<SEC-DOCUMENT>0001193125-25-179807.txt : 20250813
<SEC-HEADER>0001193125-25-179807.hdr.sgml : 20250813
<ACCEPTANCE-DATETIME>20250813160548
ACCESSION NUMBER:		0001193125-25-179807
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		14
FILED AS OF DATE:		20250813
DATE AS OF CHANGE:		20250813

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PACKAGING CORP OF AMERICA
		CENTRAL INDEX KEY:			0000075677
		STANDARD INDUSTRIAL CLASSIFICATION:	PAPERBOARD CONTAINERS & BOXES [2650]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				364277050
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-289469
		FILM NUMBER:		251211521

	BUSINESS ADDRESS:	
		STREET 1:		1 NORTH FIELD CT
		CITY:			LAKE FOREST
		STATE:			IL
		ZIP:			60045
		BUSINESS PHONE:		8474823000

	MAIL ADDRESS:	
		STREET 1:		1 NORTH FIELD CT
		CITY:			LAKE FOREST
		STATE:			IL
		ZIP:			60045
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>d68527d424b5.htm
<DESCRIPTION>424B5
<TEXT>
<HTML><HEAD>
<TITLE>424B5</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 424(b)(5)<BR> Registration No. 333-289469 </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PROSPECTUS SUPPLEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(To Prospectus dated August 11, 2025) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>$500,000,000 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g68527g09n11.jpg" ALT="LOGO" STYLE="width:1.775in;height:0.714824in;">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>Packaging Corporation of America </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>5.200% Senior Notes due 2035 </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are offering $500,000,000 aggregate principal amount of our 5.200% senior notes due 2035, which we refer to as the &#147;notes.&#148; The
notes will pay interest semi-annually in arrears on February&nbsp;15 and August&nbsp;15 of each year, beginning on February&nbsp;15, 2026. The notes will bear interest at a rate equal to 5.200% per year, and will mature on August&nbsp;15, 2035. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may redeem some or all of the notes at any time at the redemption prices discussed under the caption &#147;Description of the
Notes&#151;Optional Redemption.&#148; If a change of control triggering event as described herein occurs with respect to the notes, unless we have exercised our option to redeem the notes, we will be required to offer to repurchase the notes at the
repurchase price discussed under the caption &#147;Description of the Notes&#151;Repurchase at the Option of Holders Upon a Change of Control Triggering Event.&#148; Additionally, we will be required to redeem all the notes under the circumstances
and at the redemption price discussed under the caption &#147;Description of the Notes&#151;Special Mandatory Redemption.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The notes
will be our senior unsecured and unsubordinated obligations and will rank equally with all of our other senior unsecured and unsubordinated indebtedness from time to time outstanding. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The notes are a new issue of securities with no established trading market. We do not intend to apply to list the notes on any securities
exchange or on any automated dealer quotation system. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman"><B>Investing in the notes involves risk. See &#147;<A HREF="#s68527_5">Risk Factors</A>&#148; beginning on page
<FONT STYLE="white-space:nowrap">S-8.</FONT> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Neither the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Per&nbsp;Note</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Public offering price<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">99.977</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">499,885,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Underwriting discounts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.650</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Proceeds, before expenses, to Packaging Corporation of America</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">99.327</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">496,635,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</DIV>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Plus accrued interest, if any, from August&nbsp;15, 2025, if settlement occurs after that date.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The underwriters expect to deliver the notes to investors in book-entry form only through the facilities of The
Depository Trust Company for the accounts of its participants, including Clearstream Banking S.A. and Euroclear Bank SA/NV, on or about August&nbsp;15, 2025. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>Joint Book-Running Managers </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:14pt" ALIGN="center">


<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:14pt">
<TD VALIGN="top"><B>BofA&nbsp;Securities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Mizuho</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>US&nbsp;Bancorp</B></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman"><B>Deutsche&nbsp;Bank&nbsp;Securities</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>J.P.&nbsp;Morgan</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>PNC&nbsp;Capital&nbsp;Markets&nbsp;LLC</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B><I>Co-Managers </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>BMO&nbsp;Capital&nbsp;Markets</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Siebert&nbsp;Williams&nbsp;Shank</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>Rabo&nbsp;Securities</B></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The date of this prospectus supplement is August&nbsp;11, 2025. </B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Prospectus Supplement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="95%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#s68527_1">ABOUT THIS PROSPECTUS SUPPLEMENT</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">S-1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#s68527_2">SUMMARY</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">S-2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#s68527_3">THE OFFERING</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">S-4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#s68527_4">SUMMARY CONSOLIDATED FINANCIAL DATA</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">S-7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#s68527_5">RISK FACTORS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">S-8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#s68527_6">USE OF PROCEEDS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">S-13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#s68527_7">CAPITALIZATION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">S-14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#s68527_8">DESCRIPTION OF THE NOTES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">S-15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#s68527_9">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">S-24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#s68527_10">UNDERWRITING</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">S-29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#s68527_11">LEGAL MATTERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">S-34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#s68527_12">EXPERTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">S-35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#s68527_13">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">S-36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Prospectus </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="95%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc70369_1">ABOUT THIS PROSPECTUS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc70369_2">OUR COMPANY</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc70369_3">RISK FACTORS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc70369_4">FORWARD-LOOKING STATEMENTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc70369_5">USE OF PROCEEDS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc70369_6">DESCRIPTION OF DEBT SECURITIES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc70369_7">PLAN OF DISTRIBUTION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc70369_8">LEGAL MATTERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc70369_9">EXPERTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc70369_10">WHERE YOU CAN FIND MORE INFORMATION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc70369_11">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-i </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="s68527_1"></A>ABOUT THIS PROSPECTUS SUPPLEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This document consists of two parts. The first part is this prospectus supplement, which contains specific information about the terms of the
notes. The second part is the accompanying prospectus, which provides a general description of debt securities we may offer from time to time, some of which may not apply to the notes. In the event the information in this prospectus supplement
differs in any way from the information set forth in the accompanying prospectus, this prospectus supplement will apply and will supersede the information in the accompanying prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have not, and the underwriters have not, authorized anyone to provide you with any information or to make any representation that is
different from, or in addition to, the information contained in this prospectus supplement and the accompanying prospectus, any documents incorporated by reference in this prospectus supplement or the accompanying prospectus and any free writing
prospectus. We and the underwriters take no responsibility for, and can provide no assurances as to the reliability of, any other information that others may give you or representations that others may make. You should not assume that the
information contained in this prospectus supplement or the accompanying prospectus, or the information contained in any document filed with the Securities and Exchange Commission (&#147;SEC&#148;) and incorporated by reference in this prospectus
supplement or the accompanying prospectus, is accurate as of any date other than the date of each such document, unless the information specifically indicates that another date applies. Our business, financial condition, results of operations and
prospects may have changed since those respective dates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is important for you to read and consider all of the information contained or
incorporated by reference in this prospectus supplement, the accompanying prospectus or any free writing prospectus we have authorized in making your investment decision. You should also read and consider the information in the documents to which we
have referred you in &#147;Where You Can Find More Information&#148; in the accompanying prospectus and &#147;Incorporation of Certain Information by Reference&#148; herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">References in this prospectus supplement to &#147;PCA,&#148; &#147;we,&#148; &#147;us&#148; and &#147;our&#148; are to Packaging Corporation
of America and its consolidated subsidiaries, unless the context otherwise requires. When referring to the issuer of the notes, these terms refer only to Packaging Corporation of America, exclusive of its subsidiaries. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-bottom:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="s68527_2"></A>SUMMARY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>This summary highlights selected information contained or incorporated by reference in this prospectus supplement and the accompanying
prospectus. This is not intended to be a complete description of the matters covered in this prospectus supplement and the accompanying prospectus and is subject to, and qualified in its entirety by reference to, the more detailed information and
financial statements (including the notes thereto) contained or incorporated by reference in this prospectus supplement and the accompanying prospectus. For a more complete understanding of this offering, we encourage you to read carefully this
entire prospectus supplement, the accompanying prospectus, any free writing prospectus we have authorized and the documents incorporated by reference, including the information set forth under &#147;Risk Factors&#148; and our consolidated financial
statements and related notes. In addition, certain statements in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference are forward-looking statements, which involve risks and uncertainties. See
&#147;Forward-Looking Statements&#148; in the accompanying prospectus. </I></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Our Company </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PCA is the third largest producer of containerboard products and a leading producer of uncoated freesheet (&#147;UFS&#148;) paper in North
America. We operate eight mills and 85 corrugated products manufacturing plants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our containerboard mills produce linerboard and
corrugating medium, which are papers primarily used in the production of corrugated products. Our corrugated products manufacturing plants produce a wide variety of corrugated packaging products, including conventional shipping containers used to
protect and transport manufactured goods, multi-color boxes and displays with strong visual appeal that help to merchandise the packaged product in retail locations, and honeycomb protective packaging. In addition, we are a large producer of
packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products. We also manufacture and sell UFS papers, including both commodity and specialty papers, which may have custom or specialized
features such as colors, coatings, high brightness, and recycled content. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are headquartered in Lake Forest, Illinois and operate
primarily in the United States. Packaging Corporation of America is a Delaware corporation. Our principal executive offices are located at 1 North Field Court, Lake Forest, Illinois 60045, and our telephone number is (847) <FONT
STYLE="white-space:nowrap">482-3000.</FONT> Our website address is http://www.packagingcorp.com. This website address is not intended to be an active link and information on our website should not be construed to be part of this prospectus
supplement or the accompanying prospectus. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Recent Developments </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Greif Containerboard Business Acquisition </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;1, 2025, we announced entry into a definitive agreement (the &#147;Greif Purchase Agreement&#148;) to purchase the containerboard
business of Greif, Inc. (&#147;Greif Containerboard Business&#148;) for $1.8&nbsp;billion in cash (the &#147;Greif Acquisition&#148;). The transaction is expected to close by the end of our third fiscal quarter, subject to certain customary
conditions and regulatory approvals. The Greif Purchase Agreement provides certain termination rights of both PCA and Greif Packaging LLC (&#147;Seller&#148;), including if the closing shall not have occurred on or before June 30, 2026 (as such date
may be extended pursuant to the terms of the Greif Purchase Agreement or by the mutual written consent of the Seller and PCA, the &#147;Outside Date&#148;), and PCA and Seller may validly terminate the Greif Purchase Agreement thereafter. The
Outside Date is subject to two ninety-day extensions in certain circumstances and may also be extended by the mutual written consent of Seller and PCA. </P>
</div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-bottom:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Greif Containerboard Business includes two containerboard mills with approximately
800,000 tons of production capacity and eight sheet feeder and corrugated plants located across the United States. The business generated approximately $1.2&nbsp;billion in sales and $212&nbsp;million of earnings before interest, taxes, depreciation
and amortization (EBITDA) for the 12 months ended April&nbsp;30, 2025. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We plan to finance the Greif Acquisition and related transaction
fees and expenses with the proceeds from approximately $1.5&nbsp;billion of new debt, including the notes offered hereby and $1.0&nbsp;billion under our New Term Loan Facilities (as defined below), and approximately $300&nbsp;million of cash on
hand. BofA Securities, Inc. acted as a financial advisor to PCA in connection with the Greif Acquisition. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>New Credit Facilities </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;31, 2025, we entered into two credit agreements (the first credit agreement being the &#147;Commercial Credit Agreement&#148; and
the second credit agreement being the &#147;Farm Credit Agreement&#148; and collectively, the &#147;New Credit Agreements&#148;) with the lenders, and agents and other parties named therein. The Farm Credit Agreement provides for a $500&nbsp;million
seven-year unsecured term loan facility (the &#147;Seven-Year Term Loan Facility&#148;). The Commercial Credit Agreement provides for (i)&nbsp;a $500&nbsp;million three-year unsecured term loan facility (the &#147;Three-Year Term Loan Facility&#148;
and together with the Seven-Year Term Loan Facility, the &#147;New Term Loan Facilities&#148;) and (ii)&nbsp;a $600&nbsp;million unsecured revolving credit facility (the &#147;New Revolving Credit Facility&#148;, and together with the New Term Loan
Facilities, the &#147;New Credit Facilities&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Loans under the New Revolving Credit Facility are available for working capital and
general corporate purposes. Loans under the New Term Loan Facilities may only be used to complete the Greif Acquisition and we expect to fully draw upon the New Term Loan Facilities at the time of the closing of the Greif Acquisition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Affiliates of certain of the underwriters in this offering are lenders under the New Credit Facilities. For more details regarding the New
Credit Facilities see our current report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the Securities and Exchange Commission on August&nbsp;6, 2025, which is incorporated by reference herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Concurrently with entering into the New Credit Agreements, we terminated our existing senior unsecured revolving credit facility under that
certain credit agreement dated as of June&nbsp;8, 2021 among PCA, Mizuho Bank, Ltd., as agent and lender, and the other lenders party thereto (as amended, the &#147;Existing Revolving Credit Facility&#148;). At the time of termination, there were no
borrowings outstanding under the Existing Revolving Credit Facility, but there were $27.5&nbsp;million of letters of credit outstanding under the Existing Revolving Credit Facility. The outstanding letters of credit under the Existing Revolving
Credit Facility were replaced with new letters of credit in the same amount under the New Revolving Credit Facility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used in this
prospectus supplement, the term &#147;Transactions&#148; refers to, collectively, (i)&nbsp;the consummation of the Greif Acquisition, (ii)&nbsp;the entering into the New Credit Agreements, (iii)&nbsp;the termination of the Existing Revolving Credit
Facility, (iv) the borrowing under the New Term Loan Facilities, (v)&nbsp;the issuance and sale of the notes offered hereby and (vi)&nbsp;the payment of fees and expenses associated with all of the foregoing transactions. </P>
</div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-bottom:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="s68527_3"></A>THE OFFERING </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The following summary contains basic information about the notes and is not intended to be complete. It does not contain all the
information that may be important to you. For a more complete understanding of the notes, please refer to the section of this prospectus supplement entitled &#147;Description of the Notes&#148; and the section of the accompanying prospectus entitled
&#147;Description of Debt Securities.&#148; For purposes of this &#147;The Offering&#148; section of this prospectus supplement, the terms &#147;we,&#148; &#147;us&#148; and &#147;our&#148; refer to Packaging Corporation of America, exclusive of its
subsidiaries. </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Issuer </B> </P></TD>
<TD>Packaging Corporation of America </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Securities Offered</B> </P></TD>
<TD>$500,000,000 aggregate principal amount of 5.200% senior notes due 2035. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Maturity Date</B> </P></TD>
<TD>The notes mature on August&nbsp;15, 2035. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Interest Rate</B> </P></TD>
<TD>The notes will bear interest from August&nbsp;15, 2025 at a fixed rate equal to 5.200% per year. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Interest Payment Dates</B> </P></TD>
<TD>Interest is payable on the notes semi-annually in arrears on February&nbsp;15 and August&nbsp;15 of each year, beginning on February&nbsp;15, 2026. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Optional Redemption</B> </P></TD>
<TD>Prior to May&nbsp;15, 2035 (three months prior to their maturity date) (the &#147;Par Call Date&#148;), we may redeem the notes at our option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a
percentage of principal amount and rounded to three decimal places) equal to the greater of: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="38%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon
discounted to the redemption date (assuming the notes matured on the Par Call Date) on a semi-annual basis (assuming a <FONT STYLE="white-space:nowrap">360-day</FONT> year consisting of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months)
at the Treasury Rate (as defined herein) plus 15 basis points less (b)&nbsp;interest accrued to the date of redemption, and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="38%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">100% of the principal amount of the notes to be redeemed, </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">plus, in either case, accrued and unpaid interest thereon to the redemption date. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">On or after the Par Call Date, we may redeem the notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued and
unpaid interest thereon, if any, up to the redemption date. See &#147;Description of the Notes&#151;Optional Redemption&#148; in this prospectus supplement. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Repurchase at the Option of Holders Upon a Change of Control Triggering Event</B> </P></TD>
<TD> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Upon a &#147;change of control triggering event&#148; (as defined herein) with respect to the notes, unless we have exercised our option to redeem the
notes, you will have the right to require us to repurchase your notes at a repurchase price equal to 101% of the principal amount of the notes repurchased plus any accrued and unpaid interest, if any, up to, but not including, the repurchase date.
See &#147;Description of the </P></TD></TR></TABLE>
</div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-bottom:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0%; font-size:10pt; font-family:Times New Roman">
Notes&#151;Repurchase at the Option of Holders Upon a Change of Control Triggering Event&#148; in this prospectus supplement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Special Mandatory Redemption </B> </P></TD>
<TD>In the event that the Greif Acquisition is not consummated on or before the Outside Date or the Greif Purchase Agreement is terminated at any time prior thereto, we will be required to redeem the notes, in whole and not in part, for a redemption
price equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but excluding, the redemption date. See &#147;Description of the Notes&#151;Special Mandatory Redemption.&#148; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The proceeds from the offering of the notes will not be deposited into an escrow account pending the consummation of the Greif Acquisition, nor will we be required to grant any security interest or other lien on such
proceeds to secure any redemption of the notes. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Ranking </B> </P></TD>
<TD>The notes will be our unsecured and unsubordinated obligations, ranking equally in right of payment with all of our existing and future unsecured and unsubordinated indebtedness, and will be senior in right of payment to any of our future
subordinated indebtedness. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The notes will be junior in right of payment to our existing and future secured indebtedness to the extent of assets securing that indebtedness and will be structurally subordinated to the existing and future
indebtedness and other liabilities of our subsidiaries. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Covenants </B> </P></TD>
<TD>We will issue the notes under an indenture containing covenants for your benefit. These covenants require us to satisfy certain conditions in order to: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="38%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">incur debt secured by liens; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="38%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">engage in sale and leaseback transactions; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="38%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">merge or consolidate with another entity. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">For a more detailed discussion of these covenants, see &#147;Description of Debt Securities&#151;Covenants&#148; in the accompanying prospectus. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Form and Denomination </B> </P></TD>
<TD>The notes will be issued in book-entry only form and will be represented by a permanent global certificate deposited with, or on behalf of, The Depository Trust Company (&#147;DTC&#148;) and registered in the name of Cede&nbsp;&amp; Co.,
DTC&#146;s nominee. Beneficial interests in the notes will be shown on, and transfers will be effected only through, records maintained by DTC and its participants, including Euroclear Bank SA/NV, and Clearstream Banking S.A. Except in the limited
circumstances described in this prospectus supplement, owners of beneficial interests in the notes will not receive or be entitled to receive certificated notes. See &#147;Description of the Notes&#151;Book Entry; Delivery and Form.&#148; The notes
will be issued only in denominations of $2,000 and integral multiples of $1,000 in excess thereof. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Use of Proceeds </B> </P></TD>
<TD> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">We anticipate that we will receive approximately $495.1&nbsp;million in net proceeds from this offering of the notes, after deducting underwriting
discounts and other estimated expenses of this offering payable by us. We </P></TD></TR></TABLE>
</div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-bottom:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0%; font-size:10pt; font-family:Times New Roman">
intend to use the net proceeds from this offering and drawings on the New Term Loan Facilities, together with cash on hand, to finance the Greif Acquisition and to pay related fees and expenses
of the Transactions. See &#147;Use of Proceeds&#148; in this prospectus supplement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In the event that the Greif Acquisition is not consummated on or before the Outside Date or the Greif Purchase Agreement is terminated at any time prior to the Outside Date, we will use the net proceeds from this
offering, together with available cash, to redeem all of the notes as described under &#147;Description of the Notes&#151;Special Mandatory Redemption.&#148; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Further Issues </B> </P></TD>
<TD>The indenture does not limit the amount of debt securities that we may issue thereunder and provides that the debt securities may be issued from time to time in one or more series. We may from time to time, without notice to or the consent of
the holders of the notes, create and issue additional debt securities having the same form and terms as (other than the date of issuance and, under some circumstances, the issue price, the date from which interest thereon will begin to accrue and
the first interest payment date) and ranking equally and ratably with the notes in all respects, as described under &#147;Description of the Notes&#151;Further Issues.&#148; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Trustee </B> </P></TD>
<TD>U.S. Bank Trust Company, National Association </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Governing Law </B> </P></TD>
<TD>New York </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Risk Factors </B> </P></TD>
<TD>You should carefully consider all of the information contained or incorporated by reference in this prospectus supplement, the accompanying prospectus and any free writing prospectus we have authorized, and, in particular, you should carefully
read the section entitled &#147;Risk Factors&#148; beginning on page <FONT STYLE="white-space:nowrap">S-8</FONT> in this prospectus supplement, before investing in the notes. </TD></TR></TABLE>
</div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-bottom:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="s68527_4"></A>SUMMARY CONSOLIDATED FINANCIAL DATA </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following summary consolidated financial data for the years ended December&nbsp;31, 2024, 2023 and 2022 are derived from our audited
consolidated financial statements. The following summary consolidated financial data for the six months ended June&nbsp;30, 2025 and 2024 and as of June&nbsp;30, 2025 are derived from our unaudited consolidated financial statements. In the opinion
of management, our unaudited summary consolidated financial data reflects all adjustments of a normal recurring nature necessary for a fair presentation of such financial data and has been prepared on the same basis as our audited consolidated
financial statements. Interim results are not necessarily indicative of results of operations for the full year. The summary consolidated financial data should be read in conjunction with our consolidated financial statements, and the related notes
thereto, and the sections entitled &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; as provided in our Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended
December&nbsp;31, 2024, and our Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the period ended June&nbsp;30, 2025, which reports are incorporated by reference into this prospectus supplement. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="60%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For The Six Months Ended</B><br><B>June&nbsp;30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For The Year<BR>Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2025</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2024</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2024</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2023</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2022</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center"><B></B>(In millions)<B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Statement of Income Data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net sales</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,312.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,054.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,383.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,802.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,478.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">445.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">345.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">805.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">765.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,029.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="55%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As&nbsp;of&nbsp;June&nbsp;30,</B><br><B>2025</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2024</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2023</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2022</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B></B>(In millions)<B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance Sheet Data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$9,041.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,833.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,681.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,003.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total debt obligations<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,482.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,483.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,882.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,486.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stockholders&#146; equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,632.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,404.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,997.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,667.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</DIV>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Includes current maturities of long term debt, long term debt net of debt issuance costs and finance lease
obligations. </P></TD></TR></TABLE>
</div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="s68527_5"></A>RISK FACTORS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>You should carefully consider and evaluate the following risk factors and the information contained or incorporated by reference in this
prospectus supplement, the accompanying prospectus and any free writing prospectus we have authorized, including the risk factors incorporated by reference from our most recent Annual Report on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> as
updated by our quarterly reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> and other filings we make with the SEC. Our business, financial condition, liquidity or results of operations could be materially and adversely affected by any of
these risks. These risks are not intended as, and should not be construed as, an exhaustive list of relevant risk factors. There may be other risks that a prospective investor should consider that are relevant to the investor&#146;s own particular
circumstances or to investors generally. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risk Relating to the Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We are permitted to incur more debt, which may intensify the risks associated with our current leverage, including the risk that we will be unable to
service our debt. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indenture governing the notes does not limit the amount of additional debt that we may incur. In addition,
the indenture does not contain any restrictive covenants limiting our ability to pay dividends or make any payments on junior or other indebtedness. If we incur additional debt, the risks associated with our leverage, including the risk that we will
be unable to service our debt, including the notes, will increase. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The notes are structurally subordinated to the indebtedness and other
liabilities of our subsidiaries. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The notes are obligations of PCA exclusively and not obligations of any of our subsidiaries. The
notes will not be guaranteed by any of our subsidiaries. Our subsidiaries are separate legal entities that have no obligation to pay any amounts due under the notes or to make any funds available therefor, whether by dividends, loans or other
payments. Holders of the notes will have subordinate claims against the assets of our subsidiaries as compared to the creditors of such subsidiaries. Accordingly, the notes will be structurally subordinated to all existing and future indebtedness
and other liabilities of our subsidiaries, including their guarantees of our Existing Revolving Credit Facility and the New Credit Facilities. See &#147;Description of the Notes&#151;Ranking.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the indenture governing the notes does not contain any limitation on the amount of liabilities, such as trade payables, that may
be incurred by our subsidiaries. One of our subsidiaries guarantees our Existing Revolving Credit Facility and is expected to guarantee the New Credit Facilities, and certain of our subsidiaries may in the future guarantee our Existing Revolving
Credit Facility or the New Credit Facilities or other liabilities. Such guarantees are structurally senior to the notes. In addition to this guarantee, as of June&nbsp;30, 2025, our subsidiaries had approximately $179.7&nbsp;million of indebtedness
and other liabilities reflected on our balance sheet, all of which would have been structurally senior to the notes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The notes will be subject to
the prior claims of any secured creditors and, if a default occurs, we may not have sufficient funds to fulfill our obligations under the notes. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The notes are PCA&#146;s unsecured and unsubordinated obligations, ranking equally with PCA&#146;s other unsecured and unsubordinated
indebtedness and effectively junior to any secured indebtedness PCA may incur. If PCA incurs additional secured debt, its assets securing that indebtedness will be subject to prior claims by PCA&#146;s secured creditors. In the event of PCA&#146;s
bankruptcy, insolvency, liquidation, reorganization, dissolution or other winding up, PCA&#146;s assets that secure debt will be available to pay obligations on the notes only after all debt secured by those assets has been repaid in full. Holders
of the notes will participate in any remaining assets ratably with all of PCA&#146;s other unsecured and unsubordinated creditors, including trade creditors. If there are not sufficient assets remaining to pay all these creditors, then all or a
portion of the notes then outstanding would remain unpaid. As of June&nbsp;30, 2025, PCA had $7.7&nbsp;million of secured indebtedness outstanding. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We have made only limited covenants in the indenture governing the notes. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indenture governing the notes contains limited covenants, including those restricting our ability and certain of our subsidiaries&#146;
ability to incur debt secured by liens and engage in sale and leaseback transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The limitations on incurring debt secured by liens
and sale and leaseback transactions contain exceptions that will allow us and our subsidiaries to incur liens with respect to material assets. See &#147;Description of Debt Securities&#151;Covenants&#148; in the accompanying prospectus. In light of
these exceptions, holders of the notes may be structurally or contractually subordinated to new lenders. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>An increase in interest rates could result
in a decrease in the relative value of the notes. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In general, as market interest rates rise, notes bearing interest at a fixed
rate generally decline in value because the premium, if any, over market interest rates will decline. Consequently, if you purchase these notes and market interest rates increase, the market values of your notes may decline. We cannot predict the
future level of market interest rates. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The change of control triggering event provision in the notes provides only limited protection against
significant events that could negatively impact the value of your notes. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As described under &#147;Description of the
Notes&#151;Repurchase at the Option of Holders Upon a Change of Control Triggering Event,&#148; upon the occurrence of a change of control triggering event with respect to the notes, we will be required to offer to repurchase the notes at 101% of
their principal amount plus accrued and unpaid interest, if any, accrued to, but not including, the repurchase date, unless the notes have already been called for redemption. However, the definition of the term &#147;change of control triggering
event&#148; is limited and does not cover a variety of transactions (such as certain acquisitions or recapitalizations) that could negatively impact the value of your notes. For a change of control triggering event to occur, there must be both a
change of control and a ratings downgrade to below investment grade by each rating agency (as defined in the indenture). As such, if we enter into a significant corporate transaction that negatively impacts the value of your notes, but which does
not constitute a change of control triggering event, you would not have any rights to require us to repurchase the notes prior to their maturity or to otherwise seek any remedies. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We may not be able to repurchase all of the notes upon a change of control triggering event. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As described under &#147;Description of the Notes&#151;Repurchase at the Option of Holders Upon a Change of Control Triggering Event,&#148; we
will be required to offer to repurchase the notes upon the occurrence of a change of control triggering event, unless the notes have already been called for redemption. We may not have sufficient funds to repurchase the notes in cash at that time or
have the ability to arrange necessary financing on acceptable terms. In addition, the terms of our other debt agreements or applicable law may limit our ability to repurchase the notes for cash. Our failure to purchase the notes as required under
the indenture governing the notes would result in a default under the indenture, which could have material adverse consequences for us and the holders of the notes. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We may redeem your notes at our option, which may adversely affect your return. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As described under &#147;Description of the Notes&#151;Optional Redemption,&#148; we have the right to redeem the notes in whole or from time
to time in part. We may choose to exercise this redemption right when prevailing interest rates are relatively low. As a result, you generally will not be able to reinvest the redemption proceeds in a comparable security at an effective interest
rate as high as that of the notes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>There is no established trading market for the notes. If a trading market for the notes develops, it may not be
liquid. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The notes are a new issue of securities with no established trading market. We do not intend to apply to list the notes on
any securities exchange or on any automated dealer quotation system. The underwriters have </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-9 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
advised us that they currently intend to make a market in the notes following this offering, as permitted by applicable laws and regulations. However, the underwriters have no obligation to make
a market in the notes and they may cease market-making activities at any time without notice. Further, we cannot provide assurances about the liquidity of any trading market that may develop for the notes, your ability to sell your notes or the
prices at which you will be able to sell your notes. Any trading market for the notes that develops and any future trading prices of the notes may be affected by many factors, including: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">prevailing interest rates; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our financial condition and results of operations; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the then-current ratings assigned to the notes; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the market for similar notes; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the time remaining to the maturity of the notes; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the outstanding amount of the notes; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the terms related to optional redemption of the notes. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Ratings of the notes may change after issuance and affect the market price and marketability of the notes. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We currently expect that, before they are issued, the notes will be rated by at least two nationally recognized statistical rating
organizations. Those ratings are limited in scope, and do not address all material risks relating to an investment in the notes, but rather reflect only the view of each rating agency at the time the rating is issued. An explanation of the
significance of the rating may be obtained from the applicable rating agency. Any rating is not a recommendation to purchase, sell or hold any particular security, including the notes. We cannot provide assurances that the ratings will be issued or
remain in effect or that the ratings will not be lowered, suspended or withdrawn entirely by the rating agencies. It is also possible that the ratings may be lowered in connection with future events, such as acquisitions. If rating agencies lower,
suspend or withdraw the ratings, the market price or marketability of the notes may be adversely affected. In addition, any decline in the ratings of the notes may make it more difficult for us to raise capital on acceptable terms. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Relating to the Greif Acquisition </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>In the
event that the Greif Acquisition is not consummated on or before the Outside Date or the Greif Purchase Agreement is terminated at any time prior thereto, we will be required to redeem the notes and may not have or be able to obtain all the funds
necessary to redeem the notes. In addition, if we are required to redeem the notes, you may not obtain your expected return on the notes. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may not be able to consummate the Greif Acquisition prior to the Outside Date. Our ability to consummate the Greif Acquisition is subject to
various closing conditions, many of which are beyond our control, and we may not be able to complete the Greif Acquisition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event
that the Greif Acquisition is not consummated on or before the Outside Date or the Greif Purchase Agreement is terminated at any time prior to the Outside Date, we must redeem the notes at a redemption price equal to 101% of the aggregate principal
amount of such notes, plus accrued and unpaid interest thereon to, but excluding, the redemption date. However, there is no escrow account or security interest for the benefit of the holders of the notes and it is possible that we will not have
sufficient financial resources available to satisfy our obligations to redeem the notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, even if we are able to redeem the
notes pursuant to the special mandatory redemption provisions, you may not obtain your expected return on the notes and may not be able to reinvest the proceeds </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-10 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
from such special mandatory redemption in an investment that results in a comparable return. Also, as a result of the special mandatory redemption provisions of the notes, the trading prices of
such notes may not reflect the financial results of our business or macroeconomic factors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You will have no rights under the special
mandatory redemption provisions of the indenture described in &#147;Description of the Notes&#151;Special Mandatory Redemption&#148; so long as the Greif Acquisition is consummated on or before the Outside Date, nor will you have any right to
require us to repurchase your notes if, between the closing of this offering and the consummation of the Greif Acquisition, we or the Greif Containerboard Business experience any changes, including any material changes, in our respective businesses
or financial condition (other than a change of control triggering event with respect to us), or if the terms of the Greif Purchase Agreement change, including in material respects. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The Greif Containerboard Business may underperform relative to our expectations, and we may not be able to successfully integrate the Greif
Containerboard Business into our existing business. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Greif Acquisition is consummated, the Greif Containerboard Business may
underperform relative to our expectations, which may cause our financial results to differ from our own or the investment community&#146;s expectations. Prior to consummation of the Greif Acquisition, the Greif Containerboard Business has operated
and will operate independently of us, with its own business, corporate culture, locations, employees and systems. As a result of the Greif Acquisition, we will operate our existing business, along with the Greif Containerboard Business, as one
combined organization. There may be substantial difficulties, costs and delays involved in the integration of the Greif Containerboard Business with our business and the integration process could result in the diversion of our management&#146;s
attention from our existing business. If the Greif Containerboard Business underperforms relative to our expectations, or if we fail to successfully integrate the Greif Containerboard Business, it may have a material adverse effect on our business,
financial condition and results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Greif will be subject to business uncertainties and contractual restrictions while the Greif
Acquisition is pending. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Uncertainty about the effect of the Greif Acquisition on employees and customers may have an adverse
effect on the Greif Containerboard Business. These uncertainties may impair Greif&#146;s ability to retain and motivate key personnel and could cause entities dealing with the Greif Containerboard Business to defer entering into contracts with the
Greif Containerboard Business or making other decisions concerning the Greif Containerboard Business or seek to change existing business relationships with the Greif Containerboard Business. In addition, if key employees depart because of
uncertainty about their future roles, the Greif Containerboard Business and our business could be harmed. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Increased leverage may harm our financial
condition and results of operations. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We expect our indebtedness to increase materially in connection with the Greif Acquisition.
In addition to issuing the notes and cash on hand, we expect to borrow approximately $1&nbsp;billion under the New Term Loan Facilities to fund the Greif Acquisition and will have the ability to borrow up to an additional $600&nbsp;million on our
New Revolving Credit Facility. We and our subsidiaries may incur additional indebtedness in the future and the indenture governing the notes will not restrict us from incurring indebtedness in the future. This increase and any future increase in our
level of indebtedness will have several important effects on our future operations, including, without limitation: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we will have additional cash requirements in order to support the payment of interest on our outstanding
indebtedness; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">increases in our outstanding indebtedness and leverage may increase our vulnerability to adverse changes in our
business; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-11 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our ability to obtain additional financing for working capital, capital expenditures, general corporate and other
purposes may be reduced; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our flexibility in planning for, or reacting to, changes in our business and our industry may be reduced; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our flexibility to make acquisitions may be limited. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Greif Acquisition is not completed, the notes will remain outstanding. Further, if we cannot service our indebtedness, we may have to
take actions such as selling assets, seeking additional equity or reducing or delaying capital expenditures, strategic acquisitions, and investments, any of which could impede the implementation of our business strategy or prevent us from entering
into transactions that would otherwise benefit our business. Additionally, we may not be able to effect such actions, if necessary, on commercially reasonable terms, or at all. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-12 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="s68527_6"></A>USE OF PROCEEDS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We anticipate that we will receive approximately $495.1&nbsp;million in net proceeds from this offering of the notes, after deducting
underwriting discounts and other estimated expenses of this offering payable by us. We intend to use the net proceeds from this offering and proceeds from the New Term Loan Facilities, together with cash on hand, to finance the Greif Acquisition.
and to pay related fees and expenses of the Transactions. The following tables reflect the expected sources and uses of funds for the Transactions (in millions): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10pt; font-family:Times New Roman; ">Sources</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash on hand</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">313.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Three-Year Term Loan Facility</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">500.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Seven-Year Term Loan Facility</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">500.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">New Revolving Credit Facility</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&#8194;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notes offered hereby</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8201;&#8199;500.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,813.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10pt; font-family:Times New Roman; ">Uses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Greif Acquisition</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,800.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transactions fees and expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,813.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This offering of the notes is not conditioned upon the consummation of the Greif Acquisition, which, if
completed, will occur subsequent to the closing of this offering. In the event that the Greif Acquisition is not consummated on or before the Outside Date or the Greif Purchase Agreement is terminated at any time prior thereto, we will use the net
proceeds from this offering, together with available cash, to redeem the notes, in whole and not in part, for a redemption price equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but excluding, the
redemption date. See &#147;Description of the Notes&#151;Special Mandatory Redemption.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-13 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="s68527_7"></A>CAPITALIZATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth our cash and cash equivalents and our capitalization as of June&nbsp;30, 2025: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">on an actual basis; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">on an as adjusted basis to give effect to the Transactions, including the issuance and sale of the notes offered
hereby and the use of the net proceeds therefrom, together with borrowings under the New Term Loan Facilities and cash on hand, to finance the Greif Acquisition and to pay the fees and expenses of the Transactions, as further described under
&#8220;Use of Proceeds.&#8221; </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You should read this table in conjunction with &#8220;Use of Proceeds&#8221; in this
prospectus supplement and our consolidated financial statements and related notes incorporated by reference in this prospectus supplement and the accompanying prospectus. The as adjusted information may not reflect our cash, debt and capitalization
in the future. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD ROWSPAN="3" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of June&nbsp;30, 2025</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Actual</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As&nbsp;Adjusted</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">(In millions)</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">787.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">474.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Debt:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Existing Revolving Credit Facility (a)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#8212;&#8194;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#8212;&#8194;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">New Revolving Credit Facility (b)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;&#8194;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;&#8194;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Three-Year Term Loan Facility (c)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;&#8194;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">500.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Seven-year Term Loan Facility (c)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;&#8194;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">500.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.400% Senior Notes due 2027 (d)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">499.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">499.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.000% Senior Notes due 2029 (e)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">499.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">499.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.700% Senior Notes due 2033 (f)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">399.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">399.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.050% Senior Notes due 2049 (g)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">396.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">396.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.050% Senior Notes due 2051 (h)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">696.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">696.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.200% Senior Notes due 2035 offered hereby&nbsp;(c)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8212;&#8194;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">500.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Finance and Operating leases</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">335.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">335.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,828.0(i)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,328.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total stockholders&#8217; equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,632.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,632.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total capitalization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,460.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,960.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</DIV>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">As of June&nbsp;30, 2025, we had $322.5&nbsp;million of availability under our Existing Revolving Credit
Facility, net of $27.5&nbsp;million of letters of credit outstanding. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We expect the New Revolving Credit Facility to be undrawn upon the closing of the Transactions. As of
June&nbsp;30, 2025, on an as adjusted basis, we expect to have up to $673.0&nbsp;million of availability under the New Revolving Credit Facility, net of $27.5&nbsp;million of letters of credit outstanding. The New Revolving Credit Facility will
mature in August 2030. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The amounts reflected in the as adjusted column are gross and do not give effect to any deduction for financing
costs. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Represents $500.0&nbsp;million in aggregate principal amount, net of $0.5&nbsp;million discount.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Represents $500.0&nbsp;million in aggregate principal amount, net of $0.3&nbsp;million discount.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Represents $400.0&nbsp;million in aggregate principal amount, net of $0.3&nbsp;million discount.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Represents $400.0&nbsp;million in aggregate principal amount, net of $3.1&nbsp;million discount.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Represents $700.0&nbsp;million in aggregate principal amount, net of $3.4&nbsp;million discount.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Excludes $17.2&nbsp;million of deferred debt issuance costs. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="s68527_8"></A>DESCRIPTION OF THE NOTES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The following description of the particular terms of the notes supplements the description of the general terms and provisions of debt
securities set forth under &#147;Description of Debt Securities&#148; in the accompanying prospectus. We refer you to the accompanying prospectus for that description. If this description differs in any way from the general description of the debt
securities in the accompanying prospectus, you should rely on this description.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In this offering, we will issue $500,000,000
aggregate principal amount of 5.200% Senior Notes due 2035 (the &#147;notes&#148;) under the indenture, dated July&nbsp;21, 2003, between us and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National
Association, as trustee. The notes constitute a separate issue of &#147;debt securities&#148; under the indenture described in the accompanying prospectus and this prospectus supplement. The following description of the particular terms of the notes
offered by this prospectus supplement adds information to (and to the extent inconsistent therewith supersedes) the description of the general terms and provisions of debt securities under the heading &#147;Description of Debt Securities&#148; in
the accompanying prospectus. As used in this section, &#147;PCA,&#148; &#147;we,&#148; &#147;us&#148; and &#147;our&#148; refer to Packaging Corporation of America, the issuer of the notes, exclusive of its subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The notes will mature on August&nbsp;15, 2035. The notes will be issued in fully registered form without coupons, in denominations of $2,000
and integral multiples of $1,000 in excess thereof. The notes will be denominated and payable in U.S. dollars. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The notes will bear
interest from August&nbsp;15, 2025, or from the most recent date to which interest has been paid or duly provided for, at a rate of 5.200% per year. Interest will be payable on the notes semi-annually in arrears on February&nbsp;15 and
August&nbsp;15 of each year, beginning on February&nbsp;15, 2026, to the person in whose name a note is registered at the close of business on February&nbsp;1 and August&nbsp;1, respectively. Interest with respect to the notes will be computed on
the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year consisting of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The principal of and premium, if any, and interest on the notes will be payable, and any notes in definitive certificated form may be
surrendered for registration of transfer or exchange, at the office or agency maintained at the corporate trust office of the trustee in the Borough of Manhattan, The City of New York; provided that payments of interest may be made at our option by
check mailed to the address of the persons in whose names notes are registered or by transfer to an account maintained by the payee with a bank located in the United States; and provided, further, that payments on global notes will be made to DTC,
or its nominee. No service charge shall be made for any registration of transfer or exchange of notes, but we or the trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any interest payment date, redemption date or maturity date of any of the notes is not a business day in The City of New York, then payment
of principal, premium, if any, and interest will be made on the next succeeding business day as if it were made on the date payment was due, and no interest will accrue on the amount so payable for the period from and after such interest payment
date, redemption date or maturity date, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will not be required to: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">issue, register the transfer of or exchange notes during the period beginning at the opening of business 15 days
before any selection of notes to be redeemed and ending at the close of business on the day of that selection; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">register the transfer of or exchange any notes, or portion thereof, called for redemption, except for the
unredeemed portion of any notes being redeemed in part. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-15 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ranking </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The notes will be our unsecured and unsubordinated obligations and will rank equally in right of payment with all of our existing and future
unsecured and unsubordinated indebtedness. The notes will be structurally subordinated to the existing and future indebtedness and other liabilities of our subsidiaries, including their guarantees of our existing revolving credit facility and the
New Credit Facilities. As of June&nbsp;30, 2025, on an as adjusted basis, excluding these guarantees by certain of our subsidiaries of our New Revolving Credit Facility, our subsidiaries had approximately $179.7&nbsp;million of indebtedness and
other liabilities reflected on our balance sheet, all of which would have been structurally senior to the notes. The notes will also be junior in right of payment to our existing and future secured indebtedness to the extent of our assets securing
that indebtedness. See &#147;Risk Factors&#148; in this prospectus supplement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Further Issues </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may, from time to time, without notice to or the consent of any holders of notes issue additional notes. Any such additional notes will have
the same form and terms (other than the date of issuance and, under certain circumstances, the issue price, the date from which interest thereon will begin to accrue and the first interest payment date), and will carry the same right to receive
accrued and unpaid interest, as the notes offered by this prospectus supplement, and such additional notes will form a single series with the notes offered by this prospectus supplement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Optional Redemption </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to
May&nbsp;15, 2035 (three months prior to their maturity date) (the &#147;Par Call Date&#148;), we may redeem the notes at our option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of
principal amount and rounded to three decimal places) equal to the greater of: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon
discounted to the redemption date (assuming the notes matured on the Par Call Date) on a semi-annual basis (assuming a <FONT STYLE="white-space:nowrap">360-day</FONT> year consisting of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months)
at the Treasury Rate (as defined herein) plus 15 basis points less (b)&nbsp;interest accrued to the date of redemption, and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">100% of the principal amount of the notes to be redeemed, plus, in either case, accrued and unpaid interest
thereon to the redemption date. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On or after the Par Call Date, we may redeem the notes, in whole or in part, at any
time and from time to time, at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to the redemption date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Treasury Rate&#148; </I>means, with respect to any redemption date, the yield determined by us in accordance with the following two
paragraphs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Treasury Rate shall be determined by us after 4:15 p.m., New York City time (or after such time as yields on U.S.
government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day
in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as &#147;Selected Interest Rates (Daily)&#151;H.15&#148; (or any successor designation or publication) (&#147;H.15&#148;) under the
caption &#147;U.S. government securities&#151;Treasury constant maturities&#151;Nominal&#148; (or any successor caption or heading) (&#147;H.15 TCM&#148;). In determining the Treasury Rate, we shall select, as applicable: (1)&nbsp;the yield for the
Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the &#147;Remaining Life&#148;); or (2)&nbsp;if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life,
the two yields &#151;one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-16 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
maturity on H.15 immediately longer than the Remaining Life &#151; and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and
rounding the result to three decimal places; or (3)&nbsp;if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining
Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the
redemption date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If on the third business day preceding the redemption date H.15 TCM is no longer published, we shall calculate the
Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with
a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the
Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, we shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or
more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, we shall select from among these two or more United States Treasury securities the
United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the
terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City
time, of such United States Treasury security, and rounded to three decimal places. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our actions and determinations in determining the
redemption price shall be conclusive and binding for all purposes, absent manifest error. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notice of any redemption will be mailed or
electronically delivered (or otherwise transmitted in accordance with the depositary&#146;s procedures) at least 10 days but not more than 60 days before the redemption date to each holder of notes to be redeemed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notices of redemption may be subject to one or more conditions precedent, including the consummation of a financing transaction or asset
disposition (or a series of financing transactions or asset dispositions) in which part or all of the proceeds of such transaction will be used to redeem the notes. In addition, if such redemption is subject to satisfaction of one or more
conditions, the notice of redemption may state that, in our discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied (or waived by us in our sole discretion), or such redemption may not occur
and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by us in our sole discretion) by the redemption date, or the redemption date so delayed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the case of a partial redemption, selection of the notes for redemption will be made pro rata, by lot or by such other method as the
trustee in its sole discretion deems appropriate and fair. No notes of a principal amount of $2,000 or less will be redeemed in part. If any note is to be redeemed in part only, the notice of redemption that relates to the note will state the
portion of the principal amount of the note to be redeemed. A new note in a principal amount equal to the unredeemed portion of the note will be issued in the name of the holder of the note upon surrender for cancellation of the original note. For
so long as the notes are held by DTC (or another depositary), the redemption of the notes shall be done in accordance with the policies and procedures of the depositary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless we default in payment of the redemption price, on and after the redemption date interest will cease to accrue on the notes or portions
thereof called for redemption on such redemption date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-17 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Nothing in the indenture prohibits us from acquiring the notes by means other than a
redemption, whether pursuant to an issuer tender offer or otherwise, assuming such acquisition does not otherwise violate the terms of the indenture. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Special Mandatory Redemption </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the
event that we do not consummate the Greif Acquisition on or prior to June&nbsp;30, 2026 (or such later date to which the &#147;Outside Date&#148; under the Greif Acquisition Agreement is extended pursuant to the terms of the Greif Acquisition
Agreement or by the mutual written consent of PCA and Greif Packaging LLC, the &#147;Outside Date&#148;), or the Greif Purchase Agreement is terminated at any time prior thereto (the Outside Date or such earlier date of termination, the
&#147;Trigger Date&#148;), then we will redeem the notes in whole and not in part on the Special Mandatory Redemption Date (as defined below) at a redemption price equal to 101% of the aggregate principal amount of the notes, plus accrued and unpaid
interest to, but excluding, the Special Mandatory Redemption Date (the &#147;Special Mandatory Redemption Price&#148;) (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment
date). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will cause a notice of special mandatory redemption to be mailed to the trustee and the holders of the notes at their
registered addresses no later than the second business day following the Trigger Date, which shall provide for the redemption of the notes on the fifth business day (the &#147;Special Mandatory Redemption Date&#148;) following the date of such
notice. If funds sufficient to pay the Special Mandatory Redemption Price of all notes to be redeemed on the Special Mandatory Redemption Date are deposited with the trustee or a paying agent on or before such Special Mandatory Redemption Date, and
certain other conditions are satisfied, on and after such Special Mandatory Redemption Date, the notes will cease to bear interest and all rights under the notes shall terminate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The provisions described in this &#147;Special Mandatory Redemption&#148; section may not be waived or modified without the written consent of
holders of at least 90% in principal amount of the notes outstanding. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Repurchase at the Option of Holders Upon a Change of Control Triggering Event
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a Change of Control Triggering Event (as defined below) with respect to the notes occurs, unless we have previously exercised our
right to redeem the notes as described above, we 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&#146;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, but not including, the repurchase date. Within 30 days following any Change of Control Triggering Event or, at our
option, prior to any Change of Control (as defined below), but after the public announcement of an impending Change of Control, we will mail a notice to each holder of the notes, with a copy to the trustee, describing the transaction or transactions
that constitute or may constitute the Change of Control Triggering Event and offering to repurchase notes on the Change of Control Triggering Event payment date specified in the notice, which date will be no earlier than 30 days and no later than 60
days from the date such notice is mailed. The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to repurchase is conditioned on the Change of Control being consummated on or prior to the payment
date specified in the notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will comply with the requirements of Rule <FONT STYLE="white-space:nowrap">14e-1</FONT> under the
Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) and any other securities laws and regulations thereunder, to the extent those laws and regulations are applicable in connection with the repurchase of the notes as a result of a Change
of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Triggering Event provisions of the notes, we will comply with the applicable securities laws and regulations and
will not be deemed to have breached our obligations under the Change of Control Triggering Event provisions of the notes by virtue of such conflict. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-18 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On the Change of Control Triggering Event payment date, we will, to the extent lawful: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">accept for payment all notes or portions of notes (in minimum denominations of $2,000 and integral multiples of
$1,000 in excess thereof) properly tendered pursuant to our offer; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">deposit with the paying agent an amount equal to the aggregate purchase price in respect of all notes or portions
of notes properly tendered; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">deliver or cause to be delivered to the trustee the notes properly accepted, together with an officer&#146;s
certificate stating the aggregate principal amount of notes being repurchased by us. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The paying agent will promptly
mail or otherwise deliver to each holder of notes properly tendered the purchase price for the notes, and the trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each holder a new note equal in principal amount
to any unpurchased portion of any notes surrendered; provided, that each new note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will not be required to make an offer to repurchase the notes upon a Change of Control Triggering Event if a third party makes such an
offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by us and such third party purchases all notes properly tendered and not withdrawn under its offer. An offer to repurchase the notes upon a Change
of Control Triggering Event may be made in advance of a Change of Control Triggering Event, if a definitive agreement is in place for a Change of Control at the time of the making of such an offer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the future, we could enter into certain transactions, including acquisitions, refinancings or other recapitalizations, that would not
constitute a Change of Control, but that could increase the amount of debt outstanding at such time or otherwise affect our capital structure or credit ratings. See &#147;Risk Factors&#151;The change of control triggering event provision in the
notes provides only limited protection against significant events that could negatively impact the value of your notes.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For
purposes of the foregoing discussion of a repurchase at the option of holders, the following definitions are applicable: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Below
Investment Grade Rating Event&#148; </I>occurs, with respect to the notes, if the notes cease to be rated Investment Grade by each of the Rating Agencies on any date from the earlier of (1)&nbsp;the occurrence of a Change of Control or
(2)&nbsp;public notice of our intention to effect a Change of Control, in each case until the end of the <FONT STYLE="white-space:nowrap">60-day</FONT> period following the earlier of (i)&nbsp;the occurrence of a Change of Control or
(ii)&nbsp;public notice of our intention to effect a Change of Control; provided, however, that if during such <FONT STYLE="white-space:nowrap">60-day</FONT> period one or more Rating Agencies has publicly announced that it is considering a possible
downgrade of the notes, then such <FONT STYLE="white-space:nowrap">60-day</FONT> period shall be extended for such time as the rating of the notes by any Rating Agency remains under publicly announced consideration for possible downgrade.
Notwithstanding the foregoing, a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a
Below Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event) if each Rating Agency making the reduction in rating to which this definition would otherwise apply does not announce or publicly confirm or
inform the trustee in writing at our or its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the
applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Change of
Control&#148; </I>means the occurrence of any of the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of our properties or assets and those of our subsidiaries taken as a whole to any Person, other than us or one of our subsidiaries; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-19 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the adoption of a plan relating to our liquidation or dissolution; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the first day on which a majority of the members of our Board of Directors are not Continuing Directors;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the consummation of any transaction or series of related transactions (including, without limitation, any merger
or consolidation) the result of which is that any Person becomes the beneficial owner (as defined in Rules <FONT STYLE="white-space:nowrap">13d-3</FONT> and <FONT STYLE="white-space:nowrap">13d-5</FONT> under the Exchange Act), directly or
indirectly, of more than 50% of the then outstanding shares of our Voting Stock, measured by voting power rather than number of shares; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we consolidate with, or merge with or into, any Person, or any Person consolidates with, or merges with or into,
us, in any such event pursuant to a transaction in which any of our outstanding Voting Stock or any of the outstanding Voting Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any such
transaction where the shares of our Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person immediately after giving effect to such
transaction. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, a transaction or series of related transactions effected to create a
holding company for us will not be deemed to involve a Change of Control under the fourth bullet point above if (1)&nbsp;pursuant to such transaction or series of related transactions, we become a direct or indirect wholly owned subsidiary of such
holding company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of our Voting Stock immediately prior to that transaction or
(B)&nbsp;immediately following that transaction no Person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of a majority of the Voting Stock of such holding company,
measured by voting power rather than number of shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The definition of Change of Control includes a phrase relating to the direct or
indirect sale, lease, transfer, conveyance or other disposition of &#147;all or substantially all&#148; of our properties or assets and those of our subsidiaries taken as a whole. Although there is a limited body of case law interpreting the phrase
&#147;substantially all&#148; there is no precise established definition of the phrase under applicable law. Accordingly, the ability of a holder of notes to require us to repurchase its notes as a result of a sale, lease, transfer, conveyance or
other disposition of less than all of our properties and assets and those of our subsidiaries taken as a whole to another person or group may be uncertain. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Change of Control Triggering Event&#148; </I>means, with respect to the notes, the occurrence of both a Change of Control and a Below
Investment Grade Rating Event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Continuing Directors&#148; </I>means, as of any date of determination, any member of our board of
directors who (1)&nbsp;was a member of such board of directors on the date of the issuance of the notes; or (2)&nbsp;was nominated for election or elected to such board of directors with the approval of a majority of the Continuing Directors who
were members of such board of directors at the time of such nomination or election (either by a specific vote or by approval of our proxy statement in which such member was named as a nominee for election as a director). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Investment Grade&#148; </I>means a rating of Baa3 or better by Moody&#146;s (or its equivalent under any successor rating categories
of Moody&#146;s) and a rating of <FONT STYLE="white-space:nowrap">BBB-</FONT> or better by S&amp;P (or its equivalent under any successor rating categories of S&amp;P) or the equivalent investment grade credit rating from any additional Rating
Agency or Rating Agencies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Moody&#146;s&#148; </I>means Moody&#146;s Investors Service, Inc. and its successors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Person&#148; </I>has the meaning assigned to that term in Section&nbsp;13(d)(3) of the Exchange Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-20 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Rating Agency&#148; </I>means (1)&nbsp;each of Moody&#146;s and S&amp;P; and
(2)&nbsp;if either Moody&#146;s or S&amp;P ceases to rate the notes or fails to make a rating of the notes publicly available for reasons outside of our control, a &#147;nationally recognized statistical rating organization,&#148; within the meaning
of Section&nbsp;3(a)&nbsp;(62) of the Exchange Act, selected by us as a replacement agency for Moody&#146;s or S&amp;P, or both, as the case may be. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;S&amp;P&#148; </I>means S&amp;P Global Ratings and its successors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Voting Stock&#148; </I>means, with respect to any Person as of any date, the capital stock of such Person that is at the time
entitled to vote generally in the election of the board of directors (or persons performing similar functions) of such Person. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Book Entry; Delivery
and Form </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Global Notes </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
certificates representing the notes will be represented by one or more global notes issued in fully registered form without coupons, except in the limited circumstances described below. The global notes will be deposited with, or on behalf of, DTC
and registered in the name of Cede&nbsp;&amp; Co., as nominee of DTC, or will remain in the custody of the trustee pursuant to the FAST Balance Certificate Agreement between DTC and the trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ownership of beneficial interests in each global note will be limited to persons who have accounts with DTC, which we refer to as DTC
participants, or persons who hold interests through DTC participants. We expect that under procedures established by DTC, ownership of beneficial interests in each global note will be shown on, and transfer of ownership of those interests will be
effected only through, records maintained by DTC, with respect to interests of DTC participants, and the records of DTC participants, with respect to other owners of beneficial interests in the global notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All interests in the global notes will be subject to the procedures and requirements of DTC. Those interests may also be subject to the
procedures and requirements of the direct and indirect participants in DTC&#146;s book entry system, including Euroclear Bank SA/NV (&#147;Euroclear&#148;), and Clearstream Banking S.A. (&#147;Clearstream&#148;). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Certificated Notes </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notes in physical,
certificated form will be issued and delivered to each person that DTC identifies as a beneficial owner of the related notes only if: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">DTC notifies us that it is unwilling or unable to continue as depository for the global notes or DTC ceases to be
a clearing agency registered as such under the Exchange Act if so required by applicable law or regulation, and no successor depository for the notes shall have been appointed within 90 days of such notification or of our becoming aware of
DTC&#146;s ceasing to be so registered, as the case may be; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we, in our sole discretion, but subject to the procedures of DTC, execute and deliver to the trustee an order to
the effect that the global notes shall be so exchangeable. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon any such exchange, we will execute and the trustee will
authenticate and deliver certificated notes in exchange for interests in the global notes. We anticipate that those certificated notes will be registered in such names as DTC instructs the trustee and that those instructions will be based upon
directions received by DTC from its participants with respect to ownership of beneficial interests in the global notes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Book Entry System </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">DTC has advised us that it is: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a limited purpose trust company organized under the New York Banking Law; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-21 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a &#147;banking organization&#148; within the meaning of the New York Banking Law; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a member of the Federal Reserve System; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a &#147;clearing corporation&#148; within the meaning of the New York Uniform Commercial Code; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;a clearing agency&#148; registered pursuant to the provisions of Section&nbsp;17A of the Exchange Act.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">DTC was created to hold securities of institutions that have accounts with DTC (&#147;participants&#148;) and to
facilitate the clearance and settlement of securities transactions among its participants in such securities through electronic book entry changes in accounts of the participants, thereby eliminating the need for physical movement of securities
certificates. DTC&#146;s participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations. DTC is a wholly owned subsidiary of The Depository Trust&nbsp;&amp; Clearing Corporation
(&#147;DTCC&#148;). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries.
Indirect access to DTC&#146;s book entry system is also available to others such as banks, brokers, dealers and trust companies (&#147;indirect participants&#148;) that clear through or maintain a custodial relationship with a participant, either
directly or indirectly. Investors that are not participants may beneficially own securities held by or on behalf of DTC only through participants or indirect participants. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We expect that, upon the issuance of each global note, DTC will credit, on its book entry registration and transfer system, the respective
principal amounts of the notes represented by such global note to the accounts of participants. Ownership of beneficial interests in the global notes will be limited to participants or persons that may hold interests through participants, including
indirect participants. Ownership of beneficial interests in the global notes will be shown on, and the transfer of those beneficial interests will be effected only through, records maintained by DTC (with respect to participants&#146; interests) and
participants and indirect participants (with respect to the owners of beneficial interests in the global notes other than participants). Likewise, beneficial interests in global notes may only be transferred in accordance with DTC&#146;s procedures,
in addition to those provided for under the indenture and, if applicable, those of the applicable participants or indirect participants, including those of Euroclear and Clearstream. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">So long as DTC or its nominee is the registered holder of the global notes, DTC or such nominee, as the case may be, will be considered the
sole owner and holder of the related notes for all purposes under the indenture. Except as described in this prospectus supplement, owners of beneficial interests in the global notes will not be entitled to have the notes represented by such global
notes registered in their names and will not receive or be entitled to receive physical delivery of certificated notes. In addition, owners of beneficial interests in the global notes will not be considered to be the owners or registered holders of
the notes represented by those beneficial interests under the indenture for any purpose, including with respect to the giving of any direction, instruction or approval to the trustee. Accordingly, each person owning a beneficial interest in a global
note must rely on the procedures of DTC and, if such person is not a participant, on the procedures of the participant through which such person owns its beneficial interest, to exercise any right of a registered holder of notes. We understand that
under existing industry practice, in the event that DTC is entitled to take any action as the registered holder of a global note, DTC would authorize its participants to take such action and that the participants would authorize owners of beneficial
interests owning through such participants to take such action or would otherwise act upon the instructions of owners of beneficial interests. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payment of principal of and premium, if any, and interest on notes represented by a global note registered in the name of DTC or its nominee
will be made to DTC or its nominee, as the case may be, as the registered holder of such global note. We expect that DTC or its nominee, upon receipt of any payment in respect of a global note, will credit its participants&#146; accounts with
payments in amounts proportionate to their respective beneficial interests in the principal amount of such global note as shown on the records of DTC or its nominee. We also expect that payments by participants and indirect participants to owners of
beneficial interests in a global note will be governed by standing instructions and customary practices and will be the responsibility of such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-22 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
participants and indirect participants and not of DTC. We will not have any responsibility or liability for any aspect of the records relating to, or payments made on account of, ownership of
beneficial interests in the global notes or for maintaining, supervising or reviewing any records relating to such beneficial interests or for any other aspect of the relationship between DTC and its participants and indirect participants or the
relationship between such participants and indirect participants and the owners of beneficial interests owning through such participants and indirect participants. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Trading </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Transfers between participants
in DTC will be effected in the ordinary way in accordance with DTC&#146;s rules and operating procedures and will be settled in same day funds, while transfers between participants in Euroclear and Clearstream will be effected in the ordinary way in
accordance with their respective rules and operating procedures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any cross market transfer between participants in DTC, on the one hand,
and Euroclear or Clearstream participants, on the other hand, will be effected through DTC in accordance with its rules on behalf of Euroclear or Clearstream, as the case may be, by its respective depositary. However, such cross market transfers
will require delivery of instructions to Euroclear or Clearstream, as the case may be, by the counterparty in such system in accordance with its rules and procedures and within its established deadlines. Euroclear or Clearstream, as the case may be,
will, if the transfer meets its settlement requirements, deliver instructions to its respective depositary to take action to effect final settlement on its behalf by delivering or receiving the beneficial interests in the applicable global note in
DTC, and making or receiving payment in accordance with normal procedures for funds settlement applicable to DTC. Participants in Euroclear or Clearstream may not deliver instructions directly to the depositaries for Euroclear or Clearstream, as the
case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because of time zone differences, the securities account of a Euroclear or Clearstream participant purchasing a beneficial
interest in a global note from a DTC participant will be credited during the securities settlement processing day (which must be a business day for Euroclear or Clearstream, as applicable) immediately following DTC&#146;s settlement date. Credit of
such transfer of a beneficial interest in a global note settled during such processing day will be reported to the applicable Euroclear or Clearstream participant on that day. Cash received in Euroclear or Clearstream as a result of a transfer of a
beneficial interest in a global note by or through a Euroclear or Clearstream participant to a DTC participant will be received with value on DTC&#146;s settlement date but will be available in the applicable Euroclear or Clearstream cash account
only as of the business day for Euroclear or Clearstream following DTC&#146;s settlement date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although we believe that DTC, Euroclear
and Clearstream have agreed to the procedures described above in order to facilitate transfers of interests in the global notes among participants of DTC, Euroclear and Clearstream, they are under no obligation to perform or continue to perform such
procedures, and such procedures may be discontinued or changed at any time. Neither we nor the trustee will have any responsibility for the performance by DTC, Euroclear or Clearstream or their respective participants or indirect participants of
their respective obligations under the rules and procedures governing their operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information in this subsection &#147;Book
Entry; Delivery and Form&#148; concerning DTC, Euroclear and Clearstream and their respective book entry systems has been obtained from sources that we believe to be reliable, but we take no responsibility for the accuracy thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-23 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="s68527_9"></A>MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a general discussion of certain U.S. federal income tax considerations that may be relevant to U.S. Holders and <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Holders (each as defined below) with respect to the purchase, ownership and disposition of the notes acquired in this offering but does not purport to be a complete analysis of all the potential tax
considerations. This discussion is based upon the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), the Treasury regulations promulgated thereunder, administrative rulings of the Internal Revenue Service (&#147;IRS&#148;) and
judicial decisions, each as in effect as of the date hereof. These authorities are subject to differing interpretations and change, possibly on a retroactive basis, and any such change could affect the accuracy of the statements and conclusions set
forth herein. We have not obtained, nor do we intend to obtain, a ruling from the IRS with respect to the statements made in this discussion and there can be no assurance that the IRS will agree with such statements or that a court would not sustain
a challenge by the IRS in the event of litigation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This discussion is limited to U.S. Holders and
<FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holders that purchase notes in the initial offering at their original issue price (i.e., the first price at which a substantial amount of the notes is sold to purchasers (other than bond houses,
brokers or similar persons or organizations acting in the capacity of underwriters, placement agents or wholesalers) for cash) and hold their notes as capital assets within the meaning of Section&nbsp;1221 of the Code (generally, property held for
investment). This discussion does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or the U.S. federal income tax consequences applicable to holders that
are subject to special rules under the U.S. federal income tax laws (including, for example, banks and other financial institutions, insurance companies, retirement plans, <FONT STYLE="white-space:nowrap">tax-exempt</FONT> entities and
organizations, holders of notes that are pass-through entities or the investors in such pass-through entities, brokers and dealers in securities or foreign currency, regulated investment companies, real estate investment trusts, U.S. Holders whose
&#147;functional currency&#148; is not the U.S. dollar, traders in securities that elect a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> method of accounting, holders liable for any alternative
minimum tax, &#147;controlled foreign corporations,&#148; &#147;passive foreign investment companies,&#148; certain former citizens or former long-term residents of the United States, and persons holding notes as part of a hedge, straddle,
constructive sale, conversion transaction or other integrated transaction or risk reduction transaction). This discussion does not address tax considerations relating to any requirement for certain holders to accelerate the recognition of any item
of gross income with respect to the notes as a result of such income being recognized on a financial statement under Section&nbsp;451(b) of the Code. Moreover, this discussion does not address any <FONT STYLE="white-space:nowrap">non-U.S.,</FONT>
state or local tax consequences, or any U.S. federal tax consequences other than U.S. federal income tax consequences. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used herein, a
&#147;U.S. Holder&#148; means a beneficial owner of a note that is, for U.S. federal income tax purposes, (a)&nbsp;an individual who is a citizen or resident of the United States, (b)&nbsp;a corporation (or other entity classified as a corporation
for U.S. federal income tax purposes) created or organized under the laws of the United States, any state within the United States or the District of Columbia, (c)&nbsp;an estate the income of which is includible in gross income for U.S. federal
income tax purposes regardless of its source, or (d)&nbsp;a trust if (i)&nbsp;a court within the United States is able to exercise primary supervision over the administration of the trust and one or more &#147;United States persons&#148; (as defined
in the Code) have the authority to control all substantial decisions of the trust, or (ii)&nbsp;the trust validly elected to be treated as a United States person under applicable Treasury regulations. As used herein, a
<FONT STYLE="white-space:nowrap">&#147;Non-U.S.</FONT> Holder&#148; is a beneficial owner of notes that is an individual, a corporation, an estate or a trust and is not a U.S. Holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds notes, the tax treatment of a partner in such
partnership will generally depend upon the status of the partner and the activities of the partnership. Holders of notes that are partnerships or partners in such partnerships should consult their own tax advisors regarding the tax consequences to
them of the purchase, ownership and disposition of notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>THIS SUMMARY IS FOR GENERAL INFORMATION ONLY AND IS NOT INTENDED TO
CONSTITUTE A COMPLETE DESCRIPTION OF ALL TAX CONSEQUENCES RELATING TO THE PURCHASE, OWNERSHIP AND DISPOSITION OF THE NOTES. PROSPECTIVE INVESTORS SHOULD CONSULT THEIR OWN TAX ADVISORS CONCERNING THE PARTICULAR U.S</B>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-24 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>FEDERAL INCOME TAX AND OTHER FEDERAL TAX CONSEQUENCES TO THEM OF PURCHASING, OWNING AND
DISPOSING OF THE NOTES, AS WELL AS THE APPLICATION OF STATE, LOCAL AND FOREIGN INCOME AND OTHER TAX LAWS AND THE POSSIBLE EFFECTS OF ANY PROPOSED CHANGES IN APPLICABLE TAX LAWS. </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Effect of Certain Contingencies </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
terms of the notes provide for payments by us in excess of stated interest or principal, or prior to their scheduled payment dates, under certain circumstances. The possibility of such payments may implicate special rules under Treasury regulations
governing &#147;contingent payment debt instruments.&#148; According to those Treasury regulations, the possibility that certain payments in excess of stated interest or principal, or prior to their scheduled payment dates, will be made will not
affect the amount of income a holder recognizes in advance of the payment of such excess or accelerated amounts, if, when all of the contingencies are considered together, there is only a remote chance as of the date the notes were issued that any
such payments will be made. We intend to take the position that, when all contingencies are considered in the aggregate, the likelihood that any such payments of excess or accelerated amounts will be made is remote within the meaning of the Treasury
regulations. The remainder of this discussion assumes that this position will be respected. Our position that these contingencies are remote is binding on a holder unless such holder discloses its contrary position to the IRS in the manner required
by applicable Treasury regulations. Our position is not, however, binding on the IRS, which may take a contrary position. If the IRS were to challenge this position successfully, a holder might be required to, among other things, accrue interest
income based on a projected payment schedule and comparable yield (which may be in excess of stated interest) and treat certain income recognized on a taxable disposition of a note as ordinary income rather than capital gain. In the event a
contingency described above occurs, the amount, timing and character of the income, gain or loss recognized by a holder would be affected. Prospective investors are urged to consult their own tax advisors regarding the potential application of the
special rules regarding &#147;contingent payment debt instruments&#148; to the notes and the consequences thereof. The remainder of this discussion assumes the notes will not be treated as contingent payment debt instruments. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>U.S. Holders </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Interest </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Stated interest on a note generally will be included in the income of a U.S. Holder as ordinary interest income at the time such interest is
paid or accrued, depending on such U.S. Holder&#146;s regular method of accounting for U.S. federal income tax purposes. If, however, the issue price of a note is less than its stated principal amount and the difference is more than a de minimis
amount (as set forth in applicable Treasury regulations), a U.S. Holder will be required to include the difference in income as original issue discount as it accrues in accordance with the constant yield to maturity method (as set forth in
applicable Treasury regulations). This discussion assumes that the notes will be issued at par, or at a discount that is less than &#147;de minimis&#148; for U.S. federal income tax purposes. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Sale or Other Taxable Disposition of the Notes </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon a sale, exchange, redemption or other taxable disposition of a note, a U.S. Holder generally will recognize gain or loss in an amount
equal to the difference, if any, between (i)&nbsp;the sum of all cash and the fair market value of all other property received on such disposition (other than amounts properly attributable to accrued and unpaid interest, which, to the extent not
previously included in income, will be treated as ordinary interest income), and (ii)&nbsp;such U.S. Holder&#146;s adjusted tax basis in the note. A U.S. Holder&#146;s adjusted tax basis in a note will generally be equal to the amount such U.S.
Holder paid for the note. Any gain or loss recognized on the sale or other taxable disposition of a note generally will be capital gain or loss, and will be long-term capital gain or loss if, at the time of the sale or other taxable disposition, the
U.S. Holder held the note for a period of more than one year. Long-term capital gains recognized by certain <FONT STYLE="white-space:nowrap">non-corporate</FONT> U.S. Holders, including individuals, will generally be subject to a reduced tax rate.
The deductibility of capital losses is subject to limitations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-25 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Additional Medicare Tax </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An additional 3.8% &#147;unearned income Medicare contribution&#148; tax is imposed (as described under Section&nbsp;1411 of the Code)
generally on the &#147;net investment income&#148; of certain U.S. citizens and resident aliens, and on the &#147;undistributed net investment income&#148; of certain estates and trusts. Among other items, &#147;net investment income&#148; (or
&#147;undistributed net investment income&#148; in the case of estates and trusts) generally includes gross income from interest, and certain net gain from the sale, exchange, redemption, or other taxable disposition of property, such as the notes,
less certain deductions. U.S. Holders are urged to consult their own tax advisors with respect to the unearned income Medicare contribution tax and its applicability in their particular circumstances to income and gain in respect of an investment in
the notes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Information Reporting and Backup Withholding </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Information reporting generally will apply to payments of interest on the notes and payments of the proceeds from a sale or other disposition
of the notes. U.S. federal backup withholding (currently at a rate of 24%) generally will apply to such payments if the U.S. Holder fails to either provide a properly completed and executed IRS Form <FONT STYLE="white-space:nowrap">W-9</FONT> to the
applicable withholding agent, providing such U.S. Holder&#146;s correct taxpayer identification number and complying with certain certification requirements, or otherwise establish an exemption from backup withholding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules generally may be refunded or allowed as a
credit against the U.S. Holder&#146;s U.S. federal income tax liability, <I>provided </I>that required information is furnished to the IRS in a timely manner. U.S. Holders should consult their own tax advisors regarding their qualification for an
exemption from backup withholding and the procedures for establishing such exemption, if applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-U.S.</FONT>
Holders </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Interest </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the
discussions below regarding effectively connected income, backup withholding and FATCA, payments of interest on the notes to a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder generally will not be subject to U.S. federal income or
withholding tax under the &#147;portfolio interest exemption,&#148; <I>provided </I>that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder does not actually or constructively own 10% or more
of the total combined voting power of all classes of our voting stock; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder is not a &#147;controlled foreign corporation&#148;
with respect to which we are a &#147;related person&#148; within the meaning of the Code; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder is not a bank receiving the interest pursuant to a
loan agreement entered into in the ordinary course of its trade or business. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, for the portfolio interest
exemption from U.S. federal withholding tax to apply, a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder must provide the applicable withholding agent with a properly completed and executed IRS Form
<FONT STYLE="white-space:nowrap">W-8BEN</FONT> or IRS Form <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E,</FONT></FONT> as applicable, or other appropriate documentation, as provided for in Treasury regulations,
certifying that it is not a United States person (as defined in the Code). If the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder holds the notes through a financial institution or other agent acting on its behalf, such holder will be
required to provide appropriate documentation to the agent. Such holder&#146;s agent generally will then be required to provide such documentation to the applicable withholding agent, either directly or through other intermediaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder does not qualify for the &#147;portfolio interest exemption&#148; described
above, payments of interest made to a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder that are not effectively connected with the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder&#146;s conduct of a
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-26 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
trade or business within the United States (or, if required by an applicable income tax treaty, is not attributable to a permanent establishment or fixed base maintained by the <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Holder in the United States) will generally be subject to U.S. withholding tax at a rate of 30%, unless such <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder is entitled to the benefits of an income
tax treaty under which interest on the notes is exempt from or subject to a reduced rate of U.S. federal withholding tax, and a properly completed and executed IRS Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or IRS Form <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E,</FONT></FONT> as applicable, claiming the exemption from or reduction in withholding is furnished to the applicable withholding agent and any other applicable procedures are
complied with. <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holders should consult their own tax advisors regarding their entitlement to benefits under an applicable income tax treaty and the requirements for claiming any such benefits. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Sale or Other Taxable Disposition of the Notes </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the discussions below regarding U.S. federal backup withholding and FATCA, generally, any gain realized on the sale, exchange,
redemption or other taxable disposition of a note (other than amounts properly attributable to accrued and unpaid interest, to the extent not previously included in income, which generally will be treated as described under <FONT
STYLE="white-space:nowrap">&#147;&#151;Non-U.S.</FONT> Holders&#151;Interest&#148; or <FONT STYLE="white-space:nowrap">&#147;&#151;Non-U.S.</FONT> Holders&#151;Effectively Connected Income&#148;) will be exempt from U.S. federal income and
withholding tax, unless: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the gain is effectively connected with the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder&#146;s conduct
of a trade or business within the United States, and, if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base maintained by the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder in the United
States; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">such <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder is an individual who is present in the United States
for a period of 183 days or more during the taxable year of the disposition and certain other conditions are met. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If
the gain realized on the disposition is recognized and described in the first bullet point above, the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder will be subject to U.S. federal income tax on the gain as described below under <FONT
STYLE="white-space:nowrap">&#147;&#151;Non-U.S.</FONT> Holders&#151;Effectively Connected Income.&#148; If the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder is an individual described in the second bullet point above, the <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Holder will be subject to U.S. federal income tax on the gain recognized on the disposition of a note at a 30% rate (or such lower rate as may be prescribed under an applicable income tax treaty), which
gain may be offset by certain U.S.-source capital losses, if any, of the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Effectively
Connected Income </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If interest on a note or gain recognized on the sale, exchange, redemption or other disposition of a note by a <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Holder is effectively connected with the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder&#146;s conduct of a trade or business within the United States, and, if required by an applicable income tax
treaty, is attributable to a U.S. permanent establishment or fixed base maintained by the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder in the United States, then such interest or gain will be exempt from the U.S. federal withholding tax
discussed above if the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder provides the applicable withholding agent with a properly completed and executed IRS Form <FONT STYLE="white-space:nowrap">W-8ECI.</FONT> Instead, such interest or gain
generally will be subject to U.S. federal income tax on a net basis at regular graduated U.S. federal income tax rates in the same manner as for U.S. Holders, as described above (except without regard to the Medicare tax described under
&#147;&#151;U.S. Holders&#151;Additional Medicare Tax&#148;). In addition to regular U.S. federal income tax, such a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder that is a corporation may be subject to an additional branch profits tax
equal to 30% (or lower applicable income tax treaty rate) of its earnings and profits for the taxable year that are attributable to income that is effectively connected with its conduct of a trade or business in the United States, as adjusted for
certain items, and not reinvested in such trade or business in the United States. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Information Reporting and Backup Withholding </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Generally, we must report annually to the IRS the amount of interest paid to a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder on the
notes and the amount of tax, if any, withheld with respect to such payments. This information may also be made available to the tax authorities in the country in which the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder resides or is
established pursuant to the provisions of a specific treaty or agreement with those tax authorities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-27 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payments of interest to, and payments of certain proceeds of a sale or other disposition of
a note by, a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder may be subject to U.S. federal backup withholding (currently at a rate of 24%) unless such <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder complies with certain
certification procedures to establish it is not a United States person or otherwise establishes an exemption from backup withholding. The certification procedures described above under either
<FONT STYLE="white-space:nowrap">&#147;&#151;Non-U.S.</FONT> Holders&#151;Interest&#148; or <FONT STYLE="white-space:nowrap">&#147;&#151;Non-U.S.</FONT> Holders&#151;Effectively Connected Income&#148; generally will satisfy the certification
requirements necessary to avoid backup withholding. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be refunded or allowed as a credit against the
<FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder&#146;s U.S. federal income tax liability (if any), <I>provided </I>that required information is furnished to the IRS in a timely manner. <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holders
are urged to consult their own tax advisors regarding the application of the backup withholding rules in their particular situation, the availability of an exemption from backup withholding and the procedure for obtaining such an exemption, if
applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Foreign Account Tax Compliance Act (FATCA) </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under Sections 1471 through 1474 of the Code and the Treasury Regulations and administrative guidance thereunder (&#147;FATCA&#148;),
withholding tax at a rate of 30% generally will apply to payments of interest on, and, subject to the discussion of certain proposed Treasury regulations below, payments of gross proceeds from the disposition (including a sale or redemption) of, a
note, in each case, if paid to (i)&nbsp;a &#147;foreign financial institution&#148; (as defined for purposes of FATCA), whether as a beneficial owner or as an intermediary, unless such institution (A)&nbsp;is exempt from FATCA withholding (or
otherwise subject to different rules) pursuant to an applicable intergovernmental agreement entered into between the jurisdiction in which it is located and the United States, (B)&nbsp;enters into an agreement with the U.S. government to withhold on
certain payments and to collect and provide to the U.S. tax authorities information regarding U.S. account holders of such institution (which would include certain equity and debt holders of such institution, as well as certain account holders that
are foreign entities with U.S. owners) or (C)&nbsp;meets other exemption requirements or (ii)&nbsp;a <FONT STYLE="white-space:nowrap">&#147;non-financial</FONT> foreign entity&#148; (as defined for purposes of FATCA), unless such entity provides the
applicable withholding agent with a certification identifying the &#147;substantial U.S. owners&#148; (as defined for purposes of FATCA) of the entity or meets other exemption requirements. However, the IRS has issued proposed regulations that, if
and when finalized, would eliminate the application of the 30% withholding tax under FATCA to payments of gross proceeds from the sale or other disposition of a note (but not to payments of interest on a note). Pursuant to the preamble to such
proposed regulations, taxpayers may rely upon them until final regulations are issued. If FATCA withholding is imposed, a beneficial owner (that is not a foreign financial institution)<B> </B>may, under certain circumstances, be eligible for a
refund or credit of any amounts withheld by filing a U.S. federal income tax return. Prospective investors should consult their own tax advisers regarding the application of FATCA to their investment in the notes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-28 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="s68527_10"></A>UNDERWRITING </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BofA Securities, Inc., Mizuho Securities USA LLC and U.S. Bancorp Investments, Inc. are acting as the representatives (the
&#147;representatives&#148;) of each of the underwriters named below. Subject to the terms and conditions set forth in an underwriting agreement among us and the underwriters, we have agreed to sell to the underwriters, and each of the underwriters
has agreed, severally and not jointly, to purchase from us, the principal amount of notes set forth opposite its name below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="85%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Underwriters</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Principal&nbsp;Amount<BR>of Notes</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BofA Securities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">175,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mizuho Securities USA LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">70,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">U.S. Bancorp Investments, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">70,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deutsche Bank Securities Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">45,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">45,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PNC Capital Markets LLC </P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">45,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BMO Capital Markets Corp.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Siebert Williams Shank &amp; Co., LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rabo Securities USA, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">500,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the terms and conditions set forth in the underwriting agreement, the underwriters have agreed,
severally and not jointly, to purchase all of the notes sold under the underwriting agreement if any of these notes are purchased. If an underwriter defaults, the underwriting agreement provides that the purchase commitments of the <FONT
STYLE="white-space:nowrap">non-defaulting</FONT> underwriters may be increased or the underwriting agreement may be terminated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have
agreed to indemnify the underwriters and their controlling persons against certain liabilities in connection with this offering, including liabilities under the Securities Act of 1933, as amended, or to contribute to payments the underwriters may be
required to make in respect of those liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The underwriters are offering the notes, subject to prior sale, when, as and if issued
to and accepted by them, subject to approval of legal matters by their counsel, including the validity of the notes, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officers&#146; certificates
and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Commissions and Discounts </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
representatives have advised us that the underwriters propose initially to offer the notes to the public at the public offering price set forth on the cover page of this prospectus supplement. After the initial offering, the public offering price or
any other terms of this offering may be changed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The expenses of this offering, not including the underwriting discount, are estimated at
$1.5&nbsp;million and are payable by us. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>New Issue of Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The notes are a new issue of securities with no established trading market. We do not intend to apply for listing of the notes on any
securities exchange or for inclusion of the notes on any automated dealer quotation system. We have been advised by the underwriters that they presently intend to make a market in the notes after completion of this offering. However, they are under
no obligation to do so and may discontinue any market-making activities at any time without any notice. We cannot assure the liquidity of the trading market for the notes or that an active public market for the notes will develop. If an active
public trading market for the notes does not develop, the market price and liquidity of the notes may be adversely affected. If the notes are traded, they may trade at a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-29 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
discount from their initial offering price, depending on prevailing interest rates, the market for similar securities, our operating performance and financial condition, general economic
conditions and other factors. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>No Sales of Similar Securities </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have agreed that we will not, during the period beginning on the date of this prospectus supplement and ending on the date that delivery of
the notes will be made to investors, without first obtaining the prior written consent of the representatives, directly or indirectly, issue, sell, offer to contract or grant any option to sell, pledge, transfer or otherwise dispose of, any debt
securities or securities exchangeable for or convertible into debt securities, except for the notes sold to the underwriters pursuant to the underwriting agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Short Positions </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with this
offering, the underwriters may purchase and sell the notes in the open market. These transactions may include short sales and purchases on the open market to cover positions created by short sales. Short sales involve the sale by the underwriters of
a greater principal amount of notes than they are required to purchase in this offering. The underwriters must close out any short position by purchasing notes in the open market. A short position is more likely to be created if the underwriters are
concerned that there may be downward pressure on the price of the notes in the open market after pricing that could adversely affect investors who purchase in this offering. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Similar to other purchase transactions, the underwriters&#146; purchases to cover the syndicate short sales may have the effect of raising or
maintaining the market price of the notes or preventing or retarding a decline in the market price of the notes. As a result, the price of the notes may be higher than the price that might otherwise exist in the open market. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Neither we nor any of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the
transactions described above may have on the price of the notes. In addition, neither we nor any of the underwriters make any representation that the underwriters will engage in these transactions or that these transactions, once commenced, will not
be discontinued without notice. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Extended Settlement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We expect that delivery of the notes will be made to investors on or about August&nbsp;15, 2025, which will be the fourth business day
following the date of this prospectus supplement (such settlement being referred to as &#147;T+4&#148;). Under Rule <FONT STYLE="white-space:nowrap">15c6-1</FONT> under the Securities Exchange Act, trades in the secondary market are required to
settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes prior to the date that is one business day before delivery will be required, by virtue of the fact that the
notes initially settle in T+4, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the notes who wish to trade the notes prior to the date that is one business day before their
date of delivery hereunder should consult their advisors. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other Relationships </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Some of the underwriters and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial
dealings in the ordinary course of business with us or our affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions. In particular, certain of the underwriters or their affiliates are agents
and/or lenders under our Existing Revolving Credit Facility, for which they each received customary compensation. In addition, U.S. Bancorp Investments, Inc., one of the underwriters, is an affiliate of the trustee under the indenture governing the
notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the Transactions, affiliates of certain of the underwriters have provided commitments in respect of the New
Credit Facilities. In addition, BofA Securities, Inc. acted as a financial advisor to PCA in connection with the Greif Acquisition. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-30 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, in the ordinary course of their business activities, the underwriters and their
affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. Certain of the
underwriters or their affiliates that have a lending relationship with us routinely hedge, and certain other of the underwriters or their affiliates that have a lending relationship with us may hedge, their credit exposure to us consistent with
their customary risk management policies. Typically, such underwriters and their affiliates would hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the creation of short positions in
our securities, including potentially the notes. Any such credit default swaps or short positions could adversely affect future trading prices of the notes. The underwriters and their affiliates may also make investment recommendations and/or
publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notice to Prospective Investors </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Other
than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus supplement in any jurisdiction where action for that purpose is required. The securities
offered by this prospectus supplement may not be offered or sold, directly or indirectly, nor may this prospectus supplement or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed
or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus supplement comes are advised to inform
themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus supplement. This prospectus supplement does not constitute an offer to sell or a solicitation of an offer to buy any securities offered
by this prospectus supplement in any jurisdiction in which such an offer or a solicitation is unlawful. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Notice to Prospective Investors in Canada
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The notes may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited
investors, as defined in National Instrument <FONT STYLE="white-space:nowrap">45-106</FONT> Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument <FONT
STYLE="white-space:nowrap">31-103</FONT> Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the notes must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus
requirements of applicable securities laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Securities legislation in certain provinces or territories of Canada may provide a purchaser
with remedies for rescission or damages if this prospectus supplement or the accompanying prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser
within the time limit prescribed by the securities legislation of the purchaser&#146;s province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser&#146;s province or territory for
particulars of these rights or consult with a legal advisor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to section 3A.3 of National Instrument <FONT
STYLE="white-space:nowrap">33-105</FONT> Underwriting Conflicts (&#147;NI <FONT STYLE="white-space:nowrap">33-105&#148;),</FONT> the underwriters are not required to comply with the disclosure requirements of NI
<FONT STYLE="white-space:nowrap">33-105</FONT> regarding underwriter conflicts of interest in connection with this offering. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Notice to Prospective
Investors in the European Economic Area </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The notes are not intended to be offered, sold or otherwise made available to and should
not be offered, sold or otherwise made available to any retail investor in the European Economic Area (&#147;EEA&#148;). For these purposes, a retail investor means a person who is one (or more) of: (i)&nbsp;a retail client as defined in point
(11)&nbsp;of Article 4(1) of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-31 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Directive 2014/65/EU (as amended, &#147;MiFID II&#148;); or (ii)&nbsp;a customer within the meaning of Directive (EU) 2016/97, as amended, where that customer would not qualify as a professional
client as defined in point (10)&nbsp;of Article 4(1) of MiFID II; or (iii)&nbsp;not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended, the &#147;Prospectus Regulation&#148;). Consequently, no key information document required
by Regulation (EU) No 1286/2014 (as amended, the &#147;PRIIPs Regulation&#148;) for offering or selling the notes or otherwise making them available to retail investors in the EEA has been, or will be, prepared and therefore offering or selling the
notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. This prospectus supplement and the attached prospectus have been prepared on the basis that any offer of notes in any member
state of the EEA will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of notes. Neither this prospectus supplement nor the attached prospectus is a prospectus for the purposes
of the Prospectus Regulation. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Notice to Prospective Investors in Japan </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The notes have not been and will not be registered pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Act.
Accordingly, none of the Notes nor any interest therein may be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any &#147;resident&#148; of Japan (which term as used herein means any person resident in Japan, including
any corporation or other entity organized under the laws of Japan), or to others for <FONT STYLE="white-space:nowrap">re-offering</FONT> or resale, directly or indirectly, in Japan or to or for the benefit of a resident of Japan, except pursuant to
an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Act and any other applicable laws, regulations and ministerial guidelines of Japan in effect at the relevant time. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Notice to Prospective Investors in the United Kingdom </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to
any retail investor in the United Kingdom (the &#147;UK&#148;). For these purposes, a retail investor means a person who is one (or more) of: (i)&nbsp;a retail client as defined in point (8)&nbsp;of Article 2 of Regulation (EU) No 2017/565 as it
forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the &#147;EUWA&#148;); (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (the &#147;FSMA&#148;) and any rules or
regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8)&nbsp;of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by
virtue of the EUWA; or (iii)&nbsp;not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA. Consequently, no key information document required by Regulation (EU) No
1286/2014 as it forms part of domestic law by virtue of the EUWA (the &#147;UK PRIIPs Regulation&#148;) for offering or selling the notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or
selling the notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Notice to
Prospective Investors in Switzerland </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus supplement and the accompanying prospectus is not intended to constitute an
offer or solicitation to purchase or invest in the notes. The notes may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act (&#147;FinSA&#148;) and no application has been or will be
made to admit the notes to trading on any trading venue (exchange or multilateral trading facility) in Switzerland. Neither this prospectus supplement, the accompanying prospectus nor any other offering or marketing material relating to the notes
constitutes a prospectus pursuant to the FinSA, and neither this prospectus supplement, the accompanying prospectus nor any other offering or marketing material relating to the notes may be publicly distributed or otherwise made publicly available
in Switzerland. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-32 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Notice to Prospective Investors in Dubai International Financial Centre </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus supplement relates to an Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority
(&#147;DFSA&#148;). This prospectus supplement is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no
responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus supplement, nor taken steps to verify the information set forth herein and has no responsibility for this prospectus
supplement. The notes to which this prospectus supplement relate may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the notes offered should conduct their own due diligence on the notes. If you do not
understand the contents of this prospectus supplement you should consult an authorized financial advisor. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Notice to Prospective Investors in Hong
Kong </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The notes may not be offered or sold by means of any document other than (i)&nbsp;in circumstances which do not constitute an
offer to the public within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong) or an invitation to the public within the meaning of the Securities and Futures Ordinance(Cap.571, Laws of Hong Kong), or (ii)&nbsp;to
<I>&#147;professional investors&#148; </I>within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder, or (iii)&nbsp;in other circumstances which do not result in the document being a
&#147;prospectus&#148; within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), and no advertisement, invitation or document relating to the notes may be issued or may be in the possession of any person for the purpose of issue (in
each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to notes
which are or are intended to be disposed of only to persons outside Hong Kong or only to <I>&#147;professional investors&#148; </I>in Hong Kong within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules
made thereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-33 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="s68527_11"></A>LEGAL MATTERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The validity of the notes will be passed upon for us by Mayer Brown LLP. Certain legal matters will be passed on for the underwriters by
Cahill Gordon&nbsp;&amp; Reindel LLP, New York, New York. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-34 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="s68527_12"></A>EXPERTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The consolidated financial statements of Packaging Corporation of America and subsidiaries as of December&nbsp;31, 2024 and 2023, and for each
of the years in the three-year period ended December&nbsp;31, 2024, and management&#146;s assessment of the effectiveness of internal control over financial reporting as of December&nbsp;31, 2024 have been incorporated by reference herein and in the
registration statement in reliance upon the report of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-35 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="s68527_13"></A>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The SEC allows us to &#147;incorporate by reference&#148; information into this prospectus supplement and the accompanying prospectus, which
means that we can disclose important information about us by referring you to another document filed separately with the SEC. The information incorporated by reference is considered to be a part of this prospectus supplement and the accompanying
prospectus. This prospectus supplement and the accompanying prospectus incorporate by reference the documents and reports listed below (other than portions of these documents that are furnished under Item 2.02 or Item 7.01 of a Current Report on
Form <FONT STYLE="white-space:nowrap">8-K,</FONT> including any exhibits included with such Items): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/75677/000095017025028533/pkg-20241231.htm">Form
 <FONT STYLE="white-space:nowrap">10-K</FONT></A> for the fiscal year ended December&nbsp;31, 2024; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarters ended <A HREF="http://www.sec.gov/Archives/edgar/data/75677/000095017025066593/pkg-20250331.htm">March
<U></U>&nbsp;31, 2025</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/75677/000119312525175122/pkg-20250630.htm">June<U></U>&nbsp;30, 2025</A>; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed on <A HREF="http://www.sec.gov/Archives/edgar/data/75677/000119312525042485/d918238d8k.htm">February
<U></U>&nbsp;28, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/75677/000119312525117763/d30216d8k.htm">May<U></U>&nbsp;12, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/75677/000119312525155530/d92547d8k.htm">July<U></U>&nbsp;
3, 2025</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/75677/000119312525174557/d19330d8k.htm">August<U></U>&nbsp;6, 2025</A>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We also incorporate by reference the information contained in all other documents we file with the SEC pursuant to Sections 13(a), 13(c), 14
or 15(d) of the Securities Exchange Act of 1934, as amended (other than portions of these documents that are furnished under Item 2.02 or Item 7.01 of a Current Report on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> including any exhibits
included with such Items, unless otherwise indicated therein) after the date of this prospectus supplement and prior to the termination of the offerings of all the securities covered by this prospectus supplement. The information contained in any
such document will be considered part of this prospectus supplement and the accompanying prospectus from the date the document is filed with the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any statement contained in this prospectus supplement and the accompanying prospectus or in a document incorporated or deemed to be
incorporated by reference in this prospectus supplement and the accompanying prospectus will be deemed to be modified or superseded to the extent that a statement contained herein or in any other subsequently filed document which also is or is
deemed to be incorporated by reference in this prospectus supplement and the accompanying prospectus modifies or supersedes that statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to
constitute a part of this prospectus supplement and the accompanying prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We undertake to provide without charge to any person,
including any beneficial owner, to whom copies of this prospectus supplement and the accompanying prospectus are delivered, upon oral or written request of such person, a copy of any or all of the documents that have been incorporated by reference
in this prospectus supplement and the accompanying prospectus, other than exhibits to such other documents (unless such exhibits are specifically incorporated by reference therein). We will furnish any exhibit not specifically incorporated by
reference upon the payment of a specified reasonable fee, which fee will be limited to our reasonable expenses in furnishing such exhibit. All requests for such copies should be directed to Kent A. Pflederer, Packaging Corporation of America, 1
North Field Court, Lake Forest, Illinois 60045, (847) <FONT STYLE="white-space:nowrap">482-3000.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-36 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PROSPECTUS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g70369g00a03.jpg" ALT="LOGO" STYLE="width:1.7616in;height:0.709337in;">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:20pt; font-family:Times New Roman" ALIGN="center"><B>PACKAGING CORPORATION OF AMERICA </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Debt Securities </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may offer from time to time, in one or more offerings, our debt securities. This prospectus describes the general terms of these securities
and the general manner in which we will offer them. We will provide the specific terms of these securities in supplements to this prospectus. The prospectus supplements will also describe the specific manner in which we will offer these securities
and may also supplement, update or amend information contained in this prospectus. You should carefully read this prospectus and the applicable prospectus supplement, as well as the documents incorporated by reference herein or therein, and any
other offering materials before you invest in these securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may sell these securities directly, through agents, dealers or
underwriters as designated from time to time, or through a combination of these methods. We reserve the sole right to accept, and together with any agents, dealers and underwriters, reserve the right to reject, in whole or in part, any proposed
purchase of securities. If any agents, dealers or underwriters are involved in the sale of any securities, the applicable prospectus supplement will set forth their names and any applicable commissions or discounts. Our net proceeds from the sale of
securities also will be set forth in the applicable prospectus supplement. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>See &#147;<A HREF="#toc70369_3">Risk Factors</A>&#148; on page 3 of this prospectus to read about factors you should consider before
investing in these securities. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Neither the Securities and Exchange Commission nor any state securities commission has approved or
disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense. </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The date of this prospectus is August 11,&nbsp;2025. </B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="95%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc70369_1">ABOUT THIS PROSPECTUS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc70369_2">OUR COMPANY</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc70369_3">RISK FACTORS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc70369_4">FORWARD-LOOKING STATEMENTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc70369_5">USE OF PROCEEDS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc70369_6">DESCRIPTION OF DEBT SECURITIES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc70369_7">PLAN OF DISTRIBUTION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc70369_8">LEGAL MATTERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc70369_9">EXPERTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc70369_10">WHERE YOU CAN FIND MORE INFORMATION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc70369_11">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-i- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc70369_1"></A>ABOUT THIS PROSPECTUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus is part of an automatic shelf registration statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> that we filed with
the Securities and Exchange Commission (the &#147;SEC&#148;) as a &#147;well-known seasoned issuer&#148; utilizing a &#147;shelf&#148; registration process. Under this shelf process, we may, from time to time, offer and sell the debt securities
described in this prospectus in one or more offerings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus provides you with a general description of the debt securities
that we may offer. Each time we sell securities, we will provide a prospectus supplement that will contain specific information about the terms of the offered securities and the offering, including a detailed description of the securities to be
offered, the specific amount or amounts of securities to be offered, the prices of such securities, the name of any agent, underwriter or dealer to or through which we will sell the securities and a description of any arrangement with such agent,
underwriter or dealer, and information about any securities exchange or automated quotation system on which the securities may be listed. The prospectus supplement may also add, update or change information contained in this prospectus. If there is
any inconsistency between the information in this prospectus and the accompanying prospectus supplement, you should rely on the information in the accompanying prospectus supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus does not contain all of the information included in the registration statement of which it forms a part. For further
information, we refer you to the entire registration statement, including its exhibits. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Statements contained in this prospectus about the provisions or
contents of any contract, agreement or other document referred to are not necessarily complete.&nbsp;For each such contract, agreement or other document filed as an exhibit to the registration statement, we refer you to the actual exhibit for a more
complete description of the matters involved. We are not making an offer to sell the securities in any jurisdiction where the offer or sale is not permitted or in which the person making such offer or sale is not qualified to do so or to any person
to whom it is unlawful to make that offer or solicitation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information in this prospectus and the accompanying prospectus supplement
may not contain all of the information that may be important to you. You should read this entire prospectus and any accompanying prospectus supplement or issuer free writing prospectus, as well as the documents incorporated by reference in this
prospectus and the accompanying prospectus supplement, before making an investment decision. See &#147;Where You Can Find More Information&#148; and &#147;Incorporation of Certain Information by Reference.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When used in this prospectus, unless otherwise specified or the context otherwise requires, the terms &#147;PCA,&#148; &#147;Company,&#148;
&#147;we,&#148; &#147;us&#148; or &#147;our&#148; refer to Packaging Corporation of America together with its consolidated subsidiaries. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc70369_2"></A>OUR COMPANY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PCA is the third largest producer of containerboard products and a leading producer of uncoated freesheet (&#147;UFS&#148;) paper in North
America. We operate eight mills and 85 corrugated products manufacturing plants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We report in three reportable segments: Packaging, Paper
and Corporate and Other. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Packaging </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our containerboard mills produce linerboard and corrugating medium, which are papers primarily used in the production of corrugated products.
Our corrugated products manufacturing plants produce a wide variety of corrugated packaging products, including conventional shipping containers used to protect and transport manufactured goods, multi-color boxes and displays with strong visual
appeal that help to merchandise the packaged product in retail locations, and honeycomb protective packaging. In addition, we are a large producer of packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and
consumer products. Our products are sustainable and are produced from renewable raw materials, predominantly using energy derived from biogenic fuels in our production processes and are recyclable at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">end-of-life.</FONT></FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Paper </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are a leading producer of UFS in North America, according to industry sources and our own estimates. We manufacture and sell papers,
including both commodity and specialty papers, which may have custom or specialized features such as colors, coatings, high brightness and recycled content. Our papers consist of communication papers, including
<FONT STYLE="white-space:nowrap">cut-size</FONT> office papers, and printing and converting papers. Our products are sustainable and are produced from renewable raw materials, predominantly using energy derived from biogenic fuels in our production
processes and are recyclable at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-of-life.</FONT></FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Corporate and Other
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Corporate and Other segment includes corporate support staff services and related assets and liabilities. This segment also
includes transportation assets, such as rail cars and trucks, which we use to transport some of our products to and from our manufacturing sites, and assets related to a 50% owned variable interest entity, Louisiana Timber Procurement Company,
L.L.C. (LTP). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Packaging Corporation of America is a Delaware corporation. Our principal executive offices are located at 1 North Field
Court, Lake Forest, Illinois 60045, and our telephone number is (847) <FONT STYLE="white-space:nowrap">482-3000.</FONT> Our website address is http://www.packagingcorp.com. This website address is not intended to be an active link and information on
our website should not be construed to be part of this prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc70369_3"></A>RISK FACTORS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our business is subject to uncertainties and risks. You should carefully consider and evaluate all of the information contained or
incorporated by reference in this prospectus, including the risk factors incorporated by reference from our most recent annual report on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> as updated by our quarterly reports on Form <FONT
STYLE="white-space:nowrap">10-Q</FONT> and other filings we make with the Securities and Exchange Commission (the &#147;SEC&#148;). It is possible that our business, financial condition, liquidity or results of operations could be materially
adversely affected by any of these risks. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc70369_4"></A>FORWARD-LOOKING STATEMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Some of the statements contained or incorporated by reference in this prospectus that are not historical in nature may constitute
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are often identified by the words &#147;will,&#148; &#147;should,&#148; &#147;anticipate,&#148; &#147;believe,&#148;
&#147;expect,&#148; &#147;intend,&#148; &#147;estimate,&#148; &#147;hope&#148; or similar expressions. These statements reflect management&#146;s current views with respect to future events and are subject to risks and uncertainties. There are
important factors that could cause actual results to differ materially from those in forward-looking statements, many of which are beyond our control. These factors, risks and uncertainties include the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the impact of general economic conditions; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the impact of acquired businesses and risks and uncertainties regarding operation, expected benefits and
integration of such businesses; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">containerboard, corrugated products, and white paper general industry conditions, including competition, product
demand, product pricing, and input costs; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">fluctuations in wood fiber and recycled fiber costs; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">fluctuations in purchased energy costs; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the possibility of unplanned outages or interruptions at our principal facilities; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">governmental, legislative or regulatory actions or requirements, particularly concerning environmental or tax
matters or trade policy. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our actual results, performance or achievement could differ materially from those expressed
in, or implied by, these forward-looking statements, and accordingly, we can give no assurances that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, what impact they will have on
our results of operations or financial condition. Given these uncertainties, investors are cautioned not to place undue reliance on these forward-looking statements. We expressly disclaim any obligation to publicly revise any forward-looking
statements that have been made to reflect the occurrence of events after the date on which those statements are made. For a discussion of other factors, risks and uncertainties that may affect our business, you should read carefully the factors
discussed under &#147;Risk Factors&#148; in our filings incorporated by reference into this prospectus. See &#147;Risk Factors.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc70369_5"></A>USE OF PROCEEDS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise indicated in the applicable prospectus supplement, we will use the net proceeds from the sale of our debt securities offered
by this prospectus for the repayment of indebtedness and for general corporate and working capital purposes. We may invest the net proceeds temporarily or apply them to repay short-term or revolving debt until we use them for their stated purpose.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc70369_6"></A>DESCRIPTION OF DEBT SECURITIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The debt securities covered by this prospectus will be issued under an Indenture, dated as of July&nbsp;21, 2003, between us and U.S. Bank
Trust Company, National Association, as trustee (the &#147;indenture&#148;). As used in this section, &#147;PCA,&#148; &#147;we,&#148; &#147;us&#148; and &#147;our&#148; refer to Packaging Corporation of America, the issuer of the debt securities,
exclusive of its subsidiaries. We have summarized certain provisions of the indenture below. The summary is not complete and is qualified in its entirety by reference to the indenture. The indenture has been incorporated by reference as an exhibit
to the registration statement of which this prospectus is a part that we have filed with the SEC. In addition to the indenture described below, we may issue debt securities pursuant to another indenture or indentures to be entered into after the
date of this prospectus. If we elect to issue debt securities under another indenture, we will file a copy of that indenture as an exhibit to the registration statement of which this prospectus is a part. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When we offer to sell a particular series of debt securities, we will describe the specific terms of the securities in a supplement to this
prospectus. The prospectus supplement will also indicate whether the general terms and provisions described in this prospectus apply to a particular series of debt securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You should carefully read the summary below, the applicable prospectus supplements and the provisions of the indenture that may be important
to you. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For a summary of some of the defined terms used in the indenture, see &#147;&#151;Defined Terms.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indenture does not limit the
amount of debt securities that we may issue. We may issue debt securities up to an aggregate principal amount as we may authorize from time to time in one or more series. Under the indenture, we may issue debt securities with terms different from
those of debt securities that we have previously issued. We may issue additional amounts of a series of debt securities without the consent of the holders of that series. The different series of debt securities issued under the indenture may have
different dates for payments and different rates of interest and may be denominated in different currencies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The applicable prospectus
supplement relating to a series of debt securities being offered will describe the specific terms of those debt securities, including the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the title of the debt securities; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the aggregate principal amount of the debt securities and any limit on the aggregate principal amount of debt
securities of a series, if such series may be reopened from time to time for the issuance of additional debt securities of such series or to establish additional terms of such series; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">whether we will issue the debt securities as registered securities, bearer securities or both, with or without
coupons or both, and, if bearer securities will be issued, other terms with respect to bearer securities; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">whether we will issue the debt securities in the form of global securities and, if so, the depositary for global
securities and provisions for exchanging global securities; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any interest rate on the debt securities, any date from which interest will accrue, any interest payment dates
and regular record dates for interest payments, or the method used to determine any of the foregoing, and the basis for calculating interest if other than a <FONT STYLE="white-space:nowrap">360-day</FONT> year of twelve <FONT
STYLE="white-space:nowrap">30-day</FONT> months; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if in addition to or other than the Borough of Manhattan, The City of New York, the place or places where
payments on the debt securities will be payable, where the debt securities may be delivered for registration of transfer or exchange and where notices and demands may be served or published; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any provisions for redemption of the debt securities at our option; any provisions that would obligate us to
redeem or purchase the debt securities pursuant to any sinking fund or analogous provisions or at the option of a holder; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the denominations in which we will issue the debt securities, if other than U.S.$1,000 or any integral multiple
thereof in the case of registered securities and U.S.$5,000 in the case of bearer securities; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">whether the debt securities of the series will be convertible into and/or exchangeable for common stock or other
securities or property, and if so, the terms and conditions upon which such debt securities will be so convertible or exchangeable, and any deletions from or modifications or additions to the indenture to permit or to facilitate the issuance of such
convertible or exchangeable debt securities or the administration thereof; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the portion of the principal amount of the debt securities that will be payable if the maturity of the debt
securities is accelerated, if other than the principal amount; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if other than U.S. dollars, the foreign currency or currencies in which the debt securities are denominated or
payable and the manner for determining the equivalent amount in U.S. dollars; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any provision that would determine payments on the debt securities by reference to an index, formula or other
method or methods; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any deletions from, modifications of or additions to the Events of Default or our covenants with respect to the
debt securities; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the application of any defeasance or covenant defeasance provisions to the debt securities;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">whether any of the debt securities may be issued upon the exercise of warrants and the provisions for such
exercise; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the date or dates on which the principal of (and premium, if any, on) the debt securities will be payable, or the
method used to determine or extend those dates; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">whether we will pay any additional amounts on the debt securities and, if so, whether we will have the option to
redeem the debt securities rather than pay those additional amounts; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if debt securities are issuable in global form and are to be issuable in definitive form (whether upon original
issue or upon exchange of a temporary debt security) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and terms of such certificates, documents or conditions; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the identity of the trustee and the identities of the authenticating agent, security registrar and/or paying
agent, if other than the trustee; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the persons to whom we will pay any interest on registered debt securities, if other than the persons in whose
names the debt securities are registered on the regular record date and the manner in which, or the persons to whom, we will pay interest on any bearer debt securities, if other than upon presentation and surrender of the applicable coupons; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any other material terms of the debt securities and any deletions from or modifications of or additions to the
indenture in respect of any series of debt securities. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prospective purchasers of debt securities should be aware that
special United States federal income tax, accounting and other considerations not addressed in this prospectus may be applicable to the debt securities. The prospectus supplement relating to an issue of debt securities will describe these
considerations, if they apply. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Covenants </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indenture contains, among others, the following covenants. The indenture permits us to delete or modify the following covenants with
respect to any series of debt securities we issue, and also add to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
following covenants with respect to any such series. We will describe the specific covenants applicable to debt securities we issue in the applicable prospectus supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Limitations on Liens. </I>The indenture provides that we may not, and may not permit any Restricted Subsidiary to, create, incur, issue or
suffer to exist any Lien to secure any Indebtedness of ours or any of our Subsidiaries upon any Principal Property, or upon shares of capital stock or evidences of Indebtedness issued by any Restricted Subsidiary and owned by us or any Restricted
Subsidiary (whether such Principal Property, shares or evidences of indebtedness were owned as of the date of the indenture or thereafter acquired), without making, or causing such Restricted Subsidiary to make, effective provision to secure all of
the debt securities issued under the indenture from time to time outstanding by such Lien, equally and ratably with, or prior to, any and all other Indebtedness thereby secured, so long as such Indebtedness is so secured, unless, after giving effect
thereto, the sum of (a)&nbsp;the principal amount of Indebtedness secured by all Liens incurred after the date of the indenture to the extent the incurrence of such Indebtedness (i)&nbsp;did not require us or any Restricted Subsidiary to equally and
ratably secure the debt securities or (ii)&nbsp;was not otherwise permitted by the next succeeding paragraph and (b)&nbsp;the Attributable Value of all Sale and Leaseback Transactions entered into after the date of the indenture (other than
(i)&nbsp;the Attributable Value in respect of any such Sale and Leaseback Transactions the Net Available Proceeds from which are applied as set forth in the second bullet under &#147;&#151;Limitations on Sale and Leaseback Transactions&#148; or
(ii)&nbsp;the Attributable Value in respect of any Permitted Transactions (as defined under &#147;&#151;Limitations on Sale and Leaseback Transactions&#148;)), does not exceed 10% of our Consolidated Net Tangible Assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing restrictions shall not prevent, restrict or apply to the creation, incurrence, issuance or assumption by us or any Restricted
Subsidiary of Indebtedness secured by Liens existing on the date of the indenture or to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Liens on any property existing at the time of the acquisition thereof; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Liens on property of a person existing at the time such person is merged into, consolidated with or acquired by
us or a Restricted Subsidiary or at the time of a sale, lease or other disposition of the properties of such person (or a division thereof) as an entirety or substantially as an entirety to us or a Restricted Subsidiary, provided that such Lien as a
result of such merger, consolidation, acquisition, sale, lease or other disposition is not extended to property owned by us or such Restricted Subsidiary immediately prior thereto; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Liens on property of a person existing at the time such person becomes a Restricted Subsidiary;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Liens securing Indebtedness of a Restricted Subsidiary to us or to another Restricted Subsidiary;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Liens to secure all or part of the cost of acquisition, construction, development or improvement of the
underlying property, or to secure Indebtedness incurred to provide funds for any such purpose (including purchase money security interests or money mortgages on real or personal property), provided that the commitment of the creditor to extend the
credit secured by any such Lien shall have been obtained not later than 180 days after the later of (a)&nbsp;the completion of the acquisition, construction, development or improvement of such property or (b)&nbsp;the placing in operation of such
property or of such property as so constructed, developed or improved; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Liens on any property created, assumed or otherwise brought into existence in contemplation of the sale or other
disposition of the underlying property, whether directly or indirectly, by way of share disposition or otherwise, provided that we must have disposed of such property within 180 days after the creation of such Liens and that any Indebtedness secured
by such Liens shall be without recourse to us or any of our Subsidiaries; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Liens in favor of the United States of America or any State thereof, or any department, agency or instrumentality
or political subdivision thereof, to secure partial, progress, advance or other payments; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Liens imposed by law, such as materialmen&#146;s, mechanics&#146;, carriers&#146;, workmen&#146;s,
repairmen&#146;s or customs&#146; Liens and similar Liens arising in the ordinary course of business in respect of obligations not yet due or being contested in good faith; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Liens arising from deposits with or the giving of any form of security to any governmental authority required as
a condition to the transaction of business or exercise of any privilege, franchise or license; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Liens for taxes, assessments or governmental charges or levies that, if delinquent, are being contested in good
faith; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Liens (including judgment Liens) arising from legal proceedings being contested in good faith;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Liens to secure Indebtedness on any Principal Property of joint ventures that constitute Restricted Subsidiaries
in which we or a Restricted Subsidiary has an interest, to the extent such Liens are on property or assets of, or equity interests in, such joint ventures; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any extension, renewal, replacement or refunding of any Lien existing on the date of the indenture or referred to
above; provided, however, that the principal amount of Indebtedness secured thereby and not otherwise authorized above shall not exceed the maximum amount of Indebtedness allowable under the applicable agreement or credit facility providing for or
evidencing such Indebtedness, plus any premium or fee payable in connection with any such extension, renewal, replacement or refunding, at the time of such extension, renewal, replacement or refunding. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Limitations on Sale and Leaseback Transactions. </I>The indenture provides that we may not, and may not permit any Restricted Subsidiary
to, enter into any Sale and Leaseback Transaction with respect to any Principal Property, unless: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">immediately prior to entering into such Sale and Leaseback Transaction, we or such Restricted Subsidiary would be
entitled, pursuant to the section entitled &#147;&#151;Limitations on Liens,&#148; to issue, assume or guarantee Indebtedness secured by a Lien on such Principal Property in an amount at least equal to the Attributable Value of such Sale and
Leaseback Transaction without equally and ratably securing the debt securities under the indenture; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we or such Restricted Subsidiary shall apply, or cause to be applied, within 180 days after the effective date of
such Sale and Leaseback Transaction, an amount equal to the Net Available Proceeds therefrom to (a)&nbsp;the acquisition of one or more Principal Properties or (b)&nbsp;the retirement of the debt securities or the repayment of other Indebtedness of
ours or a Restricted Subsidiary (other than such Indebtedness owned by us or a Restricted Subsidiary) which, in the case of such Indebtedness of ours, is not subordinate and junior in right of payment to the prior payment of the debt securities.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing restrictions will not apply to the following Sale and Leaseback Transactions (each, a &#147;Permitted
Transaction&#148;): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a Sale and Leaseback Transaction providing for a lease for a term, including any renewal thereof, of not more
than three years, by the end of which term it is intended that the use of such Principal Property by the lessee will be discontinued; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a Sale and Leaseback Transaction that is entered into before, at the time of, or within 90 days after the later
of the acquisition of the Principal Property or the completion of its construction; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a Sale and Leaseback Transaction between us and a Restricted Subsidiary or between Restricted Subsidiaries; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a Sale and Leaseback Transaction between us or a Restricted Subsidiary and a joint venture in which we or a
Restricted Subsidiary has an interest. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consolidation, Merger and Sale of Assets </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indenture provides that we shall not, in any transaction or series of related transactions, consolidate with or merge into any other person
or sell, assign, transfer, lease or otherwise convey our properties and assets substantially as an entirety to any person unless: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we are the surviving entity (in the case of a merger) or our successor (if other than us) formed by such
consolidation or into which we are merged or which acquires all or substantially all of our properties and assets is a corporation, partnership, limited liability company or trust organized and existing under the laws of the United States of America
or any state thereof or the District of Columbia; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our successor shall expressly assume by a supplemental indenture our obligation for the due and punctual payment
of the principal of and premium, if any, and interest, if any, on all the debt securities and the due and punctual performance and observance of every covenant of the indenture on our part to be performed or observed, and which supplemental
indenture shall provide for conversion or exchange rights in accordance with the provisions of the debt securities of any series that are convertible or exchangeable into common stock or other securities; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">immediately after giving effect to such transaction, no Event of Default or event that, after notice or passage
of time or both, would be an Event of Default shall have occurred and be continuing; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if, as a result of any such transaction, our property or assets would become subject to a Lien that would not be
permitted by the limitation on Liens contained in the indenture, we or our successor shall take those steps that are necessary to secure the debt securities issued under the indenture equally and ratably with Indebtedness secured by that Lien; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we or our successor shall have delivered to the trustee the officers&#146; certificate and opinion of counsel
called for by the indenture. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon any consolidation with or merger into any other person or any sale, assignment,
transfer, lease or other conveyance of our properties and assets substantially as an entirety to any person, the successor person formed by such consolidation or into which we are merged or to which such sale, assignment, transfer, lease or other
conveyance is made shall succeed to, and be substituted for, and may exercise every right and power of, us under the indenture and, in the event of any such sale, assignment, transfer or other conveyance, we, except in the case of a lease, shall be
discharged of all obligations and covenants under the indenture and the debt securities and may be dissolved and liquidated. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Defined Terms </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set forth below is a summary of some of the defined terms used in the indenture. Reference is made to the indenture for the full definition of
all such terms, as well as any other terms used in this prospectus for which no definition is provided. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Attributable
Value</I>&#148; in respect of any Sale and Leaseback Transaction means, as of the time of determination, the lesser of: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the sale price of the Principal Property so leased multiplied by a fraction the numerator of which is the
remaining portion of the base term of the lease included in such Sale and Leaseback Transaction and the denominator of which is the base term of such lease; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the total obligation (discounted to present value at the rate of interest implicit in the transaction, as
determined in good faith by PCA, or, if it is not practicable to determine such rate, the rate of interest specified by the terms of the debt securities, in either case compounded semi-annually) of the lessee for rental payments (other than amounts
required to be paid on account of property taxes as well as maintenance, repairs, insurance, water rates and other items that do not constitute payments for property rights) during the remaining portion of the base term of the lease included in such
Sale and Leaseback Transaction. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Consolidated Net Tangible Assets</I>&#148; means the aggregate amount of the assets
(less applicable reserves and other properly deductible items) of us and our Subsidiaries after deducting therefrom (a)&nbsp;all current liabilities (excluding any indebtedness for money borrowed having a maturity of less than 12 months from the
date of our most recent consolidated balance sheet but which by its terms is renewable or extendible beyond 12 months from that date at the option of the borrower) of us and our Subsidiaries and (b)&nbsp;all goodwill, trade names, patents,
unamortized debt discount and expense and any other like intangibles of us and our Subsidiaries, all as set forth on our most recent consolidated balance sheet and computed in accordance with accounting principles generally accepted in the United
States of America. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Indebtedness</I>&#148; means (without duplication), with respect to any person: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">every obligation of such person for money borrowed; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">every obligation of such person evidenced by bonds, debentures, notes or other similar instruments;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">every reimbursement obligation of such person with respect to letters of credit, bankers&#146; acceptances or
similar facilities issued for the account of such person; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">every obligation of the type referred to in the first through third bullets above of another person the payment
of which such person has guaranteed or is responsible or liable for, directly or indirectly, as obligor, guarantor or otherwise (but only, in the case of this clause, to the extent such person has guaranteed or is responsible or liable for such
obligations). </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Lien</I>&#148; means, with respect to any property or assets, any mortgage or deed of trust,
pledge, hypothecation, assignment, security interest, lien, encumbrance or other security arrangement of any kind or nature whatsoever on or with respect to such property or assets (including any conditional sale or other title retention agreement
having substantially the same economic effect as any of the foregoing). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Net Available Proceeds</I>&#148; from any Sale and
Leaseback Transaction by any person means cash or readily marketable cash equivalents received (including by way of sale or discounting of a note, installment receivable or other receivable, but excluding any other consideration received in the form
of assumption by the acquiree of Indebtedness or obligations relating to the properties or assets that are the subject of such Sale and Leaseback Transaction or received in any other noncash form) therefrom by such person, net of (a)&nbsp;all legal,
title and recording tax expenses, commissions and other fees and expenses incurred and all Federal, state, provincial, foreign and local taxes required to be accrued as a liability as a consequence of such Sale and Leaseback Transaction;
(b)&nbsp;all payments made by such person or its Subsidiaries on any Indebtedness which is secured in whole or in part by any such properties and assets in accordance with the terms of any Lien upon or with respect to any such properties and assets
or which must, by the terms of such Lien, or in order to obtain a necessary consent to such Sale and Leaseback Transaction or by applicable law, be repaid out of the proceeds from such Sale and Leaseback Transaction; and (c)&nbsp;all distributions
and other payments made to minority interest holders in Subsidiaries of such person or joint ventures as a result of such Sale and Leaseback Transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Principal Property</I>&#148; means any real property or any permanent improvement thereon located in the United States owned by PCA
or any of its Subsidiaries, including, without limitation, any (a)&nbsp;timber property or (b)&nbsp;warehouse, manufacturing or processing plant, building, structure or other facility (or any portion thereof, and any equipment located at or
comprising a part of any such property) having a net book value, as of the date of determination, in excess of 1.0% of our Consolidated Net Tangible Assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Restricted Subsidiary</I>&#148; means any Subsidiary of PCA in which (a)&nbsp;PCA and its other Subsidiaries&#146; aggregate
investments in and advances to such Subsidiary exceed 10% of the total assets of PCA and its Subsidiaries consolidated as of the end of the most recently completed fiscal year; or (b)&nbsp;PCA and its other Subsidiaries&#146; proportionate share of
the total assets of such Subsidiary exceeds 10% of the total assets of PCA and its Subsidiaries consolidated as of the end of the most recently completed fiscal year; or (c)&nbsp;PCA and its other Subsidiaries&#146; equity in the income from
continuing operations before taxes, extraordinary items and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
cumulative effect of a change in accounting principle of such Subsidiary exceeds 10% of such income of PCA and its Subsidiaries consolidated for the most recently completed fiscal year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Sale and Leaseback Transaction</I>&#148; of any person means an arrangement with any lender or investor or to which such lender or
investor is a party providing for the leasing by such person of any Principal Property that, more than 12 months after (a)&nbsp;the completion of the acquisition, construction, development or improvement of such Principal Property or (b)&nbsp;the
placing in operation of such Principal Property or of such Principal Property as so constructed, developed or improved, has been or is being sold, conveyed, transferred or otherwise disposed of by such person to such lender or investor or to any
person to whom funds have been or are to be advanced by such lender on the security of such Principal Property. The term of such arrangement, as of any date (the &#147;measurement date&#148;), shall end on the date of the last payment of rent or any
other amount due under such arrangement on or prior to the first date after the measurement date on which such arrangement may be terminated by the lessee, at its sole option without payment of a penalty. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Subsidiary</I>&#148; of any person means a person more than 50% of the outstanding voting interests in which are owned, directly or
indirectly, by such person or by one or more other Subsidiaries of such person or by such person and one or more Subsidiaries thereof. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Events of
Default </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An &#147;Event of Default&#148; with respect to the debt securities of any series is defined in the indenture as being: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">default in payment of any principal of or premium, if any, on any of the debt securities of that series when due
(whether at maturity, upon redemption, upon repayment or repurchase at the option of the holder or otherwise and whether payable in cash or in shares of our common stock or other securities or property); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">default in payment of any interest on any of the debt securities of that series when due and payable, and
continuance of such default for a period of 30 days; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">default by us in the performance, or breach by us, of any other covenant in the indenture or in any debt security
of that series (other than a covenant included in the indenture solely for the benefit of a series of debt securities other than that series) and continuance of that default for a period of 90 days after notice to us, by registered or certified
mail, by the trustee or to us and the trustee by the holders of not less than 25% in aggregate principal amount of the debt securities of that series then outstanding, as provided in the indenture; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">default in the payment after the final maturity of any bond, note, debenture or other evidence of Indebtedness of
us in an aggregate principal amount exceeding U.S.$30,000,000 (or the equivalent thereof in any other currency or currency unit), or default under any bond, note, debenture or other evidence of Indebtedness of us or under any Lien, indenture or
other instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness of us, which results in the acceleration of such Indebtedness in an aggregate principal amount exceeding U.S.$30,000,000 (or the
equivalent thereof in any other currency or currency unit), but only if such Indebtedness is not discharged or such acceleration is not rescinded or annulled within 30 days after notice to us by the trustee or to us and the trustee by the holders of
not less than 25% in aggregate principal amount of the debt securities of that series then outstanding, as provided in the indenture; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">specified events of bankruptcy, insolvency or reorganization of us; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any other Event of Default established for the debt securities of that series. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indenture permits us to delete, modify or add to the preceding Events of Default with respect to any series of debt securities, and an
Event of Default with respect to a series of debt securities does not necessarily constitute an Event of Default with respect to any other series of debt securities. Any additional or different </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Events of Default with respect to a particular series of debt securities will be described in the applicable prospectus supplement. The indenture provides that the trustee may withhold notice to
the holders of the debt securities of any series of the occurrence of a default with respect to the debt securities of that series (except for a default in the payment of principal, premium, if any, or interest) if the trustee in good faith
determines it to be in the best interest of the holders to do so. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an Event of Default with respect to the debt securities of any
series occurs and is continuing, either the trustee or the holders of at least 25% of the aggregate principal amount of the outstanding debt securities of that series may declare the principal of all the debt securities of that series, or of such
lesser amount as may be provided for in the debt securities of such series, and accrued and unpaid interest, if any, thereon, to be due and payable immediately. At any time after the debt securities of any series have been accelerated, but before a
judgment or decree for payment of money due has been obtained, the holders of a majority of the aggregate principal amount of outstanding debt securities of that series may, under certain circumstances, rescind and annul such acceleration. An Event
of Default relating to our bankruptcy, insolvency or reorganization shall cause the principal amount and accrued interest to become immediately due and payable without any declaration or other act by the trustee or holders of the debt securities.
For information as to waiver of defaults, see &#147;&#151;Modification, Waivers and Meetings&#148; below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indenture provides that,
subject to the duty of the trustee during a default to act with the required standard of care, the trustee will be under no obligation to exercise any of its rights or powers under the indenture at the request or direction of any of the holders of
debt securities of any series unless such holders shall have offered to the trustee reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. The holders
of a majority of the aggregate principal amount of the outstanding debt securities of any series will have the right, subject to certain limitations, to direct the time, method and place of conducting any proceeding for any remedy available to the
trustee under the indenture with respect to the debt securities of that series, provided that such direction shall not be in conflict with any rule of law or with the indenture or with the debt securities of any series, the trustee may take any
other action deemed proper by the trustee that is not inconsistent with such direction, and such direction is not unduly prejudicial to the rights of the other holders of debt securities of such series not joining in such action. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No holder of any debt securities of any series will have any right to institute any proceeding with respect to the indenture or for any remedy
thereunder unless: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">such holder previously has given written notice to the trustee of a continuing Event of Default with respect to
debt securities of that series; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the holders of at least 25% in aggregate principal amount of the outstanding debt securities of that series have
made written request to the trustee to institute such proceeding as trustee, and offered to the trustee reasonable indemnity against costs, expenses and liabilities incurred in compliance with such request; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">in the <FONT STYLE="white-space:nowrap">60-day</FONT> period following receipt of the notice, request and offer
of indemnity referred to above, the trustee has failed to initiate such proceeding; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">during such <FONT STYLE="white-space:nowrap">60-day</FONT> period, the trustee has not received from the holders
of a majority of the aggregate principal amount of the outstanding debt securities of that series a direction inconsistent with such request. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the provisions described in the immediately preceding paragraph or any other provision of the indenture, the holder of any
debt security shall have the right, which is absolute and unconditional, to receive payment of the principal of and premium, if any, and interest on such debt security on the respective dates such payments are due and to institute suit for
enforcement of any such payment, and such right shall not be impaired without the consent of such holder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Modification, Waivers and Meetings </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indenture contains provisions permitting us and the trustee, with the consent of the holders of a majority in principal amount of the
outstanding debt securities of each series issued under the indenture that is affected by the modification or amendment, to modify or amend any of the provisions of the indenture or of the debt securities of such series or the rights of the holders
of the debt securities of such series under the indenture, provided that no such modification or amendment shall, among other things: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">change the stated maturity of the principal of, or premium, if any, or any installment of interest, if any, on
any debt securities; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reduce the principal amount of any debt securities or any premium on any debt securities; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reduce the rate of interest (or modify the calculation of such rate) on any debt securities;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reduce the principal amount payable upon redemption at our option or at the option of the holder;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reduce the amount of the principal of any original issue discount debt security that would be due and payable
upon a declaration of acceleration of the maturity or the amount thereof provable in bankruptcy; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">adversely affect the right of repayment at the option of any holder; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">change any place where, or the currency in which, any debt securities are payable; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">impair the holder&#146;s right to institute suit to enforce the payment of any debt securities when due; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reduce the percentage in principal amount of debt securities of any series issued under the indenture the consent
of whose holders is required for any such modification or amendment or the consent of whose holders is required for any waiver (of compliance with certain provisions of the indenture or certain defaults thereunder and their consequences) or reduce
the requirements for a quorum or voting at a meeting of holders of such debt securities, </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">without in each such case
obtaining the consent of the holder of each outstanding debt security issued under the indenture so affected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indenture also contains
provisions permitting us (when authorized by or pursuant to a board resolution) and the trustee, without notice to or the consent of the holders of any debt securities issued thereunder, to modify or amend the indenture in order to, among other
things: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">add to our covenants for the benefit of the holders of all or any series of debt securities issued under the
indenture or to surrender any right or power conferred upon us with respect to all or any series of debt securities issued under the indenture; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">add any additional Events of Default with respect to all or any series of debt securities issued under the
indenture; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">establish the form or terms of debt securities of any series and of any related coupons; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">cure any ambiguity or correct or supplement any provision which may be defective or inconsistent with other
provisions or to make any other provisions with respect to matters or questions arising under the indenture which shall not adversely affect the interests of the holders of any series of debt securities issued thereunder; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">evidence the succession of another person to us and the assumption by any such successor of the covenants of us
contained in the indenture and the debt securities; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">secure the debt securities; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">qualify or maintain the qualification of the indenture under the Trust Indenture Act of 1939;
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">amend or supplement any provision contained in the indenture or in any supplement thereto or in any debt
securities, provided that such amendment or supplement does not apply to any outstanding debt securities issued prior to the date of such amendment or supplement and entitled to the benefits of such provision; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">add to or change any of the provisions of the indenture to provide that bearer debt securities may be registrable
as to principal, to change or eliminate any restrictions on the payment of principal of, or any premium or interest on, debt securities, to permit bearer debt securities to be issued in exchange for registered debt securities, to permit bearer debt
securities to be exchanged for bearer debt securities of other authorized denominations or to permit or facilitate the issuance of debt securities in uncertificated or global form, provided any such action shall not adversely affect the interests of
the holders of debt securities of any series; evidence and provide for the acceptance of appointment under the indenture by a successor trustee with respect to the debt securities of one or more series and add to or change any of the provisions of
the indenture as shall be necessary to provide for or facilitate the administration of the trusts under the indenture by more than one trustee; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">supplement any of the provisions of the indenture to such extent as shall be necessary to permit or facilitate
the defeasance, covenant defeasance and/or satisfaction and discharge of any series of debt securities, provided that any such action shall not adversely affect the interests of any holder of a debt security of such series or any other debt security
in any material respect; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">make provisions with respect to conversion or exchange rights of holders of debt securities of any series; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">in the case of any series of debt securities that are convertible into or exchangeable for our common stock or
other securities or property, safeguard or provide for the conversion or exchange rights, as the case may be, of such debt securities in the event of any reclassification or change of outstanding shares of our common stock or any merger,
consolidation, statutory share exchange or combination of us with or into another person or any sale, transfer, disposition or other conveyance of all or substantially all of our properties and assets to any other person or other similar
transactions, if expressly required by the terms of such series of debt securities. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The holders of a majority in
aggregate principal amount of the outstanding debt securities of any series may, on behalf of all holders of debt securities of that series, waive our compliance with certain restrictive provisions of the indenture, including the covenants described
above under &#147;&#151;Covenants&#151;Limitations on Liens&#148; and &#147;&#151;Limitations on Sale and Leaseback Transactions.&#148; The holders of a majority in aggregate principal amount of the outstanding debt securities of any series may, on
behalf of all holders of debt securities of that series, waive any past default under the indenture with respect to debt securities of that series and its consequences, except a default in the payment of the principal of, or premium, if any, or
interest on any debt securities of such series, in the case of any series of debt securities which are convertible into or exchangeable for our common stock or other securities or property, a default in any such conversion or exchange, or a default
in respect of a covenant or provision that cannot be modified or amended without the consent of the holder of each outstanding debt security of such series affected. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indenture contains provisions for convening meetings of the holders of debt securities of a series issued thereunder. A meeting may be
called at any time by the trustee and also, upon request, by us or the holders of at least 10% in principal amount of the outstanding debt securities of such series, in any such case upon notice given in accordance with the provisions of the
indenture. Except for any consent that must be given by the holder of each outstanding debt security affected thereby, as described above, any resolution presented at a meeting or adjourned meeting duly reconvened at which a quorum is present may be
adopted only by the affirmative vote of the holders of a majority in principal amount of the outstanding debt securities of that series; provided, however, that any resolution with respect to any request, demand, authorization, direction, notice,
consent, waiver or other action which the indenture expressly provides may be made, given or taken by the holders of a specified percentage, other than a majority, in principal amount of the outstanding debt securities of a series may be
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
adopted at a meeting or adjourned meeting duly reconvened at which a quorum is present by the affirmative vote of the holders of such specified percentage in principal amount of the outstanding
debt securities of that series. Any resolution passed or decision taken at any meeting of holders of debt securities of any series duly held in accordance with the indenture will be binding on all holders of debt securities of that series whether or
not such holders were present or represented at the meeting. The quorum at any meeting called to adopt a resolution, and at any reconvened meeting, will be persons holding or representing a majority in principal amount of the outstanding debt
securities of a series, subject to certain exceptions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In determining whether the holders of the requisite principal amount of the
outstanding debt securities of any series have given any request, demand, authorization, direction, notice, consent or waiver under the indenture, any debt security of that series owned by us or any other obligor on such debt securities or any of
our affiliates or such other obligor will be deemed not to be outstanding. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Defeasance and Covenant Defeasance </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When we use the term defeasance, we mean discharge from some or all of our obligations under the indenture. If we deposit with the trustee
sufficient cash or government securities to pay the principal, interest and any other sums due to the stated maturity date of the debt securities, then at our option: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we will be discharged from our obligations with respect to the debt securities; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we will no longer be under any obligation to comply with certain restrictive covenants under the indenture, and
certain events of default will no longer apply to us. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If this happens, the holders of the debt securities will not be
entitled to the benefits of the indenture, except for registration of transfer and exchange thereof, and replacement of those that are lost, stolen or mutilated. These holders may look only to those deposited funds or obligations for payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We must deliver to the trustee an opinion of counsel to the effect that the deposit and related defeasance would not cause the holders of the
debt securities to recognize income, gain or loss for United States federal income tax purposes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Governing Law </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indenture is, and the debt securities will be, governed by the laws of the State of New York. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Trustee </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">U.S. Bank Trust Company,
National Association is the trustee under the indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc70369_7"></A>PLAN OF DISTRIBUTION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may sell the debt securities offered pursuant to this prospectus in any of the following ways: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">directly to one or more purchasers; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">through agents; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">through underwriters, brokers or dealers; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">through a combination of any of these methods of sale. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will identify the specific plan of distribution, including any underwriters, brokers, dealers, agents or direct purchasers and their
compensation in a prospectus supplement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc70369_8"></A>LEGAL MATTERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The validity of the debt securities offered pursuant to this prospectus will be passed upon for us by Mayer&nbsp;Brown LLP and for any
underwriters or agents by counsel named in the applicable prospectus supplement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc70369_9"></A>EXPERTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The consolidated financial statements of Packaging Corporation of America and its subsidiaries as of December&nbsp;31, 2024 and 2023, and for
each of the years in the three-year period ended December&nbsp;31, 2024, and management&#146;s assessment of the effectiveness of internal control over financial reporting as of December&nbsp;31, 2024 have been incorporated by reference herein and
in the registration statement in reliance upon the report of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc70369_10"></A>WHERE YOU CAN FIND MORE INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We file periodic reports, proxy statements and other information with the SEC. The SEC maintains an Internet site that contains information we
have filed electronically with the SEC, which you can access over the Internet at http://www.sec.gov. Our filings with the SEC are also available on our website, https://www.packagingcorp.com/ under the heading &#147;Investors.&#148; The website
addresses of the SEC and the Company are not intended to be active links, and information on such websites is not incorporated into this prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc70369_11"></A>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The SEC allows us to &#147;incorporate by reference&#148; information into this prospectus, which means that we can disclose important
information about us by referring you to another document filed separately with the SEC. The information incorporated by reference is considered to be a part of this prospectus. This prospectus incorporates by reference the documents and reports
listed below (other than portions of these documents that are furnished under Item 2.02 or Item 7.01 of a Current Report on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> including any exhibits included with such Items): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended <A HREF="http://www.sec.gov/Archives/edgar/data/75677/000095017025028533/pkg-20241231.htm">December
<U></U>&nbsp;31, 2024</A>; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarters ended <A HREF="http://www.sec.gov/Archives/edgar/data/75677/000095017025066593/pkg-20250331.htm">March
<U></U>&nbsp;31, 2025</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/75677/000119312525175122/pkg-20250630.htm">June&nbsp;30, 2025</A>; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed on <A HREF="http://www.sec.gov/Archives/edgar/data/75677/000119312525042485/d918238d8k.htm">February
<U></U>&nbsp;28, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/75677/000119312525117763/d30216d8k.htm">May<U></U>&nbsp;12, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/75677/000119312525155530/d92547d8k.htm">July<U></U>&nbsp;
3, 2025</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/75677/000119312525174557/d19330d8k.htm">August&nbsp;6, 2025</A>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We also incorporate by reference the information contained in all other documents we file with the SEC pursuant to Sections 13(a), 13(c), 14
or 15(d) of the Securities Exchange Act of 1934, as amended (other than portions of these documents that are furnished under Item 2.02 or Item 7.01 of a Current Report on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> including any exhibits
included with such Items, unless otherwise indicated therein) after the date of this prospectus and prior to the termination of the offerings of all the securities covered by this prospectus. The information contained in any such document will be
considered part of this prospectus from the date the document is filed with the SEC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any statement contained in this prospectus or in a
document incorporated or deemed incorporated by reference in this prospectus will be deemed modified or superseded to the extent that a statement contained herein or in any other subsequently filed document that also is or is deemed incorporated by
reference in this prospectus modifies or supersedes that statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We undertake to provide without charge to any person, including any beneficial owner, to whom a copy of this prospectus is delivered, upon
oral or written request of such person, a copy of any or all of the documents that have been incorporated by reference in this prospectus, other than exhibits to such other documents (unless such exhibits are specifically incorporated by reference
therein). We will furnish any exhibit not specifically incorporated by reference upon the payment of a specified reasonable fee, which fee will be limited to our reasonable expenses in furnishing such exhibit. All requests for such copies should be
directed to Kent A. Pflederer, Packaging Corporation of America, 1 North Field Court, Lake Forest, Illinois 60045, (847) <FONT STYLE="white-space:nowrap">482-3000.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left" style="font-size:10pt;font-weight:bold"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
<DIV STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:2.00pt solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>$500,000,000 </B></P>
<P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g68527g09n11.jpg" ALT="LOGO" STYLE="width:1.775in;height:0.714824in;">
 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Packaging Corporation of America </B></P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>5.200% Senior Notes due 2035 </B></P> <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PROSPECTUS SUPPLEMENT </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>August&nbsp;11, 2025 </B></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>Joint Book-Running Managers </I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:16pt" ALIGN="center">


<TR>

<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:16pt">
<TD VALIGN="top"><B>BofA&nbsp;Securities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Mizuho</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B>US&nbsp;Bancorp</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:14pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:13pt; font-family:Times New Roman"><B>Deutsche&nbsp;Bank&nbsp;Securities</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-size:13pt"><B>J.P.&nbsp;Morgan</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:13pt; font-family:Times New Roman" ALIGN="right"><B>PNC&nbsp;Capital&nbsp;Markets&nbsp;LLC</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B><I>Co-Managers </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"><B>BMO&nbsp;Capital&nbsp;Markets</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Siebert&nbsp;Williams&nbsp;Shank</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B>Rabo&nbsp;Securities</B></TD></TR>
</TABLE>
<P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:4.5pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</DIV>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>2
<FILENAME>d68527dexfilingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<XBRL>
<?xml version='1.0' encoding='ASCII'?>
<html xmlns="http://www.w3.org/1999/xhtml" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2015-02-26" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:dei="http://xbrl.sec.gov/dei/2025" xmlns:ffd="http://xbrl.sec.gov/ffd/2025">
<head>
<title>EX-FILING FEES</title>
</head>
  <body>
  <div style="display: none"> <ix:header> <ix:hidden> <ix:nonNumeric name="ffd:FormTp" contextRef="rc" id="ixv-330">S-3</ix:nonNumeric> <ix:nonNumeric name="ffd:SubmissnTp" contextRef="rc" id="ixv-331">424B5</ix:nonNumeric> <ix:nonNumeric name="ffd:FeeExhibitTp" contextRef="rc" id="ixv-332">EX-FILING FEES</ix:nonNumeric> <ix:nonNumeric name="ffd:RegnFileNb" contextRef="rc" id="ixv-333">333-289469</ix:nonNumeric> <ix:nonNumeric name="dei:EntityCentralIndexKey" contextRef="rc" id="ixv-334">0000075677</ix:nonNumeric> <ix:nonNumeric name="dei:EntityRegistrantName" contextRef="rc" id="ixv-335">PACKAGING CORP OF AMERICA</ix:nonNumeric> <ix:nonNumeric name="ffd:OfferingTableNa" contextRef="rc" id="hiddenrcOfferingTableNa" xsi:nil="true"></ix:nonNumeric> <ix:nonNumeric name="ffd:OffsetTableNa" contextRef="rc" id="hiddenrcOffsetTableNa">N/A</ix:nonNumeric> <ix:nonNumeric name="ffd:CombinedProspectusTableNa" contextRef="rc" id="hiddenrcCombinedProspectusTableNa">N/A</ix:nonNumeric> <ix:nonNumeric name="ffd:FnlPrspctsFlg" contextRef="rc" format="ixt:booleanfalse" id="ixv-339">The prospectus is not a final prospectus for the related offering.</ix:nonNumeric> </ix:hidden> <ix:references> <link:schemaRef xlink:href="https://xbrl.sec.gov/ffd/2025/ffd-2025.xsd" xlink:type="simple"/> </ix:references> <ix:resources> <xbrli:context id="rc"> <xbrli:entity> <xbrli:identifier scheme="http://www.sec.gov/CIK">0000075677</xbrli:identifier> </xbrli:entity> <xbrli:period> <xbrli:startDate>2025-08-12</xbrli:startDate> <xbrli:endDate>2025-08-12</xbrli:endDate> </xbrli:period> </xbrli:context> <xbrli:context id="offrl_1"> <xbrli:entity> <xbrli:identifier scheme="http://www.sec.gov/CIK">0000075677</xbrli:identifier> <xbrli:segment> <xbrldi:typedMember dimension="ffd:OfferingAxis"> <dei:lineNo>1</dei:lineNo> </xbrldi:typedMember> </xbrli:segment> </xbrli:entity> <xbrli:period> <xbrli:startDate>2025-08-12</xbrli:startDate> <xbrli:endDate>2025-08-12</xbrli:endDate> </xbrli:period> </xbrli:context> <xbrli:unit id="USD"> <xbrli:measure>iso4217:USD</xbrli:measure> </xbrli:unit> <xbrli:unit id="pure"> <xbrli:measure>xbrli:pure</xbrli:measure> </xbrli:unit> <xbrli:unit id="Shares"> <xbrli:measure>xbrli:shares</xbrli:measure> </xbrli:unit> </ix:resources> </ix:header> </div> <div>
<table style="width: 99%; font-family: Arial, Helvetica, sans-serif; font-size: 20pt; text-align: center;">
<tr>
<td colspan="4" style="padding-bottom: .5em"> <p> <b>Calculation of Filing Fee Tables</b> </p> </td> </tr>
<tr>
<td style="padding-bottom: .25em"> <p> <b> <ix:nonNumeric name="ffd:FormTp" contextRef="rc" id="ixv-364">S-3</ix:nonNumeric> </b> </p> </td> </tr>
<tr>
<td style="padding-bottom: .25em"> <p> <b> <ix:nonNumeric name="dei:EntityRegistrantName" contextRef="rc" id="ixv-365">PACKAGING CORP OF AMERICA</ix:nonNumeric> </b> </p> </td> </tr> </table> </div> <div style="padding-bottom: 20px;">
<table style="float: center; width: 100%; text-align: left; ">
<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
<th style="vertical-align: bottom; text-align: left; word-wrap: break-word"> <b>Table 1: Newly Registered and Carry Forward Securities</b> </th>
<th style="vertical-align: bottom; word-wrap: break-word; text-align: right;"> <span style="-sec-ix-hidden: hiddenrcOfferingTableNa">&#9744;Not Applicable</span> </th> </tr> </table>
<table style="font-family: Arial, Helvetica, sans-serif; float: center; width: 100%; text-align: center; border: 1px solid black; font-size: 16px;">
<tr style="background-color:#9ADAF6">
<th style="width: 12%;">
 </th>
<th style="width: 2%;">
 </th>
<th style="width: 12%;"> <p style="margin: 0pt; text-align: center;"> <b>Security Type</b> </p> </th>
<th style="width: 14%;"> <p style="margin: 0pt; text-align: center;"> <b>Security Class Title </b> </p> </th>
<th style="width: 2%;"> <p style="margin: 0pt; text-align: center;"> <b>Fee Calculation or Carry Forward Rule</b> </p> </th>
<th style="width: 5%;"> <p style="margin: 0pt; text-align: center;"> <b>Amount Registered</b> </p> </th>
<th style="width: 15%;"> <p style="margin: 0pt; text-align: center;"> <b>Proposed Maximum Offering Price Per Unit</b> </p> </th>
<th style="width: 10%;"> <p style="margin: 0pt; text-align: center;"> <b>Maximum Aggregate Offering Price</b> </p> </th>
<th style="width: 5%;"> <p style="margin: 0pt; text-align: center;"> <b>Fee Rate</b> </p> </th>
<th style="width: 6%;"> <p style="margin: 0pt; text-align: center;"> <b>Amount of Registration Fee</b> </p> </th>
<th style="width: 1%;"> <p style="margin: 0pt; text-align: center;"> <b>Carry Forward Form Type</b> </p> </th>
<th style="width: 7%;"> <p style="margin: 0pt; text-align: center;"> <b>Carry Forward File Number</b> </p> </th>
<th style="width: 6%;"> <p style="margin: 0pt; text-align: center;"> <b>Carry Forward Initial Effective Date</b> </p> </th>
<th style="width: 7%;"> <p style="margin: 0pt; text-align: center;"> <b>Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward</b> </p> </th> </tr>
<tr>
<td colspan="14" style="text-align: center"> <b>Newly Registered Securities</b> </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_1" format="ixt:booleanfalse" id="ixv-366">Fees to be Paid</ix:nonNumeric> </td>
<td style="text-align: center;"> 1 </td>
<td style="text-align: left;"> <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_1" id="ixv-367">Debt</ix:nonNumeric> </td>
<td style="text-align: left;"> <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_1" id="ixv-368">5.200% Senior Notes due 2035</ix:nonNumeric> </td>
<td style="text-align: center;"> <ix:nonNumeric name="ffd:Rule457rFlg" contextRef="offrl_1" format="ixt:booleantrue" id="ixv-369">457(r)</ix:nonNumeric> </td>
<td style="text-align: right;"> <ix:nonFraction name="ffd:AmtSctiesRegd" unitRef="Shares" decimals="0" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-370">500,000,000</ix:nonFraction> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> <span>$</span> <ix:nonFraction name="ffd:MaxAggtOfferingPric" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-371">499,885,000.00</ix:nonFraction> </td>
<td style="text-align: right;"> <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-372">0.0001531</ix:nonFraction> </td>
<td style="text-align: right;"> <span>$</span> <ix:nonFraction name="ffd:FeeAmt" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-373">76,532.39</ix:nonFraction> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: right;"> </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> Fees Previously Paid </td>
<td style="text-align: center;"> </td>
<td style="text-align: left;"> </td>
<td style="text-align: left;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: right;"> </td> </tr>
<tr>
<td colspan="14" style="text-align: center"> <b>Carry Forward Securities</b> </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> Carry Forward Securities </td>
<td style="text-align: center;"> </td>
<td style="text-align: left;"> </td>
<td style="text-align: left;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: right;"> </td> </tr>
<tr>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td colspan="3" style="vertical-align: top"> <p style="margin: 0pt; text-align: right">Total Offering Amounts:</p> </td>
<td>
 </td>
<td style="vertical-align: top; width: 16%;"> <p id="MaxAggtOfferingPrice" style="margin: 0pt; text-align: right"> <span>$</span> <ix:nonFraction name="ffd:TtlOfferingAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-374">499,885,000.00</ix:nonFraction> </p> </td>
<td>
 </td>
<td style="vertical-align: top; border-bottom: 1px black; width: 16%;"> <p id="TotalFeeAmt" style="margin: 0pt; text-align: right"> <span>$</span> <ix:nonFraction name="ffd:TtlFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-375">76,532.39</ix:nonFraction> </p> </td>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td>
 </td> </tr>
<tr>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td colspan="3" style="vertical-align: top"> <p style="margin: 0pt; text-align: right"> Total Fees Previously Paid: </p> </td>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td style="vertical-align: top"> <p id="TotalPreviouslyPaidAmt" style="margin: 0pt; text-align: right"> <span>$</span> <ix:nonFraction name="ffd:TtlPrevslyPdAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-376">0.00</ix:nonFraction> </p> </td>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td>
 </td> </tr>
<tr>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td colspan="3" style="vertical-align: top"> <p style="margin: 0pt; text-align: right"> Total Fee Offsets: </p> </td>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td style="vertical-align: top"> <p id="TotalOffsetAmt" style="margin: 0pt; text-align: right"> <span>$</span> <ix:nonFraction name="ffd:TtlOffsetAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-377">0.00</ix:nonFraction> </p> </td>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td>
 </td> </tr>
<tr>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td colspan="3" style="vertical-align: top"> <p style="margin: 0pt; text-align: right"> Net Fee Due: </p> </td>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td style="vertical-align: top"> <p id="NetFeeAmt" style="margin: 0pt; text-align: right"> <span>$</span> <ix:nonFraction name="ffd:NetFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-378">76,532.39</ix:nonFraction> </p> </td>
<td>
 </td>
<td>
 </td>
<td>
 </td>
<td>
 </td> </tr> </table> </div> <div>
<table style="width: 100%; text-indent: 0px;"> <tbody>
<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
<td> <p style="margin:0pt;text-align:left; margin-bottom: 5px;"> <b>Offering Note</b> </p> </td>
<td/> </tr> </tbody> </table> </div> <div style="padding-bottom: 20px;">
<table style="width: 100%; text-indent: 0px;">
<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
<td style="width:10pt;"> <p style="margin:0pt;text-align:left;"> <sup style="vertical-align:top;line-height:120%;font-size:10px">1</sup> </p> </td>
<td colspan="7" style="white-space: pre-line;"> <ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="offrl_1" id="ixv-379">This filing fee is calculated in accordance with Rules 457(o) and 457(r) under the Securities Act of 1933, as amended (the "Act"). In accordance with Rules 457(b) and 457(r) of the Act, the registrant initially deferred payment of all of the registration fee for the Registration Statement No. 333-289469 filed on August 11, 2025.</ix:nonNumeric> </td> </tr>
<tr>
<td colspan="7"> <hr style="width:100%;text-align:left;margin-left:0"/> </td> </tr> </table> </div> <div style="padding-bottom: 20px;">
<table style="float: center; width: 100%; text-align: left; ">
<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
<th style="vertical-align: bottom; text-align: left; word-wrap: break-word"> <b>Table 2: Fee Offset Claims and Sources</b> </th>
<th style="vertical-align: bottom; word-wrap: break-word; text-align: right;"> <span style="-sec-ix-hidden: hiddenrcOffsetTableNa">&#9745;Not Applicable</span> </th> </tr> </table>
<table style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; float: center; width: 100%; text-align: center; border: 1px solid black;">
<tr style="background-color:#9ADAF6">
<th style="width: 10%; text-align: left;">
 </th>
<th style="width: 8%; text-align: left;">
 </th>
<th style="width: 16%;"> Registrant or Filer Name </th>
<th style="width: 6%;"> Form or Filing Type </th>
<th style="width: 7%;"> File Number </th>
<th style="width: 6%;"> Initial Filing Date </th>
<th style="width: 6%;"> Filing Date </th>
<th style="width: 6%;"> Fee Offset Claimed </th>
<th style="width: 6%;"> Security Type Associated with Fee Offset Claimed </th>
<th style="width: 8%;"> Security Title Associated with Fee Offset Claimed </th>
<th style="width: 6%;"> Unsold Securities Associated with Fee Offset Claimed </th>
<th style="width: 9%;"> Unsold Aggregate Offering Amount Associated with Fee Offset Claimed </th>
<th style="width: 6%;"> Fee Paid with Fee Offset Source </th> </tr>
<tr>
<td colspan="14" style="text-align: center"> <b>Rules 457(b) and 0-11(a)(2)</b> </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> Fee Offset Claims </td>
<td> N/A </td>
<td style="text-align: left;"> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: left;"> N/A </td>
<td style="text-align: left;"> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: right;"> N/A </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> Fee Offset Sources </td>
<td> N/A </td>
<td style="text-align: left;"> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: left;"> N/A </td>
<td style="text-align: left;"> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: right;"> N/A </td> </tr>
<tr>
<td colspan="14" style="text-align: center"> <b>Rule 457(p)</b> </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> Fee Offset Claims </td>
<td> N/A </td>
<td style="text-align: left;"> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: left;"> N/A </td>
<td style="text-align: left;"> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: right;"> N/A </td> </tr>
<tr style="background-color:#E7E7E2">
<td style="text-align: left;"> Fee Offset Sources </td>
<td> N/A </td>
<td style="text-align: left;"> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: left;"> N/A </td>
<td style="text-align: left;"> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: right;"> N/A </td> </tr> </table> </div> <div style="padding-bottom: 20px;">
<table style="float: center; width: 100%; text-align: left; ">
<tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
<th style="vertical-align: bottom; text-align: left; word-wrap: break-word"> <b>Table 3: Combined Prospectuses</b> </th>
<th style="vertical-align: bottom; word-wrap: break-word; text-align: right;"> <span style="-sec-ix-hidden: hiddenrcCombinedProspectusTableNa">&#9745;Not Applicable</span> </th> </tr> </table>
<table style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; float: center; width: 100%; border: 1px solid black;">
<tr style="background-color:#9ADAF6">
<th style="width: 4%">
 </th>
<th style="width: 14%"> <p style="margin: 0pt; text-align: center;"> <b>Security Type</b> </p> </th>
<th style="width: 25%"> <p style="margin: 0pt; text-align: center;"> <b>Security Class Title</b> </p> </th>
<th style="width: 14%"> <p style="margin: 0pt; text-align: center;"> <b>Amount of Securities Previously Registered</b> </p> </th>
<th style="width: 18%"> <p style="margin: 0pt; text-align: center;"> <b>Maximum Aggregate Offering Price of Securities Previously Registered</b> </p> </th>
<th style="width: 6%"> <p style="margin: 0pt; text-align: center;"> <b>Form Type</b> </p> </th>
<th style="width: 10%"> <p style="margin: 0pt; text-align: center;"> <b>File Number</b> </p> </th>
<th style="width: 8%"> <p style="margin: 0pt; text-align: center;"> <b>Initial Effective Date</b> </p> </th> </tr>
<tr style="background-color:#E7E7E2;">
<td style="text-align: center;"> N/A </td>
<td> N/A </td>
<td> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: right;"> N/A </td>
<td style="text-align: center;"> N/A </td>
<td style="text-align: center;"> N/A </td>
<td style="text-align: center;"> N/A </td> </tr> </table> </div> </body></html>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g68527g09n11.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g68527g09n11.jpg
M_]C_X  02D9)1@ ! @$ 8 !@  #_[0P64&AO=&]S:&]P(#,N,  X0DE- ^T
M     !  8     $  0!@     0 !.$))300-       $    'CA"24T$&0
M    !    !XX0DE- _,       D           $ .$))300*       !   X
M0DE-)Q        H  0         ".$))30/U      !( "]F9@ ! &QF9@ &
M       ! "]F9@ ! *&9F@ &       ! #(    ! %H    &       ! #4
M   ! "T    &       !.$))30/X      !P  #_____________________
M________ ^@     _____________________________P/H     /______
M______________________\#Z     #_____________________________
M ^@  #A"24T$"       $     $   )    "0      X0DE-!!X       0
M    .$))300:      !M    !@              10   *H    & &< ,  Y
M &X ,0 Q     0                         !              "J
M10                                             X0DE-!!$
M  $! #A"24T$%       !     (X0DE-! P     "7D    !    <    "T
M  %0   [$   "5T &  !_]C_X  02D9)1@ ! @$ 2 !(  #_[@ .061O8F4
M9(     !_]L A  ," @("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,# P,
M#!$,# P,# P,# P,# P,# P,# P,# P,# P,# P, 0T+"PT.#1 .#A 4#@X.
M%!0.#@X.%!$,# P,#!$1# P,# P,$0P,# P,# P,# P,# P,# P,# P,# P,
M# P,# S_P  1"  M ' # 2(  A$! Q$!_]T !  '_\0!/P   04! 0$! 0$
M         P ! @0%!@<("0H+ 0 !!0$! 0$! 0         !  (#! 4&!P@)
M"@L0  $$ 0,"! (%!P8(!0,,,P$  A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$
M @(! @0$ P0%!@<'!@4U 0 "$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D
M8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4
MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H # ,!  (1
M Q$ /P#FDDEK_5SZNW?6#(OQZLAN,ZAC;"Y["\.W.+-OM?7M^BM>4A$$DT Y
M48F1H;ER%?Z=UWK'2[&OP<NRL-/\RYQ?41^Z['>?3_S-EG\M=,?\5W4(,=1I
M)[#T7#_T<N3ZCT_*Z9G78&8T-OH(#MIW-((WLLK=I[+&'<FQR8\E@$2\/]]?
M*&3'1(,?%]6^JOUFI^L&&YQ:*<S'AN30#($SLMJ=^=3;M=M_<_FUSWUE_P 8
M;F6/PN@[7%A+;,]P#FR/I#%K^A;M=_A[/T/[E=WTUP^+F96(;3C6&HY%3\>T
MCDUV;?49_)W;/IH($:#CL%%'E8"9D=8_HQ9)<S(P &DOTI-G+ZEU'-<79F7=
MD$F8LL<6B?W:I])G]ABK+:Z%]4>L=<K^T8[648DD#)N) <1H[T*V!S[=O[_Z
M.K_A5M_^-=G_ /EC3_VR[_TLI#FQ0/"9 5T'_H*P8LD]:)OJ7BEU?^+3_P 4
M=O\ X2M_\^XJM_\ C79__EE3_P!LN_\ 2RV/JK]2LGH/5'YUV77D-=0^D,96
M6&7/ILW;G66?Z%1Y<^*6.0$K)'BR8L&2,XDC0/6+R+ZX]?\ VWU9SJ73@XDU
M8L<.U_39/?\ GGM_1_\  ,K79?XP.OGIW31T[&?&9G@M)!U91]&ZS^2ZS^8J
M_P"N6?X%>8<:#0#LF<IBT]P]=(_Q7<UD_0'^$H\'X+UKIG6,;"Z%TR@?I<K[
M#18:Y#6UU^FW]9S+W?H\3%;M?^EL_G/3L^S59%OZ)>;=.Z19E>G;=O9CV:L9
M6&F^YH_G'XS+2VJK&9_ANIY?IX%'_#6?HEU?3Z65-KJH:WTV/-V.VD>HPQM;
M]KPOM6W[>YFVO?\ 63JWI]/H_5J^F8_Z=/YCAE0_=-K>7$HW*MP__]#FEL_5
MCZQGZO95^0,;[5Z];:]N_P!.-KG/W3LMW?26,F+FM^D0)\3"UY1$@8D6"Y49
M&)L:$/>_^.F[_P JO_9C_P!]UQW5>I9/5>H7=0RH%MQ'M;]%K6C976V?W6JE
MZE?[[?O"M8&!G=3N]#IU#\JSN*Q+6S_I;3^BJ_ZX]-CBQX[E$</<W_WR^63)
M.@29>%-='P<49F?BX;B6MR;ZZ7.'(%CVUN(_LN6G]8_JSD?5\80OL%SLJMQL
M<SZ#;6'W5UR&NV>E8SW/_G-EG_%K'8^RM[+:G;+:W!];_!S3O8[^RYJ<)"4;
MB=]BM,3&52&V[[K55514RFEHKJJ:&5L:(#6M&UK6C]UK5-8_U=^LN!UW$:^I
MXKRVM_6,0GWL<-'%H_PE&[^;N_\ 1OZ-;"R91,21(473B00"-0I!R\O'PL6W
M+R7BNBAALL>>S6B2C+SW_&1UXV6MZ%CN]E>VW-([N_G,?'_L^W)?_P"@Z?BQ
MG),1^W^ZMR3$(F7V>;R?5^J9'5^I7]0O!:ZX^RLF=E8TII']1GT_^%]2Q&Z;
MA-L<UY:+7O);2TL]4.>-?3Q\01^T\EO^CW5]-Q?^]#(V?HE1HK]2QH(]I(;J
M"9)^BQM=?Z6Y[O\ 15+4?G8^&TUEHOR"WT[<<F6E@^C5U&^@M;Z#7?0Z'TYU
M>)_Y8Y-]U?HK2EH!&(:,*),YETGW8[,>W)R;&_9LEH<^VPC);9;4=K6_X/\
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M    #P!! &0 ;P!B &4 ( !0 &@ ;P!T &\ <P!H &\ <    !, 00!D &\
M8@!E "  4 !H &\ = !O ', : !O '  (  V "X ,     $ .$))300&
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M 0             &" 4'"0$"! ,0   & 0(# @8,"P<%      $" P0%!@<
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MJUY/N]MR->IIW8KG>;%+VJT3C\XJ.Y2<G7RTC)/%1_-+VSIP82D* $3+P*4
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M!UB;S?;1IZB7<+U<&Z>E3O4<2>1*1-2U=RD$]B,I:;+=;[5HH;10N/U)W)&
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MZ1,&8F"X01R@@@[")1Z.<3M>.MK:7J-W(H$&26P9$2,B$ @]D$$;C%9^MB1
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!V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g70369g00a03.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g70369g00a03.jpg
M_]C_X  02D9)1@ ! 0 #YP/G  #_X4XH:'1T<#HO+VYS+F%D;V)E+F-O;2]X
M87 O,2XP+P \/WAP86-K970@8F5G:6X](N^[OR(@:60](E<U33!-<$-E:&E(
M>G)E4WI.5&-Z:V,Y9"(_/@H\>#IX;7!M971A('AM;&YS.G@](F%D;V)E.FYS
M.FUE=&$O(B!X.GAM<'1K/2)!9&]B92!835 @0V]R92 U+C,M8S Q,2 V-BXQ
M-#4V-C$L(#(P,3(O,#(O,#8M,30Z-38Z,C<@(" @(" @("(^"B @(#QR9&8Z
M4D1&('AM;&YS.G)D9CTB:'1T<#HO+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR
M9&8M<WEN=&%X+6YS(R(^"B @(" @(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B
M;W5T/2(B"B @(" @(" @(" @('AM;&YS.F1C/2)H='1P.B\O<'5R;"YO<F<O
M9&,O96QE;65N=',O,2XQ+R(^"B @(" @(" @(#QD8SIF;W)M870^87!P;&EC
M871I;VXO<&]S='-C<FEP=#PO9&,Z9F]R;6%T/@H@(" @(" @(" \9&,Z=&ET
M;&4^"B @(" @(" @(" @(#QR9&8Z06QT/@H@(" @(" @(" @(" @(" \<F1F
M.FQI('AM;#IL86YG/2)X+61E9F%U;'0B/G-T,# Q/"]R9&8Z;&D^"B @(" @
M(" @(" @(#PO<F1F.D%L=#X*(" @(" @(" @/"]D8SIT:71L93X*(" @(" @
M/"]R9&8Z1&5S8W)I<'1I;VX^"B @(" @(#QR9&8Z1&5S8W)I<'1I;VX@<F1F
M.F%B;W5T/2(B"B @(" @(" @(" @('AM;&YS.GAM<#TB:'1T<#HO+VYS+F%D
M;V)E+F-O;2]X87 O,2XP+R(*(" @(" @(" @(" @>&UL;G,Z>&UP1TEM9STB
M:'1T<#HO+VYS+F%D;V)E+F-O;2]X87 O,2XP+V<O:6UG+R(^"B @(" @(" @
M(#QX;7 Z0W)E871O<E1O;VP^061O8F4@26QL=7-T<F%T;W(@0U,V("A7:6YD
M;W=S*3PO>&UP.D-R96%T;W)4;V]L/@H@(" @(" @(" \>&UP.D-R96%T941A
M=&4^,C R-2TP."TP-E0P.#HS-SHS."LP-3HS,#PO>&UP.D-R96%T941A=&4^
M"B @(" @(" @(#QX;7 Z36]D:69Y1&%T93XR,#(U+3 X+3 V5# X.C,W.C,Y
M*S U.C,P/"]X;7 Z36]D:69Y1&%T93X*(" @(" @(" @/'AM<#I-971A9&%T
M841A=&4^,C R-2TP."TP-E0P.#HS-SHS.2LP-3HS,#PO>&UP.DUE=&%D871A
M1&%T93X*(" @(" @(" @/'AM<#I4:'5M8FYA:6QS/@H@(" @(" @(" @(" \
M<F1F.D%L=#X*(" @(" @(" @(" @(" @/')D9CIL:2!R9&8Z<&%R<V54>7!E
M/2)297-O=7)C92(^"B @(" @(" @(" @(" @(" @(#QX;7!'26UG.G=I9'1H
M/C(U-CPO>&UP1TEM9SIW:61T:#X*(" @(" @(" @(" @(" @(" @/'AM<$=)
M;6<Z:&5I9VAT/C$P-#PO>&UP1TEM9SIH96EG:'0^"B @(" @(" @(" @(" @
M(" @(#QX;7!'26UG.F9O<FUA=#Y*4$5'/"]X;7!'26UG.F9O<FUA=#X*(" @
M(" @(" @(" @(" @(" @/'AM<$=);6<Z:6UA9V4^+SEJ+S1!05%3:UI*4F=!
M0D%G14%304))04%$+S=107-51VAV9$<Y>F%'.7=)1$UU34%!-%%K;$Y!*S!!
M04%!04%"04%304%!04%%028C>$$[05%"24%!04%!44%"+RLT041K1FMB,DIL
M04=404%!04%!9B]B04E104)G445"055%0F=51D)G:T="45E*0W=G1T)G9TQ$
M06]+0W=O2R8C>$$[1$)!341!=TU$07=11$$T4$5!.$]$0DU41D)15$5X=V)'
M>'-C2'@X9DAX.&9(>#AF2'=%2$)W8TY$03!914)!64=H55)&4F]F2'@X9B8C
M>$$[2'@X9DAX.&9(>#AF2'@X9DAX.&9(>#AF2'@X9DAX.&9(>#AF2'@X9DAX
M.&9(>#AF2'@X9DAX.&9(>#AF+SA!04519T%A045!07=%4B8C>$$[04%)4D%1
M35)!9B]%06%)04%!04A!445"05%%04%!04%!04%!04%11D%W24=!44%(0T%K
M2T-W14%!9TE$05%%0D%114%!04%!04%!028C>$$[05%!0T%W449"9V-)0U%O
M3$5!04-!44U$06=10T)G8T1"04E'06Y-0D%G35)"04%&25))>%%614=%,D5I
M8UE%54UP1VA">%=X46E00B8C>$$[571(:$UX6FDX0U)Y9W9%;%%Z4E1K<4MY
M63-00TY546YK-D]Z3FAD55I(5$0P=4E)2F]-2D-H9UIH2E)&4G%3,%9T3E9+
M0G)Y-"]0128C>$$[,4]4,%I85T9L85<Q>&18;#E76C)H<&%M='-B5S5V63-2
M,61N9#1E6' W9D@Q*V8S3T5H66%(:4EM2VDT>4YJ;RM#:S535FQP95EM6B8C
M>$$[<6)N2C)E;C5+:G!+5VUP-FEP<7%U<W)A-G9O4D%!24-!44E$0E%514)1
M645#04U$8E%%04%H141"0T53355%1E523FA)9UIX9UI%>28C>$$[;V)(=T9-
M2%(T4TY#1E9*:6-V17I*1%)$9VAA4U5Y5VE9-TQ#0C-04TYE2D5G>&15:W=G
M2D-H9UI*:EI&1VED:V1&53,X<4]Z=WEG<"8C>$$[,"M0>FA*4VMT3515-5!2
M;&195U9P8EA&,658,5)L6FUD;V%7<')B1S%U8C)2,61N9#1E6' W9D@Q*V8S
M3T5H66%(:4EM2VDT>4YJ;R8C>$$[*T1L2E=7;#5I6FUP=6-N6C9F:W%/:W!A
M86YQ2VUQ<39Y=')Q*W8O84%!=T1!44%#15%-4D%$.$$U<FY94$I/>%8R2W5X
M5C)+=7A6,R8C>$$[5$95-S!B>G8U=C!:=S)M87AD5W="0CE.6E=A36MF>E)S
M5U)V<$=65'=1;'I!8F]A;DI(;$EV5U!*9CA!>FML9$I*2&%E8F)94W=M9R8C
M>$$[+U-6<79&,3DU25(X3&4O0VYY3V$S4#)93V-$.$A9-&4P=6MX.%AU=6QA
M='!U<E=-5B]P='I(9#)C=W)(3D5E4VXR.6E/-%!43E)/0B8C>$$[:6%);W4Q
M:DE%5T58:U5U>%9B3$Q&1$4P<W)R2$5G3%!)-4-Q;T<U2DHR07A!=%AK,VY0
M+T%*>4HX=&%3.&QP;TU2,6TX5W%M8TAH828C>$$[<69:-D9P4#EI2T@K8DYL
M9S=.;DQE6'!(,G5";3=1:$AA4'%,>4Q8=GIT+TUB5C-B+V-M,FYW35-69W-1
M24]0>6M&6F9V9DYL:C!'2R8C>$$[4%,O938S2G(X<W5T935H=#5Q;7 S<D9R
M>3=M=5=B9&UM:V51;C4X:6-Y;W=!-4)X<%I*2&U354YK;41S5F1I<G-69&ER
M<U9F9%=L+R8C>$$[.&-Y>B]W0TU%9CA!>$%:>4TK6F5S2$I%-49,<U958C(Y
M=&)'>FYV3'5143)T<VI3>GET,%9%1E=**U%'1TU35%%15%%S=FIN>C4U-28C
M>$$[,4QZ5#5N=3E637-K5G4W96Y:44)I4%1G5%I&;T0Q4#)M.7EC-F94-F-9
M-$%03V%J57EN36M(6FHS,38Y+W=#5VE4+V<R+W)L+T-/-28C>$$[<#A36&58
M9EAR,R]L;VLO-$YV-C0X23=L.%-895AF6'(S+VQO:R\T3G8V-#A)-VPX4UAE
M6#-*<%I*,'DP2C8K:D@O>$%:>54K6F5P0R8C>$$[2GE+6'=:;EE02D]X5C)+
M=7A6,DMU>%8R2W5X5C)+<W8O3&XX>4Y9.&PV<7-S1$Y.<&-Z1#8O644O0S8Y
M3U-6*WDT2%$O9G1M3G%D3"8C>$$[2$Q(>C9&>71.<6II4#E&.6-A3G)';C9Z
M<%9T<6UN4VEA>74P16M-9SA$<U%2,DMN66IS8S5Q8T1%:TAM2&]9>45H635+
M4&U0>DAP2"8C>$$[;#-36G16,6%C45=K238Y5V1J.6Q%6#EP;3=$*T=3>#1P
M5&QW>#5O>5I"05=E5#5:+TUF.#)T93@T,T1W0FUS=$12=C-';F]F=$%D1R8C
M>$$[;5EF8F(R-D1T-#4P1VTP8V-1=FY,=F1$<61:3$IS3F]S17I-8TXR2W5X
M5C)+=7A6,DMU>%8R2W5X5CDQ85@O>'I,4"]!27=2+W=$128C>$$[0FY)>C5L
M-G=C:U1K575X5C1:+WIK8C4Y.4M#4'EF65-F=EIE32MQ<W9:4'1242\W3#=B
M93-(>'IB.6TV97IX;C1/<C=2,49$9TA8;28C>$$[*V8X04YY-EHR2W5X5C)+
M=G53,74W5WHP3T,V=35K=#=A1S-J85=A5F=I2V]18G-Z54%'8VM15$MG.5ID
M1&1I<659.6,X-'4P6&QL;28C>$$[,#-Y.$-6=5!-57%5;&U!,DLR36)J<#(Y
M5GAT,D92;5(T8V-8,3=Y-W8Q+W%A4DUZ*VYA4&8K<CEB-49Z<%AM6%EQ-T98
M67$W1EA9<28C>$$[-T9867$W1EA9<3EK+W=#8V4O>D%J,'$Y=2],,G%4:4Q4
M6C0U3'4R;&MA:7A3=W!Z;$<O4EAJ56XU<C<U<2LP9%!X05-(3C)N6C)O<28C
M>$$[-$AK>$0X,"]Z1W903V5U=$EJ3DAO,6]Z2G Q<V1V:#9'5G@O3R\T1&)-
M;E-A65EO+W="23@S1S%E<$]35S,P:&A76F)I3WA6,DMU>"8C>$$[5C)+=7A6
M,DMU>%8R2W5X5CDQ85@O=T%C>7HO-'=2+SA11V-J4&U8<D)Y4D]24VMV;E!Z
M5%IE5B],;#5R5C-U='5L25EQ,$UK<F)2>"8C>$$[:C5T,3ET.'1W66IK:TEH
M<GDU0D-*:V5J-'@Q8E9,,U9T5'5T4W9P1$QD,V-J5%1/93=-83=$<T(P03A-
M-FU%0D5!1&M(;5IZ37!%;B8C>$$[;55*:VU$<U9D:7$V2TM7859);VMA4U=1
M:%5J449M6FIS04%.>51I5%-10V1G*VI,:7EN;'-,5%@O=T$Q8G1B5%,T06\P
M;GEL15-1-R8C>$$[;V\T97-I:W1.2V8U3S-E9W%U84U3,TUC27,Y6F9J:S<P
M:7AX6F1H,&HK3UI:1$Q&<4]U864R<&5A;4AL;GE:8F]#;6DX>$9.3D=T028C
M>$$[=C%Y4F%C15!147 X:FQ!26=A:#9P.2\V=C%T,CAH8W942'4O6"MP.&]:
M,&)Z8G-69&ER3&9Y-R]!0S=V=D\Y.60R9&YD>%=J,FM1;28C>$$[6G!G>$)"
M8FI18V-X=%1Q4FE!2D8R-5=M,#-I,W9633<O=T-H669-6"]6-7,O=T1G2F8V
M6F@O>7)(=4QL+W=!;&XK9#EJ=CA!;U=(>B8C>$$[1B\Q96)0.$$T0U@K;5 X
M04MS931R+TI:+VYF66\S;B]!1&I,-7-I=&YK='13<W)I6E)6650V:V9,,D1&
M4TLO4$I2-U5H931+2F1L>28C>$$[<EEV2TY7,&Y5=$DQ0V)4=%-T,W1B,C-B
M:DQ$24M%1VQ2.'=2=4-/=6)'17A)5T]4<G T>D$P96%%>51",DMU>%8R2W5X
M5C)+<C192B8C>$$[<#5K:&=J85=A46A9-#!"6FU9.4%!3GEC0DYC,&=%;6<Y
M2#!$+VY(-SAW9%9I5V4T:6@P<4IH5E)E3U))4B]X:FI74F=F6G%:9S5/,"8C
M>$$[8U5E5R]U8S=(,F1K;'HR5#<O;U=(>D8O,65B4"]G2F8V6E0O04-R2'5,
M9"]*6B]N9EDW+T%+1F@X>&8Y6&UZ+T%/06PO<&HO04-R2"8C>$$[=4LO>5=F
M-3,R3R\V1F@X>&8Y6&UZ+S1#6"MM4#AQ>#=I=CA!2EHO;F99-R]!2T9H.'AF
M.5AM>B]!3T%L+W!J+T%#<DAU2R]Y5V8U,R8C>$$[,D\O-D9H.'AF.5AM>B\T
M0U@K;5 X<7@W:78X04I:+VYF63<O04M&:#AX9CE8;7HO04]!;"]P:B]!0W)(
M=4LO>5=F-3,R4&]A>FA-1B8C>$$[<$)!5%5X4G%H239%<6]'85=2<W4T0W)G
M5CAW9FXU-3DO5#-M26%*6E-C=$PP9&U2:7!Q<W0Q,&MF-4HY:&9P.&,S+UHK
M;C1).%(U>28C>$$[*S4P9F%'9FEL=VIK4'9E5C5S6%A/>%8R2W!R-6(X<V$U
M-6LQ3DY.,&4Q835U5S-A;7E);&%&-4=/>7%01358;'EX>&DU1G1X65I:1"8C
M>$$[55$Y8CAV5VUG*U1B,4Y).'%7>2MB9GI$;$A'4S=55G,W3',Y1W%!3TYA
M13$K6E@W3V$S2DM756-5+U)J*S!U>GAX:FE01$%C5U0W;28C>$$[4TQ$<"]L
M;E=9<G986EI03U@U;#-90G1,0T5!<F)!-V=2<5)W9VI8+T%(-'="<'5!3CAO
M<S5),4@P66@Q-R\Q=#E#0G58<GEF:C5E.28C>$$[3C=M,VES2C=86&9Z075V
M,&IR56HO=T,T8GDU6G%:66]:1#EL8F4S1S@P=S=Y=G-08EDU541936-9<5!7
M6#8K-S-.<$9E<5IS.4(K<B8C>$$[=CDO,U!L5$]I96)D:7)S5F4P9C@T=R\X
M<$9R4"]-1VXO2C!:<74Q9G!(=F1R,EAZ;#A(,%AM:V1W-T9867$K9G8K8V].
M3W-9-S=1="8C>$$[45%"8C(T:FYH;6]"5F\T4VI)5#AJ27=Z9&1L4TY32%(Q
M2&%K4C94,65'-71N575X5C)+=7A6,DMQ,6Q:6&0Y95$R9'!%,#DQ8T]S528C
M>$$[14M#<DTW;6EG9DTT2E-!1FYK>6I%>4Y$;2MS9GEW+TMN4U!*,FYX,T4P
M85A0;4-62S-6-E)8,'EW,VEH<CEL4C!*-G0S-T%C-7%T6"8C>$$[3$MA+VAE
M:# R;&II2#E*;FU98FQ/>%8R2W5X5C)+=7A6,DMU>%9G9C5X*V9F.$IE5E@K
M<75&,695959V64%':DIT*SAM2"]'34AB+R8C>$$[04-I37I.1G O16YV.4DU
M=4QQ."]H=W9Q950U24I*2DI.4V5P>G!(;DA9<3=&5U1E5V9*56UP5W)A=G$Q
M,'5J*UA)1W!.<55W<5I'2"8C>$$[*S9R85 W53!N<W5W-S5J-6,O0V5'231P
M9#,V,TIW-F9I2$9).$U/+SE4,$11,3%06#E-;C!V>6Q%4$M8:T<S+T%/3W)R
M.7E13&DU0R8C>$$[:6I'5V(T951%2#=#14M+,$IP45IH-4MG8FXV.&Y19'IN
M63=M2V@V3695.5-N;FQQ-&QU;UI03%@U55=P<TY,53AD6#@T,V%69'E"428C
M>$$[*VY52U=A:"M(=W)S1BLQ;$]55C8X>',Y26AS>&UX=S1D:#%L*T]A6C9$
M4' K;5181V=F;'AB:E=V345U,G1E83=S;#1);5DW=$Q.=28C>$$[6E=R=7-A
M8F9-,7EV241,,5IF5$AP1G-G4D@P-#DU9%IF<C<O04A*=%I,<"MG87!,8F%C
M2E!.;FXK-5@O044R*VU)06=5+S<K:T%:3"8C>$$[5T5D;S K23=#:#8U6$LU
M:7HV368T*UIB4E54=#9P+VHU0CAQ6C!4>F)S5F1I<C W.&E03UAL=GET<E=P
M,T]U,VXQ3T<T=&QJ:&8P-28C>$$[6F540U%-4E-*6$DR.&-W3S!-13AK44EI
M,UEA1%!$1U1X1VYT2"]+.69Y<B]!3W(S+W="3W0U+S%2>E9F:TTS.#,W4BMT
M,E@U-T0S+R8C>$$[04=&,R]+.69Y<B\V=F8X03 V,VXO5DA(.&AM+VTO85 Q
M<BME=SDO,D9$,S,U+V9L;&)7-U-W86A,97E$<$)$8E1Q-2MM6DEK+W=#1R8C
M>$$[>55E>G-X4$MV:6<V+T5/=C)&.#AF;4@U.#%$>G!R-V%N8V])3&5.9E-S
M<E%';VII0DHS4&1I5%9J+T1.,7!T3TU5841P=%1Q1&QL9B8C>$$[4FI'6D1J
M=7A6,DMU>%8R2W98+RMC8F9,558O-6YV9&%N44]M:U)+<T9E9VYU3U-H=CEI
M:5 Y-'I79' U86=):G$W4'-Z2&-J3'5F4R8C>$$[;6%*,U1S5F1I<G-69&ER
M<U9D:7)S5E=813A.=D)*8U1U<U5%2W1*3$EX;W%O;W%Z16YS04U)1C=+6'@Q
M*UIN;F%B>F8U<75D4W%2628C>$$[>"]U3D]I3E)X9U%M:$DO;6,O169N;E1A
M6$(T54LV.5AM.5AN.%-D.4]J1DUY6$=B5E=:9W%G;&EA041C:VY&44=2,G5N
M-E1O6D4K=28C>$$[>$<Y,4Y4*S4P2E-65E0R3C0V+T5U+SA!=7!F:B]M2V0V
M1$M5.6\W1'8O5BMT>6]W:D1E93AV-78V+S%-<75R0T=),BMV+VU88U!5228C
M>$$[1'!0;%,R<$A+,%A61DUA,%<Q9RLU:C@K=4U*6#9C6'AL*T]:8VE5954X
M>#DP5U%81FYD-G9P='1R9C5H,TLK5R]*5G5!9$@X<C)T628C>$$[;FY#1#16
M5TEF1G50,FIV=G1X0G)L26M);FAX1&EY9%I.>$)K3TQ,-EED27 Q06UQ*V%D
M1SE3.#0K4U!Y=W1%*T,R57)$8UAC42]M8B8C>$$[<W(O.$Y8.7,W-55E2$A,
M8CDU;% R3F]U63,Y1U W5"MP3V1"+U-F;4MW:C!V>5AA=#58.&IP54A6*TA#
M.'5X,&(V<6IB<4<W>E X028C>$$[1CE)27ER2E5$95$X951U-D0S+W%B25A)
M5D%C34\O=CDS-C-O2&PO>35O,VPO5#%S9$MT>$)#1'EK8F1P2DA05C5(3E=D
M:C1N35!*:R8C>$$[;$TR6$MH05)&0CA06C%J>6IS5F1I<G-69&ER<U9D:7)S
M5F1I<G-69&ER<U9D:7(V1B\U>&5:9C!2<GEG+T5,:4%K97A2<69Q3V%8="8C
M>$$[6#9O*S4S6%IN,$@S=F)S,4QS,UEQ-T9867$W1EA9<3=&6%EQ.%<O-7E*
M."]#># U4$ML:$PO<&0X;VPQ1FQ/-E<Y9FAJ3D\X:$94+R8C>$$[04I)+WES
M,G9:=6YS.%HU1&LV,W1$56--94%C>CEZ-3%Z9'5K8E93>'!51'A*,D%X4T)A
M8V%/;#=,8W)A84A%>C9G=TIE.4I#1D5'-R8C>$$[36I.4EE56#EQ4FE$5'5O
M<4UQ;E983&PK4&TS-#=U;V,K+SA!2$PS<V@P37<V6F91,DAL4S,O5#-M-EDP
M6%5U2$]#,F)V.55J9EIM6"8C>$$[=DY)2T0Y:V9T6E)K.5%U9G!H,V0O=CA!
M,4XR3V]M;V5R2C,Y0C=V,7 S82]O>GDQ<31B:B]J5#AX-W V:$%7=4Q3,6Y0
M.'I$965:928C>$$[+UIF86U61SAK9C5M269-+W%$8TMX>2]N-50Y;C0O1DIT
M<5DP8GEX94AZ0BM9.3$O:51Z<DM"2F$V06IQ,$9S3W$K<E-S86=D9T)4=R8C
M>$$[5G5U5G<T<V<T8U$T8V9F,W,U.$]-.%=5.%4K9S=N;2]N5'HO04]:4$XY
M-S8K<7HP=#!**W)735969VE"+VQ3=34O>6IV;61G,#A-628C>$$[,F-$4'%:
M6D1V>3=N,DYP44$P=7I!1D%)27=!4#E16GI%*UIE:TA*1EI&3#1->G-(:VY9
M<3=&6%EQ-T9867$W1EA9<3=&55IO*VHV;"8C>$$[<D]P46%:<&M$6$XW8W1W
M:6E4=C1K;F]!0G539&=-:D]9:4Q02FYJ>&U:;V,P239-:D9'0E9L2D1!.5%2
M:VU"1DY9<3=&6'%0+T]09B8C>$$[;7E,4G9/3#9B8W9W=&1A:E=!16UG1G=H
M2FAR."M425!D<S$O85=(:6A9+VAD:#)D;#1:.$HO:6955V,K-S$R2W5X5C)+
M=7A6,DMU>"8C>$$[5DLO3DAM2W<X=6%$96%Z9D=K1G!'6#16;UAC-TI'=G4W
M14%:6FEX;6-H16171U1)25)-:C!F1BMV-C5F-C=R3C-Q*V]0-FPS95-'4R8C
M>$$[43EH,E96+WE65VEJ,GIQ8V5-46E):FM(;6-U47IK6DAQ9TUM,6]M,71%
M8V5R8U-E:&)!-WE5-4TQ3W%X<%5C:CE)2&E2:U1,=35S-"8C>$$[=W9C-T)K
M1VY7=#-Q96YY2D<V84@U5VE99EAB,E-R97$T,T-U=T%E-6PO;&I58U8V,%AD
M<W!K4D4O=T$V9C0K5&MX0FQ(8C T+W=!9B8C>$$[4#--9S!16"MQ,FPQ<%!K
M>4PY0BM826PO,T]E63=X:$A,2D@S*W-4:EI%4#=-168P,3-/55I+:5),2C9P
M9$DO<2]7,C0W:T](2#999"8C>$$[6DMD,34U,$QY;EIY-E0U0E)M=35"-F0Y
M-7!U1D%U2E(S5S)1:CEZ2%@V9G!&8TDP.'-H-'-V3"MB*W1J3%52>$1H>&,O
M=T-C.#EM;28C>$$[;6YL96%A4G!:<$-7:VMC;&U::G534V1Y5&UC0E1G:VMM
M>7-X42LV=$PO-#5L;B]X9VHO-&=--4=F37971&MI8VEL.$=:,D1Y5'-69"8C
M>$$[:7)S5F1I<G-69&ER<U9:5C5.+TQ0>F0U<VU8.4<R8E(R4E!X-FI/1$AB
M<4%A1VIK9D=2-$I5-6HU.59$2'I/+V,U3TA35'EC:'0S=B8C>$$[<&8X04QR
M.'-.0SAL5V)F5G8Y2S%39&%896]Y0VI-3W9"1C,T2EAT,S=K-U4P3W Q57-P
M,S5D>G9.4'!O-&AT>F9.+S5U*U<S,$1Z.28C>$$[<6QS130R,7I)8GDP3DM!
M>'IK=E)F6E@U2CE'8GI2-6501T0X2%-A,TAW6D0U-W-/>DMC5C)+=&\W;S9U
M:D9856=Q=TY#0TYW45)I;R8C>$$[3E!P5#AQ9GIW,#-6-U=(4B]-='=L<')%
M64-26&MP0WA824%O0UA/>7EE3F1J,CA-,%=R,$)I94M'.&9U9#=P3F%*:7!B
M4RLY-CEM<R8C>$$[9&<W1EA9<3=&6%EQ-T98>E8O>FM*-2LO4S)T<C5A<UIA
M-F9P5$4S6E4O1$ID56]2.&]H.%!Z3%IV97IT4'=X-'IZ4#-/;#=2,49N9R8C
M>$$[2$EC,VM/8DXQ:G-65&%+0WIT0TQJ5G$S130O=71.5FEP,C9E=7=O63 O
M>48K3"]6,D]616LW4BMB:V-):G908SDS-BLU4#-S;S)I="8C>$$[.58X-C-$
M,CEM:UE/;&%"8D)9-35):CA3:$DO<S(P1&1427<U3C%!63<U5'AF=S0K9E4O
M:FU7-'@O:7DW1'!(.&-G;$AM3'IL<65S=R8C>$$[>%=+<$AP*VDR,RLX96M7
M;TM7.&8K57<V>5-(=3=K:S5B:7=#3R]/6&4P6F116C=C;SEY435C,$]X5C)+
M=G5R4R]W1&IM5V8O04)G:B8C>$$[+W=#241/4FYZ3#%G-4EN27!F0FUD9SAK
M-T9867$Y2"]!0U4X:6%$-7<Q9E5B5%=&;$U6=&)R3$8V3"MM95)C3'5A2'1M
M1')T4DQ&128C>$$[1TQN-DA"2$E4>&1(<C,O475V-6,O=T%L-2]Y4"]W0V)C
M,6XX<%IF2C)0.$%**TQU*S$S+T%%3'(K6% X;#4O>5 O-71X+VQ,3#5,+R8C
M>$$[04-F:3=V=&)(+T]/,S5C06=M3S=)2%EZ;6@K-6-F-5-Y*U,O>69I-W9T
M5#=2=GEK+TQR4TA74S$P4T(U5C936%!+-4YF2#DX6$%0>28C>$$[1U5Z,6U7
M6$]49$13-#0X9WDU5E960W%!<7%+0419041-6G9B>%8U5"]W035!*U)N,7IY
M,FUT,E5F4%5D1T1.27%I<E-7<#-K2'8V6B8C>$$[*TUE,TQ.:C)D<4]#9D-E
M579V8T18-$]/1FIN1CAX6G8S475X5C)+=7A6:S)G9FU8-38P0TY99$TQ:65/
M,U1:3&51<DY%0C1+:V]D5B8C>$$[*VI-9DIP8V,K66-J2'$X:V525#,O;&9V
M-6XO.5A+4"]!2U)O4"MA37 O:S=$,V9A,V9Y:FPX;F8X<CDO32\X039U568O
M4TY"+W=!,"8C>$$[62]Y9&@W=G18*U5C=FLW+T%*6#<K6B\O049C;R]W1'!'
M9R\U;W@O:S=$,V9A=CA!2T]8>60O>78S.'HO05!Q-5(O.$%33D(O>E)J+R8C
M>$$[04-D:#=V=%@K56-V:S S-3DO;65Y;&8P;D=+:6Q28E%!-RM(=UEF-5!X
M9#,R<B]+3UAY969Y4U!*23!K:D8S8VQN66UP2D\U2D]:;R8C>$$[1&A%,W5T
M>%%I.4]7.&MN5T]X46TV8F1:05%#9T<U64UA0DMD4W@V94EY339R9FLR63=U
M;S@P>6EV9$\P33@W4# Y43%C9CA!2#5)=B8C>$$[3S-T,B]W0TM5655L8V9Z
M<T])+UI5-TYL6FE:.#EO+V4R.%5C9DPQ4S<K9SDS9C<R5"M14'ER.'IE9DPU
M=%5V-5I,9E,S8W9C-G!05B8C>$$[-4IM<CA1:35B=3-I>#)(-%I2<4Y81$-+
M2%!U8F-':VYM4$9,;#-O:C@Y9DLK:6579&$P9E,Y2'1X8C)Y5T%::C%E4GI.
M241*27@S6B8C>$$[:E0K;3)2-U!Y>7E22FPS<W4P36-91TEI3VIZ4$TY,3=S
M5F1I<C=Q,'8O:FU79CA!>&=J+T%/241/4FYZ3#%G-4EN27!F0FUD9SAK-R8C
M>$$[1EA9<3EO+S5X:"\U4TQ79BM93E K5&]Z5F1Q+U-093=8<W9N3#10;W9.
M23=H,DMU>%8R2W5X5C)+=4E$06=I;T]X0C9%67$K6'9Z;R8C>$$[+TMM8GDQ
M<4UM=&%40U<X=C-B.&U64E@V<DLU,VI.4#DQ:R]94"MX.$LY0F]D6#1G-%IF
M55!T9$AR9$IW2&EJ.5 S4$QC,D1R;EEQ-R8C>$$[1EA9<3=&6%EQ-T9867$W
M1EA9<75J4E=*3$U&5614,5 P1$5P058U3#%V44YT05!3=#))3'%0=$]2,$QT
M,W R2%%E1U)%9#=,3U4Y<28C>$$[1W=E;F9K9"M6<TAM83=K,797665E:5=B
M8TEO1W%"8U0Y4T14<6E$-UAI9'9(3418-G,T>'=X*V]U9&]D2THK<5A*.4UW
M=W=W4DI$0R8C>$$[:7A1>'%&:FI10E964G-!04YG0FUH2G0S8C5X+S5Y8R\U
M4R]3+W=$=&YJ+VLY2FTW-TLK9RLY,#-A;C%2.7IX,TYO-G0R2W5X5CDQ828C
M>$$[6"]X>DQ0.$$T=U(O.%%'8VI0;5AR0GE23U)3*T1--T(U2C)+=7A6-U(O
M>FI$+WEK5W,O.'=A9CAN4FUQ-U8K:V4Y,G9:9D]8=V92928C>$$[85(S1'-6
M9&ER<U9D:7)S5F1I<6QD,FQR95=S=')D4DQ08E1Q635O6D%'5FQ954E)3T5%
M9S)%15AS6'IJ*UIN-4,V;'!$>39P-5E2-R8C>$$[-U-T,VMS:%9R:4%D*TDV
M>4HX=FE(=C%Z96%8=$%3,FYS6%1A<E%%8G<U9'IX.&=G:T5523))3V).,6IS
M5F1I<G-69&ER<U9D:7)S5B8C>$$[9&ER<U94-WE4-5(Q1'I:-6ET=$AS9U(V
M:#4S33E+:4M&4T]C:"M69'9%,$=5-3AW>'A-:3-A9D-C:W%$-TDP5%)T4#!8
M4V)84W10:B8C>$$[.4MZ=$5%8TMD-D1C:VYU5T\U4&IN351M6E-*4$UV4WAI
M26EH>5)U45I0;3<O;DIZ+VQ,.4PO-UHT+S504UIV3WEV;U!V9$XR<#E59B8C
M>$$[8SAD>F%/<F1I<G-69F17;"]W1$A-<R\K345F+T%"05IY32M:97-(2D4U
M1DPT>"\U5G K65 O574V:"\P:GEF,'IQ4'I73"MC2&TO>28C>$$[;5@K85AF
M.$%+=%!Z0B\V;#-54"MK950K;5 U<D8O3T,O;$UV.#!U+S56<"M94#A!,4QU
M;V8Y23AN.4UF>E=,*V-&+TM:9C5P97-F."8C>$$[-#@K5E!-=6DV-W%S,G(V
M6F,R155T<7%2=F-23D='65-!,$)91'1M=3=3>E%N16-*0C-D:C)F:&Y!;FE&
M4&1S,41S,UEQ-T9867$W1B8C>$$[6%EQ-T9867$W1E='96-V>6HX;"MA:DI0
M9#)P=&129F,V:&%K4GEK+S59;U5F,S5,6#-Z2W=A>DIJ-4AB=6-F3G!96D]9
M,V51-B\X028C>$$[.#0P*UHW5FUF4F(K,S%'169::FQR8GIF2V@U>&XO9WAM
M>G@Y<5%0,4-N6%I/>DI$-E1B1&(W.&]F>DIS;DM3-D1C=58W=V-*=V$K0B8C
M>$$[:5HX>5DV,T5F-&Y&3VEY:F]H4"M6869M1"\Q3'5O9CE).&XY36PK87AF
M>F=J.'!L+VUL,R]+=%!Z0B\V;#-54"MK950K;5 U<D8O3R8C>$$[0R]L378X
M,'4O=T-6869M1"]W0E,W<4@O045J>68P>"].678U=U@X<&PO;6PS+TMT4'I"
M+S9L,U50*VME5"MM4#5R1B]/0R]L378X028C>$$[3DQV*U9A9FU$+S%,=6]F
M.4DX;CE-9GI73"MC1B]+6F8U<&0O>7)4.'=F.$%Q6&11+W=#:V54*VU0-7)&
M+T]#+VQ-=C@P=2\U5G K628C>$$[4"]5=39H+S!J>68P>"].678U=U@X<&PO
M;6PY269K-RM886554$QO:W5K2#9B,45,3&9.,VI&2W!!4#A!57)V-'0Y1V%0
M5S9N>%IB9B8C>$$[4TAD8514*TA(*VME8E!S=S-+9&ER-38O-7E/,%A73"]!
M33$V8DI9,D9X9%)R64)794-*-49$971)845Q1'9M-C=-;D513FUT,U4Y<"8C
M>$$[6353:TM"3'E8+T-N;6HO<7HS,R]!16I49C@P-7-V1V@S:C5U=#A#9C@P
M+THS*T903D@O5FYV=BMK86(O04IP>#AA2&50;79G5"]M;B8C>$$[-4\O=W U
M;R\V<SDY+W="23 S+TY/4&I1-W@X,3A#9C@P+THY<F%9<DQP,7%R06AH1$=#
M1'-146]Z;%IC>3E/151K578O.6L]/"]X;7!'26UG.FEM86=E/@H@(" @(" @
M(" @(" @(" \+W)D9CIL:3X*(" @(" @(" @(" @/"]R9&8Z06QT/@H@(" @
M(" @(" \+WAM<#I4:'5M8FYA:6QS/@H@(" @(" \+W)D9CI$97-C<FEP=&EO
M;CX*(" @(" @/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](B(*(" @(" @
M(" @(" @>&UL;G,Z>&UP34T](FAT=' Z+R]N<RYA9&]B92YC;VTO>&%P+S$N
M,"]M;2\B"B @(" @(" @(" @('AM;&YS.G-T4F5F/2)H='1P.B\O;G,N861O
M8F4N8V]M+WAA<"\Q+C O<U1Y<&4O4F5S;W5R8V52968C(@H@(" @(" @(" @
M("!X;6QN<SIS=$5V=#TB:'1T<#HO+VYS+F%D;V)E+F-O;2]X87 O,2XP+W-4
M>7!E+U)E<V]U<F-E179E;G0C(CX*(" @(" @(" @/'AM<$U-.D1O8W5M96YT
M240^>&UP+F1I9#HP,#<T13(W0S<R-S)&,#$Q03<Q04%"13(V.3(Y04%&1#PO
M>&UP34TZ1&]C=6UE;G1)1#X*(" @(" @(" @/'AM<$U-.DEN<W1A;F-E240^
M>&UP+FEI9#HP,#<T13(W0S<R-S)&,#$Q03<Q04%"13(V.3(Y04%&1#PO>&UP
M34TZ26YS=&%N8V5)1#X*(" @(" @(" @/'AM<$U-.D]R:6=I;F%L1&]C=6UE
M;G1)1#YU=6ED.C4Q-40Q-C9&,S%!.41%,3%"1D$X0C)"0S4S.4$Y1D0Q/"]X
M;7!-33I/<FEG:6YA;$1O8W5M96YT240^"B @(" @(" @(#QX;7!-33I296YD
M:71I;VY#;&%S<SYD969A=6QT/"]X;7!-33I296YD:71I;VY#;&%S<SX*(" @
M(" @(" @/'AM<$U-.D1E<FEV961&<F]M(')D9CIP87)S951Y<&4](E)E<V]U
M<F-E(CX*(" @(" @(" @(" @/'-T4F5F.FEN<W1A;F-E240^>&UP+FEI9#I&
M1C<S13(W0S<R-S)&,#$Q03<Q04%"13(V.3(Y04%&1#PO<W12968Z:6YS=&%N
M8V5)1#X*(" @(" @(" @(" @/'-T4F5F.F1O8W5M96YT240^>&UP+F1I9#I&
M1C<S13(W0S<R-S)&,#$Q03<Q04%"13(V.3(Y04%&1#PO<W12968Z9&]C=6UE
M;G1)1#X*(" @(" @(" @(" @/'-T4F5F.F]R:6=I;F%L1&]C=6UE;G1)1#YU
M=6ED.C4Q-40Q-C9&,S%!.41%,3%"1D$X0C)"0S4S.4$Y1D0Q/"]S=%)E9CIO
M<FEG:6YA;$1O8W5M96YT240^"B @(" @(" @(" @(#QS=%)E9CIR96YD:71I
M;VY#;&%S<SYD969A=6QT/"]S=%)E9CIR96YD:71I;VY#;&%S<SX*(" @(" @
M(" @/"]X;7!-33I$97)I=F5D1G)O;3X*(" @(" @(" @/'AM<$U-.DAI<W1O
M<GD^"B @(" @(" @(" @(#QR9&8Z4V5Q/@H@(" @(" @(" @(" @(" \<F1F
M.FQI(')D9CIP87)S951Y<&4](E)E<V]U<F-E(CX*(" @(" @(" @(" @(" @
M(" @/'-T179T.F%C=&EO;CYC;VYV97)T960\+W-T179T.F%C=&EO;CX*(" @
M(" @(" @(" @(" @(" @/'-T179T.G!A<F%M971E<G,^9G)O;2!A<'!L:6-A
M=&EO;B]P;W-T<V-R:7!T('1O(&%P<&QI8V%T:6]N+W9N9"YA9&]B92YI;&QU
M<W1R871O<CPO<W1%=G0Z<&%R86UE=&5R<SX*(" @(" @(" @(" @(" @/"]R
M9&8Z;&D^"B @(" @(" @(" @(" @(#QR9&8Z;&D@<F1F.G!A<G-E5'EP93TB
M4F5S;W5R8V4B/@H@(" @(" @(" @(" @(" @(" \<W1%=G0Z86-T:6]N/G-A
M=F5D/"]S=$5V=#IA8W1I;VX^"B @(" @(" @(" @(" @(" @(#QS=$5V=#II
M;G-T86YC94E$/GAM<"YI:60Z131&1CE&-3@Y.#4Q13 Q,4)&-$%",44W03-%
M0C9$-T$\+W-T179T.FEN<W1A;F-E240^"B @(" @(" @(" @(" @(" @(#QS
M=$5V=#IW:&5N/C(P,3$M,#,M,3A4,30Z-#4Z-3@M,#4Z,# \+W-T179T.G=H
M96X^"B @(" @(" @(" @(" @(" @(#QS=$5V=#IS;V9T=V%R94%G96YT/D%D
M;V)E($EL;'5S=')A=&]R($-3-3PO<W1%=G0Z<V]F='=A<F5!9V5N=#X*(" @
M(" @(" @(" @(" @(" @/'-T179T.F-H86YG960^+SPO<W1%=G0Z8VAA;F=E
M9#X*(" @(" @(" @(" @(" @/"]R9&8Z;&D^"B @(" @(" @(" @(" @(#QR
M9&8Z;&D@<F1F.G!A<G-E5'EP93TB4F5S;W5R8V4B/@H@(" @(" @(" @(" @
M(" @(" \<W1%=G0Z86-T:6]N/F-O;G9E<G1E9#PO<W1%=G0Z86-T:6]N/@H@
M(" @(" @(" @(" @(" @(" \<W1%=G0Z<&%R86UE=&5R<SYF<F]M(&%P<&QI
M8V%T:6]N+W!O<W1S8W)I<'0@=&\@87!P;&EC871I;VXO=FYD+F%D;V)E+FEL
M;'5S=')A=&]R/"]S=$5V=#IP87)A;65T97)S/@H@(" @(" @(" @(" @(" \
M+W)D9CIL:3X*(" @(" @(" @(" @(" @/')D9CIL:2!R9&8Z<&%R<V54>7!E
M/2)297-O=7)C92(^"B @(" @(" @(" @(" @(" @(#QS=$5V=#IA8W1I;VX^
M<V%V960\+W-T179T.F%C=&EO;CX*(" @(" @(" @(" @(" @(" @/'-T179T
M.FEN<W1A;F-E240^>&UP+FEI9#HP,3@P,3$W-# W,C V.#$Q.# X,T(W-S X
M,S5",C=$.#PO<W1%=G0Z:6YS=&%N8V5)1#X*(" @(" @(" @(" @(" @(" @
M/'-T179T.G=H96X^,C Q,RTQ,2TQ.%0Q-3HU,#HQ,"TP-SHP,#PO<W1%=G0Z
M=VAE;CX*(" @(" @(" @(" @(" @(" @/'-T179T.G-O9G1W87)E06=E;G0^
M061O8F4@26QL=7-T<F%T;W(@0U,U+C$\+W-T179T.G-O9G1W87)E06=E;G0^
M"B @(" @(" @(" @(" @(" @(#QS=$5V=#IC:&%N9V5D/B\\+W-T179T.F-H
M86YG960^"B @(" @(" @(" @(" @(#PO<F1F.FQI/@H@(" @(" @(" @(" @
M(" \<F1F.FQI(')D9CIP87)S951Y<&4](E)E<V]U<F-E(CX*(" @(" @(" @
M(" @(" @(" @/'-T179T.F%C=&EO;CYC;VYV97)T960\+W-T179T.F%C=&EO
M;CX*(" @(" @(" @(" @(" @(" @/'-T179T.G!A<F%M971E<G,^9G)O;2!A
M<'!L:6-A=&EO;B]P;W-T<V-R:7!T('1O(&%P<&QI8V%T:6]N+W9N9"YA9&]B
M92YI;&QU<W1R871O<CPO<W1%=G0Z<&%R86UE=&5R<SX*(" @(" @(" @(" @
M(" @/"]R9&8Z;&D^"B @(" @(" @(" @(" @(#QR9&8Z;&D@<F1F.G!A<G-E
M5'EP93TB4F5S;W5R8V4B/@H@(" @(" @(" @(" @(" @(" \<W1%=G0Z86-T
M:6]N/G-A=F5D/"]S=$5V=#IA8W1I;VX^"B @(" @(" @(" @(" @(" @(#QS
M=$5V=#II;G-T86YC94E$/GAM<"YI:60Z1C@W1C$Q-S0P-S(P-C@Q,3@P.#-$
M1C5%,#@W13)&13D\+W-T179T.FEN<W1A;F-E240^"B @(" @(" @(" @(" @
M(" @(#QS=$5V=#IW:&5N/C(P,3,M,3$M,C%4,3<Z-3$Z-3$M,#<Z,# \+W-T
M179T.G=H96X^"B @(" @(" @(" @(" @(" @(#QS=$5V=#IS;V9T=V%R94%G
M96YT/D%D;V)E($EL;'5S=')A=&]R($-3-2XQ/"]S=$5V=#IS;V9T=V%R94%G
M96YT/@H@(" @(" @(" @(" @(" @(" \<W1%=G0Z8VAA;F=E9#XO/"]S=$5V
M=#IC:&%N9V5D/@H@(" @(" @(" @(" @(" \+W)D9CIL:3X*(" @(" @(" @
M(" @(" @/')D9CIL:2!R9&8Z<&%R<V54>7!E/2)297-O=7)C92(^"B @(" @
M(" @(" @(" @(" @(#QS=$5V=#IA8W1I;VX^8V]N=F5R=&5D/"]S=$5V=#IA
M8W1I;VX^"B @(" @(" @(" @(" @(" @(#QS=$5V=#IP87)A;65T97)S/F9R
M;VT@87!P;&EC871I;VXO<&]S='-C<FEP="!T;R!A<'!L:6-A=&EO;B]V;F0N
M861O8F4N:6QL=7-T<F%T;W(\+W-T179T.G!A<F%M971E<G,^"B @(" @(" @
M(" @(" @(#PO<F1F.FQI/@H@(" @(" @(" @(" @(" \<F1F.FQI(')D9CIP
M87)S951Y<&4](E)E<V]U<F-E(CX*(" @(" @(" @(" @(" @(" @/'-T179T
M.F%C=&EO;CYS879E9#PO<W1%=G0Z86-T:6]N/@H@(" @(" @(" @(" @(" @
M(" \<W1%=G0Z:6YS=&%N8V5)1#YX;7 N:6ED.D9"-T8Q,3<T,#<R,#8X,3$X
M,#@S1$8U13 X-T4R1D4Y/"]S=$5V=#II;G-T86YC94E$/@H@(" @(" @(" @
M(" @(" @(" \<W1%=G0Z=VAE;CXR,#$S+3$Q+3(Q5#$X.C Q.C(Q+3 W.C P
M/"]S=$5V=#IW:&5N/@H@(" @(" @(" @(" @(" @(" \<W1%=G0Z<V]F='=A
M<F5!9V5N=#Y!9&]B92!);&QU<W1R871O<B!#4S4N,3PO<W1%=G0Z<V]F='=A
M<F5!9V5N=#X*(" @(" @(" @(" @(" @(" @/'-T179T.F-H86YG960^+SPO
M<W1%=G0Z8VAA;F=E9#X*(" @(" @(" @(" @(" @/"]R9&8Z;&D^"B @(" @
M(" @(" @(" @(#QR9&8Z;&D@<F1F.G!A<G-E5'EP93TB4F5S;W5R8V4B/@H@
M(" @(" @(" @(" @(" @(" \<W1%=G0Z86-T:6]N/F-O;G9E<G1E9#PO<W1%
M=G0Z86-T:6]N/@H@(" @(" @(" @(" @(" @(" \<W1%=G0Z<&%R86UE=&5R
M<SYF<F]M(&%P<&QI8V%T:6]N+W!O<W1S8W)I<'0@=&\@87!P;&EC871I;VXO
M=FYD+F%D;V)E+FEL;'5S=')A=&]R/"]S=$5V=#IP87)A;65T97)S/@H@(" @
M(" @(" @(" @(" \+W)D9CIL:3X*(" @(" @(" @(" @(" @/')D9CIL:2!R
M9&8Z<&%R<V54>7!E/2)297-O=7)C92(^"B @(" @(" @(" @(" @(" @(#QS
M=$5V=#IA8W1I;VX^<V%V960\+W-T179T.F%C=&EO;CX*(" @(" @(" @(" @
M(" @(" @/'-T179T.FEN<W1A;F-E240^>&UP+FEI9#I%13$P,C,Q.3%"03%%
M,S$Q.#DX1D4W1C%#,T,P-4-$13PO<W1%=G0Z:6YS=&%N8V5)1#X*(" @(" @
M(" @(" @(" @(" @/'-T179T.G=H96X^,C Q-"TP,RTP,50Q,SHU-3HU,"LP
M-3HS,#PO<W1%=G0Z=VAE;CX*(" @(" @(" @(" @(" @(" @/'-T179T.G-O
M9G1W87)E06=E;G0^061O8F4@26QL=7-T<F%T;W(@0U,V("A7:6YD;W=S*3PO
M<W1%=G0Z<V]F='=A<F5!9V5N=#X*(" @(" @(" @(" @(" @(" @/'-T179T
M.F-H86YG960^+SPO<W1%=G0Z8VAA;F=E9#X*(" @(" @(" @(" @(" @/"]R
M9&8Z;&D^"B @(" @(" @(" @(" @(#QR9&8Z;&D@<F1F.G!A<G-E5'EP93TB
M4F5S;W5R8V4B/@H@(" @(" @(" @(" @(" @(" \<W1%=G0Z86-T:6]N/G-A
M=F5D/"]S=$5V=#IA8W1I;VX^"B @(" @(" @(" @(" @(" @(#QS=$5V=#II
M;G-T86YC94E$/GAM<"YI:60Z,# W-$4R-T,W,C<R1C Q,4$W,4%!0D4R-CDR
M.4%!1D0\+W-T179T.FEN<W1A;F-E240^"B @(" @(" @(" @(" @(" @(#QS
M=$5V=#IW:&5N/C(P,C4M,#@M,#94,#@Z,S<Z,SDK,#4Z,S \+W-T179T.G=H
M96X^"B @(" @(" @(" @(" @(" @(#QS=$5V=#IS;V9T=V%R94%G96YT/D%D
M;V)E($EL;'5S=')A=&]R($-3-B H5VEN9&]W<RD\+W-T179T.G-O9G1W87)E
M06=E;G0^"B @(" @(" @(" @(" @(" @(#QS=$5V=#IC:&%N9V5D/B\\+W-T
M179T.F-H86YG960^"B @(" @(" @(" @(" @(#PO<F1F.FQI/@H@(" @(" @
M(" @(" \+W)D9CI397$^"B @(" @(" @(#PO>&UP34TZ2&ES=&]R>3X*(" @
M(" @/"]R9&8Z1&5S8W)I<'1I;VX^"B @(" @(#QR9&8Z1&5S8W)I<'1I;VX@
M<F1F.F%B;W5T/2(B"B @(" @(" @(" @('AM;&YS.GAM<%109STB:'1T<#HO
M+VYS+F%D;V)E+F-O;2]X87 O,2XP+W0O<&<O(@H@(" @(" @(" @("!X;6QN
M<SIS=$1I;3TB:'1T<#HO+VYS+F%D;V)E+F-O;2]X87 O,2XP+W-4>7!E+T1I
M;65N<VEO;G,C(@H@(" @(" @(" @("!X;6QN<SIX;7!'/2)H='1P.B\O;G,N
M861O8F4N8V]M+WAA<"\Q+C O9R\B/@H@(" @(" @(" \>&UP5%!G.DY086=E
M<SXQ/"]X;7!44&<Z3E!A9V5S/@H@(" @(" @(" \>&UP5%!G.DAA<U9I<VEB
M;&54<F%N<W!A<F5N8WD^1F%L<V4\+WAM<%109SI(87-6:7-I8FQE5')A;G-P
M87)E;F-Y/@H@(" @(" @(" \>&UP5%!G.DAA<U9I<VEB;&5/=F5R<')I;G0^
M1F%L<V4\+WAM<%109SI(87-6:7-I8FQE3W9E<G!R:6YT/@H@(" @(" @(" \
M>&UP5%!G.DUA>%!A9V53:7IE(')D9CIP87)S951Y<&4](E)E<V]U<F-E(CX*
M(" @(" @(" @(" @/'-T1&EM.G<^-SDR+C P,# P,#PO<W1$:6TZ=SX*(" @
M(" @(" @(" @/'-T1&EM.F@^-C$R+C P,# P,#PO<W1$:6TZ:#X*(" @(" @
M(" @(" @/'-T1&EM.G5N:70^4&]I;G1S/"]S=$1I;3IU;FET/@H@(" @(" @
M(" \+WAM<%109SI-87A086=E4VEZ93X*(" @(" @(" @/'AM<%109SI0;&%T
M94YA;65S/@H@(" @(" @(" @(" \<F1F.E-E<3X*(" @(" @(" @(" @(" @
M/')D9CIL:3Y#>6%N/"]R9&8Z;&D^"B @(" @(" @(" @(" @(#QR9&8Z;&D^
M36%G96YT83PO<F1F.FQI/@H@(" @(" @(" @(" @(" \<F1F.FQI/EEE;&QO
M=SPO<F1F.FQI/@H@(" @(" @(" @(" @(" \<F1F.FQI/D)L86-K/"]R9&8Z
M;&D^"B @(" @(" @(" @(#PO<F1F.E-E<3X*(" @(" @(" @/"]X;7!44&<Z
M4&QA=&5.86UE<SX*(" @(" @(" @/'AM<%109SI3=V%T8VA'<F]U<',^"B @
M(" @(" @(" @(#QR9&8Z4V5Q/@H@(" @(" @(" @(" @(" \<F1F.FQI(')D
M9CIP87)S951Y<&4](E)E<V]U<F-E(CX*(" @(" @(" @(" @(" @(" @/'AM
M<$<Z9W)O=7!.86UE/D1E9F%U;'0@4W=A=&-H($=R;W5P/"]X;7!'.F=R;W5P
M3F%M93X*(" @(" @(" @(" @(" @(" @/'AM<$<Z9W)O=7!4>7!E/C \+WAM
M<$<Z9W)O=7!4>7!E/@H@(" @(" @(" @(" @(" \+W)D9CIL:3X*(" @(" @
M(" @(" @/"]R9&8Z4V5Q/@H@(" @(" @(" \+WAM<%109SI3=V%T8VA'<F]U
M<',^"B @(" @(#PO<F1F.D1E<V-R:7!T:6]N/@H@(" @(" \<F1F.D1E<V-R
M:7!T:6]N(')D9CIA8F]U=#TB(@H@(" @(" @(" @("!X;6QN<SIP9&8](FAT
M=' Z+R]N<RYA9&]B92YC;VTO<&1F+S$N,R\B/@H@(" @(" @(" \<&1F.E!R
M;V1U8V5R/D%D;V)E(%!$1B!L:6)R87)Y(#$P+C Q/"]P9&8Z4')O9'5C97(^
M"B @(" @(#PO<F1F.D1E<V-R:7!T:6]N/@H@(" \+W)D9CI21$8^"CPO>#IX
M;7!M971A/@H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @"CP_>'!A8VME="!E;F0]
M(G<B/S[_VP!#  8$!08%! 8&!08'!P8("A *"@D)"A0.#PP0%Q08&!<4%A8:
M'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_VP!# 0<'!PH("A,*"A,H
M&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"C_P  1" #5 A$# 2(  A$! Q$!_\0 '  !  (" P$
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M_P#IV($W==A]3ROQ8'J7?[OQ#_FP^IY2Q_@2]/DMX'QEZ_!.  .=-\
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MN<5-'JBC\R<>:ZS7 #;C%06C%9(QI2<GG)ZP #T?
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MI_KS 2 #SUL?T7OS/O52_=^W(H< #J3FP
M6-ZGK&BW*W/P[<9>E54;.E3.<NM\7O?.WU+R*Y&2PU>*BP7VBNE&N4U-(CT3
MWR;VKR5,T])7Q-"NK<=^XGP]SIFI;B[Y'&F'2&S"-N[#M[FOO=2WVM-J0-V=
M-4X\$_ SF)<;VZS8);B)')+%/$UU+'GDLKW)FUOX\$12H][NE7>KK4W&XRK+
M55#U>]R^I."(FI$,G X3K):4]B-3&8KJXZ,-K/+4SRU-1)/42/EFD<KWO>N;
MG*NU54ZP#>,0                           $_P#4N?\ AXB_S(/4\@ G
M[J7%_LN(TWH^!?LD*>/\"7I\EO ^.ONXG, '.&^   #$8LOU-AK#]9=:U?:Z
M=F;69Y*]RZFM3FJY&7*S]4#C'MS?DLE#)G06YR]<5%U23;%_T[//TBSA:'?8
MH[MY7Q-W4P<M^XC.]W.IO-VJ[C7OZ=34R+(]?/N3DFQ.2'B .E2262.=;S>;
M  /H      !S@]VC^4GK.!V4T4LU1'%31ODF>Y&L8QN;G+N1$WJ BXV-\;V?
M!]'URYS]*I<F<5+'KDD]&Y.:ZB,*"WXHTN5+*N]226C"K7=*.GCU+,G+/PE\
MI=2;DVGMT?Z)YJFL2_8]>^LKI%ZXE)*[IZ^,B[U\G9QX$A8TQI9<&T*.N,R=
M?5OM-)#DLC^&2;DYKJ.?3C4]"GO2X\N9NM2M6G=W8\.?(R=IMEJPQ9DIJ&*"
MAH(&JYRJO11.+G.7:O%5-+J,7W3%];+;< L2.D8[H5%[G9[7'Q2)J^$[_NS6
M8>WV/$6DN:.OQ<Z2UX;14?!:XE5KIDW*]=N7-=?!$VDJTM/0V:VMAIXX*.AI
MV:D3)C&-3?\ _P!(I*-3[W>E[+FR2+E8N[W8^_\ I&D]SRX?^ZXA^F!F_9[A
M7X>H/I -._A[?Z&A3Q]_]E-  =*<\       "<-#VCC#^*,(=L;M#4/J>R'Q
MYLF5J9)EEJ])#==&F.E+82TTRNEHQ(/!:CN*X/\ V>L^LN'<5P?^SUGUEQ5[
M2I\RSV=;Y%5P6H[BN#_V>L^LN'<5P?\ L]9]9<.TJ?,=G6^15<%J.XK@_P#9
MZSZRXZ*O0?A.:)6P]L*=^Y[)\_L<BCM*GS'9]OD5>!)>D'1'=<+T\E?0R=LK
M8S6][&=&2).+F\.:>G(C0N5VPM6E!YHJ65RK>C)9  $AX      ,A77FNK;7
M;[=4SN?1T"/2"/<WI.Z2K_W<8\ ^)); VWM  /H       /J(JJB(F:KL1#?
M\+:),47YK)74K;=2NUI)6*K%5.3,E=\Z(G,\3LC6LYO(]PKE8\HK,C\%A[5H
M!ML;46ZWFKG=O2GC;$GV](SD>A#"+$R<VO>O%U1^"(4Y=(TK8\RTL!<_(JX"
MTW<3PA^IK?K"_@.XGA#]36_6%_ ^=I4^9][.M\BK(+3=Q/"'ZFM^L+^ [B>$
M/U-;]87\!VE3YCLZWR*L@M-W$\(?J:WZPOX#N)X0_4UOUA?P':5/F.SK?(JR
M"TW<3PA^IK?K"_@.XGA#]36_6%_ =I4^8[.M\BK(+3=Q/"'ZFM^L+^ [B>$/
MU-;]87\!VE3YCLZWR*LD^=2W[AB3Y5/ZI#:NXGA#]36_6%_ V?!F"[1@]M6V
MRLF:E4K%DZ[)T_!SRR_U*5\5CJ[:G".>;)\-@[*K%.661L@ ,@U0 <99&0Q/
MDE<UD;$5SG.7)$1-JJ :7I<Q>F$<*RRP/1+E59PTJ;T=EK?_  IK\^145SE>
MY7.57.5<U55S55-OTIXM?B_%4]6QSNP(?::5B[F(OA9<7+K^9-QIYT>"P_4U
MZ]KVG/XN_KIZMB  +A5       !ONC;1K<\8S-J']*CM#7=_4N;K?Q2--Z\]
MB?8>++(UQTI/)'J$)6/1BLV:SA?#ESQ/<V4-GIG32KK<[8R-OOG+N0L[H[T<
MVG!-)V7.Z.IN?0SEK)$R;&F]&9^"G/:OV'=55N%=%F'6PHC*=BIFV%G?3U+N
M*[U7FN2)R(FJ+KBW3#<WT5N8M!86.]L1%7K;4\MWCN\E/F3:95EMF*3R[L.)
MIUUPPSU]Z? V_&6EF6IKNT> *=UQN4J]#LIK>DQJ^0GC?*7O4YF1P!HO;0UG
M;S%\W;2_2+US*1W39"[T^$Y..Q-VS,V; ^"K/@JW.;1,1U0K<YZR7+IORVZ_
M%;R3[=IJ6*-)T]PN2V'1Y3=L[F_-KJM$SBBXJF>I<O?+WOG*ZEI9UX=9+>^;
MW(G<='^2]YO<ONUFZ8RQE:,)4B27.?I5#T]II8N^EE7DG#FNHU.AL%]Q[,RN
MQIT[=9$5'P66)RHLG!9EV^CU;_?@71U%:*M;SB*H6[XBE7I.J)55S8EX,1?7
M\V1L.+<6VO"].QUPE<^JEU04D*=.:9VQ$:WS[]A$FH/1IURX\N9*TY+2MU+A
MSY'+V'8;^ ;9]69^ -9]G6(__0[G],G]('5W<?=<QUE/#V?(JB #I3G@
M  6BZG/]':?O<O\ *5=+1=3G^CM/WN7^4S^DO!]2]T=XOH2> # -P      ^
M.:CFJUR(K53)47>5/TUX2CPMBQ5HF="W5S5G@:FQBY]\Q.2+DJ<E0MB0IU4$
M<:V6QR+EUUM1(UOF5J9^I"]T?8XW**V,I8ZM2J;WHKR #H3"
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M'N>]RN>Y<U<JYJJ\5-; 824)=9-9<#+QN*C*/5PU\3B #6,L
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M;*:.FI8DR;'&F2>?FO-=9[ 5K+7/4M2X%BNI0UO6^( !$2E#@ =><J
M                              #>-"=(E9I,LK7)FV-[Y?2UCE3[40T<
MD/0$]K-)MN1V7?1S-3S];<O_  0XAY52RX,EH6=L?^T6N !RQTH
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M;9#TJAZ9354B9R2+Y]R<DU&S &!*3F]*3S9MQBH+**U  'D]   %#@ =><J
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M+GF_9'B>(48Z%*R7NPJYKFNT %PJ@   ^MVH?#ZW:@!?  '('5      %#@
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MIZJS+_ >NOH+RX<M6XV>CL5FNJEZ&1C\-D^MCZD;  UC,
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M>,_0  NE,   '.#W:/Y2>LX'.#W:/Y2>L!%[@ <@=4      4. !UYRH
M  +1=3G^CM/WN7^4JZ6BZG/]':?O<O\ *9_27@^I>Z.\7T)/ !@&X
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MKG6NM[<M66:\.(!%=B;;8Z,WJ)*L/77+2BM9M8 *I9
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1RD]8 "+W  Y ZH      _]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>6
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>Aug. 12, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0000075677<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">PACKAGING CORP OF AMERICA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_RegnFileNb', window );">Registration File Number</a></td>
<td class="text">333-289469<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">S-3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">424B5<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTableNa', window );">Offering Table N/A</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTableNa', window );">Offset Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_CombinedProspectusTableNa', window );">Combined Prospectus Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_CombinedProspectusTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_CombinedProspectusTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeExhibitTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:feeExhibitTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_RegnFileNb">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_RegnFileNb</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissnTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissnTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>7
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offerings - Offering: 1<br></strong></div></th>
<th class="th">
<div>Aug. 12, 2025 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457rFlg', window );">Rule 457(r)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Debt<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">5.200% Senior Notes due 2035<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_AmtSctiesRegd', window );">Amount Registered | shares</a></td>
<td class="nump">500,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 499,885,000.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01531%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 76,532.39<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">This filing fee is calculated in accordance with Rules 457(o) and 457(r) under the Securities Act of 1933, as amended (the "Act"). In accordance with Rules 457(b) and 457(r) of the Act, the registrant initially deferred payment of all of the registration fee for the Registration Statement No. 333-289469 filed on August 11, 2025.<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_AmtSctiesRegd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of securities being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_AmtSctiesRegd</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total amount of registration fee (amount due after offsets).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum aggregate offering price for the offering that is being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxAggtOfferingPric</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative100TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities being registered (for each class being registered).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTitl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_PrevslyPdFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_PrevslyPdFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_Rule457rFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection r<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_Rule457rFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>8
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fees Summary<br></strong></div></th>
<th class="th">
<div>Aug. 12, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesSummaryLineItems', window );"><strong>Fees Summary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOfferingAmt', window );">Total Offering</a></td>
<td class="nump">$ 499,885,000.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlPrevslyPdAmt', window );">Previously Paid Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlFeeAmt', window );">Total Fee Amount</a></td>
<td class="nump">76,532.39<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOffsetAmt', window );">Total Offset Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_NetFeeAmt', window );">Net Fee</a></td>
<td class="nump">$ 76,532.39<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FnlPrspctsFlg', window );">Final Prospectus</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeesSummaryLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeesSummaryLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FnlPrspctsFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FnlPrspctsFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_NetFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_NetFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlOfferingAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlOfferingAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlOffsetAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlOffsetAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlPrevslyPdAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlPrevslyPdAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>9
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
.report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

.report table.authRefData a {
	display: block;
	font-weight: bold;
}

.report table.authRefData p {
	margin-top: 0px;
}

.report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

.report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

.report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

.report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
.pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
.report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

.report hr {
	border: 1px solid #acf;
}

/* Top labels */
.report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

.report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

.report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

.report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

.report td.pl div.a {
	width: 200px;
}

.report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
.report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
.report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
.report .re, .report .reu {
	background-color: #def;
}

.report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
.report .ro, .report .rou {
	background-color: white;
}

.report .rou td {
	border-bottom: 1px solid black;
}

.report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
.report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
.report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

.report .nump {
	padding-left: 2em;
}

.report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
.report .text {
	text-align: left;
	white-space: normal;
}

.report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

.report .text .more {
	display: none;
}

.report .text .note {
	font-style: italic;
	font-weight: bold;
}

.report .text .small {
	width: 10em;
}

.report sup {
	font-style: italic;
}

.report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>12
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.25.2</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>2</ContextCount>
  <ElementCount>24</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>1</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>3</UnitCount>
  <MyReports>
    <Report instance="d68527dexfilingfees.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>995210 - Document - Submission</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://xbrl.sec.gov/ffd/role/document/submissionTable</Role>
      <ShortName>Submission</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report instance="d68527dexfilingfees.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R2.htm</HtmlFileName>
      <LongName>995211 - Document - Offerings</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://xbrl.sec.gov/ffd/role/document/feesOfferingTable</Role>
      <ShortName>Offerings</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>2</Position>
    </Report>
    <Report instance="d68527dexfilingfees.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R3.htm</HtmlFileName>
      <LongName>995215 - Document - Fees Summary</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://xbrl.sec.gov/ffd/role/document/feesSummaryTable</Role>
      <ShortName>Fees Summary</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>3</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File doctype="EX-FILING FEES" original="d68527dexfilingfees.htm">d68527dexfilingfees.htm</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy items="3">http://xbrl.sec.gov/dei/2025</BaseTaxonomy>
    <BaseTaxonomy items="23">http://xbrl.sec.gov/ffd/2025</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>false</HasPresentationLinkbase>
  <HasCalculationLinkbase>false</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>15
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "version": "2.2",
 "instance": {
  "d68527dexfilingfees.htm": {
   "dts": {
    "inline": {
     "local": [
      "d68527dexfilingfees.htm"
     ]
    },
    "schema": {
     "remote": [
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xl-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "http://www.xbrl.org/lrr/arcrole/deprecated-2009-12-16.xsd",
      "https://www.xbrl.org/dtr/type/2024-01-31/types.xsd",
      "https://xbrl.sec.gov/dei/2025/dei-2025.xsd",
      "https://xbrl.sec.gov/ffd/2025/ffd-2025.xsd"
     ]
    }
   },
   "keyStandard": 24,
   "keyCustom": 0,
   "axisStandard": 1,
   "axisCustom": 0,
   "memberStandard": 1,
   "memberCustom": 0,
   "hidden": {
    "total": 10,
    "http://xbrl.sec.gov/dei/2025": 2,
    "http://xbrl.sec.gov/ffd/2025": 8
   },
   "contextCount": 2,
   "entityCount": 1,
   "segmentCount": 1,
   "elementCount": 107,
   "unitCount": 3,
   "baseTaxonomies": {
    "http://xbrl.sec.gov/ffd/2025": 23,
    "http://xbrl.sec.gov/dei/2025": 3
   },
   "report": {
    "R1": {
     "role": "http://xbrl.sec.gov/ffd/role/document/submissionTable",
     "longName": "995210 - Document - Submission",
     "shortName": "Submission",
     "isDefault": "true",
     "groupType": "Fee_Exhibit",
     "subGroupType": "",
     "menuCat": "Cover",
     "order": "1",
     "firstAnchor": null,
     "uniqueAnchor": null
    },
    "R2": {
     "role": "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable",
     "longName": "995211 - Document - Offerings",
     "shortName": "Offerings",
     "isDefault": "false",
     "groupType": "Fee_Exhibit",
     "subGroupType": "",
     "menuCat": "Cover",
     "order": "2",
     "firstAnchor": {
      "contextRef": "offrl_1",
      "name": "ffd:PrevslyPdFlg",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "d68527dexfilingfees.htm",
      "first": true,
      "unique": true
     },
     "uniqueAnchor": {
      "contextRef": "offrl_1",
      "name": "ffd:PrevslyPdFlg",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "d68527dexfilingfees.htm",
      "first": true,
      "unique": true
     }
    },
    "R3": {
     "role": "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable",
     "longName": "995215 - Document - Fees Summary",
     "shortName": "Fees Summary",
     "isDefault": "false",
     "groupType": "Fee_Exhibit",
     "subGroupType": "",
     "menuCat": "Cover",
     "order": "3",
     "firstAnchor": {
      "contextRef": "rc",
      "name": "ffd:TtlOfferingAmt",
      "unitRef": "USD",
      "xsiNil": "false",
      "lang": null,
      "decimals": "INF",
      "ancestors": [
       "p",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "d68527dexfilingfees.htm",
      "first": true,
      "unique": true
     },
     "uniqueAnchor": {
      "contextRef": "rc",
      "name": "ffd:TtlOfferingAmt",
      "unitRef": "USD",
      "xsiNil": "false",
      "lang": null,
      "decimals": "INF",
      "ancestors": [
       "p",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "d68527dexfilingfees.htm",
      "first": true,
      "unique": true
     }
    }
   },
   "tag": {
    "ffd_AggtRedRpPricFsclYr": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AggtRedRpPricFsclYr",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Aggregate Redeemed or Repurchased Price, Fiscal Year",
        "terseLabel": "Aggregate Redeemed or Repurchased, FY"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_AggtRedRpPricPrrFsclYr": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AggtRedRpPricPrrFsclYr",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Aggregate Redeemed or Repurchased Price, Prior Fiscal Year",
        "terseLabel": "Aggregate Redeemed or Repurchased, Prior FY"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_AggtSalesPricFsclYr": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AggtSalesPricFsclYr",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Aggregate Sales Price, Fiscal Year",
        "terseLabel": "Aggregate Sales Price"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_AmtRedCdts": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AmtRedCdts",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Amount of Redemption Credits",
        "terseLabel": "Redemption Credits"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_AmtSctiesRcvd": {
     "xbrltype": "nonNegativeDecimal2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AmtSctiesRcvd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Amount of Securities Received",
        "terseLabel": "Amount of Securities Received",
        "documentation": "Amount of securities to be received by the registrant (or cancelled upon issuance of securities to be registered on the form)"
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    },
    "ffd_AmtSctiesRegd": {
     "xbrltype": "nonNegativeDecimal2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AmtSctiesRegd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Amount of Securities Registered",
        "terseLabel": "Amount Registered",
        "documentation": "The amount of securities being registered."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_CeasedOprsDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CeasedOprsDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Ceased Operations Date",
        "terseLabel": "Ceased Operations Date"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_CfwdFormTp": {
     "xbrltype": "formTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CfwdFormTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Carry Forward Form Type",
        "terseLabel": "Carry Forward Form Type",
        "documentation": "The Form Type of the prior shelf registration statement from which unsold securities are carried forward under 415(a)(6). This should be an EDGAR submission type (S-3, S-3/A, S-3ASR, etc.), which means there is a fixed set of possible responses. Note that while the XBRL response should be an EDGAR submission type, the human-readable Ex. 107 could include a simpler label (e.g., \"Form S-3\" in the human-readable and \"S-3ASR\" in the XBRL)."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "ffd_CfwdPrevslyPdFee": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CfwdPrevslyPdFee",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Carry Forward Previously Paid Fee",
        "terseLabel": "Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward",
        "documentation": "The fee previously paid in connection with the securities being brought forward from the prior shelf registration statement on which unsold securities are carried forward under 415(a)(6)."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "ffd_CfwdPrrFctvDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CfwdPrrFctvDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Carry Forward Prior Effective Date",
        "terseLabel": "Carry Forward Initial Effective Date",
        "documentation": "The initial effective date of the prior shelf registration statement from which unsold securities are carried forward under 415(a)(6)."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "ffd_CfwdPrrFileNb": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CfwdPrrFileNb",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Carry Forward File Number",
        "terseLabel": "Carry Forward File Number",
        "documentation": "The EDGAR File Number of the prior shelf registration statement from which unsold securities are carried forward under 415(a)(6). If the prior registration statement has a Securities Act File Number and an Investment Company Act File Number, the Securities Act File Number should be used."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "ffd_CmbndPrspctsItemAxis": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CmbndPrspctsItemAxis",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Combined Prospectus Item [Axis]",
        "terseLabel": "Combined Prospectus",
        "documentation": "A sequence number (1, 2, 3...) used to distinguish different references to earlier prospectuses on a single fee bearing submission."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_CmbndPrspctsLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CmbndPrspctsLineItems",
     "lang": {
      "en-us": {
       "role": {
        "label": "Combined Prospectus [Line Items]",
        "terseLabel": "Combined Prospectus:"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_CmbndPrspctsTable": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CmbndPrspctsTable",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Combined Prospectus [Table]",
        "terseLabel": "Combined Prospectus Table"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_CombinedProspectusTableNa": {
     "xbrltype": "naItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CombinedProspectusTableNa",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Combined Prospectus Table [N/A]",
        "terseLabel": "Combined Prospectus Table N/A"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_CshPdByRegistrantInTx": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CshPdByRegistrantInTx",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Cash Paid by Registrant in Transaction",
        "terseLabel": "Cash Consideration Paid",
        "documentation": "Amount of cash consideration paid by registrant in connection with the exchange or other transaction being registered (in a 457(f) calculation)."
       }
      }
     },
     "auth_ref": [
      "r12"
     ]
    },
    "ffd_CshRcvdByRegistrantInTx": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CshRcvdByRegistrantInTx",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Cash Received by Registrant in Transaction",
        "terseLabel": "Cash Consideration Received",
        "documentation": "Amount of cash consideration received by registrant in connection with the exchange or other transaction being registered (in a 457(f) calculation)."
       }
      }
     },
     "auth_ref": [
      "r12"
     ]
    },
    "dei_EntityCentralIndexKey": {
     "xbrltype": "centralIndexKeyItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2025",
     "localname": "EntityCentralIndexKey",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Central Index Key",
        "terseLabel": "Central Index Key",
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK."
       }
      }
     },
     "auth_ref": [
      "r0"
     ]
    },
    "dei_EntityRegistrantName": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2025",
     "localname": "EntityRegistrantName",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Registrant Name",
        "terseLabel": "Registrant Name",
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC."
       }
      }
     },
     "auth_ref": [
      "r0"
     ]
    },
    "ffd_FeeAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable",
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Amount",
        "terseLabel": "Amount of Registration Fee",
        "documentation": "Total amount of registration fee (amount due after offsets)."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeeExhibitTp": {
     "xbrltype": "feeExhibitTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeExhibitTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Exhibit Type",
        "terseLabel": "Fee Exhibit Type"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_FeeIntrstAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeIntrstAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Interest Amount",
        "terseLabel": "Interest Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeeNote": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeNote",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Note",
        "terseLabel": "Fee Note"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeeNoteMaxAggtOfferingPric": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeNoteMaxAggtOfferingPric",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Note Maximum Aggregate Offering Price",
        "terseLabel": "Fee Note MAOP"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeeRate": {
     "xbrltype": "percentItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeRate",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable",
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Rate",
        "terseLabel": "Fee Rate",
        "documentation": "The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeesOthrRuleFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeesOthrRuleFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fees, Other Rule [Flag]",
        "terseLabel": "Other Rule",
        "documentation": "Checkbox indicating whether filer is using a rule other than 457(a), 457(o), or 457(f) to calculate the registration fee due."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeesSummaryLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeesSummaryLineItems",
     "lang": {
      "en-us": {
       "role": {
        "label": "Fees Summary [Line Items]",
        "terseLabel": "Fees Summary:"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FnlPrspctsFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FnlPrspctsFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Final Prospectus [Flag]",
        "terseLabel": "Final Prospectus"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FormTp": {
     "xbrltype": "submissionTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FormTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Form Type",
        "terseLabel": "Form Type"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_GnlInstrIIhiFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "GnlInstrIIhiFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "General Instruction II.H,I [Flag]",
        "terseLabel": "General Instruction II.H,I"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrBizAdrCity": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrBizAdrCity",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Business Address, City",
        "terseLabel": "City"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrBizAdrStatOrCtryCd": {
     "xbrltype": "stateOrCountryCodeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrBizAdrStatOrCtryCd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Business Address, State or Country Code",
        "terseLabel": "State or Country Code"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrBizAdrStrt1": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrBizAdrStrt1",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Business Address, Street 1",
        "terseLabel": "Street 1"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrBizAdrStrt2": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrBizAdrStrt2",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Business Address, Street 2",
        "terseLabel": "Street 2"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrBizAdrZipCd": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrBizAdrZipCd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Business Address, Zip Code",
        "terseLabel": "Zip Code"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrNm": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrNm",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Name",
        "terseLabel": "Issuer Name"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_MaxAggtOfferingPric": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "MaxAggtOfferingPric",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Maximum Aggregate Offering Price",
        "terseLabel": "Maximum Aggregate Offering Price",
        "documentation": "The maximum aggregate offering price for the offering that is being registered."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_MaxOfferingPricPerScty": {
     "xbrltype": "nonNegativeDecimal4lItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "MaxOfferingPricPerScty",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Maximum Offering Price per Security",
        "terseLabel": "Proposed Maximum Offering Price per Unit",
        "documentation": "The maximum offering price per share/unit being registered."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_NetFeeAmt": {
     "xbrltype": "monetaryItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "NetFeeAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Net Fee Amount",
        "terseLabel": "Net Fee"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_NetSalesAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "NetSalesAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Net Sales Amount",
        "terseLabel": "Net Sales"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_NrrtvDsclsr": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "NrrtvDsclsr",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Narrative Disclosure",
        "terseLabel": "Narrative Disclosure"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_NrrtvMaxAggtAmt": {
     "xbrltype": "nonNegativeDecimal2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "NrrtvMaxAggtAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Narrative Disclosure, Maximum Aggregate Offering Amount",
        "terseLabel": "Narrative - Max Aggregate Offering Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_NrrtvMaxAggtOfferingPric": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "NrrtvMaxAggtOfferingPric",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Narrative Disclosure, Maximum Aggregate Offering Price",
        "terseLabel": "Narrative - Max Aggregate Offering Price"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OfferingAxis": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingAxis",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering [Axis]",
        "terseLabel": "Offering",
        "documentation": "A sequence number (1, 2, 3...) used to distinguish different security offerings on a single fee bearing submission."
       }
      }
     },
     "auth_ref": []
    },
    "ffd_OfferingLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingLineItems",
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering [Line Items]",
        "terseLabel": "Offering:"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_OfferingNote": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingNote",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering Note",
        "terseLabel": "Offering Note"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OfferingSctyTitl": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingSctyTitl",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable",
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering Security Title",
        "terseLabel": "Security Class Title",
        "documentation": "The title of the class of securities being registered (for each class being registered)."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OfferingSctyTp": {
     "xbrltype": "securityTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingSctyTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering Security Type",
        "terseLabel": "Security Type",
        "documentation": "Type of securities: \"Asset-backed Securities\", \"ADRs/ADSs\", \"Debt\", \"Debt Convertible into Equity\", \"Equity\", \"Face Amount Certificates\", \"Limited Partnership Interests\", \"Mortgage Backed Securities\", \"Non-Convertible Debt\", \"Unallocated (Universal) Shelf\", \"Exchange Traded Vehicle Securities\", \"Other\""
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OfferingTable": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingTable",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering [Table]",
        "terseLabel": "Offering:"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_OfferingTableNa": {
     "xbrltype": "naItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingTableNa",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering Table [N/A]",
        "terseLabel": "Offering Table N/A"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_OffsetAxis": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetAxis",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset [Axis]",
        "terseLabel": "Offset",
        "documentation": "A sequence number (1, 2, 3...) used to distinguish different offsets as applied to a fee bearing submission."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetClmInitlFilgDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetClmInitlFilgDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Claim Initial Filing Date",
        "terseLabel": "Initial Filing Date",
        "documentation": "The initial filing date of the earlier registration statement with which the earlier (offsetting) fee was paid for a claimed offset. If the offset fee was paid with an amendment, do not provide the amendment date under this element; instead, provide the date of the initial filing (i.e. the \"parent\" filing) ."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetClmdAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetClmdAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Claimed Amount",
        "terseLabel": "Fee Offset Claimed",
        "documentation": "The amount of offsetting fees being claimed."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetClmdInd": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetClmdInd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Claimed Indicator",
        "terseLabel": "Offset Claimed"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetExpltnForClmdAmt": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetExpltnForClmdAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Explanation for Claimed Amount",
        "terseLabel": "Explanation for Claimed Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetLineItems",
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Offset:",
        "label": "Offset [Line Items]"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetNote": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetNote",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Note",
        "terseLabel": "Offset Note"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetPrrFeeAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrFeeAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Fee Amount",
        "terseLabel": "Fee Paid with Fee Offset Source",
        "documentation": "The fee previously paid from which an offset is being derived."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrFileNb": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrFileNb",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior File Number",
        "terseLabel": "File Number",
        "documentation": "The EDGAR File Number of the earlier registration statement with which the earlier (offsetting) fee was paid. If the offset filing for the offset has a Securities Act File Number and an Investment Company Act File Number, the Securities Act File Number should be used."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrFilerNm": {
     "xbrltype": "filerNameItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrFilerNm",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Filer Name",
        "terseLabel": "Registrant or Filer Name",
        "documentation": "The name of the registrant that filed the earlier registration statement with which the earlier (offsetting) fee was paid."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrFormTp": {
     "xbrltype": "formTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrFormTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Form Type",
        "terseLabel": "Form or Filing Type",
        "documentation": "The Form Type of the offset filing."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrNbOfUnsoldScties": {
     "xbrltype": "nonNegativeIntegerItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrNbOfUnsoldScties",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Unsold Number of Securities",
        "terseLabel": "Unsold Securities Associated with Fee Offset Claimed",
        "documentation": "The number of unsold securities registered on the prior registration statement that are associated with the claimed offset."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrSctyTitl": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrSctyTitl",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Security Title",
        "terseLabel": "Security Title Associated with Fee Offset Claimed",
        "documentation": "The title of the class of securities from which offset fees were derived."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrSctyTp": {
     "xbrltype": "securityTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrSctyTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Security Type",
        "terseLabel": "Security Type Associated with Fee Offset Claimed",
        "documentation": "Type of securities: \"Asset-backed Securities\", \"ADRs/ADSs\", \"Debt\", \"Debt Convertible into Equity\", \"Equity\", \"Face Amount Certificates\", \"Limited Partnership Interests\", \"Mortgage Backed Securities\", \"Non-Convertible Debt\", \"Unallocated (Universal) Shelf\", \"Exchange Traded Vehicle Securities\", \"Other\""
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrUnsoldOfferingAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrUnsoldOfferingAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Unsold Offering Amount",
        "terseLabel": "Unsold Aggregate Offering Amount Associated with Fee Offset Claimed",
        "documentation": "The aggregate offering amount of unsold securities registered on the prior registration statement that are associated with the claimed offset."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetSrcFilgDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetSrcFilgDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Source Filing Date",
        "terseLabel": "Filing Date",
        "documentation": "The filing date of the earlier registration statement with which the earlier (offsetting) fee was paid in an offset."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetTable": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetTable",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Offset Payment:",
        "label": "Offset [Table]"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetTableNa": {
     "xbrltype": "naItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetTableNa",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Table [N/A]",
        "terseLabel": "Offset Table N/A"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_PrevslyPdFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "PrevslyPdFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable",
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Previously Paid [Flag]",
        "terseLabel": "Fee Previously Paid"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_RegnFileNb": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "RegnFileNb",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Registration File Number",
        "terseLabel": "Registration File Number"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_RptgFsclYrEndDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "RptgFsclYrEndDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Reporting Fiscal Year End Date",
        "terseLabel": "Reporting FY End Date"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_Rule011Flg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule011Flg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 0-11 [Flag]",
        "terseLabel": "Rule 0-11"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_Rule011a2OffsetFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule011a2OffsetFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Rule 0-11(a)(2) Offset",
        "label": "Rule 0-11(a)(2) Offset [Flag]"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_Rule415a6Flg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule415a6Flg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 415(a)(6) [Flag]",
        "terseLabel": "Rule 415(a)(6)",
        "documentation": "Checkbox indicating whether filer is claiming a 415(a)(6) carryforward."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "ffd_Rule429AggtOfferingAmt": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429AggtOfferingAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Aggregate Offering Amount",
        "terseLabel": "Maximum Aggregate Offering Price of Securities Previously Registered",
        "documentation": "The maximum aggregate offering amount of unsold securities registered on the prior registration statement that are carried forward under Rule 429. Only applicable if 457(o) was used in the fee calculation for the prior registration statement."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429CmbndPrspctsFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429CmbndPrspctsFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Combined Prospectus [Flag]",
        "terseLabel": "Rule 429",
        "documentation": "Checkbox indicating whether filer is using a combined prospectus under Rule 429."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429EarlierFileNb": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429EarlierFileNb",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Earlier File Number",
        "terseLabel": "File Number",
        "documentation": "The Securities Act File Number of the earlier effective registration statement(s) from which securities may be offered and sold using the combined prospectus pursuant to Rule 429."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429EarlierFormTp": {
     "xbrltype": "formTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429EarlierFormTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Earlier Form Type",
        "terseLabel": "Form Type",
        "documentation": "The Form Type of the earlier registration statement from which unsold securities are carried forward under Rule 429. This should be an EDGAR submission type (S-3, S-3/A, S-3ASR, etc.), which means there is a fixed set of possible responses. Note that while the XBRL response should be an EDGAR submission type, the human-readable Ex. 107 could include a simpler label (e.g., \"Form S-3\" in the human-readable and \"S-3ASR\" in the XBRL)."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429InitlFctvDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429InitlFctvDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Initial Effective Date",
        "terseLabel": "Initial Effective Date",
        "documentation": "The filing date of the earlier registration statement from which unsold securities are carried forward under Rule 429."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429NbOfUnsoldScties": {
     "xbrltype": "nonNegativeDecimal2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429NbOfUnsoldScties",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Number Of Unsold Securities",
        "terseLabel": "Amount of Securities Previously Registered",
        "documentation": "The number of securities registered on the prior registration statement that are carried forward under Rule 429."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429PrspctsNote": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429PrspctsNote",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Prospectus Note",
        "terseLabel": "Combined Prospectus Note"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Rule429SctyTitl": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429SctyTitl",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Security Title",
        "terseLabel": "Security Class Title"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Rule429SctyTp": {
     "xbrltype": "securityTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429SctyTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Security Type",
        "terseLabel": "Security Type"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Rule457aFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457aFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(a) [Flag]",
        "terseLabel": "Rule 457(a)",
        "documentation": "Checkbox indicating whether filer is using Rule 457(a) to calculate the registration fee due."
       }
      }
     },
     "auth_ref": [
      "r4"
     ]
    },
    "ffd_Rule457bOffsetFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457bOffsetFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(b) Offset [Flag]",
        "terseLabel": "Rule 457(b) Offset",
        "documentation": "Checkbox indicating whether filer is claiming an offset under Rule 457(b) or 0-11(a)(2)."
       }
      }
     },
     "auth_ref": [
      "r5"
     ]
    },
    "ffd_Rule457fFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457fFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(f) [Flag]",
        "terseLabel": "Rule 457(f)",
        "documentation": "Checkbox indicating whether filer is using Rule 457(f) to calculate the registration fee due."
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    },
    "ffd_Rule457oFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457oFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(o) [Flag]",
        "terseLabel": "Rule 457(o)",
        "documentation": "Checkbox indicating whether filer is using Rule 457(o) to calculate the registration fee due."
       }
      }
     },
     "auth_ref": [
      "r7"
     ]
    },
    "ffd_Rule457pOffsetFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457pOffsetFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(p) Offset [Flag]",
        "terseLabel": "Rule 457(p) Offset",
        "documentation": "Checkbox indicating whether filer is claiming an offset under Rule 457(p)."
       }
      }
     },
     "auth_ref": [
      "r8"
     ]
    },
    "ffd_Rule457rFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457rFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(r) [Flag]",
        "terseLabel": "Rule 457(r)"
       }
      }
     },
     "auth_ref": [
      "r9"
     ]
    },
    "ffd_Rule457sFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457sFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(s) Flag",
        "terseLabel": "Rule 457(s)"
       }
      }
     },
     "auth_ref": [
      "r10"
     ]
    },
    "ffd_Rule457uFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457uFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(u) [Flag]",
        "terseLabel": "Rule 457(u)",
        "documentation": "Checkbox indicating whether filer is using Rule 457(u) to calculate the registration fee due."
       }
      }
     },
     "auth_ref": [
      "r11"
     ]
    },
    "ffd_Scties424iAxis": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Scties424iAxis",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Securities, 424I [Axis]",
        "terseLabel": "Securities, 424I"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Scties424iLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Scties424iLineItems",
     "lang": {
      "en-us": {
       "role": {
        "label": "Securities, 424I [Line Items]",
        "terseLabel": "Securities, 424I:"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Scties424iTable": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Scties424iTable",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Securities, 424I [Table]",
        "terseLabel": "Securities, 424I Table"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Securities424iTableNa": {
     "xbrltype": "naItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Securities424iNa",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Securities 424I [N/A]",
        "terseLabel": "Securities 424I N/A"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_SubmissionLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "SubmissionLineItems",
     "lang": {
      "en-us": {
       "role": {
        "label": "Submission [Line Items]",
        "terseLabel": "Items"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_SubmissnTp": {
     "xbrltype": "submissionTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "SubmissnTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Submission Type",
        "terseLabel": "Submission Type"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_TermntnCmpltnWdrwl": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TermntnCmpltnWdrwl",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Termination / Completion / Withdrawal Statement",
        "terseLabel": "Termination / Withdrawal Statement"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_TtlFeeAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlFeeAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Fee Amount",
        "terseLabel": "Total Fee Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TtlFeeAndIntrstAmt": {
     "xbrltype": "nonNegativeDecimal2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlFeeAndIntrstAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Fee and Interest Amount",
        "terseLabel": "Total Fee and Interest Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TtlOfferingAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlOfferingAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Offering Amount",
        "terseLabel": "Total Offering"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TtlOffsetAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlOffsetAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Offset Amount",
        "terseLabel": "Total Offset Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TtlPrevslyPdAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlPrevslyPdAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Previously Paid Amount",
        "terseLabel": "Previously Paid Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TtlTxValtn": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlTxValtn",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Transaction Valuation",
        "terseLabel": "Total Transaction Valuation"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TxValtn": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TxValtn",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Transaction Valuation",
        "terseLabel": "Transaction Valuation"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_ValSctiesRcvd": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "ValSctiesRcvd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Value of Securities Received",
        "terseLabel": "Value of Securities Received",
        "documentation": "Value of securities to be received by the registrant (or cancelled upon issuance of securities to be registered on the form)"
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    },
    "ffd_ValSctiesRcvdPerShr": {
     "xbrltype": "nonNegativeDecimal4lItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "ValSctiesRcvdPerShr",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Value of Securities Received, Per Share",
        "terseLabel": "Value of Securities Received, Per Share",
        "documentation": "Value per share of securities to be received by the registrant (or cancelled upon issuance of securities to be registered on the form). This is included in the explanation of 457(f) fee calculation."
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    }
   }
  }
 },
 "std_ref": {
  "r0": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r1": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230"
  },
  "r2": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "415",
   "Subsection": "a"
  },
  "r3": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "429"
  },
  "r4": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457"
  },
  "r5": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "b"
  },
  "r6": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "f"
  },
  "r7": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "o"
  },
  "r8": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "p"
  },
  "r9": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "r"
  },
  "r10": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "s"
  },
  "r11": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "u"
  },
  "r12": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Subsection": "f",
   "Section": "457"
  }
 }
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>16
<FILENAME>0001193125-25-179807-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001193125-25-179807-xbrl.zip
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M][>7P^JJ^S:9P!M[^JB/07]Z,<' &SUC!1A6HVHSZT+BW@+<>"NR/N55B:9
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MY(SXA>H LWK6OY57T$DH&)W.X67X;#)A4O,KG8^!@LE@3%1AF7 R7#(?&<3
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MK#U[N@M 'M5_UO"%)$PC/) H*AG19^N%!): G&D2W3;)I>YY+P3<YUGW3/)
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M?XG/&([D-=V@\O^E'(8$O3#^J_A)0.MH_I%"?WCGZ/TZSC&B7+C&U8(>VRV
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>9F5E<RYH=&U02P4&      $  0!%    , L

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>d68527dexfilingfees_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2025"
  xmlns:ffd="http://xbrl.sec.gov/ffd/2025"
  xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xbrldi="http://xbrl.org/2006/xbrldi"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
    <link:schemaRef
      xlink:href="https://xbrl.sec.gov/ffd/2025/ffd-2025.xsd"
      xlink:type="simple"/>
    <context id="rc">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000075677</identifier>
        </entity>
        <period>
            <startDate>2025-08-12</startDate>
            <endDate>2025-08-12</endDate>
        </period>
    </context>
    <context id="offrl_1">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000075677</identifier>
            <segment>
                <xbrldi:typedMember dimension="ffd:OfferingAxis">
                    <dei:lineNo>1</dei:lineNo>
                </xbrldi:typedMember>
            </segment>
        </entity>
        <period>
            <startDate>2025-08-12</startDate>
            <endDate>2025-08-12</endDate>
        </period>
    </context>
    <unit id="USD">
        <measure>iso4217:USD</measure>
    </unit>
    <unit id="pure">
        <measure>pure</measure>
    </unit>
    <unit id="Shares">
        <measure>shares</measure>
    </unit>
    <ffd:FormTp contextRef="rc" id="ixv-330">S-3</ffd:FormTp>
    <ffd:SubmissnTp contextRef="rc" id="ixv-331">424B5</ffd:SubmissnTp>
    <ffd:FeeExhibitTp contextRef="rc" id="ixv-332">EX-FILING FEES</ffd:FeeExhibitTp>
    <ffd:RegnFileNb contextRef="rc" id="ixv-333">333-289469</ffd:RegnFileNb>
    <dei:EntityCentralIndexKey contextRef="rc" id="ixv-334">0000075677</dei:EntityCentralIndexKey>
    <dei:EntityRegistrantName contextRef="rc" id="ixv-335">PACKAGING CORP OF AMERICA</dei:EntityRegistrantName>
    <ffd:OfferingTableNa contextRef="rc" id="hiddenrcOfferingTableNa" xsi:nil="true"/>
    <ffd:OffsetTableNa contextRef="rc" id="hiddenrcOffsetTableNa">N/A</ffd:OffsetTableNa>
    <ffd:CombinedProspectusTableNa contextRef="rc" id="hiddenrcCombinedProspectusTableNa">N/A</ffd:CombinedProspectusTableNa>
    <ffd:FnlPrspctsFlg contextRef="rc" id="ixv-339">false</ffd:FnlPrspctsFlg>
    <ffd:FormTp contextRef="rc" id="ixv-364">S-3</ffd:FormTp>
    <dei:EntityRegistrantName contextRef="rc" id="ixv-365">PACKAGING CORP OF AMERICA</dei:EntityRegistrantName>
    <ffd:PrevslyPdFlg contextRef="offrl_1" id="ixv-366">false</ffd:PrevslyPdFlg>
    <ffd:OfferingSctyTp contextRef="offrl_1" id="ixv-367">Debt</ffd:OfferingSctyTp>
    <ffd:OfferingSctyTitl contextRef="offrl_1" id="ixv-368">5.200% Senior Notes due 2035</ffd:OfferingSctyTitl>
    <ffd:Rule457rFlg contextRef="offrl_1" id="ixv-369">true</ffd:Rule457rFlg>
    <ffd:AmtSctiesRegd
      contextRef="offrl_1"
      decimals="0"
      id="ixv-370"
      unitRef="Shares">500000000</ffd:AmtSctiesRegd>
    <ffd:MaxAggtOfferingPric
      contextRef="offrl_1"
      decimals="INF"
      id="ixv-371"
      unitRef="USD">499885000.00</ffd:MaxAggtOfferingPric>
    <ffd:FeeRate
      contextRef="offrl_1"
      decimals="INF"
      id="ixv-372"
      unitRef="pure">0.0001531</ffd:FeeRate>
    <ffd:FeeAmt
      contextRef="offrl_1"
      decimals="INF"
      id="ixv-373"
      unitRef="USD">76532.39</ffd:FeeAmt>
    <ffd:TtlOfferingAmt contextRef="rc" decimals="INF" id="ixv-374" unitRef="USD">499885000.00</ffd:TtlOfferingAmt>
    <ffd:TtlFeeAmt contextRef="rc" decimals="INF" id="ixv-375" unitRef="USD">76532.39</ffd:TtlFeeAmt>
    <ffd:TtlPrevslyPdAmt contextRef="rc" decimals="INF" id="ixv-376" unitRef="USD">0.00</ffd:TtlPrevslyPdAmt>
    <ffd:TtlOffsetAmt contextRef="rc" decimals="INF" id="ixv-377" unitRef="USD">0.00</ffd:TtlOffsetAmt>
    <ffd:NetFeeAmt contextRef="rc" decimals="INF" id="ixv-378" unitRef="USD">76532.39</ffd:NetFeeAmt>
    <ffd:OfferingNote contextRef="offrl_1" id="ixv-379">This filing fee is calculated in accordance with Rules 457(o) and 457(r) under the Securities Act of 1933, as amended (the "Act"). In accordance with Rules 457(b) and 457(r) of the Act, the registrant initially deferred payment of all of the registration fee for the Registration Statement No. 333-289469 filed on August 11, 2025.</ffd:OfferingNote>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
