PACKAGING CORP. OF AMERICA (PKG $36.26 rated Overweight with $39 price target) NUMEROUS CONSERVATISMS ADDED TO THE MODEL INCLUDING FEWER STOCK BUYBACKS AT HIGHER SHARE PRICES AND ONLY 25% OF ANNOUNCED $50/TON INDUSTRYWIDE CONTAINERBOARD PRICE HIKES. 10/17/2012

PACKAGING CORP. OF AMERICA (PKG $36.26 rated Overweight with $39 price
target) NUMEROUS CONSERVATISMS ADDED TO THE MODEL INCLUDING
FEWER STOCK BUYBACKS AT HIGHER SHARE PRICES AND ONLY 25% OF
ANNOUNCED $50/TON INDUSTRYWIDE CONTAINERBOARD PRICE HIKES. 10/17/2012