Consumer >> Sector Roundtables >> March 7, 2005

ROUNDTABLE FORUM: PACKAGED FOOD & COMMODITY PROCESSORS

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

your perspective?

Mr. Katzman: When we look at the food industry we actually break it down

into two areas. First is