Letter to Shareholders (cont.)

We continued to invest in the development of Alchematrix Inc., our business-to-business e-commerce subsidiary. Alchematrix serves the supply-chain needs of the research, healthcare, science-education and safety-training markets, by providing a vendor-neutral marketplace for those customers who prefer it.

As a long-established industry leader in the development of e-commerce, we have the experience and momentum needed to grow in today's challenging environment. We're confident that because of our focus on strategic supplier relationships and the excellence of our worldwide logistics and technology, we'll continue to lead our industry in e-commerce for years to come.

Financial Results Fisher continued its momentum in 2000, with operations in key domestic markets – scientific research, clinical lab and safety – all posting strong year-over-year results. Highlights include:

• Record annual sales of $2.62 billion compared with sales of $2.51 billion in 1999 – up nearly 6%
  excluding the impact of foreign exchange;
• Record operating income of $164.7 million compared with $158.0 million in 1999, excluding $8.4
  million and $11.2 million of nonrecurring expenses, respectively;
• EBITDA (earnings before interest, tax, depreciation and amortization) of $227.9 million, excluding
  nonrecurring expenses and gains from asset sales, up from $223.9 million the previous year;
• Diluted EPS (earnings per share), adjusted for nonrecurring expenses, of $0.98, up from $0.75.

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