Packaging & Waste Services: OCC Mostly Unchanged as Exports Offset Further Mill Demand

Research evidence excerpt

Packaging & Waste Services: OCC Mostly Unchanged as Exports Offset Further Mill Demand

gement, Inc in the past 12 months.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as investment

banking client(s): International Paper Co,Smurfit Westrock.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the

services provided were non-investment-banking, securities-related: GFL Environmental Inc,Graphic Packaging Holding

Co,International Paper Co,Smurfit Westrock,Sonoco Products Company.

services provided were non-investment-banking, non-securities-related: Graphic Packaging Holding Co,International Paper

Co,Smurfit Westrock,Sonoco Products Company,Waste Management, Inc.

Citigroup Global Markets Inc. or an affiliate received compensation in the past 12 months from International Paper Co.

Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to International Paper

Co,Smurfit Westrock,Waste Management, Inc. (For an explanation of the determination of significant financial interest, please

refer to the policy for managing conflicts of interest which can be found at www.citiVelocity.com.)

Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based upon

activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).

Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receive

compensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, and

principal trading revenues.