Eastman Announces Executive Appointments

KINGSPORT, Tenn., Oct. 29, 2003 – Eastman Chemical Company (NYSE:EMN) today announced two executive appointments. Richard A. Lorraine has been named senior vice president and chief financial officer, effective Dec. 1. Lorraine succeeds James P. Rogers, who will become executive vice president and president of the company’s Eastman Division.

“Rich is an excellent addition to our leadership team, and his appointment allows Jim to devote his full energies to the success of Eastman Division,” said J. Brian Ferguson, chairman and CEO.

“Rich’s strong financial background, knowledge of the chemical industry and extensive international experience make him a strong asset for Eastman,” Ferguson said. “His financial experience spans three different global companies and includes positions at the plant, division, group and corporate levels.”

Lorraine, 57, was most recently executive vice president and chief financial officer for Occidental Chemical Corporation in Dallas, Texas. In addition to all finance responsibilities, he led the purchasing, logistics and e-business functions of the $3 billion chemical company. Before joining Occidental in 1995, Lorraine was with ITT Corporation, where he held both financial and operational management positions. He began his career with Westinghouse Electric Corporation in Pittsburgh, Pa.

Rogers joined Eastman in 1999. In addition to serving as CFO since then, Rogers was named chief operations officer of Eastman Division in 2002. In this job, he was responsible for site and shared operations; global customer supply chain; and health, safety and environmental services.

“Jim has already begun to develop and implement strategies to improve and grow businesses in Eastman Division,” Ferguson said. “I’m confident his ability to devote his full-time attention to the division will result in an even stronger focus on our customers and markets.”

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