Letter to Shareholders (cont.)

In short, Fisher had another great year. Outstanding results in domestic distribution offset most of the decline in our lab-workstation's operating income. Amid all the bearish sentiment on Wall Street and around the world, it is worth pointing out that we operate in a recession-resistant market and have achieved increased sales for 46 consecutive years, a record few public companies have matched.

Fisher's Future Fisher Scientific is ready to respond quickly to emerging global market demands and opportunities in the life-science, healthcare and safety markets. With the talent and expertise of more than 7,400 employees worldwide, global logistics infrastructure, fully integrated systems, and enhanced capabilities in serving drug-discovery companies, we are better equipped than ever to pursue our goal: enabling researchers to make the discoveries that will drive the continued growth of our company.

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Paul M. Montrone Chairman and Chief Executive Officer March 20, 2001