Consumer >> Analyst Interviews >> November 18, 2002

Outlook For Tobacco Stocks: Bonnie Herzog – Salomon Smith Barney

Bonnie Herzog is a Director in the U.S. Equity Research Department at Smith Barney where she covers the beverage and tobacco sectors. For the third consecutive year, Ms. Herzog has been ranked in the top three in the Institutional Investor All-American Research Team survey for tobacco. She has also ranked in the top three in the Greenwich Survey for tobacco since 2001. She joined Smith Barney in April 2002. Prior to that she was at Credit Suisse First Boston from 1997 covering the tobacco sector. She has been a guest speaker at numerous tobacco and beverage industry conferences. Ms. Herzog earned her MBA in Finance from the Sloan School of Management at the Massachusetts Institute of Technology and her BA from the University of St. Thomas with a major in Finance. Profile
TWST: How have the tobacco stocks performed in 2002 to date, and

what has been driving the performance of the stocks?

Ms. Herzog: The tobacco stocks have traded down year to date but