Issuer:

Packaging Corporation of America

Securities Offered:

$150,000,000 aggregate principal amount of 6.50% Senior Notes Due 2018 (the “Notes”)

Maturity Date:

March 15, 2018

Interest Rate:

6.50% per year

Interest Payment Dates:

Semi-annually on September 15 and March 15 of each year, beginning on September 15, 2008

Interest Rate Adjustment:

As further described in the above-referenced Preliminary Prospectus Supplement, the interest rate payable on the Notes will be subject to adjustments from time to time if either of Moody’s Investors Service Inc. and its successors or Standard & Poor’s Rating Services, a division of McGraw Hill, Inc., and its successors, or any substitute rating agency, downgrades (or subsequently upgrades) the debt rating assigned to the Notes.

Optional Redemption:

Treasury Rate spread: plus 50 basis points

Change of Control Triggering Event:

As further described in the above-referenced Preliminary Prospectus Supplement, if a Change of Control Triggering Event occurs, unless the Issuer has previously exercised its right to redeem the Notes, the Issuer will make an offer to each holder of Notes to repurchase all or any part (equal to $2,000 or integral multiples of $1,000 in excess thereof) of that holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to the date of purchase.

Trade Date:

March 19, 2008

Original Issue Date (Settlement Date):

March 25, 2008

Public Offering Price:

99.959% per Note ($149,938,500 total)

Benchmark Treasury:

3.50% due February 15, 2018

Benchmark Treasury Yield:

3.406%

Spread to Benchmark Treasury:

3.10%

Yield:

6.506%

CUSIP:

695156 AN9

ISIN:

US695156AN93

Joint Bookrunning Managers:

Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc.

Co-Managers:

Banc of America Securities LLC, BMO Capital Markets Corp., NatCity Investments, Inc., Wachovia Capital Markets, LLC, Wedbush Morgan Securities Inc. and The Williams Capital Group, L.P.