<B>PCA Reports Jump in Quarterly Figures</B>

Packaging Corporation of America reported fourth quarter net income of $38 million. The reported results compare to fourth quarter 1999 net income of $16 million and third quarter 2000 net income of $40 million. Fourth quarter results for both years exclude non-recurring gains on timberland sales and extraordinary non-cash deferred financing charges.

Operating income for the fourth quarter increased 22% to $87 million from $71 million in 1999, excluding gains on timberland sales. Net sales for the fourth quarter were $466 million.

Full year net income was $134 million compared to pro forma 1999 net income of $17 million. Full year net sales were $1.9 billion.

The improved earnings for the quarter and full year compared to a year ago were driven primarily by higher prices for both containerboard and corrugated products, and lower interest expense.