Temple-Inland Georgia-Pacific International Paper Visy Weyerhaeuser Smurfit-Stone PCA Source: Industry publications and PCA estimates Limited Exposure to Potential IncreasesIn Wastepaper Prices Wastepaper Utilization

14. 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.

15. Natural Gas Oil Natural Gas Bark Bark Coal Oil Coal 2000 September 2005 Mill Purchased Fuel Mix

16. Annual Natural Gas Usage (1) (Millions of M2BTU) Source: Company third quarter earnings release conference call disclosures and PCA estimates

17. EPS Impact of $5.00 per M2BTU Natural Gas Price Increase Source: Company third quarter earnings release conference call disclosures and PCA estimates

18. 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

19. 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 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 Arlington Garland Opelika El Paso Jackson Waco Jacksonville Winter Haven Corrugated plants Donna Sheet/specialty plants

20. Sept. YTD 2005 PCA + 4.6% Industry - 1.4% PCA Industry Corrugated Products Growth Cumulative % Change 1998 1999 2000 2001 2002 2003 2004 Sept. YTD 2005 Source: FBA Data for Industry

21. Percent PCA Temple International Weyerhaeuser Georgia Smurfit Inland Paper Pacific Stone Capital Expenditures as a Percent of Sales2000 Through 2004 Average Source: SEC filings for Containerboard and Packaging segment of each company

22. 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.

23. PCA (3) 2.3 PCA (3) 10.5 PCA 47% 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 Stone69% Temple Inland 6.4 Weyerhaeuser5.6 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 • Weyerhaeuser’s 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 Paper’s 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) PCA’s 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

24. Dividend Yield (1) • Based on closing share prices as of November 28, 2005 and announced annual dividend rates

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