Industry & Services >> Analyst Interviews >> September 20, 2004

INVESTING IN PAPER & FOREST PRODUCTS COMPANIES: C.A.DILLON III – CITIGROUP GLOBAL MARKETS

C.A. 'CHIP' DILLON III is a Managing Director of Smith Barney 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, which meets monthly with the senior managements of companies in the industry. Mr. Dillon is consistently ranked in the major polls/surveys of US paper and forest products analysts. Currently, he is number one in the 2002 Institutional Investor poll and number two in the 2000 Reuters Survey. In addition, Mr. Dillon is the only US paper and forest products analyst in The Wall Street Journal Analyst Hall of Fame. Prior to joining Smith Barney in August 1992, Mr. Dillon covered the industry at First Manhattan Co. and, on the buy side, at J.P. Morgan Investment Management, Inc. He also has been associated with Bankers Trust Company. Born in Raleigh, North Carolina, Mr. Dillon earned a BS degree from the University of North Carolina in 1980 and an MBA degree from Columbia University in 1986. Profile
TWST: Would you start with a quick overview of your paper and forest

products coverage?

Mr. Dillon: We cover the North American paper and forest products

industry, and that includes companies