Industry & Services >> Sector Roundtables >> October 13, 2003

Roundtable Forum: Paper & Forest Products

STEVEN CHERCOVER joined D.A. Davidson in February 2000 as a senior research analyst. Prior to joining D.A. Davidson, he covered the Canadian forest products industry for T.D. Securities in Canada. His knowledge of the Canadian industry and current location in Portland, Oregon, give him a unique perspective of the evolving North American forest products industry. His coverage universe is comprised of 15 publicly traded companies in the US and Canada. A native of Toronto, Mr. Chercover holds a bachelor's degree from the University of Western Ontario, an MBA from the University of Toronto, and the Chartered Financial Analyst designation. Profile
DAVID MARTIN is the senior biotechnology analyst at Dundee Securities in Toronto, Canada. Prior to joining Dundee, he was involved in biotech research and investment banking at another Canadian firm, and has also worked for a Big Four accounting firm and a European pharmaceutical company. He earned an MBA from the Richard Ivey School of Business and a PhD from the University of Western Ontario, based on work conducted at the London Cancer Center, the Ontario Cancer Institute and the University of Kentucky. His research took him to Italy, where he worked on a year-long scholarship at a cancer institute near Milan. Profile
C. A. 'CHIP' DILLON III, is a Managing Director of Smith Barney Inc. and the Senior North American Paper and Forest Products Industry Analyst in the Equity Research Department. He is a Chartered Financial Analyst and a past President of the Paper and Forest Products Analysts Group of New York. He consistently ranks highly in the major polls/surveys of U.S. Paper and Forest Products Analysts, including a No. 1 ranking on five occasions in the Institutional Investor poll. In addition, he is the only US Paper and Forest Products Analyst to be inducted into the Wall Street Journal Analyst 'Hall of Fame.' Prior to joining Smith Barney predecessor Salomon Brothers in August 1992, he covered the industry at First Manhattan Co. and, on the buy side, at J.P. Morgan Fleming Investment Management. He also has been associated with Bankers Trust Company. Mr. Dillon earned a BS from the University of North Carolina in 1980, and an MBA from Columbia University in 1986. Profile
TWST: Chip, what has gone on in this group from a market

perspective so far this year?

Mr. Dillon: The North American paper stocks, through September

19, had gone up about 15% year to date,