Packaging Update: Read Through from Conagra F4Q26; Driving Price at Expense of Volume; Negative for Packaging & Boxboard

Research evidence excerpt

Packaging Update: Read Through from Conagra F4Q26; Driving Price at Expense of Volume; Negative for Packaging & Boxboard

Truist Securities

may exhibit volatility whereby assigning a price target would be unhelpful to making an investment decision. As such, with Research

Management‘s approval, an analyst may refrain from assigning a target to a sub-$5 stock.

Legend for Rating and Price Target History Charts:

B = Buy

H = Hold

S = Sell

D = Drop Coverage

CS = Coverage Suspended

NR = Not Rated

I = Initiate Coverage

T = Transfer Coverage

Truist Securities ratings distribution (as of 07/15/2026):

Coverage Universe Investment Banking Clients Past 12 Months

Rating Count Percent Rating Count Percent

Buy 485 66.35% Buy 140 28.87%

Hold 244 33.38% Hold 59 24.18%

Sell 2 0.27% Sell 1 50.00%

Other Disclosures

Certain information contained herein has been derived from third-party sources believed to be reliable but is not guaranteed as

to accuracy and does not purport to be a complete analysis of the security, company or industry involved. This report is not to be

construed as an offer to sell or a solicitation of an offer to buy any security. Truist Securities, Inc. and/or its officers or employees may

have positions in any securities, options, rights or warrants. The firm and/or associated persons may sell to or buy from customers on

a principal basis. Investors may be prohibited in certain states from purchasing some over the-counter securities mentioned herein.

Opinions expressed are subject to change without notice.

Truist Securities, Inc.’s research is primarily provided to and intended for use by Institutional Accounts as defined in FINRA Rule

4512(c). The term “Institutional Account" shall mean the account of: (1) a bank, savings and loan association, insurance company