JP Morgan Basics & Industrials Conference June 5, 2006

1. Packaging Corporation of America JP Morgan Basics & Industrials Conference June 5, 2006 Paul T. Stecko Chairman and Chief Executive Officer

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. 97% 76% 58% 19% 18% 15% 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 May 16, 2006.

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

7. 1985 – 2004 Inventory 2006 Inventory 2005 Inventory Total Industry Containerboard Inventories1985 - 2006 Source: FBA

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. China’s Sources 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 2006 Source: Industry publications for OCC pricing excluding delivery costs

11. 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

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

13. 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

14. 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 Miami Donna Sheet/specialty plants

15. PCA Industry Corrugated Products Growth Cumulative % Change 1998 1999 2000 2001 2002 2003 2004 2005 1Q ‘06 Source: FBA Data for Industry

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

17. PCA (3) 2.7 PCA (3) 9.0 PCA 51% 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 Stone72% Temple Inland 6.2 Weyerhaeuser6.1 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 • Weyerhaeuser’s 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 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 $ 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

18. Note: As a result of share repurchase and retirement, basic shares outstanding were reduced from 108.2 million shares to 103.7 million shares. 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% Secondary 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

19. Dividend Yield (1) • Based on share prices as of June1, 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