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            <ns2:liveTestFlag>LIVE</ns2:liveTestFlag>



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            <ns2:issuerName>Packaging Corporation of America</ns2:issuerName>
            <ns2:secFileNumber>001-15399</ns2:secFileNumber>
            <ns2:issuerAddress>
                <com:street1>1 North Field Court</com:street1>
                <com:city>Lake Forest</com:city>
                <com:stateOrCountry>IL</com:stateOrCountry>
                <com:zipCode>60045</com:zipCode>
            </ns2:issuerAddress>
            <ns2:issuerContactPhone>1-800-456-4725</ns2:issuerContactPhone>
            <ns2:nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Paul Stecko</ns2:nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <ns2:relationshipsToIssuer>
                <ns2:relationshipToIssuer>Director</ns2:relationshipToIssuer>
            </ns2:relationshipsToIssuer>
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        <ns2:securitiesInformation>
            <ns2:securitiesClassTitle>Common Stock</ns2:securitiesClassTitle>
            <ns2:brokerOrMarketmakerDetails>
                <ns2:name>Goldman Sachs &amp; Co. LLC</ns2:name>
                <ns2:address>
                    <com:street1>200 West Street</com:street1>
                    <com:city>New York</com:city>
                    <com:stateOrCountry>NY</com:stateOrCountry>
                    <com:zipCode>10282</com:zipCode>
                </ns2:address>
            </ns2:brokerOrMarketmakerDetails>
            <ns2:noOfUnitsSold>9737</ns2:noOfUnitsSold>
            <ns2:aggregateMarketValue>1498908.3</ns2:aggregateMarketValue>
            <ns2:noOfUnitsOutstanding>89915081</ns2:noOfUnitsOutstanding>
            <ns2:approxSaleDate>10/31/2023</ns2:approxSaleDate>
            <ns2:securitiesExchangeName>NYSE</ns2:securitiesExchangeName>
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            <ns2:securitiesClassTitle>Common Stock</ns2:securitiesClassTitle>
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            <ns2:natureOfAcquisitionTransaction>Acquired as compensation -- RSU</ns2:natureOfAcquisitionTransaction>
            <ns2:nameOfPersonfromWhomAcquired>Packaging Corporation of America</ns2:nameOfPersonfromWhomAcquired>
            <ns2:isGiftTransaction>N</ns2:isGiftTransaction>
            <ns2:amountOfSecuritiesAcquired>8675</ns2:amountOfSecuritiesAcquired>
            <ns2:paymentDate>04/01/2014</ns2:paymentDate>
            <ns2:natureOfPayment>Compensation</ns2:natureOfPayment>
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        <ns2:securitiesToBeSold>
            <ns2:securitiesClassTitle>Common Stock</ns2:securitiesClassTitle>
            <ns2:acquiredDate>08/04/2021</ns2:acquiredDate>
            <ns2:natureOfAcquisitionTransaction>Acquired as compensation -- RSU</ns2:natureOfAcquisitionTransaction>
            <ns2:nameOfPersonfromWhomAcquired>Packaging Corporation of America</ns2:nameOfPersonfromWhomAcquired>
            <ns2:isGiftTransaction>N</ns2:isGiftTransaction>
            <ns2:amountOfSecuritiesAcquired>527</ns2:amountOfSecuritiesAcquired>
            <ns2:paymentDate>05/04/2021</ns2:paymentDate>
            <ns2:natureOfPayment>Compensation</ns2:natureOfPayment>
        </ns2:securitiesToBeSold>
        <ns2:securitiesToBeSold>
            <ns2:securitiesClassTitle>Common Stock</ns2:securitiesClassTitle>
            <ns2:acquiredDate>07/17/2021</ns2:acquiredDate>
            <ns2:natureOfAcquisitionTransaction>Acquired as compensation -- RSU</ns2:natureOfAcquisitionTransaction>
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            <ns2:paymentDate>05/17/2022</ns2:paymentDate>
            <ns2:natureOfPayment>Compensation</ns2:natureOfPayment>
        </ns2:securitiesToBeSold>
        <ns2:nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</ns2:nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <ns2:noticeSignature>
            <ns2:noticeDate>10/31/2023</ns2:noticeDate>
            <ns2:planAdoptionDates/>
            <ns2:signature>Goldman Sachs &amp; Co. LLC on behalf of Paul Stecko</ns2:signature>
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144
0001239789
XXXXXXXX
LIVE
0000075677
Packaging Corporation of America
001-15399
1 North Field Court
Lake Forest
IL
60045
1-800-456-4725
Paul Stecko
Director
Common Stock
Goldman Sachs & Co. LLC
200 West Street
New York
NY
10282
9737
1498908.3
89915081
10/31/2023
NYSE
Common Stock
04/01/2014
Acquired as compensation -- RSU
Packaging Corporation of America
N
8675
04/01/2014
Compensation
Common Stock
08/04/2021
Acquired as compensation -- RSU
Packaging Corporation of America
N
527
05/04/2021
Compensation
Common Stock
07/17/2021
Acquired as compensation -- RSU
Packaging Corporation of America
N
535
05/17/2022
Compensation
Y
10/31/2023
Goldman Sachs & Co. LLC on behalf of Paul Stecko