PABLO ZUANIC is a Senior Equity Analyst at J. P. Morgan Securities Inc.
covering food stocks. At present he cover 13 food companies, nine in the
packaged food group and four in the meats group. For the three-year
period ended October 2003 he covered Latin American consumer stocks. He
was ranked number one in the 2002 and 2003 Institutional Investor
surveys for his work in the F&B sector. Before joining JPMorgan in 2000,
Mr. Zuanic worked with ING Barings in Southeast Asia, and with Booz,
Allen & Hamilton management consultants in Singapore and Australia. Mr.
Zuanic holds a Commercial Engineering degree from the Universidad de
Chile and an MBA from Harvard Business School. Profile
ERIC KATZMAN, Managing Director, joined Deutsche Bank Securities Inc. in
September 2000, and is currently a Senior Analyst covering the food
sector. Mr. Katzman has been recognized as a Wall Street Journal Best of
the Street three times. He has been ranked in the top three by the
Greenwich survey on several occasions. He has also been recognized as
part of Institutional Investor magazine's All-America Research Team.
Prior to joining the firm, he was with Merrill Lynch as the US
coordinator of food research, covering the industry since 1996. Prior to
the food sector, he was the Senior Analyst covering toys and leisure.
Earlier in his career at Merrill Lynch, he assisted with research
coverage on the cosmetics and household product industries. In addition,
he worked in economic research for Shearson Lehman Brothers and for
Israel's Ministry of Trade and Industry. He received his MBA in Finance
from New York University and his BA in Economics and Government from
Oberlin College. He is a Chartered Financial Analyst. Profile
TWST: Erik, as you look at the food industry, what is a key issue from
Mr. Katzman: When we look at the food industry we actually break it down