THEODOR J. KUNDTZ is a Senior Vice President of Lehman Brothers where he
focuses on specific groups within the technology sector. Previously, Mr.
Kundtz was associated with Bear Stearns as a Managing Director, Standard
& Poor's as an Analyst, Pfizer and the Bureau of the Budget for the City
of New York. He earned his Bachelor's degree in business administration
from Georgetown University and his M.B.A. from New York University. Mr.
Kundtz has also completed all but his dissertation for a Ph.D. in
economics at NYU. Profile
REBECCA F. RUNKLE is a Vice President with Morgan Stanley Dean Witter.
Previously, she was associated with Smith Barney and Marietta Aerospace.
A candidate for the Chartered Financial Analyst designation, Ms. Runkle
holds a Bachelor's degree in Humanities from the University of Colorado
and an M.B.A. in Finance and Accounting from the University of Chicago. Profile
JONATHAN ROSENZWEIG is a Managing Director and Equity Analyst with
Salomon Smith Barney in the Equity Research Department. Mr. Rosenzweig
joined Salomon in 1993, and has covered the photography and imaging
industry since that time. He received a BA in Economics and Political
Science in 1990 and an MBA in Business Administration in 1993, both from
Duke University. Mr. Rosenzweig was also a General Research Analyst with
the Duke Management Company of Duke University. He was named the top
analyst in the Imaging sector in the 2000 Institutional Investor Poll.
In addition, Mr. Rosenzweig has been ranked number number one in his
sector by Greenwich Associates, in 1997 through 2000. He regularly
publishes company-specific and industry-specific research reports. Mr.
Rosenzweig has given presentations to several trade organizations,
including the Photographic Manufacturers and Distributors Association
and the Photo Marketing Association. He has also hosted five annual
Salomon Smith Barney Image and Visual Media Forums, the first of which
was in February 1997. Profile
TWST: Jonathan, you have compiled a capitalization-weighted index of 50
imaging companies divided into subsectors.
Mr. Rosenzweig: We have broken the components of our Salomon Smith