Index Introduction Dear Fellow Shareholders Our Products Product Characteristics Republic of South Africa Approval Accredited Medical Education Program  Physician Q&A Phase III Clinical Trials U.S. Market Opportunity Medical Readiness 2001 Highlights Form 10-K Biopure Corporate Information Shareholder Information

Report of Ernst & Young LLP, Independent Auditors Consolidated Balance Sheets at October 31, 2001 and October 31, 2000 Consolidated Statements of Operations for the Years Ended October 31, 2001, 2000 and 1999 Consolidated Statements of Stockholders’ Equity for the Years Ended October 31, 2001, 2000 and 1999 Consolidated Statements of Cash Flows for the Years Ended October 31, 2001, 2000 and 1999 Notes to Consolidated Financial Statements