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UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549





Form 10-K


|           |  |                                                                                                               
|---------- |  | --------------------------------------------------------------------------------------------------------------
|(Mark One) |  |                                                                                                               
|þ          |  | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934                      
|          
|           |  | For the fiscal year ended December 31, 2004                                                                   
|          
|o          |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
|          
|           |  | For the transition period
    from           to                                                               

Commission File Number 1-10920





Fisher Scientific International Inc.


(Exact name of registrant as specified in its charter)


|                                                                                |  |                                         
|------------------------------------------------------------------------------- |  | ----------------------------------------
|Delaware                                                                        |  | 02-0451017                              
|(State or other jurisdiction of
    Incorporation or organization)              |  | (I.R.S. Employer
    Identification No.)
|Liberty Lane
    Hampton, New Hampshire(Address of principal executive offices) |  | 03842(Zip Code)                         

Registrants telephone number, including area code:


(603) 926-5911


Securities registered pursuant to Section 12(b) of the
Act:


|                                       |  |                                          
|-------------------------------------- |  | -----------------------------------------
|Title of each class                    |  | Name of each exchange on which registered
|                                       |  |                                          
|Common Stock, par value $.01 per share |  | New York Stock Exchange                  

Securities registered pursuant to Section 12(g) of the
Act:


None





þ o


þ


þ o






DOCUMENTS INCORPORATED BY REFERENCE












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TABLE OF CONTENTS



|                                                                     |                                                                                                         |                                                                             |  |  |  |  |  | 
|-------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------- |  |  |  |  |  | 
|PART I                                                              
|                                                                     | Item 1. Business                                                                                       
|                                                                     | Item 2. Properties                                                                                     
|                                                                     | Item 4. Submission of Matters to a Vote of Security Holders                                            
|PART II                                                             
|                                                                     | Item 5. Market For Registrants Common Equity and Related Stockholder Matters                          
|                                                                     | Item 6. Selected Financial Data                                                                        
|                                                                     | Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations          
|                                                                     | Item 7A. Quantitative and Qualitative Disclosures About Market Risk                                    
|                                                                     | Item 8. Financial Statements and Supplementary Data                                                    
|FISHER SCIENTIFIC INTERNATIONAL INC.                                
|                                                                     |                                                                                                         | STATEMENT OF OPERATIONS                                                    
|                                                                     |                                                                                                         | BALANCE SHEET                                                              
|                                                                     |                                                                                                         | STATEMENT OF CASH FLOWS                                                    
|                                                                     |                                                                                                         | STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY AND OTHER COMPREHENSIVE INCOME
|                                                                     |                                                                                                         | NOTES TO FINANCIAL STATEMENTS                                              
|                                                                     | Item 9A. Controls and Procedures                                                                       
|PART III                                                            
|                                                                     | Item 10. Directors and Executive Officers of the Registrant                                            
|                                                                     | Item 11. Executive Compensation                                                                        
|                                                                     | Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|                                                                     | Item 13. Certain Relationships and Related Transactions                                                
|                                                                     | Item 14. Principal Accountant Fees and Services                                                        
|PART IV                                                             
|                                                                     | Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K                              
|SIGNATURES                                                          
|SCHEDULE II                                                         
|EX-10.15 FIRST AMENDMENT TO THE CREDIT AGREEMENT                    
|EX-10.23 AMENDED AND RESTATED RECEIVABLES TRANSFER AGREEMENT        
|EX-10.25 FIRST AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT          
|EX-10.38 AMENDED AND RESTATED RETIREMENT PLAN                       
|EX-10.39 FIRST AMENDMENT TO THE RETIREMENT PLAN                     
|EX-10.40 SECOND AMENDMENT TO THE RETIREMENT PLAN                    
|EX-10.41 THIRD AMENDMENT TO THE RETIREMENT AGREEMENT                
|EX-10.42 FOURTH AMENDMENT TO THE RETIREMENT PLAN                    
|EX-10.43 5TH AMENDMENT TO THE RETIREMENT PLAN                       
|EX-10.44 SIXTH AMENDMENT TO THE RETIREMENT PLAN                     
|EX-10.45 SEVENTH AMENDMENT TO THE RETIREMENT PLAN                   
|EX-10.46 EIGHT AMENDMENT TO THE RETIREMENT PLAN                     
|EX-10.47 NINTH AMENDMENT TO THE RETIREMENT PLAN                     
|EX-10.48 AMENDED AND RESTATED SAVINGS AND PROFIT SHARING PLAN       
|EX-10.49 FIRST AMENDMENT TO THE SAVINGS AND PROFIT SHARING PLAN     
|EX-10.50 SECOND AMENDMENT TO THE SAVINGS AND PROFIT SHARING PLAN    
|EX-10.51 THIRD AMENDMENT TO THE SAVINGS AND PROFIT SHARING PLAN     
|EX-10.52 FOURTH AMENDMENT TO THE SAVINGS AND PROFIT SHARING PLAN    
|EX-10.53 FIFTH AMENDMENT TO THE SAVINGS AND PROFIT SHARING PLAN     
|EX-10.54 SIXTH AMENDMENT TO THE SAVINGS AND PROFIT SHARING PLAN     
|EX-10.55 SEVENTH AMENDMENT TO THE SAVINGS AND PROFIT SHARING PLAN   
|EX-10.56 EIGHTH AMENDMENT TO THE SAVINGS AND PROFIT SHARING PLAN    
|EX-10.57 NINTH AMENDMENT TO THE SAVINGS AND PROFIT SHARING PLAN     
|EX-10.58 TENTH AMENDMENT TO THE SAVINGS AND PROFIT SHARING PLAN     
|EX-10.59 ELEVENTH AMENDMENT TO THE SAVINGS AND PROFIT SHARING PLAN  
|EX-10.60 EXECUTIVE RETIREMENT AND SAVINGS PROGRAM                   
|EX-10.61 FIRST AMENDMENT TO EXECUTIVE RETIREMENT AND SAVINGS PROGRAM
|EX-12.01 RATIOS OF EARNINGS TO FIXED CHARGES                        
|EX-21.01 LIST OF SUBSIDIARIES                                       
|EX-23.01 CONSENT OF DELOITTE & TOUCHE LLP                           
|EX-31.01 SECT. 302 CERTIFICATION OF THE C.E.O.                      
|EX-31.02 SECT. 302 CERTIFICATION OF THE C.F.O.                      
|EX-32.01 SECT. 906 CERTIFICATION OF THE C.E.O.                      
|EX-32.02 SECT. 906 CERTIFICATION OF THE C.F.O.                      



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PART I







|        |         
|------- | --------
|Item 1. | Business

Our Business






Acquisitions










Competitive Strengths and Strategy






| |   |                                                                                                                                                                                                                                                            
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | premier global brand: we have provided quality service to
    scientists for over one hundred years, and, as a result, have
    one of the most powerful brands in the markets we serve. The
    Company is recognized in virtually every lab in the world.

1



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| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | strong market positions: we are a leading provider of
    products and services to the markets we serve. Given the
    complexity of dealing with multiple suppliers providing
    thousands of products and the increased pressure to increase
    efficiency and reduce costs, our customers increasingly look to
    the Company to meet virtually all of their laboratory needs in a
    timely and cost-effective manner.                               
|
| |  | broad product and service offering: we have a broad line
    of products that provides a virtual one-stop shop for the
    scientist. We also have a suite of services that allow us to
    provide added value to our customers.                                                                                                                                                                                                                            
|
| |  | global sales and marketing network:we have a global
    footprint of more than 3,500 sales and marketing professionals
    that gives us a powerful position in the markets we serve. Our
    2,700 sales representatives provide complete account management.
    We augment these sales representatives with approximately 800
    highly trained technical specialists who allow us to better meet
    the needs of our more technical end-user customers.
|
| |  | extensive supply capabilities:we have a global supply
    chain network that allows us to reduce end-to-end supply chain
    costs. Utilizing state-of-the-art systems and our global
    footprint, we serve more than 350,000 customers in over
    150 countries on a cost-effective basis.                                                                                                                                                               











| |                                 
| | --------------------------------
| | Scientific Products and Services







2



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tm tm tm tm




www.fishersci.com,






Healthcare Products and
Services








3



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| |                        
| | -----------------------
| | Laboratory Workstations



tm






Intellectual Property




4



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Environmental Matters














Regulatory Affairs




5



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Foreign and Domestic Operations, Segment Data and Export
Sales




Employees








|                                 |  |     |    |  |          |                                                                                      
|-------------------------------- |  | --- | -- |  | -------- | -------------------------------------------------------------------------------------
|Executive Officers and Directors |  | Age |    |  | Position
|                                 |  |     |    |  |         
|Paul M. Montrone                 |  |     | 63 |  |          | Chairman of the Board and Chief Executive Officer                                    
|Paul M. Meister                  |  |     | 52 |  |          | Vice Chairman of the Board                                                           
|Frank H. Jellinek, Jr.           |  |     | 59 |  |          | Chairman Emeritus                                                                    
|David T. Della Penta             |  |     | 57 |  |          | President and Chief Operating Officer                                                
|Kevin P. Clark                   |  |     | 42 |  |          | Vice President and Chief Financial Officer                                           
|Todd M. DuChene(4)               |  |     | 41 |  |          | Senior Vice President of Corporate Development, Chief Legal
    Officer and Secretary
|Michael D. Dingman(2)(3)         |  |     | 73 |  |          | Director                                                                             
|Christopher L. Doerr             |  |     | 55 |  |          | Director                                                                             
|Simon B. Rich                    |  |     | 60 |  |          | Director                                                                             
|Charles A. Sanders, M.D.(1)(3)   |  |     | 72 |  |          | Director                                                                             
|Scott M. Sperling(2)(3)          |  |     | 47 |  |          | Director                                                                             
|W. Clayton Stephens(1)(2)        |  |     | 62 |  |          | Director                                                                             
|Richard W. Vieser(1)             |  |     | 77 |  |          | Director                                                                             






|    |                                                                                                                                                               
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Member of the Audit Committee.                                                                                                                                
|   
|(2) | Member of the Compensation Committee.                                                                                                                         
|   
|(3) | Member of the Nominating and Corporate Governance Committee.                                                                                                  
|   
|(4) | Effective as of March 4, 2005, Mr. DuChene resigned
    his position as Senior Vice President of Corporate Development,
    Chief Legal Officer and Secretary.

Paul M. Montrone


Paul M. Meister


Frank H. Jellinek, Jr.


6



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##### Table of Contents





David T. Della Penta


Kevin P. Clark


Todd M. DuChene


Michael D. Dingman


Christopher L. Doerr


Simon B. Rich


Charles A. Sanders, M.D.


Scott M. Sperling


W. Clayton Stephens


Richard W. Vieser


7



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Available Information


www.sec.gov. www.fisherscientific.com.




Corporate Information


www.fisherscientific.com


Risk Factors






| |                                                                                                                                                                                
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Our growth strategy to acquire new businesses may not be
    successful and the integration of future acquisitions may be
    difficult and disruptive to our ongoing business.





| |   |                                                                                                                             
| | - | ----------------------------------------------------------------------------------------------------------------------------
| |  | managements attention being diverted to the integration of
    the acquired businesses;                                    
|
| |  | difficulties in integrating the operations and systems of the
    acquired businesses and realizing operating synergies; and
|
| |  | difficulties in assimilating and retaining employees and
    customers of the acquired companies.                           





8



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| |                                                                                                                                           
| | ------------------------------------------------------------------------------------------------------------------------------------------
| | Our substantial indebtedness could adversely affect our
    financial health and prevent us from fulfilling our financial
    obligations.







| |   |                                                                                                                                                                                                   
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | increasing our vulnerability to general adverse economic and
    industry conditions;                                                                                                             
|
| |  | reducing the availability of our cash flow to fund working
    capital, capital expenditures, research and development efforts,
    program investment efforts, and other general corporate needs;
|
| |  | limiting our flexibility in planning for, or reacting to,
    changes in our business and the industry in which we operate;                                                                       
|
| |  | exposing us to the risk of increased interest rates because some
    of our debt has variable interest rates; and                                                                                 
|
| |  | limiting our ability to borrow additional funds.                                                                                                                                                  







| |                                                                                                                                                                                                                                                                                                                             
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Our results of operations are affected by our
    customers research and development efforts; these efforts
    and the spending on them are beyond our control, and our results
    of operations could be adversely affected if our customers do
    not continue expending sufficient resources on these
    activities.





| |                                                                                                                                                                                                        
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We may be unable to achieve earnings forecasts, which are
    based, in part, on projected volumes and sales of many product
    types and services, some of which are more profitable than
    others.



9



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| |                                                                                                                                                                                                                                                                                           
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Because we compete directly with certain of our largest
    customers and product suppliers, our results of operations could
    be adversely affected in the short-term if these customers and
    suppliers abruptly discontinue or significantly modify their
    relationship with us.





| |                                                                                                                                                                                                                                                             
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Because we rely heavily on third party package delivery
    services, a significant disruption in these services or
    significant increases in prices may disrupt our ability to ship
    products and increase our costs and lower our
    profitability.





| |                                                                                                                                                                                                                                                                                 
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We are subject to regulation by various federal, state and
    foreign agencies, which require us to comply with a wide variety
    of regulations, including regulations regarding the manufacture
    of products, the shipping of our products and environmental
    matters.





10



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| |                                                                            
| | ---------------------------------------------------------------------------
| | If we lose our key personnel, our business could be
    adversely affected.





| |                                                                                                                                                                             
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We are subject to economic, political and other risks
    associated with our significant international sales and
    operations, which could adversely affect our business.





| |   |                                                                                                                            
| | - | ---------------------------------------------------------------------------------------------------------------------------
| |  | changes in the political or economic conditions in a country or
    region, particularly in developing or emerging markets;
|
| |  | future fluctuations in exchange rates;                                                                                     
|
| |  | trade protection measures and import or export licensing
    requirements;                                                 
|
| |  | differing tax laws and changes in those laws;                                                                              
|
| |  | difficulty in staffing and managing widespread
    operations; and                                                         
|
| |  | differing regulatory requirements and changes in those
    requirements.                                                   



| |                                                                                                                                   
| | ----------------------------------------------------------------------------------------------------------------------------------
| | We may be unable to adjust to rapid changes in the
    healthcare industry, some of which could adversely affect our
    business.





| |   |                                                                                               
| | - | ----------------------------------------------------------------------------------------------
| |  | development of large and sophisticated purchasing groups of
    medical and surgical supplies;
|
| |  | wider implementation of managed care;                                                         
|
| |  | legislative healthcare reform;                                                                
|
| |  | consolidation of pharmaceutical companies;                                                    
|
| |  | increased out-sourcing of select activities, including to
    low-cost offshore locations;    
|
| |  | consolidation of pharmaceutical and medical and surgical supply
    distributors; and         
|
| |  | cuts in Medicare spending.                                                                    

11



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| |                                                                                                                            
| | ---------------------------------------------------------------------------------------------------------------------------
| | We may incur unexpected costs from increases in raw
    material prices, which could reduce our earnings and cash
    flow.





| |                                                                                                                                                                                                        
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | If we experience a significant disruption in our
    information technology systems or if we fail to implement new
    systems and software successfully, our business could be
    adversely affected.








|        |           
|------- | ----------
|Item 2. | Properties





|                                 |  |                                     
|-------------------------------- |  | ------------------------------------
|Scientific Products and Services |  |                                     
|Allentown, Pennsylvania(b)       |  | Offices, Logistics and Manufacturing
|Basingstoke, UK(a)               |  | Offices and Logistics               
|Dubuque, Iowa(a)                 |  | Offices and Manufacturing           
|Geel, Belgium                    |  | Offices, Logistics and Manufacturing
|Horsham, United Kingdom(b)       |  | Offices, Logistics and Manufacturing
|Hudson, New Hampshire(a)         |  | Offices, Logistics and Manufacturing
|Indiana, Pennsylvania            |  | Manufacturing                       
|Lenexa, Kansas(b)                |  | Offices, Logistics and Manufacturing
|Logan, Utah                      |  | Offices, Logistics and Manufacturing
|Loughborough, United Kingdom     |  | Offices, Logistics and Manufacturing
|Melrose Park, Illinois           |  | Offices and Logistics               
|Milwaukee, Wisconsin             |  | Offices and Manufacturing           
|Naperville, Illinois             |  | Offices, Logistics and Manufacturing
|Penfield, New York(a)            |  | Offices, Logistics and Manufacturing
|Petaluma, California(a)          |  | Offices, Logistics and Manufacturing
|Rochester, New York(a)           |  | Offices, Logistics and Manufacturing
|Rockford, Illinois               |  | Offices, Logistics and Manufacturing
|Rockwood, Tennessee(b)           |  | Offices, Logistics and Manufacturing
|Romont, Switzerland              |  | Offices, Logistics and Manufacturing
|Roskilde, Denmark                |  | Offices, Logistics and Manufacturing

12



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|                                 |  |                                     
|-------------------------------- |  | ------------------------------------
|Shah Alam, Malaysia              |  | Offices and Logistics               
|Schwerte, Germany(b)             |  | Offices and Logistics               
|Strasbourg, France               |  | Offices and Logistics               
|Vernon Hills, Illinois(a)        |  | Logistics                           
|Healthcare Products and Services |  |                                     
|Auburn, Alabama(b)               |  | Logistics                           
|Fremont, California(a)           |  | Offices and Manufacturing           
|Kalamazoo, Michigan(a)           |  | Offices and Manufacturing           
|Middletown, Virginia             |  | Offices and Manufacturing           
|Portsmouth, New Hampshire(a)     |  | Offices, Logistics and Manufacturing
|Shared Properties                |  |                                     
|Agawam, Massachusetts            |  | Logistics                           
|Chino, California                |  | Logistics                           
|Fair Lawn, New Jersey            |  | Manufacturing                       
|Florence, Kentucky               |  | Logistics                           
|Hampton, New Hampshire           |  | Principal Executive Offices         
|Hanover Park, Illinois           |  | Logistics                           
|Houston, Texas                   |  | Offices and Logistics               
|New York, New York(a)            |  | Offices                             
|Pittsburgh, Pennsylvania(a)      |  | Offices and Data Center             
|Santa Clara, California(a)       |  | Logistics                           
|Somerville, New Jersey           |  | Logistics                           
|Suwanee, Georgia(a)              |  | Offices and Logistics               
|Lab Workstations                 |  |                                     
|Two Rivers, Wisconsin            |  | Offices and Manufacturing           






|    |  |                               
|--- |  | ------------------------------
|(a) |  | Leased                        
|   
|(b) |  | One property owned, one leased



|        |                  
|------- | -----------------
|Item 3. | Legal Proceedings







13



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|        |                                                    
|------- | ---------------------------------------------------
|Item 4. | Submission of Matters to a Vote of Security Holders






PART II







|        |                                                                          
|------- | -------------------------------------------------------------------------
|Item 5. | Market For Registrants Common Equity and Related
    Stockholder Matters

Market Information






Dividends




Equity Compensation Plans




|                                                           |  |                      |           |  |                     |                      |                       |                          |  |  |           | 
|---------------------------------------------------------- |  | -------------------- | --------- |  | ------------------- | -------------------- | --------------------- | ------------------------ |  |  | --------- | 
|                                                           |  |                      |           |  |                     | Number of Securities |                      
|                                                           |  |                      |           |  |                     | Remaining for Future |                      
|                                                           |  | Number of Securities |           |  |                     |                      | Issuance Under Equity |                         
|                                                           |  | to be Issued Upon    |           |  | Weighted-Average    |                      |                       | Compensation Plans       | 
|                                                           |  | Exercise of          |           |  | Exercise Price of   |                      |                       | (Excluding Securities    | 
|Plan Category                                              |  | Outstanding Options  |           |  | Outstanding Options |                      |                       | Reflected in Column (a)) | 
|                                                           |  |                      |           |  |                     |                      |                       |                          | 
|                                                           |  | (a)(2)               |           |  | (b)                 |                      |                       | (c)(1)(2)                | 
|Equity compensation plans approved by security holders     |  |                      | 9,471,816 |  |                     | $                    | 31.59                 |                          |  |  | 1,526,054 | 
|Equity compensation plans not approved by security holders |  |                      |          |  |                     |                      |                      |                          |  |  |          | 
|                                                           |  |                      |           |  |                     |                      |                       |                          | 
|Total at December 31, 2004                                 |  |                      | 9,471,816 |  |                     | $                    | 31.59                 |                          |  |  | 1,526,054 | 
|                                                           |  |                      |           |  |                     |                      |                       |                          | 






|    |                                                                                                                                                                                                                                                                                              
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | 1,526,054 of the shares listed in column (c) may be issued
    in the form of other stock-based awards, which include
    restricted or unrestricted stock, restricted or unrestricted
    stock units or dividend equivalents, pursuant to the 2001 and
    2003 Equity and Incentive Plans.
|   
|(2) | Does not include 3,533,068 shares issuable upon the
    exercise of options under the plans assumed in connection with
    the merger with Apogent.                                                                                                                                          

14



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|        |                        
|------- | -----------------------
|Item 6. | Selected Financial Data



|                                                     |                                                                                   |                                     |         |      |      |   |         |      |  |   |         |       |   |      |         |      |  |   |         |      | 
|---------------------------------------------------- | --------------------------------------------------------------------------------- | ----------------------------------- | ------- | ---- | ---- | - | ------- | ---- |  | - | ------- | ----- | - | ---- | ------- | ---- |  | - | ------- | ---- | 
|                                                     |                                                                                   | Year Ended December 31,             |        
|                                                     |                                                                                   |                                     |        
|                                                     |                                                                                   | 2004                                |         |      | 2003 |   |         | 2002 |  |   | 2001    |       |   | 2000 |        
|                                                     |                                                                                   |                                     |         |      |      |   |         |      |  |   |         |       |   |      |        
|                                                     |                                                                                   | (In millions, except share amounts) |        
|Statement of Operations Data:                        |                                                                                   |                                     |         |      |      |   |         |      |  |   |         |       |   |      |         |      |  |   |         |     
|Sales                                                |                                                                                   | $                                   | 4,662.7 |      |      | $ | 3,564.4 |      |  | $ | 3,238.4 |       |   | $    | 2,880.0 |      |  | $ | 2,622.3 |     
|Income from operations(a)                            |                                                                                   |                                     | 287.0   |      |      |   | 258.6   |      |  |   | 245.1   |       |   |      | 131.1   |      |  |   | 156.3   |     
|Income before cumulative effect of accounting change |                                                                                   |                                     | 166.4   |      |      |   | 78.4    |      |  |   | 96.7    |       |   |      | 16.4    |      |  |   | 22.7    |     
|Net income(b)                                        |                                                                                   |                                     | 166.4   |      |      |   | 78.4    |      |  |   | 50.6    |       |   |      | 16.4    |      |  |   | 22.7    |     
|Share Data:                                          |                                                                                   |                                     |         |      |      |   |         |      |  |   |         |       |   |      |         |      |  |   |         |     
|Net income per common share:                         |                                                                                   |                                     |         |      |      |   |         |      |  |   |         |       |   |      |         |      |  |   |         |     
|                                                     | Basic income per common share before cumulative effect of
    accounting change   |                                     | $       | 1.93 |      |   | $       | 1.38 |  |   | $       | 1.77  |   |      | $       | 0.33 |  |   | $       | 0.57 | 
|                                                     | Cumulative effect of accounting change                                            |                                     |         |     |      |   |         |     |  |   |         | (0.84 | ) |      |         |     |  |   |         |     | 
|                                                     |                                                                                   |                                     |         |      |      |   |         |      |  |   |         |       |   |      |        
|                                                     | Basic net income per common share                                                 |                                     | $       | 1.93 |      |   | $       | 1.38 |  |   | $       | 0.93  |   |      | $       | 0.33 |  |   | $       | 0.57 | 
|                                                     |                                                                                   |                                     |         |      |      |   |         |      |  |   |         |       |   |      |        
|                                                     | Diluted income per common share before cumulative effect of
    accounting change |                                     | $       | 1.80 |      |   | $       | 1.29 |  |   | $       | 1.67  |   |      | $       | 0.31 |  |   | $       | 0.51 | 
|                                                     | Cumulative effect of accounting change                                            |                                     |         |     |      |   |         |     |  |   |         | (0.80 | ) |      |         |     |  |   |         |     | 
|                                                     |                                                                                   |                                     |         |      |      |   |         |      |  |   |         |       |   |      |        
|                                                     | Diluted net income per common share                                               |                                     | $       | 1.80 |      |   | $       | 1.29 |  |   | $       | 0.87  |   |      | $       | 0.31 |  |   | $       | 0.51 | 
|                                                     |                                                                                   |                                     |         |      |      |   |         |      |  |   |         |       |   |      |        
|Weighted average common shares outstanding:          |                                                                                   |                                     |         |      |      |   |         |      |  |   |         |       |   |      |         |      |  |   |         |     
|                                                     | Basic                                                                             |                                     |         | 86.2 |      |   |         | 56.9 |  |   |         | 54.5  |   |      |         | 49.4 |  |   |         | 40.1 | 
|                                                     | Diluted                                                                           |                                     |         | 92.2 |      |   |         | 60.6 |  |   |         | 57.9  |   |      |         | 53.0 |  |   |         | 44.4 | 
|Balance Sheet Data (at end of year):                 |                                                                                   |                                     |         |      |      |   |         |      |  |   |         |       |   |      |         |      |  |   |         |     
|Working capital                                      |                                                                                   | $                                   | 723.3   |      |      | $ | 362.3   |      |  | $ | 186.1   |       |   | $    | 120.1   |      |  | $ | 142.8   |     
|Total assets                                         |                                                                                   |                                     | 8,090.2 |      |      |   | 2,859.4 |      |  |   | 1,871.4 |       |   |      | 1,839.2 |      |  |   | 1,385.7 |     
|Long-term debt                                       |                                                                                   |                                     | 2,309.2 |      |      |   | 1,386.1 |      |  |   | 921.8   |       |   |      | 956.1   |      |  |   | 991.1   |     






|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | In 2004, income from operations includes charges of
    $82.9 million ($53.0 million, net of tax) to step-up
    the fair value of inventory from the Apogent, Oxoid, Dharmacon,
    and Perbio acquisitions, $25.0 million ($16.6 million,
    net of tax) of integration costs, $7.8 million
    ($5.2 million, net of tax) of restructuring charges,
    $6.0 million ($3.8 million, net of tax) of a
    charitable contribution, and $67.6 million
    ($43.7 million, net of tax) of impairment charges for
    goodwill and other long-lived assets. Income from operations
    also includes charges of $18.1 million ($11.4 million,
    net of tax) to step-up the fair value of inventory from the
    Perbio acquisition in 2003, $2.2 million
    ($1.4 million, net of tax) of restructuring credits
    relating to a reduction in estimated severance costs in 2002,
    $61.2 million ($38.5 million, net of tax) of
    restructuring and other charges in 2001, and $8.4 million
    ($5.2 million, net of tax) of restructuring credits and
    other charges in 2000. Refer to Item 7 
    Managements Discussion and Analysis of Financial Condition
    and Results of Operations.
|   
|(b) |  | Net income includes the charges described in (a) above and,
    in 2004, includes $14.4 million ($9.0 million, net of
    tax) of debt refinancing charges, $22.7 million
    ($21.5 million, net of tax) gain on                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

15



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##### Table of Contents



| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | sale of investment, $2.2 million ($1.4 million, net of
    tax) charge for the termination of a foreign currency contract,
    and a $10.9 million tax provision credit related to
    finalizing certain domestic and foreign tax audits and
    negotiations. Net income in 2003 includes the charges described
    in (a) above and charges of $43.8 million
    ($27.6 million, net of tax) for call premiums and
    $22.1 million ($13.9 million, net of tax) for the
    write-off of deferred financing fees, as well as
    $15.7 million ($9.9 million, net of tax) for the
    purchase of options to hedge foreign currency exposure and
    $2.8 million ($1.8 million, net of tax) for bridge
    financing fees, each related to the Perbio acquisition. Net
    income in 2002 includes the amounts described in (a) above
    and includes a charge of $11.2 million ($7.1 million,
    net of tax) consisting of $7.1 million of fixed-swap unwind
    costs and $4.1 million of deferred financing and other
    costs associated with the refinancing of our term debt. Net
    income in 2000 includes the amounts in (a) above and a
    $23.6 million ($14.9 million, net of tax) write down
    of investments in certain internet-related ventures.






|        |                                                                                          
|------- | -----------------------------------------------------------------------------------------
|Item 7. | Managements Discussion and Analysis of Financial
    Condition and Results of Operations



Overview






Acquisitions










16



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##### Table of Contents





Results of Operations






| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 1. | Scientific products and servicessegment provides
    products and services primarily to entities conducting
    scientific research, including drug discovery and drug
    development, quality and process control and basic research and
    development. This segment manufactures and/or distributes a
    broad range of biochemicals and bioreagents; organic and
    inorganic chemicals; sera; cell culture media; sterile
    liquid-handling systems; microbiology media and related
    products; scientific consumable products, instruments and
    equipment; safety and personal protection products; and other
    consumables and supplies. Additionally, this segment provides
    services to pharmaceutical and biotechnology companies engaged
    in clinical trials, including specialized packaging,
    over-encapsulation, labeling and distribution for phase III
    and phase IV clinical trials, as well as combinatorial
    chemistry, custom-chemical synthesis, supply-chain management
    and a number of other services.
|
| | 2. | Healthcare products and servicessegment manufactures
    and/or distributes a wide array of diagnostic kits and reagents,
    equipment, instruments, medical devices and other consumables
    products to hospitals and group-purchasing organizations,
    clinical laboratories, reference laboratories, physicians
    offices, original equipment manufacturers and other distributors
    that service such customers located primarily in the
    U.S. In addition, we also manufacture and distribute ear,
    nose and throat medical devices outside the U.S. This
    segment also provides outsourced manufacturing services for
    diagnostic reagents, calibrators and controls to the healthcare
    and pharmaceutical industries.                                                                                                                                                                                                                                                                                                        
|
| | 3. | Laboratory workstationssegment manufactures and sells
    laboratory workstations and fume hoods and provides lab-design
    services for pharmaceutical and biotechnology customers,
    colleges, universities and secondary schools, hospitals and
    reference labs.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    



| |      
| | -----
| | Sales



|                                 |  |       |         |       |        |  |       |       |       |   |         |   |  |       |     |  |  |   |         |  
|-------------------------------- |  | ----- | ------- | ----- | ------ |  | ----- | ----- | ----- | - | ------- | - |  | ----- | --- |  |  | - | ------- | -
|                                 |  | 2004  |         |       | 2003   |  |       | 2002  |      
|                                 |  |       |         |       |        |  |       |       |      
|                                 |  |       |         | Sales |        |  |       |       | Sales |   |         |  
|                                 |  | Sales |         |       | Growth |  |       | Sales |       |   | Growth  |   |  | Sales |    
|                                 |  |       |         |       |        |  |       |       |       |   |         |   |  |       |    
|Scientific products and services |  | $     | 3,454.7 |       |        |  | 38%   |       |       | $ | 2,501.0 |   |  |       | 11% |  |  | $ | 2,258.0 |  
|Healthcare products and services |  |       | 1,067.4 |       |        |  | 22%   |       |       |   | 877.2   |   |  |       | 9%  |  |  |   | 806.7   |  
|Laboratory workstations          |  |       | 176.1   |       |        |  | (15)% |       |       |   | 206.1   |   |  |       | 6%  |  |  |   | 193.9   |  
|Eliminations                     |  |       | (35.5   | )     |        |  |       |       |       |   | (19.9   | ) |  |       |     |  |  |   | (20.2   | )
|                                 |  |       |         |       |        |  |       |       |       |   |         |   |  |       |    
|                                 |  | $     | 4,662.7 |       |        |  | 31%   |       |       | $ | 3,564.4 |   |  |       | 10% |  |  | $ | 3,238.4 |  
|                                 |  |       |         |       |        |  |       |       |       |   |         |   |  |       |    

Consolidated.


17



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Scientific Products and Services.


Healthcare Products and Services.


Laboratory Workstations.


18



---



##### Table of Contents





| |                       
| | ----------------------
| | Income from Operations



|                                     |           |                        |       |                             |                     |   |       |       |  |   |       |       |  |      |       |       |      |  |      |      |  |  |      |      | 
|------------------------------------ | --------- | ---------------------- | ----- | --------------------------- | ------------------- | - | ----- | ----- |  | - | ----- | ----- |  | ---- | ----- | ----- | ---- |  | ---- | ---- |  |  | ---- | ---- | 
|                                     |           |                        |       | Income from Operations as a |                    
|                                     |           | Income from Operations |       |                             | Percentage of Sales |  
|                                     |           |                        |       |                             |                     |  
|                                     |           | 2004                   |       |                             | 2003                |   |       | 2002  |  |   | 2004  |       |  | 2003 |       |       | 2002 | 
|                                     |           |                        |       |                             |                     |   |       |       |  |   |       |       |  |      |       |       |      | 
|Scientific products and services     |           | $                      | 375.5 |                             |                     | $ | 230.0 |       |  | $ | 206.2 |       |  |      | 10.9% |       |      |  | 9.2% |      |  |  | 9.1% |     
|Healthcare products and services     |           |                        | 98.3  |                             |                     |   | 35.7  |       |  |   | 25.2  |       |  |      | 9.2%  |       |      |  | 4.1% |      |  |  | 3.1% |     
|Laboratory workstations              |           |                        | 2.8   |                             |                     |   | 11.1  |       |  |   | 11.7  |       |  |      | 1.6%  |       |      |  | 5.4% |      |  |  | 6.0% |     
|Eliminations                         |           |                        | (0.3  | )                           |                     |   | (0.1  | )     |  |   | (0.2  | )     |  |      |       |       |      |  |      |      |  |  |      |     
|                                     |           |                        |       |                             |                     |   |       |       |  |   |       |       |  |      |       |       |      | 
|                                     | Sub-total |                        |       | 476.3                       |                     |   |       | 276.7 |  |   |       | 242.9 |  |      |       | 10.2% |      |  |      | 7.8% |  |  |      | 7.5% | 
|                                     |           |                        |       |                             |                     |   |       |       |  |   |       |       |  |      |       |       |      | 
|Other charges:                       |           |                        |       |                             |                     |   |       |       |  |   |       |       |  |      |       |       |      |  |      |      |  |  |      |     
|Inventory step-up                    |           |                        | 82.9  |                             |                     |   | 18.1  |       |  |   |      |       |  |      |       |       |      |  |      |      |  |  |      |     
|Goodwill impairment                  |           |                        | 64.9  |                             |                     |   |      |       |  |   |      |       |  |      |       |       |      |  |      |      |  |  |      |     
|Restructuring charges (credits), net |           |                        | 7.8   |                             |                     |   |      |       |  |   | (2.2  | )     |  |      |       |       |      |  |      |      |  |  |      |     
|Other charges                        |           |                        | 33.7  |                             |                     |   |      |       |  |   |      |       |  |      |       |       |      |  |      |      |  |  |      |     
|                                     |           |                        |       |                             |                     |   |       |       |  |   |       |       |  |      |       |       |      | 
|                                     | Total     |                        | $     | 287.0                       |                     |   | $     | 258.6 |  |   | $     | 245.1 |  |      |       | 6.2%  |      |  |      | 7.3% |  |  |      | 7.6% | 
|                                     |           |                        |       |                             |                     |   |       |       |  |   |       |       |  |      |       |       |      | 

Consolidated.




Scientific Products and Services.


19



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##### Table of Contents





Healthcare Products and Services.


Laboratory Workstations.




| |                 
| | ----------------
| | Interest Expense





| |                            
| | ---------------------------
| | Other (Income) Expense, Net



|                                            |                             |      |       |       |      |   |      |      |  |   |     |      | 
|------------------------------------------- | --------------------------- | ---- | ----- | ----- | ---- | - | ---- | ---- |  | - | --- | ---- | 
|                                            |                             | 2004 |       |       | 2003 |   |      | 2002 | 
|                                            |                             |      |       |       |      |   |      |      | 
|Debt refinancing costs                      |                             | $    | 14.4  |       |      | $ | 65.9 |      |  | $ | 4.1 |     
|Acquisition-related foreign currency hedges |                             |      | 2.2   |       |      |   | 15.7 |      |  |   |    |     
|Fixed-swap unwind costs                     |                             |      |      |       |      |   |     |      |  |   | 7.1 |     
|Interest income and other                   |                             |      | (4.1  | )     |      |   | (3.9 | )    |  |   | 1.1 |     
|Gain on sale of investment                  |                             |      | (22.7 | )     |      |   |     |      |  |   |    |     
|                                            |                             |      |       |       |      |   |      |      | 
|                                            | Other (income) expense, net |      | $     | (10.2 | )    |   | $    | 77.7 |  |   | $   | 12.3 | 
|                                            |                             |      |       |       |      |   |      |      | 

1 8




20



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##### Table of Contents





| |                     
| | --------------------
| | Income Tax Provision





| |                                       
| | --------------------------------------
| | Cumulative Effect of Accounting Change







Liquidity and Capital Resources






21



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##### Table of Contents











| |   |                                                                                                                                                                                                                                                                            
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | On March 3, 2004, we sold $300 million of our
    3.25% Convertible Senior Subordinated Notes due 2024 and on
    March 23, 2004 sold an additional $30 million
    principal amount upon exercise of the over-allotment option by
    the initial purchasers of the notes.
|
| |  | On March 31, 2004, we retired $80 million of bank debt
    outstanding under our term loan facility reducing the then
    outstanding balance to $360 million.                                                                                                             
|
| |  | On August 3, 2004, we issued and sold pursuant to
    Rule 144A $300 million of our
    63/4% Senior
    Subordinated Notes due 2014. We used the proceeds from this
    offering to repay Apogents
    61/2% Senior
    Subordinated Notes due 2013.                     





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | We entered into a new credit facility (the New Credit
    Facility) to replace our existing credit facility, to pay
    off other existing indebtedness (including indebtedness of our
    subsidiaries), to provide working capital and for general
    corporate purposes. The New Credit Facility consists of
    (i) a $500 million revolving credit facility (the
    New Revolving Credit Facility) and (ii) a
    $700 million term loan facility (the New Term
    Facility) in three tranches: (a) a $250 million
    tranche (Tranche A-1), (b) a
    $300 million tranche (Tranche A-2) and
    (c) a $150 million tranche
    (Tranche B). In addition, we have the ability,
    upon satisfaction of certain conditions, to request incremental
    term loans from the lenders under the New Credit Facility. The
    Tranche A-2 loan was unfunded at the closing of the New
    Credit Facility and the lenders commitment to fund the
    Tranche A-2 loan was originally scheduled to expire on
    December 31, 2004. On December 29, 2004, we amended
    the New Credit Facility to extend the term of this commitment
    through December 31, 2005 and lower the interest rate on
    commitments and borrowings under the New Credit Facility.
|
| |  | Our wholly owned subsidiary, Apogent, completed an exchange
    offer for its $345 million aggregate principal amount of
    Floating Rate Senior Convertible Contingent Debt Securities due
    2033 (the Floating Rate CODES). The exchange offer
    for the Floating Rate CODES aligned the conversion terms of
    Apogents convertible debt with Fishers currently
    outstanding convertible debt. 99.9 percent of the
    outstanding principal amount of the Floating Rate CODES were
    tendered for exchange with a like principal amount of Floating
    Rate Convertible Senior Debentures and an exchange fee of
    0.50 percent of the principal amount of the securities
    tendered was paid. In addition, Apogent paid a consent fee of
    0.60 percent to not register the notes as required per the
    original registration rights agreement. Neither Fisher nor
    Apogent received any proceeds from the issuance of the new
    debentures in the exchange offer.                                                                                                                                                                                                                                                                               
|
| |  | Our wholly owned subsidiary, Apogent, completed an exchange
    offer for its $300 million aggregate principal amount of
    2.25% Senior Convertible Contingent Debt Securities due
    2021 (the 2.25% CODES). The exchange offer for the
    2.25% CODES aligned the conversion terms of Apogents
    convertible debt with Fishers currently outstanding
    convertible debt. 99.6 percent of the outstanding principal
    amount of the 2.25% CODES were tendered for exchange with a like
    principal amount of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

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##### Table of Contents



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   | 2.25% Convertible Senior Debentures and an exchange fee of
    0.50 percent of the principal amount of the securities
    tendered was paid. Neither Fisher nor Apogent received any
    proceeds from the issuance of the new debentures in the exchange
    offer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|
| |  | Concurrently with the two exchange offers, Fishers wholly
    owned subsidiary, Apogent, completed a cash tender offer for the
    $250 million aggregate principal amount of the
    61/2% Senior
    Subordinated Notes due 2013. Apogent accepted for payment
    $249.6 million aggregate principal amount representing
    99.8 percent of the outstanding principal amount of the
    61/2% Senior
    Subordinated Notes due 2013. A concurrent consent solicitation
    amended the indenture for any notes that remained outstanding to
    eliminate restrictive covenants in that indenture. The purchase
    price for notes that were tendered and for which a consent was
    given was $1,107.50 in cash per $1,000 principal amount, plus
    accrued and unpaid interest.
|
| |  | On September 20, 2004, our wholly owned subsidiary,
    Apogent, issued a notice of redemption for approximately
    $298.8 million of the 2.25% Convertible Senior
    Debentures and approximately $1.0 million of the 2.25%
    CODES for cash at a price equal to 100 percent of the
    principal amount plus accrued and unpaid interest and contingent
    interest, as defined in the indentures. Noteholders had the
    option of converting their notes until October 18, 2004.
    Approximately $295.7 million of the notes were converted
    and settled in cash. Notes that were not converted were redeemed
    on October 20, 2004.                                                                                                                                      





| |   |                                                                                                                                                                                            
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | On January 14, 2003, we sold $200 million of our
    81/8% senior
    subordinated notes due 2012.                                                                                         
|
| |  | In January and November 2003, we redeemed $149.2 million of
    our
    71/8% senior
    notes due 2005.                                                                                   
|
| |  | In February and March 2003, we redeemed $600 million of our
    9% senior subordinated notes due 2008.                                                                                     
|
| |  | On July 7, 2003, we sold $300 million of our
    2.50% convertible senior notes due 2023.                                                                                                  
|
| |  | In August and November 2003, we sold $300 million of our
    8% senior subordinated notes due 2013.                                                                                        
|
| |  | On September 30, 2003, we sold 6,634,526 shares of our
    common stock for proceeds of $260.6 million, net of
    underwriters discounts and offering costs.                             
|
| |  | On November 24, 2003, we redeemed $46 million of our
    outstanding
    81/8% senior
    subordinated notes due 2012.                                                                     
|
| |  | On December 3, 2003, we amended our senior credit facility
    to create a $440 million term loan facility that refinanced
    the outstanding term loan facility at a lower interest rate.



1 8


23



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##### Table of Contents





|                                            |  |      |         |  |      |   |         | 
|------------------------------------------- |  | ---- | ------- |  | ---- | - | ------- | 
|                                            |  | 2004 |         |  | 2003 |  
|                                            |  |      |         |  |      |  
|Revolving Credit Facility(1)                |  | $    |        |  |      | $ |        | 
|Term Facility                               |  |      | 393.0   |  |      |   |        | 
|Prior credit facility                       |  |      |        |  |      |   | 440.0   | 
|Other Debt                                  |  |      | 60.8    |  |      |   | 36.6    | 
|2.50% Convertible Senior Notes              |  |      | 300.0   |  |      |   | 300.0   | 
|Floating Rate Convertible Senior Debentures |  |      | 344.6   |  |      |   |        | 
|3.25% Convertible Senior Subordinated Notes |  |      | 330.0   |  |      |   |        | 
|81/8% Senior
    Subordinated Notes         |  |      | 309.9   |  |      |   | 310.4   | 
|8% Senior Subordinated Notes                |  |      | 310.3   |  |      |   | 311.1   | 
|63/4% Senior
    Subordinated Notes         |  |      | 300.0   |  |      |   |        | 
|                                            |  |      |         |  |      |  
|Total Debt                                  |  |      | 2,348.6 |  |      |   | 1,398.1 | 
|Stockholders Equity                        |  |      | 3,870.0 |  |      |   | 575.4   | 
|                                            |  |      |         |  |      |  
|Total Capitalization                        |  | $    | 6,218.6 |  |      | $ | 1,973.5 | 
|                                            |  |      |         |  |      |  






|    |                                                                                                                                                                                   
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Our revolving credit commitments are $500.0 million. As of
    December 31, 2004, approximately $38.1 million of this
    facility was utilized for letters of credit outstanding.





|                                                              |                               |                        |         |           |        |   |      |           |           |   |           |       |  |         |       |       |  |   |         |         | 
|------------------------------------------------------------- | ----------------------------- | ---------------------- | ------- | --------- | ------ | - | ---- | --------- | --------- | - | --------- | ----- |  | ------- | ----- | ----- |  | - | ------- | ------- | 
|                                                              |                               | Payments Due by Period |        
|                                                              |                               |                        |        
|                                                              |                               |                        |         | Less Than |        |   |      |           | More Than |  
|Contractual Obligations                                       |                               | Total                  |         |           | 1 Year |   |      | 1-3 Years |           |   | 3-5 Years |       |  | 5 Years |      
|                                                              |                               |                        |         |           |        |   |      |           |           |   |           |       |  |         |      
|Debt, including short-term debt(a)                            |                               | $                      | 2,309.6 |           |        | $ | 36.3 |           |           | $ | 54.5      |       |  | $       | 187.8 |       |  | $ | 2,031.0 |        
|Capital lease obligations                                     |                               |                        | 22.8    |           |        |   | 3.1  |           |           |   | 5.8       |       |  |         | 5.9   |       |  |   | 8.0     |        
|Operating leases                                              |                               |                        | 244.6   |           |        |   | 47.0 |           |           |   | 77.4      |       |  |         | 53.9  |       |  |   | 66.3    |        
|Unconditional purchase obligations(b)                         |                               |                        | 3.4     |           |        |   | 2.2  |           |           |   | 1.2       |       |  |         | 0.0   |       |  |   |        |        
|Other long-term liabilities reflected on the balance sheet(c) |                               |                        | 2.7     |           |        |   | 0.6  |           |           |   | 1.5       |       |  |         | 0.4   |       |  |   | 0.2     |        
|                                                              |                               |                        |         |           |        |   |      |           |           |   |           |       |  |         |      
|                                                              | Total contractual obligations |                        | $       | 2,583.1   |        |   | $    | 89.2      |           |   | $         | 140.4 |  |         | $     | 248.0 |  |   | $       | 2,105.5 | 
|                                                              |                               |                        |         |           |        |   |      |           |           |   |           |       |  |         |      






|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                         
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | Amounts represent the expected cash payments for our debt and do
    not include any unamortized discounts or premiums and deferred
    issuance costs.                                                                                                                                                                                                                                                                                 
|   
|(b) |  | Unconditional purchase obligations include agreements to
    purchase goods or services that are enforceable and legally
    binding and that specify all significant terms, including: fixed
    or minimum quantities to be purchased; fixed, minimum or
    variable price provisions; and the approximate timing of the
    transaction. Purchase obligations exclude agreements that are
    cancelable at anytime without penalty.
|   
|(c) |  | Includes only long-term liabilities where both the timing and
    amount of payment streams are known.                                                                                                                                                                                                                                                                                                                                  





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##### Table of Contents





Description of Indebtedness




|                                            |  |               |  |           |  |                |  |                |  |                                      
|------------------------------------------- |  | ------------- |  | --------- |  | -------------- |  | -------------- |  | -------------------------------------
|                                            |  |               |  |           |  | First          |  |                |  |                                      
|Instrument                                  |  | Pricing       |  | Maturity  |  | Put Date       |  | Ratings        |  | Collateral                           
|                                            |  |               |  |           |  |                |  |                |  |                                      
|Receivables Securitization Facility         |  | CP+60         |  | 2008      |  | Not applicable |  | Not applicable |  | Select accounts receivable           
|Revolving Credit Facility                   |  | LIBOR+100     |  | 2009      |  | Not applicable |  | Ba2/BBB        |  | Stock of material direct subsidiaries
|Term Facility(a)                            |  | LIBOR+100/150 |  | 2009/2011 |  | Not applicable |  | Ba2/BBB        |  | Stock of material direct subsidiaries
|Other Debt                                  |  | Various       |  | Various   |  | Not applicable |  | Not applicable |  | Various                              
|2.50% Convertible Senior Notes              |  | 2.500%        |  | 2023      |  | 2010           |  | Ba2/BBB-       |  | Unsecured                            
|Floating Rate Convertible Senior Debentures |  | LIBOR-125     |  | 2033      |  | 2008           |  | Ba2/BBB-       |  | Unsecured                            
|3.25% Convertible Senior Subordinated Notes |  | 3.250%        |  | 2024      |  | 2011           |  | Ba3/BB+        |  | Unsecured                            
|81/8% Senior
    Subordinated Notes         |  | 8.125%        |  | 2012      |  | Not applicable |  | Ba3/BB+        |  | Unsecured                            
|8% Senior Subordinated Notes                |  | 8.000%        |  | 2013      |  | Not applicable |  | Ba3/BB+        |  | Unsecured                            
|63/4% Senior
    Subordinated Notes         |  | 6.750%        |  | 2014      |  | Not applicable |  | Ba3/BB+        |  | Unsecured                            






|    |  |                                                                                                                                                                            
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | The Tranche A-1 term loan currently bears interest at LIBOR
    + 100 and matures in 2009 and the Tranch B term loan bears
    interest at LIBOR + 150 and matures in 2011.





| |                        
| | -----------------------
| | Securitization Facility





25



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| |                
| | ---------------
| | Credit Facility











26



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Consolidated Interest Expense Coverage Ratio.


Total Leverage Ratio.


|                                          |  |       |              | 
|----------------------------------------- |  | ----- | ------------ | 
|Period                                    |  | Ratio |             
|                                          |  |       |             
|January 1, 2005 through December 31, 2005 |  |       | 4.25 to 1.00 | 
|Thereafter                                |  |       | 3.75 to 1.00 | 

Senior Leverage Ratio.


|                                          |  |       |              | 
|----------------------------------------- |  | ----- | ------------ | 
|Period                                    |  | Ratio |             
|                                          |  |       |             
|January 1, 2005 through December 31, 2005 |  |       | 3.25 to 1.00 | 
|Thereafter                                |  |       | 3.00 to 1.00 | 



27



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| |                                        
| | ---------------------------------------
| | 2.50% Convertible Senior Notes due 2023











28



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provided, however,




| |                                            
| | -------------------------------------------
| | Floating Rate Convertible Senior Debentures









29



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| |                                                         
| | --------------------------------------------------------
| | 3.25% Convertible Senior Subordinated Notes due
    2024







30



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provided, however,


81/8% Senior
Subordinated Notes due 2012


1 8




1 8




3 4


31



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| |                                      
| | -------------------------------------
| | 8% Senior Subordinated Notes due 2013









32



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1 8 3 4












| |                                             
| | --------------------------------------------
| | 63/4% Senior
    Subordinated Notes due 2014

3 4


3 4




33



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1 8










Critical Accounting Policies




34



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Revenue Recognition


Business Combinations


Goodwill


Pension Plans


35



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Convertible Notes 


Income Tax Reserves 


Stock Options


Recent Accounting Pronouncements




36



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Cautionary Factors Regarding Forward-Looking Statements








| |   |                                                                                                                                                                                                                                        
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | our outstanding indebtedness and leverage, and the restrictions
    imposed by our indebtedness;                                                                                                                                       
|
| |  | fluctuations in the amount of research and development spending
    by our customers;                                                                                                                                                  
|
| |  | the ability to achieve earnings forecasts due to variability in
    the demand for our higher margin products and services;                                                                                                            
|
| |  | the effects of domestic and international economic and business
    conditions on our businesses;                                                                                                                                      
|
| |  | the high degree of competition in the markets served by certain
    of our businesses, and the potential for new competitors to
    enter into these markets;                                                                          
|
| |  | the extent to which we undertake new acquisitions or enter into
    strategic joint ventures or partnerships, and our ability to
    realize the expected benefit of such acquisitions or strategic
    joint ventures or partnerships;
|
| |  | future modifications to existing laws and regulations,
    including, but not limited to, those regarding the environment;                                                                                                             
|
| |  | discovery of unknown contingent liabilities, including
    environmental contamination at our facilities and liability with
    respect to products we distribute and manufacture;                                                     
|
| |  | fluctuations in interest rates and in foreign currency exchange
    rates;                                                                                                                                                             
|
| |  | availability, or increases in the cost, of raw materials and
    other inputs used to make our products;                                                                                                                               
|
| |  | the loss of major customers or suppliers, including significant
    disruptions to or increases in the prices of or services
    provided by third party package delivery services;                                                    
|
| |  | our ability to adjust to rapid changes in the healthcare
    industry;                                                                                                                                                                 
|
| |  | the loss of our key personnel; and                                                                                                                                                                                                     
|
| |  | our ability to generate free cash flow or to obtain other
    sufficient resources to finance working capital and capital
    expenditure needs.                                                                                       





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|         |                                                               
|-------- | --------------------------------------------------------------
|Item 7A. | Quantitative and Qualitative Disclosures About Market
    Risk

General








Interest Rate Risk Management




Currency Risk Management






38



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Commodity Risk Management






39



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|        |                                            
|------- | -------------------------------------------
|Item 8. | Financial Statements and Supplementary Data

FISHER SCIENTIFIC INTERNATIONAL INC.


INDEX TO FINANCIAL STATEMENTS


|                                                                                                                                         |  |       |    | 
|---------------------------------------------------------------------------------------------------------------------------------------- |  | ----- | -- | 
|                                                                                                                                         |  | Pages |   
|                                                                                                                                         |  |       |   
|Report of Independent Registered Public Accounting Firm                                                                                  |  |       | 41 | 
|Statement of Operations for the years ended December 31,
    2004, 2003 and 2002                                                         |  |       | 42 | 
|Balance Sheet as of December 31, 2004 and 2003                                                                                           |  |       | 43 | 
|Statement of Cash Flows for the years ended December 31,
    2004, 2003 and 2002                                                         |  |       | 44 | 
|Statement of Changes in Stockholders Equity and Other
    Comprehensive Income for the years ended December 31, 2004,
    2003 and 2002 |  |       | 45 | 
|Notes to Financial Statements                                                                                                            |  |       | 46 | 

40



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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
















Deloitte &
Touche LLP






41



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FISHER SCIENTIFIC INTERNATIONAL INC.







STATEMENT OF OPERATIONS


|                                                                                  |         |                                      |         |      |      |   |         |      |  |   |         |      | 
|--------------------------------------------------------------------------------- | ------- | ------------------------------------ | ------- | ---- | ---- | - | ------- | ---- |  | - | ------- | ---- | 
|                                                                                  |         | Year Ended December 31,              |        
|                                                                                  |         |                                      |        
|                                                                                  |         | 2004                                 |         |      | 2003 |   |         | 2002 | 
|                                                                                  |         |                                      |         |      |      |   |         |      | 
|                                                                                  |         | (In millions, except per share data) |        
|Sales                                                                             |         | $                                    | 4,662.7 |      |      | $ | 3,564.4 |      |  | $ | 3,238.4 |     
|Cost of sales                                                                     |         |                                      | 3,285.6 |      |      |   | 2,624.9 |      |  |   | 2,383.3 |     
|Selling, general and administrative expense                                       |         |                                      | 1,017.4 |      |      |   | 680.9   |      |  |   | 612.2   |     
|Impairment of goodwill                                                            |         |                                      | 64.9    |      |      |   |        |      |  |   |        |     
|Restructuring charges (credits)                                                   |         |                                      | 7.8     |      |      |   |        |      |  |   | (2.2    | )   
|                                                                                  |         |                                      |         |      |      |   |         |      | 
|Income from operations                                                            |         |                                      | 287.0   |      |      |   | 258.6   |      |  |   | 245.1   |     
|Interest expense                                                                  |         |                                      | 104.8   |      |      |   | 84.8    |      |  |   | 91.3    |     
|Other (income) expense, net                                                       |         |                                      | (10.2   | )    |      |   | 77.7    |      |  |   | 12.3    |     
|                                                                                  |         |                                      |         |      |      |   |         |      | 
|Income before income taxes and cumulative effect of accounting
    change         |         |                                      | 192.4   |      |      |   | 96.1    |      |  |   | 141.5   |     
|Income tax provision                                                              |         |                                      | 26.0    |      |      |   | 17.7    |      |  |   | 44.8    |     
|                                                                                  |         |                                      |         |      |      |   |         |      | 
|Income before cumulative effect of accounting change                              |         |                                      | 166.4   |      |      |   | 78.4    |      |  |   | 96.7    |     
|Cumulative effect of accounting change, net of tax                                |         |                                      |        |      |      |   |        |      |  |   | (46.1   | )   
|                                                                                  |         |                                      |         |      |      |   |         |      | 
|Net income                                                                        |         | $                                    | 166.4   |      |      | $ | 78.4    |      |  | $ | 50.6    |     
|                                                                                  |         |                                      |         |      |      |   |         |      | 
|Basic income per common share before cumulative effect of
    accounting change   |         | $                                    | 1.93    |      |      | $ | 1.38    |      |  | $ | 1.77    |     
|Cumulative effect of accounting change, net of tax                                |         |                                      |        |      |      |   |        |      |  |   | (0.84   | )   
|                                                                                  |         |                                      |         |      |      |   |         |      | 
|Basic net income per common share                                                 |         | $                                    | 1.93    |      |      | $ | 1.38    |      |  | $ | 0.93    |     
|                                                                                  |         |                                      |         |      |      |   |         |      | 
|Diluted income per common share before cumulative effect of
    accounting change |         | $                                    | 1.80    |      |      | $ | 1.29    |      |  | $ | 1.67    |     
|Cumulative effect of accounting change, net of tax                                |         |                                      |        |      |      |   |        |      |  |   | (0.80   | )   
|                                                                                  |         |                                      |         |      |      |   |         |      | 
|Diluted net income per common share                                               |         | $                                    | 1.80    |      |      | $ | 1.29    |      |  | $ | 0.87    |     
|                                                                                  |         |                                      |         |      |      |   |         |      | 
|Weighted average common shares outstanding:                                       |         |                                      |         |      |      |   |         |      |  |   |         |     
|                                                                                  | Basic   |                                      |         | 86.2 |      |   |         | 56.9 |  |   |         | 54.5 | 
|                                                                                  |         |                                      |         |      |      |   |         |      | 
|                                                                                  | Diluted |                                      |         | 92.2 |      |   |         | 60.6 |  |   |         | 57.9 | 
|                                                                                  |         |                                      |         |      |      |   |         |      | 



42



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FISHER SCIENTIFIC INTERNATIONAL INC.







BALANCE SHEET


|                                     |                                                                                                                                                                                                                |                            |                                            |         |         |         |         |        |         |         | 
|------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------- | ------------------------------------------ | ------- | ------- | ------- | ------- | ------ | ------- | ------- | 
|                                     |                                                                                                                                                                                                                | December 31,               |                                           
|                                     |                                                                                                                                                                                                                |                            |                                           
|                                     |                                                                                                                                                                                                                | 2004                       |                                            |         | 2003    |        
|                                     |                                                                                                                                                                                                                |                            |                                            |         |         |        
|                                     |                                                                                                                                                                                                                | (In millions, except       |                                           
|                                     |                                                                                                                                                                                                                | share data)                |                                           
|ASSETS                              
|Current assets:                      |                                                                                                                                                                                                                |                            |                                            |         |         |         |         |       
|                                     | Cash and cash equivalents                                                                                                                                                                                      |                            | $                                          | 162.5   |         |         | $       | 83.8   |        
|                                     | Accounts receivable, net                                                                                                                                                                                       |                            |                                            | 636.6   |         |         |         | 432.7  |        
|                                     | Inventories                                                                                                                                                                                                    |                            |                                            | 625.7   |         |         |         | 355.4  |        
|                                     | Other current assets                                                                                                                                                                                           |                            |                                            | 266.2   |         |         |         | 138.9  |        
|                                     |                                                                                                                                                                                                                |                            |                                            |         |         |        
|                                     |                                                                                                                                                                                                                | Total current assets       |                                            |         | 1,691.0 |         |         |        | 1,010.8 |        
|Property, plant and equipment        |                                                                                                                                                                                                                |                            | 788.6                                      |         |         |         | 440.9   |       
|Goodwill                             |                                                                                                                                                                                                                |                            | 3,832.7                                    |         |         |         | 1,006.9 |       
|Intangible assets                    |                                                                                                                                                                                                                |                            | 1,571.8                                    |         |         |         | 241.0   |       
|Other assets                         |                                                                                                                                                                                                                |                            | 206.1                                      |         |         |         | 159.8   |       
|                                     |                                                                                                                                                                                                                |                            |                                            |         |         |        
|                                     |                                                                                                                                                                                                                | Total assets               |                                            | $       | 8,090.2 |         |         | $      | 2,859.4 |        
|                                     |                                                                                                                                                                                                                |                            |                                            |         |         |        
|                                    
|LIABILITIES AND STOCKHOLDERS EQUITY
|Current liabilities:                 |                                                                                                                                                                                                                |                            |                                            |         |         |         |         |       
|                                     | Short-term debt                                                                                                                                                                                                |                            | $                                          | 39.4    |         |         | $       | 12.0   |        
|                                     | Accounts payable                                                                                                                                                                                               |                            |                                            | 470.2   |         |         |         | 377.7  |        
|                                     | Accrued and other current liabilities                                                                                                                                                                          |                            |                                            | 458.1   |         |         |         | 258.8  |        
|                                     |                                                                                                                                                                                                                |                            |                                            |         |         |        
|                                     |                                                                                                                                                                                                                | Total current liabilities  |                                            |         | 967.7   |         |         |        | 648.5   |        
|Long-term debt                       |                                                                                                                                                                                                                |                            | 2,309.2                                    |         |         |         | 1,386.1 |       
|Other liabilities                    |                                                                                                                                                                                                                |                            | 943.3                                      |         |         |         | 249.4   |       
|                                     |                                                                                                                                                                                                                |                            |                                            |         |         |        
|                                     |                                                                                                                                                                                                                | Total liabilities          |                                            |         | 4,220.2 |         |         |        | 2,284.0 |        
|                                     |                                                                                                                                                                                                                |                            |                                            |         |         |        
|Commitments and contingencies        |                                                                                                                                                                                                                |                            |                                            |         |         |         |         |       
|Stockholders equity:                |                                                                                                                                                                                                                |                            |                                            |         |         |         |         |       
|                                     | Preferred stock ($0.01 par value; 15,000,000 shares
    authorized, none outstanding)                                                                                                                          |                            |                                            |        |         |         |         |       |        
|                                     | Common stock ($0.01 par value; 500,000,000 shares
    authorized; 118,928,952 and 63,218,083 shares issued;
    118,673,977 and 62,955,438 shares outstanding at
    December 31, 2004 and 2003, respectively) |                            |                                            | 1.1     |         |         |         | 0.6    |        
|                                     | Capital in excess of par value                                                                                                                                                                                 |                            |                                            | 4,006.1 |         |         |         | 964.5  |        
|                                     | Accumulated deficit                                                                                                                                                                                            |                            |                                            | (260.1  | )       |         |         | (426.5 | )      
|                                     | Accumulated other comprehensive income                                                                                                                                                                         |                            |                                            | 126.9   |         |         |         | 40.0   |        
|                                     | Treasury stock, at cost, (254,975 and 262,645 shares at
    December 31, 2004 and 2003, respectively)                                                                                                          |                            |                                            | (4.0    | )       |         |         | (3.2   | )      
|                                     |                                                                                                                                                                                                                |                            |                                            |         |         |        
|                                     |                                                                                                                                                                                                                | Total stockholders equity |                                            |         | 3,870.0 |         |         |        | 575.4   |        
|                                     |                                                                                                                                                                                                                |                            |                                            |         |         |        
|                                     |                                                                                                                                                                                                                |                            | Total liabilities and stockholders equity |         | $       | 8,090.2 |         |        | $       | 2,859.4 | 
|                                     |                                                                                                                                                                                                                |                            |                                            |         |         |        



43



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FISHER SCIENTIFIC INTERNATIONAL INC.







STATEMENT OF CASH FLOWS


|                                                                                 |                                                                                   |                                                 |                                                  |          |        |       |      |          |        |       |       |        |        |       |  
|-------------------------------------------------------------------------------- | --------------------------------------------------------------------------------- | ----------------------------------------------- | ------------------------------------------------ | -------- | ------ | ----- | ---- | -------- | ------ | ----- | ----- | ------ | ------ | ----- | -
|                                                                                 |                                                                                   | Year Ended December 31,                         |                                                 
|                                                                                 |                                                                                   |                                                 |                                                 
|                                                                                 |                                                                                   | 2004                                            |                                                  |          | 2003   |       |      | 2002     |       
|                                                                                 |                                                                                   |                                                 |                                                  |          |        |       |      |          |       
|                                                                                 |                                                                                   | (In millions)                                   |                                                 
|Cash flows from operating activities:                                            |                                                                                   |                                                 |                                                  |          |        |       |      |          |        |       |       |       
|                                                                                 | Net income                                                                        |                                                 | $                                                | 166.4    |        |       | $    | 78.4     |        |       | $     | 50.6   |       
|                                                                                 | Adjustments to reconcile net income to cash provided by
    operating activities: |                                                 |                                                  |          |        |       |      |          |        |       |       |        |       
|                                                                                 |                                                                                   | Depreciation and amortization                   |                                                  |          | 143.3  |       |      |          | 82.8   |       |       |        | 74.9   |      
|                                                                                 |                                                                                   | Call premiums and deferred financing charges    |                                                  |          | 9.3    |       |      |          | 65.9   |       |       |        | 11.2   |      
|                                                                                 |                                                                                   | Deferred income taxes                           |                                                  |          | (3.0   | )     |      |          | (0.5   | )     |       |        | 36.1   |      
|                                                                                 |                                                                                   | Other noncash items                             |                                                  |          | 8.8    |       |      |          | 18.8   |       |       |        |       |      
|                                                                                 |                                                                                   | Gain on sale of investment                      |                                                  |          | (22.7  | )     |      |          |       |       |       |        |       |      
|                                                                                 |                                                                                   | Impairment of goodwill                          |                                                  |          | 64.9   |       |      |          |       |       |       |        |       |      
|                                                                                 |                                                                                   | Cumulative effect of accounting change          |                                                  |          |       |       |      |          |       |       |       |        | 46.1   |      
|                                                                                 |                                                                                   | Changes in working capital:                     |                                                  |          |        |       |      |          |        |       |       |        |        |      
|                                                                                 |                                                                                   |                                                 | (Increase)/decrease in accounts receivables, net |          |        | 35.0  |      |          |        | (17.0 | )     |        |        | (11.6 | )
|                                                                                 |                                                                                   |                                                 | Decrease in inventories                          |          |        | 54.6  |      |          |        | 37.6  |       |        |        | 5.5   |  
|                                                                                 |                                                                                   |                                                 | Increase in accounts payable                     |          |        | 15.0  |      |          |        | 7.8   |       |        |        | 6.0   |  
|                                                                                 |                                                                                   |                                                 | Increase in other assets                         |          |        | (38.1 | )    |          |        | (59.7 | )     |        |        | (34.4 | )
|                                                                                 |                                                                                   |                                                 | Increase/(decrease) in other liabilities         |          |        | (40.7 | )    |          |        | 3.9   |       |        |        | (25.1 | )
|                                                                                 |                                                                                   |                                                 |                                                  |          |        |       |      |          |       
|                                                                                 |                                                                                   | Cash provided by operating activities           |                                                  |          | 392.8  |       |      |          | 218.0  |       |       |        | 159.3  |      
|                                                                                 |                                                                                   |                                                 |                                                  |          |        |       |      |          |       
|Cash flows from investing activities:                                            |                                                                                   |                                                 |                                                  |          |        |       |      |          |        |       |       |       
|                                                                                 | Acquisitions, net of cash acquired                                                |                                                 |                                                  | (336.1   | )      |       |      | (672.0   | )      |       |       | (61.1  | )     
|                                                                                 | Capital expenditures                                                              |                                                 |                                                  | (93.4    | )      |       |      | (80.2    | )      |       |       | (43.9  | )     
|                                                                                 | Other investing activities                                                        |                                                 |                                                  | 22.5     |        |       |      | (14.2    | )      |       |       | (0.4   | )     
|                                                                                 |                                                                                   |                                                 |                                                  |          |        |       |      |          |       
|                                                                                 |                                                                                   | Cash used in investing activities               |                                                  |          | (407.0 | )     |      |          | (766.4 | )     |       |        | (105.4 | )    
|                                                                                 |                                                                                   |                                                 |                                                  |          |        |       |      |          |       
|Cash flows from financing activities:                                            |                                                                                   |                                                 |                                                  |          |        |       |      |          |        |       |       |       
|                                                                                 | Proceeds from sale of common stock                                                |                                                 |                                                  |         |        |       |      | 260.6    |        |       |       |       |       
|                                                                                 | Proceeds from stock options exercised                                             |                                                 |                                                  | 136.0    |        |       |      | 19.8     |        |       |       | 6.4    |       
|                                                                                 | Long-term debt proceeds                                                           |                                                 |                                                  | 1,029.3  |        |       |      | 1,470.7  |        |       |       | 163.3  |       
|                                                                                 | Long-term debt payments                                                           |                                                 |                                                  | (1,035.6 | )      |       |      | (1,077.9 | )      |       |       | (228.1 | )     
|                                                                                 | Change in short-term debt, net                                                    |                                                 |                                                  | (5.8     | )      |       |      | (16.2    | )      |       |       | (26.4  | )     
|                                                                                 | Debt financing costs                                                              |                                                 |                                                  | (26.9    | )      |       |      | (29.5    | )      |       |       | (9.8   | )     
|                                                                                 | Call premiums                                                                     |                                                 |                                                  | (13.8    | )      |       |      | (43.8    | )      |       |       |       |       
|                                                                                 |                                                                                   |                                                 |                                                  |          |        |       |      |          |       
|                                                                                 |                                                                                   | Cash provided by (used in) financing activities |                                                  |          | 83.2   |       |      |          | 583.7  |       |       |        | (94.6  | )    
|                                                                                 |                                                                                   |                                                 |                                                  |          |        |       |      |          |       
|Effect of exchange rate changes on cash and cash equivalents                     |                                                                                   |                                                 | 9.7                                              |          |        |       | 9.7  |          |        |       | 4.4   |       
|                                                                                 |                                                                                   |                                                 |                                                  |          |        |       |      |          |       
|Net change in cash and cash equivalents                                          |                                                                                   |                                                 | 78.7                                             |          |        |       | 45.0 |          |        |       | (36.3 | )     
|Cash and cash equivalents  beginning of year                                    |                                                                                   |                                                 | 83.8                                             |          |        |       | 38.8 |          |        |       | 75.1  |       
|                                                                                 |                                                                                   |                                                 |                                                  |          |        |       |      |          |       
|Cash and cash equivalents  end of year                                          |                                                                                   | $                                               | 162.5                                            |          |        | $     | 83.8 |          |        | $     | 38.8  |       
|                                                                                 |                                                                                   |                                                 |                                                  |          |        |       |      |          |       
|Supplemental Cash Flow Information:                                              |                                                                                   |                                                 |                                                  |          |        |       |      |          |        |       |       |       
|                                                                                 | Cash paid during the year for:                                                    |                                                 |                                                  |          |        |       |      |          |        |       |       |        |       
|                                                                                 |                                                                                   | Income taxes, net of refunds                    |                                                  | $        | 31.6   |       |      | $        | 11.7   |       |       | $      | 15.6   |      
|                                                                                 |                                                                                   |                                                 |                                                  |          |        |       |      |          |       
|                                                                                 |                                                                                   | Interest                                        |                                                  | $        | 90.4   |       |      | $        | 93.1   |       |       | $      | 83.5   |      
|                                                                                 |                                                                                   |                                                 |                                                  |          |        |       |      |          |       
|Fair value of equity securities issued in connection with the
    Apogent merger |                                                                                   | $                                               | 2,768.7                                          |          |        |       |     |          |        |       |      |       
|                                                                                 |                                                                                   |                                                 |                                                  |          |        |       |      |          |       



44



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FISHER SCIENTIFIC INTERNATIONAL INC.







STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY


AND OTHER COMPREHENSIVE INCOME


|                             |                                                     |                                       |             |            |           |   |     |           |  |   |              |         |       |             |       |                 |         |   |         |        |   |   |        |       |               |        |       |      |       |  |         |         |   |   |      |      |   |   |         |         |   |  |   |       |       | 
|---------------------------- | --------------------------------------------------- | ------------------------------------- | ----------- | ---------- | --------- | - | --- | --------- |  | - | ------------ | ------- | ----- | ----------- | ----- | --------------- | ------- | - | ------- | ------ | - | - | ------ | ----- | ------------- | ------ | ----- | ---- | ----- |  | ------- | ------- | - | - | ---- | ---- | - | - | ------- | ------- | - |  | - | ----- | ----- | 
|                             |                                                     |                                       |             |            |           |   |     |           |  |   |              |         |       | Accumulated |       |                 |         |   |         |        |  
|                             |                                                     |                                       |             | Capital in |           |   |     |           |  |   |              |         | Other |             |       | Treasury Stock, |         |   |         |        |  
|                             |                                                     | Common Stock                          |             |            | Excess of |   |     | Shares    |  |   | Shares To Be |         |       |             |       | Comprehensive   |         |   | at cost |        |   |   |        | Other |              
|                             |                                                     |                                       |             |            | Par       |   |     | Deposited |  |   | Distributed  |         |       | Accumulated |       |                 | Income  |   |         |        |   |   |        |       | Comprehensive |       
|                             |                                                     | Shares                                |             |            | Amount    |   |     | Value     |  |   | In Trust     |         |       | From Trust  |       |                 | Deficit |   |         | (Loss) |   |   | Shares |       |               | Amount |       |      | Total |  |         | Income  |  
|                             |                                                     |                                       |             |            |           |   |     |           |  |   |              |         |       |             |       |                 |         |   |         |        |   |   |        |       |               |        |       |      |       |  |         |         |  
|                             |                                                     | (in millions, except share data)      |             |            |          
|Balance at January 1, 2002   |                                                     |                                       | 54,194,484  |            |           | $ | 0.5 |           |  | $ | 661.1        |         |       | $           | (50.6 | )               |         | $ | 50.6    |        |   | $ | (555.5 | )     |               | $      | (81.8 | )    |       |  | 36,606  |         |   | $ | (1.0 | )    |   | $ | 23.3    |         |   |  |   |      
|                             | Net income                                          |                                       |             |           |           |   |     |          |  |   |              |        |       |             |       |                |         |   |         |       |   |   |        | 50.6  |               |        |       |     |       |  |         |        |   |   |      |     |   |   |         | 50.6    |   |  | $ | 50.6  |      
|                             | Foreign currency translation adjustment             |                                       |             |           |           |   |     |          |  |   |              |        |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       | 48.8 |       |  |         |        |   |   |      |     |   |   |         | 48.8    |   |  |   | 48.8  |      
|                             | Unrealized investment loss                          |                                       |             |           |           |   |     |          |  |   |              |        |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       | (1.3 | )     |  |         |        |   |   |      |     |   |   |         | (1.3    | ) |  |   | (1.3  | )    
|                             | Unrealized gain on cash flow hedges                 |                                       |             |           |           |   |     |          |  |   |              |        |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       | 1.3  |       |  |         |        |   |   |      |     |   |   |         | 1.3     |   |  |   | 1.3   |      
|                             | Realization of losses on cash flow hedges           |                                       |             |           |           |   |     |          |  |   |              |        |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       | 5.3  |       |  |         |        |   |   |      |     |   |   |         | 5.3     |   |  |   | 5.3   |      
|                             | Minimum pension liability                           |                                       |             |           |           |   |     |          |  |   |              |        |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       | (9.8 | )     |  |         |        |   |   |      |     |   |   |         | (9.8    | ) |  |   | (9.8  | )    
|                             |                                                     |                                       |             |            |           |   |     |           |  |   |              |         |       |             |       |                 |         |   |         |        |   |   |        |       |               |        |       |      |       |  |         |         |  
|                             |                                                     | Subtotal  other comprehensive income |             |            |           |   |     |           |  |   |              |         |       |             |       |                 |         |   |         |        |   |   |        |       |               |        |       |      |       |  |         |         |   |   |      |      |   |   |         |         |   |  |   | $     | 94.9  | 
|                             |                                                     |                                       |             |            |           |   |     |           |  |   |              |         |       |             |       |                 |         |   |         |        |   |   |        |       |               |        |       |      |       |  |         |         |  
|                             | Proceeds from stock options                         |                                       |             | 481,029    |           |   |     |          |  |   |              | 6.4     |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       |     |       |  |         |        |   |   |      |     |   |   |         | 6.4     |   |  |   |       |      
|                             | Tax benefit from stock options                      |                                       |             |           |           |   |     |          |  |   |              | 8.9     |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       |     |       |  |         |        |   |   |      |     |   |   |         | 8.9     |   |  |   |       |      
|                             | Trust activity                                      |                                       |             |           |           |   |     |          |  |   |              |        |       |             |       | 16.6            |         |   |         | (16.6  | ) |   |        |      |               |        |       |     |       |  |         |        |   |   |      |     |   |   |         |        |   |  |   |       |      
|                             |                                                     |                                       |             |            |           |   |     |           |  |   |              |         |       |             |       |                 |         |   |         |        |   |   |        |       |               |        |       |      |       |  |         |         |  
|Balance at December 31, 2002 |                                                     |                                       | 54,675,513  |            |           |   | 0.5 |           |  |   | 676.4        |         |       |             | (34.0 | )               |         |   | 34.0    |        |   |   | (504.9 | )     |               |        | (37.5 | )    |       |  | 36,606  |         |   |   | (1.0 | )    |   |   | 133.5   |         |   |  |   |      
|                             | Net income                                          |                                       |             |           |           |   |     |          |  |   |              |        |       |             |       |                |         |   |         |       |   |   |        | 78.4  |               |        |       |     |       |  |         |        |   |   |      |     |   |   |         | 78.4    |   |  | $ | 78.4  |      
|                             | Foreign currency translation adjustment             |                                       |             |           |           |   |     |          |  |   |              |        |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       | 69.2 |       |  |         |        |   |   |      |     |   |   |         | 69.2    |   |  |   | 69.2  |      
|                             | Unrealized investment gain                          |                                       |             |           |           |   |     |          |  |   |              |        |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       | 1.8  |       |  |         |        |   |   |      |     |   |   |         | 1.8     |   |  |   | 1.8   |      
|                             | Unrealized gain on cash flow hedges                 |                                       |             |           |           |   |     |          |  |   |              |        |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       | 0.5  |       |  |         |        |   |   |      |     |   |   |         | 0.5     |   |  |   | 0.5   |      
|                             | Minimum pension liability                           |                                       |             |           |           |   |     |          |  |   |              |        |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       | 6.0  |       |  |         |        |   |   |      |     |   |   |         | 6.0     |   |  |   | 6.0   |      
|                             |                                                     |                                       |             |            |           |   |     |           |  |   |              |         |       |             |       |                 |         |   |         |        |   |   |        |       |               |        |       |      |       |  |         |         |  
|                             |                                                     | Subtotal  other comprehensive income |             |            |           |   |     |           |  |   |              |         |       |             |       |                 |         |   |         |        |   |   |        |       |               |        |       |      |       |  |         |         |   |   |      |      |   |   |         |         |   |  |   | $     | 155.9 | 
|                             |                                                     |                                       |             |            |           |   |     |           |  |   |              |         |       |             |       |                 |         |   |         |        |   |   |        |       |               |        |       |      |       |  |         |         |  
|                             | Proceeds from issuance of common stock, net         |                                       |             | 6,634,526  |           |   |     | 0.1       |  |   |              | 260.5   |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       |     |       |  |         |        |   |   |      |     |   |   |         | 260.6   |   |  |   |       |      
|                             | Proceeds from stock options                         |                                       |             | 1,908,044  |           |   |     |          |  |   |              | 19.8    |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       |     |       |  |         |        |   |   |      |     |   |   |         | 19.8    |   |  |   |       |      
|                             | Tax benefit from stock options                      |                                       |             |           |           |   |     |          |  |   |              | 5.6     |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       |     |       |  |         |        |   |   |      |     |   |   |         | 5.6     |   |  |   |       |      
|                             | Acquisition of treasury stock                       |                                       |             |           |           |   |     |          |  |   |              | 2.2     |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       |     |       |  |         | 226,039 |   |   |      | (2.2 | ) |   |         |        |   |  |   |       |      
|                             | Trust activity                                      |                                       |             |           |           |   |     |          |  |   |              |        |       |             |       | 8.5             |         |   |         | (8.5   | ) |   |        |      |               |        |       |     |       |  |         |        |   |   |      |     |   |   |         |        |   |  |   |       |      
|                             |                                                     |                                       |             |            |           |   |     |           |  |   |              |         |       |             |       |                 |         |   |         |        |   |   |        |       |               |        |       |      |       |  |         |         |  
|Balance at December 31, 2003 |                                                     |                                       | 63,218,083  |            |           |   | 0.6 |           |  |   | 964.5        |         |       |             | (25.5 | )               |         |   | 25.5    |        |   |   | (426.5 | )     |               |        | 40.0  |      |       |  | 262,645 |         |   |   | (3.2 | )    |   |   | 575.4   |         |   |  |   |      
|                             | Net income                                          |                                       |             |           |           |   |     |          |  |   |              |        |       |             |       |                |         |   |         |       |   |   |        | 166.4 |               |        |       |     |       |  |         |        |   |   |      |     |   |   |         | 166.4   |   |  | $ | 166.4 |      
|                             | Foreign currency translation adjustment             |                                       |             |           |           |   |     |          |  |   |              |        |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       | 89.9 |       |  |         |        |   |   |      |     |   |   |         | 89.9    |   |  |   | 89.9  |      
|                             | Unrealized investment gain                          |                                       |             |           |           |   |     |          |  |   |              |        |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       | 4.1  |       |  |         |        |   |   |      |     |   |   |         | 4.1     |   |  |   | 4.1   |      
|                             | Unrealized loss on cash flow hedges                 |                                       |             |           |           |   |     |          |  |   |              |        |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       | (4.3 | )     |  |         |        |   |   |      |     |   |   |         | (4.3    | ) |  |   | (4.3  | )    
|                             | Minimum pension liability                           |                                       |             |           |           |   |     |          |  |   |              |        |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       | (2.8 | )     |  |         |        |   |   |      |     |   |   |         | (2.8    | ) |  |   | (2.8  | )    
|                             |                                                     |                                       |             |            |           |   |     |           |  |   |              |         |       |             |       |                 |         |   |         |        |   |   |        |       |               |        |       |      |       |  |         |         |  
|                             |                                                     | Subtotal  other comprehensive income |             |            |           |   |     |           |  |   |              |         |       |             |       |                 |         |   |         |        |   |   |        |       |               |        |       |      |       |  |         |         |   |   |      |      |   |   |         |         |   |  |   | $     | 253.3 | 
|                             |                                                     |                                       |             |            |           |   |     |           |  |   |              |         |       |             |       |                 |         |   |         |        |   |   |        |       |               |        |       |      |       |  |         |         |  
|                             | Acquisition of Apogent Technologies Inc. stock, net |                                       |             | 50,634,510 |           |   |     | 0.5       |  |   |              | 2,868.6 |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       |     |       |  |         |        |   |   |      |     |   |   |         | 2,869.1 |   |  |   |       |      
|                             | Proceeds from stock options                         |                                       |             | 5,074,800  |           |   |     |          |  |   |              | 136.0   |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       |     |       |  |         |        |   |   |      |     |   |   |         | 136.0   |   |  |   |       |      
|                             | Tax benefit from stock options                      |                                       |             |           |           |   |     |          |  |   |              | 36.0    |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       |     |       |  |         |        |   |   |      |     |   |   |         | 36.0    |   |  |   |       |      
|                             | Shares issued upon conversion of debt               |                                       |             | 1,559      |           |   |     |          |  |   |              | 0.1     |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       |     |       |  |         |        |   |   |      |     |   |   |         | 0.1     |   |  |   |       |      
|                             | Acquisition of treasury stock                       |                                       |             |           |           |   |     |          |  |   |              |        |       |             |       |                |         |   |         |       |   |   |        |      |               |        |       |     |       |  |         | 49,843  |   |   |      | (3.0 | ) |   |         | (3.0    | ) |  |   |       |      
|                             | Trust activity                                      |                                       |             |           |           |   |     |          |  |   |              | 0.9     |       |             |       | 1.5             |         |   |         | (1.5   | ) |   |        |      |               |        |       |     |       |  |         | (57,513 | ) |   |      | 2.2  |   |   |         | 3.1     |   |  |   |       |      
|                             |                                                     |                                       |             |            |           |   |     |           |  |   |              |         |       |             |       |                 |         |   |         |        |   |   |        |       |               |        |       |      |       |  |         |         |  
|Balance at December 31, 2004 |                                                     |                                       | 118,928,952 |            |           | $ | 1.1 |           |  | $ | 4,006.1      |         |       | $           | (24.0 | )               |         | $ | 24.0    |        |   | $ | (260.1 | )     |               | $      | 126.9 |      |       |  | 254,975 |         |   | $ | (4.0 | )    |   | $ | 3,870.0 |         |   |  |   |      
|                             |                                                     |                                       |             |            |           |   |     |           |  |   |              |         |       |             |       |                 |         |   |         |        |   |   |        |       |               |        |       |      |       |  |         |         |  



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FISHER SCIENTIFIC INTERNATIONAL INC.







NOTES TO FINANCIAL STATEMENTS




|         |                     
|-------- | --------------------
|Note 1  | Nature of Operations





| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 1. Scientific products and servicessegment provides
    products and services primarily to entities conducting
    scientific research, including drug discovery and drug
    development, quality and process control and basic research and
    development. This segment manufactures and distributes a broad
    range of biochemicals and bioreagents; organic and inorganic
    chemicals; sera; cell culture media; sterile liquid-handling
    systems; microbiology media and related products; scientific
    consumable products, instruments and equipment; safety and
    personal protection products; and other consumables and
    supplies. Additionally, this segment provides services to
    pharmaceutical and biotechnology companies engaged in clinical
    trials, including specialized packaging, over-encapsulation,
    labeling and distribution for phase III and phase IV
    clinical trials, as well as combinatorial chemistry,
    custom-chemical synthesis, supply-chain management and a number
    of other services.
|
| | 2. Healthcare products and servicessegment
    manufactures and distributes a wide array of diagnostic kits and
    reagents, equipment, instruments, medical devices and other
    consumable products to hospitals and group-purchasing
    organizations, clinical laboratories, reference laboratories,
    physicians offices and original equipment manufacturers
    located primarily in the U.S. In addition, we manufacture and
    distribute ear, nose and throat medical devices outside the U.S.
    This segment also provides outsourced manufacturing services for
    diagnostic reagents, calibrators and controls to the healthcare
    and pharmaceutical industries.                                                                                                                                                                                                                                                                                                                                                                  
|
| | 3. Laboratory workstationssegment manufactures and
    sells laboratory workstations and fume hoods and provides
    lab-design services for pharmaceutical and biotechnology
    customers, colleges, universities and secondary schools,
    hospitals and reference labs.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 



|         |                                           
|-------- | ------------------------------------------
|Note 2  | Summary of Significant Accounting Policies

Principles of Consolidation


Cash and Cash Equivalents .


Allowance for Doubtful Accounts


Inventories


Investments


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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)








Property, Plant and Equipment


Goodwill and Indefinite Lived Intangible
Assets


Intangible Assets


Deferred Financing Fees


Impairment of Long-Lived Assets


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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




Accounts Payable


Environmental Remediation Costs


Insurable Liabilities


Advertising


Revenue Recognition


Research and Development


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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)


Income Taxes


Stock-Based Compensation


|                                                                                                                 |         |      |       |      |      |   |      |      |  |   |      |      | 
|---------------------------------------------------------------------------------------------------------------- | ------- | ---- | ----- | ---- | ---- | - | ---- | ---- |  | - | ---- | ---- | 
|                                                                                                                 |         | 2004 |       |      | 2003 |   |      | 2002 | 
|                                                                                                                 |         |      |       |      |      |   |      |      | 
|Net income as reported                                                                                           |         | $    | 166.4 |      |      | $ | 78.4 |      |  | $ | 50.6 |     
|Add: stock-based employee compensation included in reported net
    income, net of tax                           |         |      | 0.8   |      |      |   |     |      |  |   |     |     
|Deduct: stock-based compensation expense determined using fair
    value based method for all awards, net of tax |         |      | 30.2  |      |      |   | 19.2 |      |  |   | 9.1  |     
|                                                                                                                 |         |      |       |      |      |   |      |      | 
|Net income, pro forma                                                                                            |         | $    | 137.0 |      |      | $ | 59.2 |      |  | $ | 41.5 |     
|                                                                                                                 |         |      |       |      |      |   |      |      | 
|Net income per common share                                                                                      |         |      |       |      |      |   |      |      |  |   |      |     
|As reported:                                                                                                     |         |      |       |      |      |   |      |      |  |   |      |     
|                                                                                                                 | Basic   |      | $     | 1.93 |      |   | $    | 1.38 |  |   | $    | 0.93 | 
|                                                                                                                 |         |      |       |      |      |   |      |      | 
|                                                                                                                 | Diluted |      | $     | 1.80 |      |   | $    | 1.29 |  |   | $    | 0.87 | 
|                                                                                                                 |         |      |       |      |      |   |      |      | 
|Pro forma:                                                                                                       |         |      |       |      |      |   |      |      |  |   |      |     
|                                                                                                                 | Basic   |      | $     | 1.59 |      |   | $    | 1.04 |  |   | $    | 0.76 | 
|                                                                                                                 |         |      |       |      |      |   |      |      | 
|                                                                                                                 | Diluted |      | $     | 1.48 |      |   | $    | 0.98 |  |   | $    | 0.72 | 
|                                                                                                                 |         |      |       |      |      |   |      |      | 

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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




|                        |  |      |         |   |      |  |         |      |  |  |         |  
|----------------------- |  | ---- | ------- | - | ---- |  | ------- | ---- |  |  | ------- | -
|                        |  | 2004 |         |   | 2003 |  |         | 2002 | 
|                        |  |      |         |   |      |  |         |      | 
|Risk free interest rate |  |      | 3.3     | % |      |  | 2.8     | %    |  |  | 3.8     | %
|Expected life of option |  |      | 5 years |   |      |  | 5 years |      |  |  | 5 years |  
|Volatility              |  |      | 39      | % |      |  | 41      | %    |  |  | 47      | %
|Expected dividend yield |  |      | 0.0     | % |      |  | 0.0     | %    |  |  | 0.0     | %

Foreign Currency Translation


Derivative Financial Instruments








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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




Other Comprehensive Income


Earnings per Share


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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




|                                                                                                     |                   |      |       |     |      |   |      |      |  |   |      |     | 
|---------------------------------------------------------------------------------------------------- | ----------------- | ---- | ----- | --- | ---- | - | ---- | ---- |  | - | ---- | --- | 
|                                                                                                     |                   | 2004 |       |     | 2003 |   |      | 2002 | 
|                                                                                                     |                   |      |       |     |      |   |      |      | 
|Net income available to common shareholders                                                          |                   | $    | 166.4 |     |      | $ | 78.4 |      |  | $ | 50.6 |    
|                                                                                                     |                   |      |       |     |      |   |      |      | 
|Weighted average common shares outstanding used in computing
    basic net income per common share   |                   |      | 86.2  |     |      |   | 56.9 |      |  |   | 54.5 |    
|Dilutive securities:                                                                                 |                   |      |       |     |      |   |      |      |  |   |      |    
|                                                                                                     | Stock options(a)  |      |       | 5.0 |      |   |      | 3.7  |  |   |      | 3.4 | 
|                                                                                                     | Convertible notes |      |       | 1.0 |      |   |      |     |  |   |      |    | 
|                                                                                                     |                   |      |       |     |      |   |      |      | 
|Weighted average common shares outstanding used in computing
    diluted net income per common share |                   |      | 92.2  |     |      |   | 60.6 |      |  |   | 57.9 |    
|                                                                                                     |                   |      |       |     |      |   |      |      | 
|Basic net income per common share                                                                    |                   | $    | 1.93  |     |      | $ | 1.38 |      |  | $ | 0.93 |    
|                                                                                                     |                   |      |       |     |      |   |      |      | 
|Diluted net income per common share                                                                  |                   | $    | 1.80  |     |      | $ | 1.29 |      |  | $ | 0.87 |    
|                                                                                                     |                   |      |       |     |      |   |      |      | 






|    |  |                                                                                                                                                                                                                                                                  
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | The weighted average amount of outstanding antidilutive common
    stock options excluded from the computation of diluted net
    income per common share was 0.9 million, 0.2 million
    and 1.3 million at December 31, 2004, 2003 and 2002,
    respectively.

Use of Estimates


Reclassifications 


Note 3  Business Combinations




| |                                      
| | -------------------------------------
| | Merger with Apogent Technologies Inc.



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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)






| |   |                                                                                                                                                                                                                                                                                                                           
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Life-science market position. The Companys
    life-science footprint may grow substantially as a result of
    this combination. In addition, Apogents wide range of
    consumable products for protein-based research and other drug
    discovery applications may enhance the Companys
    life-science portfolio.
|
| |  | Biopharma-production and diagnostic-reagent offering. The
    combination of Fisher with Apogent may strengthen the
    Companys offerings in biopharma-production and
    diagnostic-reagents.                                                                                                                          
|
| |  | Global market presence. Apogent has manufacturing
    operations throughout the world that may complement and enhance
    the Companys existing worldwide distribution and supply
    network.                                                                                                                           





| |   |                                                                                                                                                                                                                                                                                                                                       
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Enhanced margins. The Company expects higher-margin,
    proprietary products to approximate 60 percent of its total
    annual sales.                                                                                                                                                                                                
|
| |  | Synergy opportunities. The Company expects to achieve
    cost savings and other benefits in 2005 and beyond. These
    synergies may come from, among other things, facility
    consolidations, sourcing opportunities, administrative
    efficiencies and the elimination of duplicative marketing and
    distribution functions.
|
| |  | Earnings and revenue growth. The Company believes that
    its revenue and earnings may be enhanced as a result of the
    merger with Apogent.                                                                                                                                                                                       
|
| |  | Operating cash flow. The Company anticipates cash flow
    from operations may increase as a result of the merger and
    result in increased financial flexibility that may enhance the
    Companys ability to pursue strategic growth opportunities.                                                                              



|                                                 |                         |   |         |         | 
|------------------------------------------------ | ----------------------- | - | ------- | ------- | 
|Aggregate value of stock consideration           |                         | $ | 2,658.8 |        
|Value of Apogent stock options assumed by Fisher |                         |   | 109.9   |        
|                                                 |                         |   |        
|                                                 | Aggregate consideration |   |         | 2,768.7 | 
|Tax benefit of Apogent stock options exercised   |                         |   | (22.7   | )      
|                                                 |                         |   |        
|                                                 | Net consideration       |   | $       | 2,746.0 | 
|                                                 |                         |   |        



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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




|                                    |                           |               |         |         | 
|----------------------------------- | ------------------------- | ------------- | ------- | ------- | 
|                                    |                           | (In millions) |        
|Current assets                      |                           | $             | 671.2   |        
|Property, plant, and equipment      |                           |               | 292.7   |        
|Intangible assets                   |                           |               | 1,225.1 |        
|In-process research and development |                           |               | 2.4     |        
|Goodwill                            |                           |               | 2,529.2 |        
|Other assets                        |                           |               | 17.3    |        
|                                    |                           |               |        
|                                    | Total assets acquired     |               |         | 4,737.9 | 
|                                    |                           |               |        
|Current liabilities                 |                           |               | 272.7   |        
|Long-term debt                      |                           |               | 1,061.9 |        
|Other liabilities                   |                           |               | 657.3   |        
|                                    |                           |               |        
|                                    | Total liabilities assumed |               |         | 1,991.9 | 
|                                    |                           |               |        
|                                    | Net assets acquired       |               | $       | 2,746.0 | 
|                                    |                           |               |        





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Company assumed $250 million aggregate principal amount
    of the
    61/2% senior
    subordinated notes due 2013 (the
    61/2% Notes).
    The
    61/2% Notes
    were recorded at a fair value of $276.9 million based upon
    the tender price for the notes, which was $1,107.50 in cash per
    $1,000 principal amount, plus accrued and unpaid interest. The
    tender price is assumed to be equal to the market price. The
    61/2% Notes
    were tendered and a consent was given to amend the indenture for
    any notes that remained outstanding to eliminate restrictive
    covenants in that indenture. The cash tender offer was completed
    concurrently with the merger.
|
| |  | The Company assumed $300 million aggregate principal amount
    of 2.25% Senior Convertible Contingent Debt Securities due
    2021 (the 2.25% CODES). The 2.25% CODES were
    recorded at a fair value of $335.4 million based upon the
    market price for the debt security at July 30, 2004,
    reflecting a premium of $33.9 million and a liability of
    $1.5 million for exchange fees to be paid. The Company
    determined that the premium was due to the equity conversion
    feature of the debt and recorded the amount of the premium to
    capital in excess of par value.                                                                                                         
|
| |  | The Company assumed $345 million aggregate principal amount
    of Floating Rate Senior Convertible Contingent Debt Securities
    due 2033 (the Floating Rate CODES). The Floating
    Rate CODES were recorded at a fair value of $426.3 million
    based upon the market price for the debt security at
    July 30, 2004, reflecting a premium of $77.5 million
    and a liability of $3.8 million for exchange and consent
    solicitation fees to be paid. The Company determined that the
    premium was due to the equity conversion feature of the debt and
    recorded the amount of the premium to capital in excess of par.                                                              

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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Company assumed $7 million of remaining aggregate
    principal amount of 8% senior notes due 2011 (the
    8% Notes). The 8% Notes were recorded at a
    fair value of $7.6 million based upon the market value for
    the debt security at July 30, 2004, reflecting a premium of
    $0.6 million.                                                                                                                                                                                                                                                                                                    
|
| |  | The Company assumed sale/ leaseback obligations of
    $10.5 million. The obligations were recorded at a fair
    value of $15.7 million based upon third-party appraisals.
    The Company has also recorded an estimated liability of
    approximately $11 million pertaining to a put feature associated
    with these obligations whereby the Company could be obligated to
    purchase the associated facilities at a price based upon a
    prescribed calculation methodology in the lease agreement. This
    liability is based on managements current best estimate
    and is subject to revision.







|                                    |  |       |       |  |                  |  |      | 
|----------------------------------- |  | ----- | ----- |  | ---------------- |  | ---- | 
|                                    |  | Fair  |       |  | Weighted-Average | 
|                                    |  | Value |       |  | Life             | 
|                                    |  |       |       |  |                  | 
|Customer relationships              |  | $     | 226.1 |  |                  |  | 20.9 | 
|Developed technology                |  |       | 175.5 |  |                  |  | 9.4  | 
|Supplier arrangements               |  |       | 5.8   |  |                  |  | 10.0 | 
|Other amortizable intangible assets |  |       | 0.6   |  |                  |  | 2.0  | 
|                                    |  |       |       |  |                  | 
|                                    |  | $     | 408.0 |  |                  |  | 15.7 | 
|                                    |  |       |       |  |                  | 







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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




|                             |         |              |         |      |      |   |         |      | 
|---------------------------- | ------- | ------------ | ------- | ---- | ---- | - | ------- | ---- | 
|                             |         | Year Ended   |        
|                             |         | December 31, |        
|                             |         |              |        
|                             |         | 2004         |         |      | 2003 |  
|                             |         |              |         |      |      |  
|Sales                        |         | $            | 5,272.9 |      |      | $ | 4,519.7 |     
|Net income                   |         | $            | 223.9   |      |      | $ | 99.6    |     
|Net income per common share: |         |              |         |      |      |   |         |     
|                             | Basic   |              | $       | 1.94 |      |   | $       | 0.93 | 
|                             | Diluted |              | $       | 1.82 |      |   | $       | 0.88 | 



| |                                            
| | -------------------------------------------
| | Acquisition of Oxoid Group Holdings Limited





|                                    |  |       |      |  |                  |  |      | 
|----------------------------------- |  | ----- | ---- |  | ---------------- |  | ---- | 
|                                    |  | Fair  |      |  | Weighted-Average | 
|                                    |  | Value |      |  | Life             | 
|                                    |  |       |      |  |                  | 
|Customer relationships              |  | $     | 26.4 |  |                  |  | 25.0 | 
|Non-competition agreements          |  |       | 0.4  |  |                  |  | 1.0  | 
|Developed technology                |  |       | 6.9  |  |                  |  | 7.1  | 
|Supplier arrangements               |  |       | 7.4  |  |                  |  | 9.9  | 
|Other amortizable intangible assets |  |       | 1.6  |  |                  |  | 3.0  | 
|                                    |  |       |      |  |                  | 
|                                    |  | $     | 42.7 |  |                  |  | 18.4 | 
|                                    |  |       |      |  |                  | 





|                             |         |              |         |      |      |   |         |      | 
|---------------------------- | ------- | ------------ | ------- | ---- | ---- | - | ------- | ---- | 
|                             |         | Year Ended   |        
|                             |         | December 31, |        
|                             |         |              |        
|                             |         | 2004         |         |      | 2003 |  
|                             |         |              |         |      |      |  
|Sales                        |         | $            | 4,692.3 |      |      | $ | 3,720.4 |     
|Net income                   |         | $            | 168.2   |      |      | $ | 81.9    |     
|Net income per common share: |         |              |         |      |      |   |         |     
|                             | Basic   |              | $       | 1.95 |      |   | $       | 1.44 | 
|                             | Diluted |              | $       | 1.82 |      |   | $       | 1.35 | 

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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




| |                               
| | ------------------------------
| | Acquisition of Dharmacon, Inc.





|                           |  |            |      |                  |      |  |      | 
|-------------------------- |  | ---------- | ---- | ---------------- | ---- |  | ---- | 
|                           |  |            |      | Weighted-Average |     
|                           |  | Fair Value |      |                  | Life | 
|                           |  |            |      |                  |      | 
|Customer relationships     |  | $          | 3.1  |                  |      |  | 10.0 | 
|Non-competition agreements |  |            | 0.3  |                  |      |  | 2.0  | 
|Developed technology       |  |            | 8.1  |                  |      |  | 9.3  | 
|                           |  |            |      |                  |      | 
|                           |  | $          | 11.5 |                  |      |  | 9.3  | 
|                           |  |            |      |                  |      | 





| |                                 
| | --------------------------------
| | Acquisition of Perbio Science AB





|                              |                       |                           |       |       |       | 
|----------------------------- | --------------------- | ------------------------- | ----- | ----- | ----- | 
|                              |                       | (In millions)             |      
|                              |                       |                           |      
|Current assets                |                       | $                         | 145.5 |      
|Property, plant and equipment |                       |                           | 62.5  |      
|Intangible assets             |                       |                           | 112.0 |      
|Goodwill                      |                       |                           | 518.1 |      
|                              |                       |                           |      
|                              | Total assets acquired |                           |       | 838.1 |      
|                              |                       |                           |      
|Current liabilities           |                       |                           | 47.4  |      
|Other liabilities             |                       |                           | 50.1  |      
|                              |                       |                           |      
|                              |                       | Total liabilities assumed |       |       | 97.5  | 
|                              |                       |                           |      
|                              |                       | Net assets acquired       |       | $     | 740.6 | 
|                              |                       |                           |      

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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)






|                                    |  |            |      |                  |      |  |     | 
|----------------------------------- |  | ---------- | ---- | ---------------- | ---- |  | --- | 
|                                    |  |            |      | Weighted-Average |     
|                                    |  | Fair Value |      |                  | Life | 
|                                    |  |            |      |                  |      | 
|Customer relationships              |  | $          | 22.8 |                  |      |  | 5.0 | 
|Developed technology                |  |            | 16.6 |                  |      |  | 5.7 | 
|Other amortizable intangible assets |  |            | 8.3  |                  |      |  | 8.0 | 
|                                    |  |            |      |                  |      | 
|                                    |  | $          | 47.7 |                  |      |  | 5.8 | 
|                                    |  |            |      |                  |      | 





|                            |         |                   |         |      | 
|--------------------------- | ------- | ----------------- | ------- | ---- | 
|                            |         | Year Ended        |        
|                            |         | December 31, 2003 |        
|                            |         |                   |        
|Sales                       |         | $                 | 3,732.7 |     
|Net income                  |         | $                 | 76.2    |     
|Net income per common share |         |                   |         |     
|                            | Basic   |                   | $       | 1.34 | 
|                            | Diluted |                   | $       | 1.26 | 







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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




|         |                    
|-------- | -------------------
|Note 4  | Accounts Receivable



|                                |                          |      |       |       |      |   |       |       | 
|------------------------------- | ------------------------ | ---- | ----- | ----- | ---- | - | ----- | ----- | 
|                                |                          | 2004 |       |       | 2003 |  
|                                |                          |      |       |       |      |  
|Gross accounts receivable       |                          | $    | 663.7 |       |      | $ | 469.3 |      
|Allowance for doubtful accounts |                          |      | (27.1 | )     |      |   | (36.6 | )    
|                                |                          |      |       |       |      |  
|                                | Accounts receivable, net |      | $     | 636.6 |      |   | $     | 432.7 | 
|                                |                          |      |       |       |      |  





Note 5  Inventories




|                |       |      |       |       |      |   |       |       | 
|--------------- | ----- | ---- | ----- | ----- | ---- | - | ----- | ----- | 
|                |       | 2004 |       |       | 2003 |  
|                |       |      |       |       |      |  
|Raw materials   |       | $    | 137.2 |       |      | $ | 64.2  |      
|Work in process |       |      | 65.4  |       |      |   | 22.6  |      
|Finished goods  |       |      | 423.1 |       |      |   | 268.6 |      
|                |       |      |       |       |      |  
|                | Total |      | $     | 625.7 |      |   | $     | 355.4 | 
|                |       |      |       |       |      |  



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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




|         |                     
|-------- | --------------------
|Note 6  | Other Current Assets



|                      |       |      |       |       |      |   |      |       | 
|--------------------- | ----- | ---- | ----- | ----- | ---- | - | ---- | ----- | 
|                      |       | 2004 |       |       | 2003 |  
|                      |       |      |       |       |      |  
|Deferred income taxes |       | $    | 162.4 |       |      | $ | 92.1 |      
|Other                 |       |      | 103.8 |       |      |   | 46.8 |      
|                      |       |      |       |       |      |  
|                      | Total |      | $     | 266.2 |      |   | $    | 138.9 | 
|                      |       |      |       |       |      |  



|         |                              
|-------- | -----------------------------
|Note 7  | Property, Plant and Equipment



|                                 |                                    |      |        |         |      |   |        |       | 
|-------------------------------- | ---------------------------------- | ---- | ------ | ------- | ---- | - | ------ | ----- | 
|                                 |                                    | 2004 |        |         | 2003 |  
|                                 |                                    |      |        |         |      |  
|Land, buildings and improvements |                                    | $    | 485.2  |         |      | $ | 324.5  |      
|Machinery, equipment and other   |                                    |      | 656.5  |         |      |   | 383.8  |      
|                                 |                                    |      |        |         |      |  
|                                 | Total                              |      |        | 1,141.7 |      |   |        | 708.3 | 
|Accumulated depreciation         |                                    |      | (353.1 | )       |      |   | (267.4 | )    
|                                 |                                    |      |        |         |      |  
|                                 | Property, plant and equipment, net |      | $      | 788.6   |      |   | $      | 440.9 | 
|                                 |                                    |      |        |         |      |  





|         |                                     
|-------- | ------------------------------------
|Note 8  | Goodwill and Other Intangible Assets



|                                |                             |              |         |         |              |   |         |              |  |   |       |       |   |   |         |         |  
|------------------------------- | --------------------------- | ------------ | ------- | ------- | ------------ | - | ------- | ------------ |  | - | ----- | ----- | - | - | ------- | ------- | -
|                                |                             | Scientific   |         |         | Healthcare   |   |         |              |  |  
|                                |                             | Products     |         |         | Products     |   |         | Laboratory   |  |   |      
|                                |                             | and Services |         |         | and Services |   |         | Workstations |  |   | Total |      
|                                |                             |              |         |         |              |   |         |              |  |   |       |      
|Balance as of December 31, 2003 |                             | $            | 844.3   |         |              | $ | 109.6   |              |  | $ | 53.0  |       |   | $ | 1,006.9 |        
|                                | Acquisitions                |              |         | 1,805.8 |              |   |         | 997.0        |  |   |       |      |   |   |         | 2,802.8 |  
|                                | Impairment of goodwill      |              |         | (11.9   | )            |   |         |             |  |   |       | (53.0 | ) |   |         | (64.9   | )
|                                | Adjustments and allocations |              |         | 2.6     |              |   |         | 45.7         |  |   |       |      |   |   |         | 48.3    |  
|                                | Effect of foreign currency  |              |         | 39.4    |              |   |         | 0.2          |  |   |       |      |   |   |         | 39.6    |  
|                                |                             |              |         |         |              |   |         |              |  |   |       |      
|Balance as of December 31, 2004 |                             | $            | 2,680.2 |         |              | $ | 1,152.5 |              |  | $ |      |       |   | $ | 3,832.7 |        
|                                |                             |              |         |         |              |   |         |              |  |   |       |      





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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)






|                                                                                                                                                           |  |      |       |  |      |   |      | 
|---------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | ----- |  | ---- | - | ---- | 
|                                                                                                                                                           |  | 2004 |       |  | 2003 |  
|                                                                                                                                                           |  |      |       |  |      |  
|Customer relationships (net of accumulated amortization of
    $21.4 million and $10.2 million at December 31,
    2004 and 2003, respectively)            |  | $    | 281.0 |  |      | $ | 38.1 | 
|Non-compete agreements (net of accumulated amortization of
    $21.5 million and $18.3 million at December 31,
    2004 and 2003, respectively)            |  |      | 0.5   |  |      |   | 3.2  | 
|Patents and tradenames (net of accumulated amortization of
    $9.0 million and $8.4 million at December 31,
    2004 and 2003, respectively)              |  |      | 9.4   |  |      |   | 8.5  | 
|Developed technology (net of accumulated amortization of
    $16.7 million and $2.9 million at December 31,
    2004 and 2003, respectively)               |  |      | 193.6 |  |      |   | 16.6 | 
|Supplier arrangements (net of accumulated amortization of
    $2.8 million and $0.6 million at December 31,
    2004 and 2003, respectively)               |  |      | 18.3  |  |      |   | 7.7  | 
|Other amortizable intangible assets (net of accumulated
    amortization of $7.6 million and $7.4 million at
    December 31, 2004 and 2003, respectively) |  |      | 21.8  |  |      |   | 24.0 | 
|                                                                                                                                                           |  |      |       |  |      |  
|Amortizable intangible assets, net of accumulated amortization                                                                                             |  | $    | 524.6 |  |      | $ | 98.1 | 
|                                                                                                                                                           |  |      |       |  |      |  







|                                |  |   |       | 
|------------------------------- |  | - | ----- | 
|For the Year Ended December 31, |  |  
|                                |  |  
|2005                            |  | $ | 49.1  | 
|2006                            |  |   | 47.7  | 
|2007                            |  |   | 45.0  | 
|2008                            |  |   | 43.0  | 
|2009                            |  |   | 40.8  | 
|thereafter                      |  |   | 299.0 | 



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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




|         |                                      
|-------- | -------------------------------------
|Note 9  | Accrued and Other Current Liabilities



|                   |       |      |       |       |      |   |       |       | 
|------------------ | ----- | ---- | ----- | ----- | ---- | - | ----- | ----- | 
|                   |       | 2004 |       |       | 2003 |  
|                   |       |      |       |       |      |  
|Wages and benefits |       | $    | 104.4 |       |      | $ | 77.3  |      
|Interest           |       |      | 31.5  |       |      |   | 16.4  |      
|Other              |       |      | 322.2 |       |      |   | 165.1 |      
|                   |       |      |       |       |      |  
|                   | Total |      | $     | 458.1 |      |   | $     | 258.8 | 
|                   |       |      |       |       |      |  



|          |     
|--------- | ----
|Note 10  | Debt



|                                                                                                                                                                                       |                      |      |       |         |      |   |       |         | 
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------- | ---- | ----- | ------- | ---- | - | ----- | ------- | 
|                                                                                                                                                                                       |                      | 2004 |       |         | 2003 |  
|                                                                                                                                                                                       |                      |      |       |         |      |  
|Term Facility                                                                                                                                                                          |                      | $    | 393.0 |         |      | $ |      |        
|Prior credit facility                                                                                                                                                                  |                      |      |      |         |      |   | 440.0 |        
|Other debt                                                                                                                                                                             |                      |      | 60.8  |         |      |   | 36.6  |        
|2.50% Convertible Senior Notes, due 2023, convertible at
    $47.46 per share                                                                                                          |                      |      | 300.0 |         |      |   | 300.0 |        
|Floating Rate Convertible Senior Debentures, due 2033,
    convertible at $59.09 per share                                                                                             |                      |      | 344.6 |         |      |   |      |        
|3.25% Convertible Senior Subordinated Notes, due 2024,
    convertible at $80.40 per share                                                                                             |                      |      | 330.0 |         |      |   |      |        
|81/8% Senior
    Subordinated Notes, due 2012 (includes $5.9 million and
    $6.4 million of unamortized debt premium as of
    December 31, 2004 and December 31, 2003, respectively) |                      |      | 309.9 |         |      |   | 310.4 |        
|8% Senior Subordinated Notes, due 2013 (includes
    $10.3 million and $11.1 million of unamortized debt
    premium as of December 31, 2004 and December 31, 2003,
    respectively)  |                      |      | 310.3 |         |      |   | 311.1 |        
|63/4% Senior
    Subordinated Notes, due 2014                                                                                                                                          |                      |      | 300.0 |         |      |   |      |        
|                                                                                                                                                                                       |                      |      |       |         |      |  
|                                                                                                                                                                                       | Total debt           |      |       | 2,348.6 |      |   |       | 1,398.1 | 
|Less: short-term portion                                                                                                                                                               |                      |      | (39.4 | )       |      |   | (12.0 | )      
|                                                                                                                                                                                       |                      |      |       |         |      |  
|                                                                                                                                                                                       | Total long-term debt |      | $     | 2,309.2 |      |   | $     | 1,386.1 | 
|                                                                                                                                                                                       |                      |      |       |         |      |  



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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)








Consolidated Interest Expense Coverage Ratio.


Total Leverage Ratio.


|                                          |  |       |              | 
|----------------------------------------- |  | ----- | ------------ | 
|Period                                    |  | Ratio |             
|                                          |  |       |             
|January 1, 2005 through December 31, 2005 |  |       | 4.25 to 1.00 | 
|Thereafter                                |  |       | 3.75 to 1.00 | 

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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)


Senior Leverage Ratio.


|                                          |  |       |              | 
|----------------------------------------- |  | ----- | ------------ | 
|Period                                    |  | Ratio |             
|                                          |  |       |             
|January 1, 2005 through December 31, 2005 |  |       | 3.25 to 1.00 | 
|Thereafter                                |  |       | 3.00 to 1.00 | 

1 2 1 2 1 2 1 2 1 2 1 2


3 4


3 4 1 2






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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)








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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




1 8




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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




1 8 1 8 1 8






|                |  |          |       |             |            |   |             |        |  |             |        |  |        |              |       |        |              |   |        |              |  |   |          |  |  |       |       |  |  |   |      |  |  |   |         | 
|--------------- |  | -------- | ----- | ----------- | ---------- | - | ----------- | ------ |  | ----------- | ------ |  | ------ | ------------ | ----- | ------ | ------------ | - | ------ | ------------ |  | - | -------- |  |  | ----- | ----- |  |  | - | ---- |  |  | - | ------- | 
|                |  |          |       | Floating    |            |   |             |        |  |             |        |  |        |              |       |        |              |   |       
|                |  |          |       | Rate        |            |   | 2.50%       |        |  | 3.25%       |        |  | 63/4%  |              |       | 8%     |              |   | 81/8%  |              |  |   |          | 
|                |  |          |       | Convertible |            |   | Convertible |        |  | Convertible |        |  | Senior |              |       | Senior |              |   | Senior |              |  |   |          | 
|                |  | Term     |       |             | Senior     |   |             | Senior |  |             | Senior |  |        | Subordinated |       |        | Subordinated |   |        | Subordinated |  |   |          |  | 
|                |  | Facility |       |             | Debentures |   |             | Notes  |  |             | Notes  |  |        | Notes        |       |        | Notes        |   |        | Notes        |  |   | Other(1) |  |  | Total |      
|                |  |          |       |             |            |   |             |        |  |             |        |  |        |              |       |        |              |   |        |              |  |   |          |  |  |       |      
|2005            |  | $        | 16.5  |             |            | $ |            |        |  | $           |       |  |        | $            |      |        |              | $ |       |              |  | $ |         |  |  | $     |      |  |  | $ | 22.9 |  |  | $ | 39.4    | 
|2006            |  |          | 22.8  |             |            |   |            |        |  |             |       |  |        |              |      |        |              |   |       |              |  |   |         |  |  |       |      |  |  |   | 7.8  |  |  |   | 30.6    | 
|2007            |  |          | 26.5  |             |            |   |            |        |  |             |       |  |        |              |      |        |              |   |       |              |  |   |         |  |  |       |      |  |  |   | 3.2  |  |  |   | 29.7    | 
|2008            |  |          | 99.0  |             |            |   |            |        |  |             |       |  |        |              |      |        |              |   |       |              |  |   |         |  |  |       |      |  |  |   | 5.6  |  |  |   | 104.6   | 
|2009            |  |          | 86.5  |             |            |   |            |        |  |             |       |  |        |              |      |        |              |   |       |              |  |   |         |  |  |       |      |  |  |   | 2.6  |  |  |   | 89.1    | 
|2010 and beyond |  |          | 141.7 |             |            |   | 344.6       | (2)    |  |             | 300.0  |  |        |              | 330.0 |        |              |   | 300.0  |              |  |   | 300.0    |  |  |       | 304.0 |  |  |   | 18.7 |  |  |   | 2,039.0 | 
|                |  |          |       |             |            |   |             |        |  |             |        |  |        |              |       |        |              |   |        |              |  |   |          |  |  |       |      
|Total           |  | $        | 393.0 |             |            | $ | 344.6       |        |  | $           | 300.0  |  |        | $            | 330.0 |        |              | $ | 300.0  |              |  | $ | 300.0    |  |  | $     | 304.0 |  |  | $ | 60.8 |  |  | $ | 2,332.4 | 
|                |  |          |       |             |            |   |             |        |  |             |        |  |        |              |       |        |              |   |        |              |  |   |          |  |  |       |      



|    |                                                                                                                                    
|--- | -----------------------------------------------------------------------------------------------------------------------------------
|(1) | Other debt primarily consists of capital lease obligations and
    borrowings at subsidiary levels.                                
|   
|(2) | The floating rate convertible senior debentures mature in 2033,
    but can be put to the Company by the debenture holders in 2008.



|          |                  
|--------- | -----------------
|Note 11  | Other Liabilities



|               |       |      |       |       |      |   |       |       | 
|-------------- | ----- | ---- | ----- | ----- | ---- | - | ----- | ----- | 
|               |       | 2004 |       |       | 2003 |  
|               |       |      |       |       |      |  
|Deferred taxes |       | $    | 628.6 |       |      | $ | 17.7  |      
|Other          |       |      | 314.7 |       |      |   | 231.7 |      
|               |       |      |       |       |      |  
|               | Total |      | $     | 943.3 |      |   | $     | 249.4 | 
|               |       |      |       |       |      |  

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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




|          |                                    
|--------- | -----------------------------------
|Note 12  | Fair Value of Financial Instruments





|                                               |                      |          |      |         |       |   |      |          |  |   |       |         |  |   |     |         | 
|---------------------------------------------- | -------------------- | -------- | ---- | ------- | ----- | - | ---- | -------- |  | - | ----- | ------- |  | - | --- | ------- | 
|                                               |                      | 2004     |      |         | 2003  |  
|                                               |                      |          |      |         |       |  
|                                               |                      | Carrying |      |         | Fair  |   |      | Carrying |  |   | Fair  |        
|                                               |                      | Amount   |      |         | Value |   |      | Amount   |  |   | Value |        
|                                               |                      |          |      |         |       |   |      |          |  |   |       |        
|Long-term debt:                                |                      |          |      |         |       |   |      |          |  |   |       |         |  |   |     |        
|                                               | Convertible debt     |          | $    | 974.6   |       |   | $    | 1,254.6  |  |   | $     | 300.0   |  |   | $   | 333.9   | 
|                                               | Other                |          |      | 1,334.6 |       |   |      | 1,419.5  |  |   |       | 1,086.1 |  |   |     | 1,131.1 | 
|                                               |                      |          |      |         |       |   |      |          |  |   |       |        
|                                               | Total long-term debt |          | $    | 2,309.2 |       |   | $    | 2,674.1  |  |   | $     | 1,386.1 |  |   | $   | 1,465.0 | 
|                                               |                      |          |      |         |       |   |      |          |  |   |       |        
|Foreign currency forward and options contracts |                      | $        |     |         |       | $ |     |          |  | $ | 0.1   |         |  | $ | 0.1 |        
|                                               |                      |          |      |         |       |   |      |          |  |   |       |        
|Interest rate swap agreements                  |                      | $        | 1.7  |         |       | $ | 1.7  |          |  | $ | 0.8   |         |  | $ | 0.8 |        
|                                               |                      |          |      |         |       |   |      |          |  |   |       |        
|Commodities swap and options contracts         |                      | $        | (0.1 | )       |       | $ | (0.1 | )        |  | $ |      |         |  | $ |    |        
|                                               |                      |          |      |         |       |   |      |          |  |   |       |        







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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




|          |                              
|--------- | -----------------------------
|Note 13  | Commitments and Contingencies



|                           |  |   |       | 
|-------------------------- |  | - | ----- | 
|2005                       |  | $ | 47.0  | 
|2006                       |  |   | 40.8  | 
|2007                       |  |   | 36.6  | 
|2008                       |  |   | 29.7  | 
|2009                       |  |   | 24.2  | 
|Thereafter                 |  |   | 66.3  | 
|                           |  |   |      
|Net minimum lease payments |  | $ | 244.6 | 
|                           |  |   |      











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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)






|          |                     
|--------- | --------------------
|Note 14  | Stockholders Equity



| |                           
| | --------------------------
| | Preferred and Common Stock









| |            
| | -----------
| | Stock Plans







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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)








|                                               |  |            |        |          |          |   |       |            |          |  |          |   |  |            |       |  |          |  |       |   |  |   |       | 
|---------------------------------------------- |  | ---------- | ------ | -------- | -------- | - | ----- | ---------- | -------- |  | -------- | - |  | ---------- | ----- |  | -------- |  | ----- | - |  | - | ----- | 
|                                               |  | 2004       |        |          | 2003     |   |       | 2002       |         
|                                               |  |            |        |          |          |   |       |            |         
|                                               |  |            |        | Weighted |          |   |       |            | Weighted |  |          |   |  | Weighted   |      
|                                               |  |            |        | Average  |          |   |       |            | Average  |  |          |   |  | Average    |      
|                                               |  | Shares     |        |          | Exercise |   |       | Shares     |          |  | Exercise |   |  | Shares     |       |  | Exercise | 
|                                               |  | (in 000s) |        |          | Price    |   |       | (in 000s) |          |  | Price    |   |  | (in 000s) |       |  | Price    | 
|                                               |  |            |        |          |          |   |       |            |          |  |          |   |  |            |       |  |          | 
|Outstanding at beginning of year               |  |            | 11,039 |          |          | $ | 25.77 |            |          |  | 7,740    |   |  | $          | 19.73 |  |          |  | 7,587 |   |  | $ | 18.45 | 
|Granted                                        |  |            | 7,725  |          |          |   | 39.72 |            |          |  | 4,883    |   |  |            | 34.49 |  |          |  | 1,065 |   |  |   | 28.93 | 
|Exercised                                      |  |            | (5,075 | )        |          |   | 26.78 |            |          |  | (978     | ) |  |            | 20.24 |  |          |  | (481  | ) |  |   | 13.18 | 
|Canceled/ Expired/ Forfeited                   |  |            | (684   | )        |          |   | 34.29 |            |          |  | (606     | ) |  |            | 27.93 |  |          |  | (431  | ) |  |   | 27.26 | 
|                                               |  |            |        |          |          |   |       |            |          |  |          |   |  |            |       |  |          | 
|Outstanding at end of year                     |  |            | 13,005 |          |          | $ | 33.22 |            |          |  | 11,039   |   |  | $          | 25.77 |  |          |  | 7,740 |   |  | $ | 19.73 | 
|                                               |  |            |        |          |          |   |       |            |          |  |          |   |  |            |       |  |          | 
|Exercisable at end of year                     |  |            | 9,803  |          |          | $ | 30.31 |            |          |  | 5,402    |   |  | $          | 18.65 |  |          |  | 4,461 |   |  | $ | 14.26 | 
|Weighted average fair value of options granted |  |            |        |          |          | $ | 18.37 |            |          |  |          |   |  | $          | 13.96 |  |          |  |       |   |  | $ | 13.11 | 

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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




|                        |  |                     |        |          |                     |  |          |          |  |   |             |          |  |          |       |  |  |   |       | 
|----------------------- |  | ------------------- | ------ | -------- | ------------------- |  | -------- | -------- |  | - | ----------- | -------- |  | -------- | ----- |  |  | - | ----- | 
|                        |  | Options Outstanding |        |          | Options Exercisable | 
|                        |  |                     |        |          |                     | 
|                        |  |                     |        | Weighted |                     |  | Weighted |          |  |   |             | Weighted | 
|                        |  | Number              |        |          | Average             |  |          | Average  |  |   | Number      |          |  | Average  |      
|                        |  | Outstanding         |        |          | Remaining           |  |          | Exercise |  |   | Exercisable |          |  | Exercise |      
|Range of Exercise Price |  | (in 000s)          |        |          | Contractual Life    |  |          | Price    |  |   | (in 000s)  |          |  | Price    |      
|                        |  |                     |        |          |                     |  |          |          |  |   |             |          |  |          |      
|$9.00 - $13.00          |  |                     | 1,583  |          |                     |  | 3.1      |          |  | $ | 9.52        |          |  |          | 1,583 |  |  | $ | 9.52  | 
|13.01 -  17.00          |  |                     | 50     |          |                     |  | 1.5      |          |  |   | 16.46       |          |  |          | 50    |  |  |   | 16.46 | 
|17.01 -  21.00          |  |                     | 93     |          |                     |  | 4.1      |          |  |   | 18.16       |          |  |          | 93    |  |  |   | 18.16 | 
|21.01 -  25.00          |  |                     | 1,196  |          |                     |  | 6.2      |          |  |   | 23.93       |          |  |          | 1,189 |  |  |   | 23.94 | 
|25.01 -  29.00          |  |                     | 2,046  |          |                     |  | 7.4      |          |  |   | 28.36       |          |  |          | 815   |  |  |   | 28.44 | 
|29.01 -  33.00          |  |                     | 1,449  |          |                     |  | 6.8      |          |  |   | 30.10       |          |  |          | 1,398 |  |  |   | 30.05 | 
|33.01 -  37.00          |  |                     | 1,310  |          |                     |  | 2.9      |          |  |   | 35.00       |          |  |          | 1,243 |  |  |   | 35.04 | 
|37.01 -  41.00          |  |                     | 2,497  |          |                     |  | 4.4      |          |  |   | 39.25       |          |  |          | 2,104 |  |  |   | 39.19 | 
|41.01 -  45.00          |  |                     | 1,174  |          |                     |  | 6.6      |          |  |   | 44.28       |          |  |          | 1,049 |  |  |   | 44.29 | 
|45.01 -  49.00          |  |                     | 287    |          |                     |  | 7.7      |          |  |   | 47.87       |          |  |          | 278   |  |  |   | 47.91 | 
|49.01 -  54.00          |  |                     | 204    |          |                     |  | 9.2      |          |  |   | 53.19       |          |  |          |      |  |  |   |      | 
|54.01 -  59.00          |  |                     | 981    |          |                     |  | 9.5      |          |  |   | 56.73       |          |  |          | 1     |  |  |   | 57.32 | 
|59.01 -  64.00          |  |                     | 135    |          |                     |  | 9.6      |          |  |   | 59.60       |          |  |          |      |  |  |   |      | 
|                        |  |                     |        |          |                     |  |          |          |  |   |             |          |  |          |      
|                        |  |                     | 13,005 |          |                     |  |          |          |  |   |             |          |  |          | 9,803 |  |  |   |       | 
|                        |  |                     |        |          |                     |  |          |          |  |   |             |          |  |          |      



|          |                            
|--------- | ---------------------------
|Note 15  | Other (Income) Expense, Net



|                                            |                             |      |       |       |      |   |      |      |  |   |     |      | 
|------------------------------------------- | --------------------------- | ---- | ----- | ----- | ---- | - | ---- | ---- |  | - | --- | ---- | 
|                                            |                             | 2004 |       |       | 2003 |   |      | 2002 | 
|                                            |                             |      |       |       |      |   |      |      | 
|Debt refinancing costs                      |                             | $    | 14.4  |       |      | $ | 65.9 |      |  | $ | 4.1 |     
|Acquisition-related foreign currency hedges |                             |      | 2.2   |       |      |   | 15.7 |      |  |   |    |     
|Fixed-swap unwind costs                     |                             |      |      |       |      |   |     |      |  |   | 7.1 |     
|Interest income and other                   |                             |      | (4.1  | )     |      |   | (3.9 | )    |  |   | 1.1 |     
|Gain on sale of investment                  |                             |      | (22.7 | )     |      |   |     |      |  |   |    |     
|                                            |                             |      |       |       |      |   |      |      | 
|                                            | Other (income) expense, net |      | $     | (10.2 | )    |   | $    | 77.7 |  |   | $   | 12.3 | 
|                                            |                             |      |       |       |      |   |      |      | 

1 8




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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




|          |             
|--------- | ------------
|Note 16  | Income Taxes



|         |                            |      |       |       |      |   |      |      |  |   |      |       | 
|-------- | -------------------------- | ---- | ----- | ----- | ---- | - | ---- | ---- |  | - | ---- | ----- | 
|         |                            | 2004 |       |       | 2003 |   |      | 2002 | 
|         |                            |      |       |       |      |   |      |      | 
|Domestic |                            | $    | 76.2  |       |      | $ | 37.0 |      |  | $ | 88.9 |      
|Foreign  |                            |      | 116.2 |       |      |   | 59.1 |      |  |   | 52.6 |      
|         |                            |      |       |       |      |   |      |      | 
|         | Income before income taxes |      | $     | 192.4 |      |   | $    | 96.1 |  |   | $    | 141.5 | 
|         |                            |      |       |       |      |   |      |      | 



|                                       |         |                |      |       |      |   |      |      |      |   |      |      |      | 
|-------------------------------------- | ------- | -------------- | ---- | ----- | ---- | - | ---- | ---- | ---- | - | ---- | ---- | ---- | 
|                                       |         | 2004           |      |       | 2003 |   |      | 2002 |     
|                                       |         |                |      |       |      |   |      |      |     
|Current income tax expense:            |         |                |      |       |      |   |      |      |      |   |      |     
|                                       | Federal |                | $    | 4.9   |      |   | $    | 11.2 |      |   | $    | 0.5  |     
|                                       | State   |                |      | 2.3   |      |   |      | 2.3  |      |   |      | 1.8  |     
|                                       | Foreign |                |      | 21.8  |      |   |      | 4.7  |      |   |      | 6.4  |     
|                                       |         |                |      |       |      |   |      |      |     
|                                       |         | Total current  |      |       | 29.0 |   |      |      | 18.2 |   |      |      | 8.7  | 
|                                       |         |                |      |       |      |   |      |      |     
|Deferred income tax expense (benefit): |         |                |      |       |      |   |      |      |      |   |      |     
|                                       | Federal |                |      | 6.6   |      |   |      | 0.7  |      |   |      | 29.4 |     
|                                       | State   |                |      | 0.4   |      |   |      | 0.2  |      |   |      | 1.3  |     
|                                       | Foreign |                |      | (10.0 | )    |   |      | (1.4 | )    |   |      | 5.4  |     
|                                       |         |                |      |       |      |   |      |      |     
|                                       |         | Total deferred |      |       | (3.0 | ) |      |      | (0.5 | ) |      |      | 36.1 | 
|                                       |         |                |      |       |      |   |      |      |     
|Total income tax provision             |         | $              | 26.0 |       |      | $ | 17.7 |      |      | $ | 44.8 |     
|                                       |         |                |      |       |      |   |      |      |     



|                                                                       |                      |      |       |      |      |   |       |      |  |   |      |      | 
|---------------------------------------------------------------------- | -------------------- | ---- | ----- | ---- | ---- | - | ----- | ---- |  | - | ---- | ---- | 
|                                                                       |                      | 2004 |       |      | 2003 |   |       | 2002 | 
|                                                                       |                      |      |       |      |      |   |       |      | 
|Taxes computed at statutory rate                                       |                      | $    | 67.3  |      |      | $ | 33.6  |      |  | $ | 49.5 |     
|Foreign tax rate differential and foreign losses not tax
    benefited |                      |      | (20.6 | )    |      |   | (17.4 | )    |  |   | (7.0 | )   
|State income taxes, net of federal benefit                             |                      |      | 1.6   |      |      |   | 1.6   |      |  |   | 2.1  |     
|Nondeductible permanent items, net                                     |                      |      |      |      |      |   | 0.7   |      |  |   | 1.4  |     
|Basis difference investment disposed                                   |                      |      | (6.8  | )    |      |   |      |      |  |   |     |     
|Tax audit settled                                                      |                      |      | (10.9 | )    |      |   |      |      |  |   |     |     
|Foreign tax credits benefited                                          |                      |      | (4.1  | )    |      |   |      |      |  |   |     |     
|Other                                                                  |                      |      | (0.5  | )    |      |   | (0.8  | )    |  |   | (1.2 | )   
|                                                                       |                      |      |       |      |      |   |       |      | 
|                                                                       | Income tax provision |      | $     | 26.0 |      |   | $     | 17.7 |  |   | $    | 44.8 | 
|                                                                       |                      |      |       |      |      |   |       |      | 

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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




|                             |                                                    |                                |       |       |       |   |      |       |       | 
|---------------------------- | -------------------------------------------------- | ------------------------------ | ----- | ----- | ----- | - | ---- | ----- | ----- | 
|                             |                                                    | 2004                           |       |       | 2003  |  
|                             |                                                    |                                |       |       |       |  
|Deferred tax assets:         |                                                    |                                |       |       |       |   |      |      
|                             | Postretirement benefit costs other than pension    |                                | $     | 20.5  |       |   | $    | 21.2  |      
|                             | Environmental accruals                             |                                |       | 11.2  |       |   |      | 11.2  |      
|                             | Net operating loss and capital loss carry forwards |                                |       | 147.8 |       |   |      | 91.4  |      
|                             | Accrued employee benefits                          |                                |       | 22.7  |       |   |      | 19.9  |      
|                             | Charitable loss                                    |                                |       | 5.1   |       |   |      | 4.7   |      
|                             | Reserves and other accruals                        |                                |       | 40.4  |       |   |      | 24.7  |      
|                             | Inventory reserves                                 |                                |       | 28.9  |       |   |      | 8.9   |      
|                             | Allowance for doubtful accounts                    |                                |       | 4.7   |       |   |      | 8.0   |      
|                             | Investments                                        |                                |       | 7.4   |       |   |      | 7.7   |      
|                             | Property, plant and equipment                      |                                |       | 7.2   |       |   |      |      |      
|                             | Pension                                            |                                |       | 11.6  |       |   |      |      |      
|                             | Other                                              |                                |       | 31.2  |       |   |      | 18.0  |      
|                             | Tax credits                                        |                                |       | 6.1   |       |   |      |      |      
|                             |                                                    |                                |       |       |       |  
|                             | Gross deferred tax assets                          |                                |       | 344.8 |       |   |      | 215.7 |      
|                             | Less valuation allowance                           |                                |       | (72.1 | )     |   |      | (42.7 | )    
|                             |                                                    |                                |       |       |       |  
|                             |                                                    | Total deferred tax assets      |       |       | 272.7 |   |      |       | 173.0 | 
|                             |                                                    |                                |       |       |       |  
|Deferred tax liabilities:    |                                                    |                                |       |       |       |   |      |      
|                             | Goodwill and other intangibles                     |                                |       | 609.7 |       |   |      | 41.7  |      
|                             | Property, plant and equipment                      |                                |       | 59.8  |       |   |      | 21.9  |      
|                             | Pension                                            |                                |       | 33.1  |       |   |      | 18.3  |      
|                             | Inventory                                          |                                |       | 5.0   |       |   |      |      |      
|                             | Other                                              |                                |       | 22.7  |       |   |      | 16.7  |      
|                             |                                                    |                                |       |       |       |  
|                             |                                                    | Total deferred tax liabilities |       |       | 730.3 |   |      |       | 98.6  | 
|                             |                                                    |                                |       |       |       |  
|Net deferred tax assets      |                                                    | $                              |      |       |       | $ | 74.4 |      
|                             |                                                    |                                |       |       |       |  
|Net deferred tax liabilities |                                                    | $                              | 457.6 |       |       | $ |     |      
|                             |                                                    |                                |       |       |       |  





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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




|              |       |         |       |       |       |   |       |         |  |   |       |       | 
|------------- | ----- | ------- | ----- | ----- | ----- | - | ----- | ------- |  | - | ----- | ----- | 
|              |       | Foreign |       |       | State |   |       | Federal | 
|              |       |         |       |       |       |   |       |         | 
|2005 - 2014   |       | $       | 17.4  |       |       | $ | 76.0  |         |  | $ |      |      
|2015 - 2024   |       |         |      |       |       |   | 196.5 |         |  |   | 172.9 |      
|No Expiration |       |         | 147.4 |       |       |   |      |         |  |   |      |      
|              |       |         |       |       |       |   |       |         | 
|              | Total |         | $     | 164.8 |       |   | $     | 272.5   |  |   | $     | 172.9 | 
|              |       |         |       |       |       |   |       |         | 











|          |                       
|--------- | ----------------------
|Note 17  | Employee Benefit Plans







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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




|                                        |                                 |                  |       |                |          |       |       |       |   |   |      |      |   |   |      |      |  
|--------------------------------------- | ------------------------------- | ---------------- | ----- | -------------- | -------- | ----- | ----- | ----- | - | - | ---- | ---- | - | - | ---- | ---- | -
|                                        |                                 |                  |       |                |          | Other |      
|                                        |                                 |                  |       | Postretirement |         
|                                        |                                 | Pension Benefits |       |                | Benefits |      
|                                        |                                 |                  |       |                |          |      
|Change in benefit obligation            |                                 | 2004             |       |                | 2003     |       |       | 2004  |   |   | 2003 |     
|                                        |                                 |                  |       |                |          |       |       |       |   |   |      |     
|Benefit obligation at beginning of year |                                 | $                | 343.6 |                |          | $     | 293.8 |       |   | $ | 28.2 |      |   | $ | 25.1 |     
|                                        | Business combination            |                  |       | 187.9          |          |       |       |      |   |   |      | 7.0  |   |   |      |     |  
|                                        | Service costs                   |                  |       | 18.8           |          |       |       | 12.6  |   |   |      | 0.4  |   |   |      | 0.4  |  
|                                        | Interest costs                  |                  |       | 27.8           |          |       |       | 19.0  |   |   |      | 1.9  |   |   |      | 1.6  |  
|                                        | Plan amendment                  |                  |       | 12.9           |          |       |       |      |   |   |      |     |   |   |      |     |  
|                                        | Plan participants contribution |                  |       | 1.9            |          |       |       | 1.0   |   |   |      | 2.0  |   |   |      | 1.6  |  
|                                        | Actuarial loss(a)               |                  |       | 24.1           |          |       |       | 20.9  |   |   |      | 0.8  |   |   |      | 0.7  |  
|                                        | Benefits paid                   |                  |       | (18.9          | )        |       |       | (17.4 | ) |   |      | (3.5 | ) |   |      | (2.5 | )
|                                        | Currency translation adjustment |                  |       | 13.6           |          |       |       | 13.7  |   |   |      | 0.3  |   |   |      | 1.3  |  
|                                        |                                 |                  |       |                |          |       |       |       |   |   |      |     
|Benefit obligation at end of year       |                                 | $                | 611.7 |                |          | $     | 343.6 |       |   | $ | 37.1 |      |   | $ | 28.2 |     
|                                        |                                 |                  |       |                |          |       |       |       |   |   |      |     

|                                               |                                 |                  |       |       |      |   |       |       |  
|---------------------------------------------- | ------------------------------- | ---------------- | ----- | ----- | ---- | - | ----- | ----- | -
|                                               |                                 | Pension Benefits |      
|                                               |                                 |                  |      
|Change in plan assets                          |                                 | 2004             |       |       | 2003 |  
|                                               |                                 |                  |       |       |      |  
|Fair value of plan assets at beginning of year |                                 | $                | 329.2 |       |      | $ | 249.7 |      
|                                               | Business combination            |                  |       | 112.2 |      |   |       |      |  
|                                               | Actual return on plan assets    |                  |       | 31.6  |      |   |       | 33.7  |  
|                                               | Employer contribution           |                  |       | 46.7  |      |   |       | 50.6  |  
|                                               | Plan participants contribution |                  |       | 1.9   |      |   |       | 1.0   |  
|                                               | Benefits paid                   |                  |       | (18.9 | )    |   |       | (17.4 | )
|                                               | Currency translation adjustment |                  |       | 11.4  |      |   |       | 11.6  |  
|                                               |                                 |                  |       |       |      |  
|Fair value of plan assets at end of year       |                                 | $                | 514.1 |       |      | $ | 329.2 |      
|                                               |                                 |                  |       |       |      |  






|    |                                                                                                                                                                                                                                                                                                                                                 
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | Includes a $1.9 million gain in other postretirement
    benefits to reflect the impact of FASB Staff Position No. 106-2
    (FSP 106-2), Accounting and Disclosure Requirements
    Related to the Medicare Prescription Drug, Improvement and
    Modernization Act of 2003 as discussed in Note 23,
    Recent Accounting Pronouncements.

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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




|                                       |  |                  |       |                |          |       |       |      |  |   |       |   |  |   |       |  
|-------------------------------------- |  | ---------------- | ----- | -------------- | -------- | ----- | ----- | ---- |  | - | ----- | - |  | - | ----- | -
|                                       |  |                  |       |                |          | Other |      
|                                       |  |                  |       | Postretirement |         
|                                       |  | Pension Benefits |       |                | Benefits |      
|                                       |  |                  |       |                |          |      
|                                       |  | 2004             |       |                | 2003     |       |       | 2004 |  |   | 2003  |  
|                                       |  |                  |       |                |          |       |       |      |  |   |       |  
|Funded status                          |  | $                | (97.6 | )              |          | $     | (14.4 | )    |  | $ | (36.7 | ) |  | $ | (28.1 | )
|Unrecognized net actuarial (gain) loss |  |                  | 110.4 |                |          |       | 81.8  |      |  |   | (19.2 | ) |  |   | (22.1 | )
|Unrecognized prior service costs       |  |                  | 8.4   |                |          |       | (3.5  | )    |  |   | (2.5  | ) |  |   | (4.7  | )
|Unrecognized net transition obligation |  |                  | 0.5   |                |          |       | 0.4   |      |  |   |      |   |  |   |      |  
|                                       |  |                  |       |                |          |       |       |      |  |   |       |  
|Net amount recognized                  |  | $                | 21.7  |                |          | $     | 64.3  |      |  | $ | (58.4 | ) |  | $ | (54.9 | )
|                                       |  |                  |       |                |          |       |       |      |  |   |       |  
|Prepaid benefit asset                  |  | $                | 93.0  |                |          | $     | 85.5  |      |  |   |       |   |  |   |       |  
|Accrued benefit liability              |  |                  | (96.0 | )              |          |       | (30.1 | )    |  |   |       |   |  |   |       |  
|Intangible asset                       |  |                  | 12.7  |                |          |       | 1.4   |      |  |   |       |   |  |   |       |  
|Accumulated other comprehensive income |  |                  | 12.0  |                |          |       | 7.5   |      |  |   |       |   |  |   |       |  
|                                       |  |                  |       |                |          |       |       |      |  |   |       |  
|Net amount recognized                  |  | $                | 21.7  |                |          | $     | 64.3  |      |  |   |       |   |  |   |       |  
|                                       |  |                  |       |                |          |       |       |      |  |   |       |  
|Accumulated benefit obligation         |  | $                | 550.3 |                |          | $     | 316.2 |      |  |   |       |   |  |   |       |  
|                                       |  |                  |       |                |          |       |       |      |  |   |       |  



|                             |  |                  |       |  |      |   |       | 
|---------------------------- |  | ---------------- | ----- |  | ---- | - | ----- | 
|                             |  | Pension Benefits |      
|                             |  |                  |      
|                             |  | 2004             |       |  | 2003 |  
|                             |  |                  |       |  |      |  
|Projected benefit obligation |  | $                | 367.5 |  |      | $ | 123.7 | 
|Fair value of plan assets    |  |                  | 240.9 |  |      |   | 84.1  | 



|                               |  |                  |       |  |      |   |      | 
|------------------------------ |  | ---------------- | ----- |  | ---- | - | ---- | 
|                               |  | Pension Benefits |      
|                               |  |                  |      
|                               |  | 2004             |       |  | 2003 |  
|                               |  |                  |       |  |      |  
|Accumulated benefit obligation |  | $                | 233.3 |  |      | $ | 38.3 | 
|Fair value of plan assets      |  |                  | 162.9 |  |      |   | 12.6 | 



|                                                  |  |      |      |   |      |  |      |      |  |  |      |  
|------------------------------------------------- |  | ---- | ---- | - | ---- |  | ---- | ---- |  |  | ---- | -
|                                                  |  | 2004 |      |   | 2003 |  |      | 2002 | 
|                                                  |  |      |      |   |      |  |      |      | 
|Discount rate                                     |  |      | 5.70 | % |      |  | 6.00 | %    |  |  | 6.75 | %
|Average rate of increase in employee compensation |  |      | 4.00 | % |      |  | 4.00 | %    |  |  | 4.00 | %



|                                                  |  |      |      |   |      |  |      |      |  |  |      |  
|------------------------------------------------- |  | ---- | ---- | - | ---- |  | ---- | ---- |  |  | ---- | -
|                                                  |  | 2004 |      |   | 2003 |  |      | 2002 | 
|                                                  |  |      |      |   |      |  |      |      | 
|Discount rate                                     |  |      | 6.00 | % |      |  | 6.75 | %    |  |  | 6.75 | %
|Average rate of increase in employee compensation |  |      | 4.00 | % |      |  | 4.00 | %    |  |  | 4.00 | %
|Expected long-term rate of return on assets       |  |      | 7.60 | % |      |  | 8.25 | %    |  |  | 8.75 | %

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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)






|                                                   |                                    |                  |       |       |                         |   |       |      |  |   |       |     |  |      |      |      |      |   |      |      |   |   |      |      |  
|-------------------------------------------------- | ---------------------------------- | ---------------- | ----- | ----- | ----------------------- | - | ----- | ---- |  | - | ----- | --- |  | ---- | ---- | ---- | ---- | - | ---- | ---- | - | - | ---- | ---- | -
|                                                   |                                    |                  |       | Other |                        
|                                                   |                                    | Pension Benefits |       |       | Postretirement Benefits |  
|                                                   |                                    |                  |       |       |                         |  
|                                                   |                                    | 2004             |       |       | 2003                    |   |       | 2002 |  |   | 2004  |     |  | 2003 |      |      | 2002 |  
|                                                   |                                    |                  |       |       |                         |   |       |      |  |   |       |     |  |      |      |      |      |  
|Components of net periodic benefit cost (income)   |                                    |                  |       |       |                         |   |       |      |  |   |       |     |  |      |      |      |      |   |      |      |   |   |      |     
|Service cost                                       |                                    | $                | 18.8  |       |                         | $ | 12.6  |      |  | $ | 10.9  |     |  | $    | 0.4  |      |      | $ | 0.4  |      |   | $ | 0.4  |     
|Interest cost                                      |                                    |                  | 27.8  |       |                         |   | 19.0  |      |  |   | 17.7  |     |  |      | 1.9  |      |      |   | 1.6  |      |   |   | 1.6  |     
|Expected return on plan assets                     |                                    |                  | (33.3 | )     |                         |   | (25.1 | )    |  |   | (24.0 | )   |  |      |     |      |      |   |     |      |   |   |     |     
|Amortization of unrecognized net (gain) loss       |                                    |                  | 0.3   |       |                         |   | 0.4   |      |  |   | 0.3   |     |  |      | (1.9 | )    |      |   | (2.3 | )    |   |   | (2.1 | )   
|Amortization of unrecognized prior service benefit |                                    |                  | 1.0   |       |                         |   | (0.5  | )    |  |   | (0.5  | )   |  |      | (2.2 | )    |      |   | (1.5 | )    |   |   | (2.2 | )   
|Amortization of unrecognized net transition asset  |                                    |                  | (0.1  | )     |                         |   | (0.1  | )    |  |   | (0.1  | )   |  |      |     |      |      |   |     |      |   |   |     |     
|Recognized net actuarial loss                      |                                    |                  | 0.8   |       |                         |   | 0.7   |      |  |   | 0.1   |     |  |      |     |      |      |   |     |      |   |   | 0.1  |     
|Settlement/curtailment (gain) loss                 |                                    |                  | 1.2   |       |                         |   | 1.3   |      |  |   | (0.1  | )   |  |      |     |      |      |   |     |      |   |   |     |     
|                                                   |                                    |                  |       |       |                         |   |       |      |  |   |       |     |  |      |      |      |      |  
|                                                   | Net periodic benefit cost (income) |                  | $     | 16.5  |                         |   | $     | 8.3  |  |   | $     | 4.3 |  |      | $    | (1.8 | )    |   | $    | (1.8 | ) |   | $    | (2.2 | )
|                                                   |                                    |                  |       |       |                         |   |       |      |  |   |       |     |  |      |      |      |      |  





|                      |  |          |       |       |                |   |      | 
|--------------------- |  | -------- | ----- | ----- | -------------- | - | ---- | 
|                      |  |          |       | Other |               
|                      |  | Pension  |       |       | Postretirement |  
|                      |  | Benefits |       |       | Benefits       |  
|                      |  |          |       |       |                |  
|Year end December 31, |  |          |       |       |                |   |      | 
|2005                  |  | $        | 24.7  |       |                | $ | 2.6  | 
|2006                  |  |          | 26.3  |       |                |   | 2.6  | 
|2007                  |  |          | 28.0  |       |                |   | 2.6  | 
|2008                  |  |          | 31.0  |       |                |   | 2.6  | 
|2009                  |  |          | 31.7  |       |                |   | 2.6  | 
|2010 - 2014           |  |          | 191.2 |       |                |   | 12.5 | 





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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




|                      |       |      |    |     |      |  |    |     |  
|--------------------- | ----- | ---- | -- | --- | ---- |  | -- | --- | -
|Asset Category        |       | 2004 |    |     | 2003 | 
|                      |       |      |    |     |      | 
|Equity securities     |       |      | 47 | %   |      |  | 41 | %  
|Debt securities       |       |      | 48 | %   |      |  | 57 | %  
|Real estate and other |       |      | 5  | %   |      |  | 2  | %  
|                      |       |      |    |     |      | 
|                      | Total |      |    | 100 | %    |  |    | 100 | %
|                      |       |      |    |     |      | 









|          |                               
|--------- | ------------------------------
|Note 18  | Change in Accounting Principle





Note 19  Restructuring Charges




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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)








Note 20  Segment and Geographic Financial
Information






|                                 |                   |       |         |         |                        |   |         |         |  |   |         |         |  |      |       |       |      |   |       |       |  |   |       |       | 
|-------------------------------- | ----------------- | ----- | ------- | ------- | ---------------------- | - | ------- | ------- |  | - | ------- | ------- |  | ---- | ----- | ----- | ---- | - | ----- | ----- |  | - | ----- | ----- | 
|                                 |                   | Sales |         |         | Income from Operations |  
|                                 |                   |       |         |         |                        |  
|                                 |                   | 2004  |         |         | 2003                   |   |         | 2002    |  |   | 2004    |         |  | 2003 |       |       | 2002 |  
|                                 |                   |       |         |         |                        |   |         |         |  |   |         |         |  |      |       |       |      |  
|Scientific products and services |                   | $     | 3,454.7 |         |                        | $ | 2,501.0 |         |  | $ | 2,258.0 |         |  | $    | 375.5 |       |      | $ | 230.0 |       |  | $ | 206.2 |      
|Healthcare products and services |                   |       | 1,067.4 |         |                        |   | 877.2   |         |  |   | 806.7   |         |  |      | 98.3  |       |      |   | 35.7  |       |  |   | 25.2  |      
|Laboratory workstations          |                   |       | 176.1   |         |                        |   | 206.1   |         |  |   | 193.9   |         |  |      | 2.8   |       |      |   | 11.1  |       |  |   | 11.7  |      
|Eliminations                     |                   |       | (35.5   | )       |                        |   | (19.9   | )       |  |   | (20.2   | )       |  |      | (0.3  | )     |      |   | (0.1  | )     |  |   | (0.2  | )    
|                                 |                   |       |         |         |                        |   |         |         |  |   |         |         |  |      |       |       |      |  
|                                 | Segment sub-total |       |         | 4,662.7 |                        |   |         | 3,564.4 |  |   |         | 3,238.4 |  |      |       | 476.3 |      |   |       | 276.7 |  |   |       | 242.9 | 
|Other charges:                   |                   |       |         |         |                        |   |         |         |  |   |         |         |  |      |       |       |      |   |       |       |  |   |       |      
|Inventory step-up                |                   |       |        |         |                        |   |        |         |  |   |        |         |  |      | 82.9  |       |      |   | 18.1  |       |  |   |      |      
|Restructuring charges (credits)  |                   |       |        |         |                        |   |        |         |  |   |        |         |  |      | 7.8   |       |      |   |      |       |  |   | (2.2  | )    
|Goodwill impairment              |                   |       |        |         |                        |   |        |         |  |   |        |         |  |      | 64.9  |       |      |   |      |       |  |   |      |      
|Other charges                    |                   |       |        |         |                        |   |        |         |  |   |        |         |  |      | 33.7  |       |      |   |      |       |  |   |      |      
|                                 |                   |       |         |         |                        |   |         |         |  |   |         |         |  |      |       |       |      |  
|                                 | Total             |       | $       | 4,662.7 |                        |   | $       | 3,564.4 |  |   | $       | 3,238.4 |  |      | $     | 287.0 |      |   | $     | 258.6 |  |   | $     | 245.1 | 
|                                 |                   |       |         |         |                        |   |         |         |  |   |         |         |  |      |       |       |      |  





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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




|                                 |       |        |         |         |                      |                  |         |              |  |   |         |         |  |      |      |      |      |   |      |      |  |   |      |      |  |      |       |       |  |   |      |      |  |   |      |      | 
|-------------------------------- | ----- | ------ | ------- | ------- | -------------------- | ---------------- | ------- | ------------ |  | - | ------- | ------- |  | ---- | ---- | ---- | ---- | - | ---- | ---- |  | - | ---- | ---- |  | ---- | ----- | ----- |  | - | ---- | ---- |  | - | ---- | ---- | 
|                                 |       |        |         |         |                      | Depreciation and |        
|                                 |       | Assets |         |         | Capital Expenditures |                  |         | Amortization | 
|                                 |       |        |         |         |                      |                  |         |              | 
|                                 |       | 2004   |         |         | 2003                 |                  |         | 2002         |  |   | 2004    |         |  | 2003 |      |      | 2002 |   |      | 2004 |  |   | 2003 |      |  | 2002 |      
|                                 |       |        |         |         |                      |                  |         |              |  |   |         |         |  |      |      |      |      |   |      |      |  |   |      |      |  |      |      
|Scientific products and services |       | $      | 5,917.4 |         |                      | $                | 2,387.8 |              |  | $ | 1,336.0 |         |  | $    | 70.1 |      |      | $ | 63.1 |      |  | $ | 32.3 |      |  | $    | 111.7 |       |  | $ | 67.2 |      |  | $ | 57.6 |     
|Healthcare products and services |       |        | 2,113.1 |         |                      |                  | 365.3   |              |  |   | 411.5   |         |  |      | 12.4 |      |      |   | 11.6 |      |  |   | 6.8  |      |  |      | 27.4  |       |  |   | 11.6 |      |  |   | 12.3 |     
|Laboratory workstations          |       |        | 59.7    |         |                      |                  | 106.3   |              |  |   | 123.9   |         |  |      | 10.9 |      |      |   | 5.5  |      |  |   | 4.8  |      |  |      | 4.2   |       |  |   | 4.0  |      |  |   | 5.0  |     
|                                 |       |        |         |         |                      |                  |         |              |  |   |         |         |  |      |      |      |      |   |      |      |  |   |      |      |  |      |      
|                                 | Total |        | $       | 8,090.2 |                      |                  | $       | 2,859.4      |  |   | $       | 1,871.4 |  |      | $    | 93.4 |      |   | $    | 80.2 |  |   | $    | 43.9 |  |      | $     | 143.3 |  |   | $    | 82.8 |  |   | $    | 74.9 | 
|                                 |       |        |         |         |                      |                  |         |              |  |   |         |         |  |      |      |      |      |   |      |      |  |   |      |      |  |      |      





|                                      |       |                   |         |         |      |   |         |         | 
|------------------------------------- | ----- | ----------------- | ------- | ------- | ---- | - | ------- | ------- | 
|                                      |       | Long-Lived Assets |        
|                                      |       |                   |        
|                                      |       | 2004              |         |         | 2003 |  
|                                      |       |                   |         |         |      |  
|Long-lived assets by geographic area: |       |                   |         |         |      |   |         |        
|Domestic                              |       | $                 | 5,065.6 |         |      | $ | 1,273.9 |        
|International                         |       |                   | 1,127.5 |         |      |   | 414.9   |        
|                                      |       |                   |         |         |      |  
|                                      | Total |                   | $       | 6,193.1 |      |   | $       | 1,688.8 | 
|                                      |       |                   |         |         |      |  

|                            |       |         |         |         |      |   |         |         |  |   |         |         | 
|--------------------------- | ----- | ------- | ------- | ------- | ---- | - | ------- | ------- |  | - | ------- | ------- | 
|                            |       | Revenue |        
|                            |       |         |        
|                            |       | 2004    |         |         | 2003 |   |         | 2002    | 
|                            |       |         |         |         |      |   |         |         | 
|Revenue by geographic area: |       |         |         |         |      |   |         |         |  |   |         |        
|Domestic                    |       | $       | 3,621.9 |         |      | $ | 2,917.4 |         |  | $ | 2,689.5 |        
|International               |       |         | 1,166.6 |         |      |   | 696.3   |         |  |   | 584.6   |        
|Eliminations                |       |         | (125.8  | )       |      |   | (49.3   | )       |  |   | (35.7   | )      
|                            |       |         |         |         |      |   |         |         | 
|                            | Total |         | $       | 4,662.7 |      |   | $       | 3,564.4 |  |   | $       | 3,238.4 | 
|                            |       |         |         |         |      |   |         |         | 





|          |                
|--------- | ---------------
|Note 21  | Related Parties





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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




Note 22  Subsequent Events




Note 23  Recent Accounting Pronouncements








The Meaning of Other-Than-Temporary
Impairment and its Application to Certain Investments Implementation Guidance for
the Application of Paragraph 16 of
EITF 03-1.


Inventory Costs,


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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




Share-Based Payment Accounting for
Stock Issued to Employees.


Note 24  Unaudited Quarterly Financial
Information




|                                    |               |       |         |       |        |   |         |       |  |   |         |       |  |      |         |       |  |   |         |       | 
|----------------------------------- | ------------- | ----- | ------- | ----- | ------ | - | ------- | ----- |  | - | ------- | ----- |  | ---- | ------- | ----- |  | - | ------- | ----- | 
|                                    |               | 2004  |        
|                                    |               |       |        
|                                    |               | First |         |       | Second |   |         | Third |  |   | Fourth  |       |  | Year |        
|                                    |               |       |         |       |        |   |         |       |  |   |         |       |  |      |        
|Sales                               |               | $     | 1,011.0 |       |        | $ | 1,057.6 |       |  | $ | 1,263.0 |       |  | $    | 1,331.1 |       |  | $ | 4,662.7 |      
|Gross Profit(a)                     |               |       | 275.8   |       |        |   | 307.9   |       |  |   | 362.9   |       |  |      | 430.5   |       |  |   | 1,377.1 |      
|Net Income (loss)(b)(f)             |               | $     | 34.6    |       |        | $ | 44.7    |       |  | $ | 36.1    |       |  | $    | 51.0    |       |  | $ | 166.4   |      
|Net Income (loss) per common share: |               |       |         |       |        |   |         |       |  |   |         |       |  |      |         |       |  |   |         |      
|                                    | Basic(e)(f)   |       | $       | 0.54  |        |   | $       | 0.70  |  |   | $       | 0.36  |  |      | $       | 0.43  |  |   | $       | 1.93  | 
|                                    | Diluted(e)(f) |       | $       | 0.51  |        |   | $       | 0.64  |  |   | $       | 0.34  |  |      | $       | 0.41  |  |   | $       | 1.80  | 
|Market price:                       |               |       |         |       |        |   |         |       |  |   |         |       |  |      |         |       |  |   |         |      
|                                    | High          |       | $       | 56.20 |        |   | $       | 60.10 |  |   | $       | 59.61 |  |      | $       | 62.60 |  |   | $       | 62.60 | 
|                                    | Low           |       | $       | 39.76 |        |   | $       | 54.15 |  |   | $       | 53.26 |  |      | $       | 53.49 |  |   | $       | 39.76 | 

|                                    |         |       |       |       |        |   |       |       |  |   |        |       |  |      |       |       |  |   |         |       | 
|----------------------------------- | ------- | ----- | ----- | ----- | ------ | - | ----- | ----- |  | - | ------ | ----- |  | ---- | ----- | ----- |  | - | ------- | ----- | 
|                                    |         | 2003  |      
|                                    |         |       |      
|                                    |         | First |       |       | Second |   |       | Third |  |   | Fourth |       |  | Year |      
|                                    |         |       |       |       |        |   |       |       |  |   |        |       |  |      |      
|Sales                               |         | $     | 833.4 |       |        | $ | 864.5 |       |  | $ | 890.0  |       |  | $    | 976.5 |       |  | $ | 3,564.4 |      
|Gross Profit(c)                     |         |       | 218.5 |       |        |   | 227.8 |       |  |   | 239.0  |       |  |      | 254.2 |       |  |   | 939.5   |      
|Net Income (loss)(d)                |         | $     | (0.9  | )     |        | $ | 33.0  |       |  | $ | 27.7   |       |  | $    | 18.6  |       |  | $ | 78.4    |      
|Net Income (loss) per common share: |         |       |       |       |        |   |       |       |  |   |        |       |  |      |       |       |  |   |         |      
|                                    | Basic   |       | $     | (0.02 | )      |   | $     | 0.60  |  |   | $      | 0.50  |  |      | $     | 0.30  |  |   | $       | 1.38  | 
|                                    | Diluted |       | $     | (0.02 | )      |   | $     | 0.57  |  |   | $      | 0.47  |  |      | $     | 0.28  |  |   | $       | 1.29  | 
|Market price:                       |         |       |       |       |        |   |       |       |  |   |        |       |  |      |       |       |  |   |         |      
|                                    | High    |       | $     | 32.30 |        |   | $     | 35.47 |  |   | $      | 40.83 |  |      | $     | 42.24 |  |   | $       | 42.24 | 
|                                    | Low     |       | $     | 27.70 |        |   | $     | 26.19 |  |   | $      | 35.04 |  |      | $     | 38.48 |  |   | $       | 26.19 | 






|    |  |                                                                                                                                                                                                                                                                                                             
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | During 2004, the Company recorded charges totaling
    $90.4 million consisting of $82.9 million to step-up
    the fair value of inventory from the Apogent, Oxoid, Dharmacon,
    and Perbio acquisitions, $5.6 million of integration costs,
    and $1.9 million of impairment charges for fixed assets.

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FISHER SCIENTIFIC INTERNATIONAL INC.


NOTES TO FINANCIAL STATEMENTS  (Continued)




|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(b) |  | During 2004, the Company recorded charges totaling
    $100.3 million, net of tax, consisting of the items noted
    in (a) above as well as $7.8 million of restructuring
    charges, a $6.0 million charitable contribution,
    $65.7 million impairment charge for long-lived assets
    $16.6 million of refinancing charges, $22.7 million
    gain on sale of investment, and $10.9 million tax provision
    credit related to finalizing certain domestic and foreign tax
    audits and negotiations.
|   
|(c) |  | During 2003, the Company recorded a charge of $18.1 million
    related to the step-up of Perbios inventory to its
    acquired fair value.                                                                                                                                                                                                                                                                                                                                                                    
|   
|(d) |  | During 2003, the Company recorded charges totaling
    $81.6 million, consisting of $15.7 million for options
    to hedge the foreign currency exposure related to the
    acquisition of Perbio and $65.9 million in call premiums
    and the write-off of financing fees associated with the
    retirement of debt.                                                                                                                                                                                        
|   
|(e) |  | The Company has adopted the provisions of EITF Issue
    No. 04-8 (EITF 04-8), The Effect of Contingently
    Convertible Debt on Diluted Earnings Per Share in
    calculating quarterly diluted earnings per common share for 2004.                                                                                                                                                                                                                                                                         
|   
|(f) |  | Reflects adjustments as disclosed in Form 10-Q/A for the
    quarter ended September 30, 2004.                                                                                                                                                                                                                                                                                                                                                                                                                  

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|        |                                                                                         
|------- | ----------------------------------------------------------------------------------------
|Item 9. | Changes in and Disagreements with Accountants on
    Accounting and Financial Disclosure








|         |                        
|-------- | -----------------------
|Item 9A. | Controls and Procedures









Internal Control  Integrated Framework.


85



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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
















86



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Deloitte &
Touche LLP






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PART III







|         |                                                   
|-------- | --------------------------------------------------
|Item 10. | Directors and Executive Officers of the Registrant



Compliance with Section 16(a) of the Exchange Act.


Code of Conduct.







|         |                       
|-------- | ----------------------
|Item 11. | Executive Compensation








|         |                                                                                                   
|-------- | --------------------------------------------------------------------------------------------------
|Item 12. | Security Ownership of Certain Beneficial Owners and
    Management and Related Stockholder Matters








|         |                                               
|-------- | ----------------------------------------------
|Item 13. | Certain Relationships and Related Transactions








|         |                                       
|-------- | --------------------------------------
|Item 14. | Principal Accountant Fees and Services



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PART IV







|         |                                                                     
|-------- | --------------------------------------------------------------------
|Item 15. | Exhibits, Financial Statement Schedules, and Reports on
    Form 8-K

Financial Statements.




| |                                                                                                                                                                                                                
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (2) Schedules. Financial statement schedules are
    listed under Item 15(d) in this Annual Report.                                                                                                            
|
| | (3) Exhibits. Exhibits 10.1 through 10.61
    constitute all of the management contracts and compensation
    plans and arrangements of the Company required to be filed as
    exhibits to this Annual Report.

|        |      |             |  |                                                                                                                                                                                                                                                                                                                                                                           
|------- | ---- | ----------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |      |            
|Nunber  |      | Description
|        |      |            
|        | 3.01 |             |  | Amended and Restated Certificate of Incorporation of the
    registrant, as amended. Incorporated by reference to
    Exhibit 3.1 to the registrants Quarterly Report on
    Form 10-Q filed on May 15, 2002.                                                                                                                                                            
|        | 3.02 |             |  | Certificate of Designation of Non-Voting Stock of the
    registrant. Incorporated by reference to Exhibit 3.3 to the
    registrants Annual Report on Form 10-K filed on
    March 31, 1999.                                                                                                                                                                            
|        | 3.03 |             |  | Certificate of Designation of Series B Non-Voting Common
    Stock. Incorporated by reference to Exhibit 3.4 to the
    registrants Annual Report on Form 10-K filed on
    March 31, 1999.                                                                                                                                                                              
|        | 3.04 |             |  | Bylaws of the registrant. Incorporated by reference to
    Exhibit 3.2 to the registrants Registration Statement
    on Form S-4 (Registration no. 333-44400) filed on
    August 24, 2000.                                                                                                                                                                              
|        | 3.05 |             |  | Certificate of Correction to the Restated Certificate of
    Incorporation of Fisher Scientific International Inc.
    Incorporated by reference to Exhibit 3.6 to the
    registrants Annual Report on Form 10-K filed on
    March 28, 2002.                                                                                                                           
|        | 3.06 |             |  | Certificate of Amendment of Restated Certificate of
    Incorporation of Fisher Scientific International Inc. Included
    in an exhibit to the Companys Registration Statement on
    Form S-3 (Registration no. 333-108448), dated
    September 3, 2003, and incorporated herein by reference.                                                                        
|        | 4.01 |             |  | Form of Senior Indenture. Included in an exhibit to the
    Companys Registration Statement on Form S-3
    (Registration no. 333-108448), dated September 3, 2003, and
    incorporated herein by reference.                                                                                                                                                            
|        | 4.02 |             |  | Form of Subordinated Indenture. Included in an exhibit to the
    Companys Registration Statement on Form S-3
    (Registration no. 333-108448), dated September 3, 2003, and
    incorporated herein by reference.                                                                                                                                                      
|        | 4.03 |             |  | Form of Junior Subordinated Indenture. Included in an exhibit to
    the Companys Registration Statement on Form S-3
    (Registration no. 333-108448), dated September 3, 2003, and
    incorporated herein by reference.                                                                                                                                               
|        | 4.04 |             |  | Specimen Certificate of Common Stock, $.01 par value per
    share, of the Company incorporated by reference to
    Exhibit 4.1 to the registrants Annual Report on Form
    10-K filed on March 28, 2002.                                                                                                                                                               
|        | 4.05 |             |  | Certificate of Designation of Non-Voting Stock (see
    Exhibit 3.02).                                                                                                                                                                                                                                                                                                    
|        | 4.06 |             |  | Certificate of Designation of Series B Non-Voting Common
    Stock (see Exhibit 3.03).                                                                                                                                                                                                                                                                                    
|        | 4.07 |             |  | Senior Debt Securities Indenture dated as of December 18,
    1995 between the Company and Mellon Bank, N.A., as Trustee.
    Included as an exhibit to the Companys Registration
    Statement on Form S-3 (Registration no. 333-99884) filed
    with the Securities and Exchange Commission on November 30,
    1995 and incorporated herein by reference.            
|        | 4.08 |             |  | Indenture dated as of April 24, 2002 between the Company
    and J.P. Morgan Trust Company, National Association, as
    Trustee, relating to the
    81/8
    percent Senior Subordinated Notes due 2012. Incorporated by
    reference to Exhibit 4.1 to the registrants
    Registration Statement on Form S-4 (Registration no.
    333-88362) filed on May 15, 2002.
|        | 4.09 |             |  | Supplemental Indenture No. 1 dated as of March 7, 2003
    between the Company and J.P. Morgan Trust Company, National
    Association. Incorporated by reference to Exhibit 4.7 to
    the registrants Registration Statement on Form S-4
    (Registration no. 333-104361) filed on April 7, 2003.                                                                     
|        | 4.10 |             |  | Form of
    81/8% Senior
    Subordinated Notes due 2012 (included in Exhibit 4.08).                                                                                                                                                                                                                                                                                      

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|        |       |  |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|------- | ----- |  | ----------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |       |  |            
|Nunber  |       |  | Description
|        |       |  |            
|        | 4.11  |  |             | Indenture, dated as of July 7, 2003, by and between the
    Company and J.P. Morgan Trust Company, National
    Association, as Trustee. Incorporated by reference to
    Exhibit 4.11 to the Registration Statement on Form S-4
    (Registration no. 333-104361) filed on July 10, 2003.                                                                                                                                                         
|        | 4.12  |  |             | Registration Rights Agreement, dated as of July 7, 2003,
    between the Company and Goldman, Sachs & Co.
    Incorporated by reference to Exhibit 4.12 to the
    registrants Registration Statement on Form S-4
    (Registration no. 333-104361) filed on July 10, 2003.                                                                                                                                                                       
|        | 4.13  |  |             | Indenture, dated as of August 20, 2003, between the Company
    and J.P. Morgan Trust Company, National Association, as
    Trustee relating to the 8% Senior Subordinated Notes due
    2013. Included in an exhibit to the Companys Registration
    Statement on Form S-3 (Registration no. 333-108448), dated
    September 3, 2003, and incorporated herein by reference.                                                                    
|        | 4.14  |  |             | Registration Rights Agreement, dated as of August 20, 2003,
    between the Company and J.P. Morgan Securities Inc., Credit
    Suisse First Boston LLC and Lazard Frères & Co.
    LLC. Incorporated by reference to Exhibit 4.16 to the
    Companys Registration Statement on Form S-3
    (Registration No. 333-108448) filed on September 3,
    2003.                                                                                       
|        | 4.15  |  |             | Indenture, dated as of August 3, 2004, among Apogent
    Technologies Inc., the Company and The Bank of New York as
    Trustee, relating to Apogent Technologies Inc.s Floating
    Rate Convertible Senior Debentures due 2033. Incorporated by
    reference to Exhibit 4.1 to Apogent Technologies
    Inc.s Form 10-Q filed on August 9, 2004.                                                                                              
|        | 4.16  |  |             | Indenture, dated as of August 3, 2004, between the Company
    and The Bank of New York as Trustee, relating to the
    Companys
    63/4% Senior
    Subordinated Notes due 2014. Incorporated by reference to
    Exhibit 4.15 to the Companys Registration Statement
    on Form S-4 (Registration No. 333-120864) filed on
    November 30, 2004.                                                                                            
|        | 4.17  |  |             | Registration Rights Agreement, dated as of August 3, 2004,
    among the Company, Banc of America Securities LLC, Goldman
    Sachs & Co., Deutsche Bank Securities, Credit Suisse
    First Boston LLC, Merrill Lynch, Pierce, Fenner & Smith
    Incorporated and Lazard Frères & Co. LLC.
    Incorporated to Exhibit 4.16 to the Companys
    Registration Statement on Form S-4 (Registration No.
    333-120864) filed on November 30, 2004.
|        | 4.18  |  |             | Supplemental Indenture, dated as of April 12, 2004, between
    Apogent Technologies Inc. and The Bank of New York as Trustee.
    Incorporated by reference to Exhibit 4.7 to Apogent
    Technologies Inc.s Form 10-Q filed on May 10, 2004.                                                                                                                                                                                                    
|        | 4.19  |  |             | Supplemental Indenture, dated as of July 27, 2004, between
    Apogent Technologies Inc. and The Bank of New York as Trustee.
    Incorporated by reference to Exhibit 4.5 to Apogent
    Technologies Inc.s Form 10-Q filed on August 9, 2004.                                                                                                                                                                                                   
|        | 4.20  |  |             | Form of 8% Senior Subordinated Note due 2013 (included in
    Exhibit 4.16).                                                                                                                                                                                                                                                                                                                                                                       
|        | 4.21  |  |             | Form of Global Security (Senior Debt) (included in
    Exhibit 4.01).                                                                                                                                                                                                                                                                                                                                                                              
|        | 4.22  |  |             | Form of Global Security (Subordinated Debt) (included in
    Exhibit 4.02).                                                                                                                                                                                                                                                                                                                                                                        
|        | 4.23  |  |             | Form of Global Security (Junior Subordinated Debt) (included in
    Exhibit 4.03).                                                                                                                                                                                                                                                                                                                                                                 
|        | 4.24  |  |             | Form of Global Security (Senior Subordinated Debt) (included in
    Exhibit 4.16)                                                                                                                                                                                                                                                                                                                                                                  
|        | 10.01 |  |             | Amended and Restated Employment Agreement, dated as of
    December 31, 2003, between the Company and Paul M.
    Montrone. Incorporated by reference to Exhibit 10.01 to the
    Companys Registration Statement on Form S-3
    (Registration no. 333-110038) filed on January 6, 2004.                                                                                                                                                         
|        | 10.02 |  |             | Amended and Restated Employment Agreement, dated as of
    December 31, 2003, between the Company and Paul M. Meister.
    Incorporated by reference to Exhibit 10.02 to the
    Companys Registration Statement on Form S-3
    (Registration no. 333-110038) filed on January 6, 2004.                                                                                                                                                          

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|        |       |  |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|------- | ----- |  | ----------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |       |  |            
|Nunber  |       |  | Description
|        |       |  |            
|        | 10.03 |  |             | Employment Agreement, dated as of March 31, 1998, between the
    Company and David T. Della Penta. Included as an exhibit to
    the Companys Form 10-Q, filed with the Securities and
    Exchange Commission on August 14, 1998 and incorporated
    herein by reference.                                                                                                                                                                                                                                                                                               
|        | 10.04 |  |             | Amendment to Employment Agreement, dated as of December 31,
    2003, between the Company and David T. Della Penta. Incorporated
    by reference to Exhibit 10.03 to the Companys
    Registration Statement on Form S-3 (Registration no.
    333-110038) filed on January 6, 2004.                                                                                                                                                                                                                                                                                      
|        | 10.05 |  |             | Fisher Scientific International Inc. Incentive Compensation
    Plan, as amended and restated effective as of January 1,
    2002. Included as an exhibit to the Companys Annual Report
    on Form 10-K for the year ended December 31, 2002, filed
    with the Securities and Exchange Commission on March 24,
    2003 and incorporated herein by reference.                                                                                                                                                                                                           
|        | 10.06 |  |             | Fisher Scientific International Inc. Deferred Compensation Plan
    for Non-Employee Directors. Included as an exhibit to the
    Companys Annual Report on Form 10-K for the year ended
    December 31, 1992, filed with the Securities and Exchange
    Commission on March 24, 1993 and incorporated herein by
    reference.                                                                                                                                                                                                                                          
|        | 10.07 |  |             | Retirement Plan for Non-Employee Directors of Fisher Scientific
    International Inc. Included as an exhibit to the Companys
    Annual Report on Form 10-K for the year ended December 31,
    1992, filed with the Securities and Exchange Commission on
    March 24, 1993 and incorporated herein by reference.                                                                                                                                                                                                                                                       
|        | 10.08 |  |             | Fisher Scientific International Inc. 1998 Equity and Incentive
    Plan. Included as an exhibit to Post-Effective Amendment
    No. 1 to the Companys Registration Statement on
    Form S-4 (Registration No. 333-42777) filed with the
    Securities and Exchange Commission on February 2, 1998 and
    incorporated herein by reference.                                                                                                                                                                                                                              
|        | 10.09 |  |             | Fisher Scientific International Inc. 2003 Equity and Incentive
    Plan, effective as of May 2, 2003. Included as
    Annex II to the Companys definitive proxy statement
    filed with the Securities and Exchange Commission on
    April 10, 2003 and incorporated herein by reference.                                                                                                                                                                                                                                                                                
|        | 10.10 |  |             | Fisher Scientific International Inc. 2001 Equity and Incentive
    Plan, effective as of May 16, 2001. Included as Annex I to
    the Companys definitive proxy statement filed with the
    Securities and Exchange Commission on April 12, 2001 and
    incorporated herein by reference.                                                                                                                                                                                                                                                                                
|        | 10.11 |  |             | Fisher Scientific International Inc. Long-Term Incentive Plan,
    effective January 1, 1990. Included as an exhibit to the
    Companys Annual Report on Form 10-K for the year ended
    December 31, 1992, filed with the Securities and Exchange
    Commission on March 24, 1993 and incorporated herein by
    reference.                                                                                                                                                                                                                                            
|        | 10.12 |  |             | Form of Fisher Scientific International Inc. Non-Qualified Stock
    Option Award Agreement (Management Options  Fisher
    Scientific International Inc. 2001 Equity and Incentive Plan).
    Included as an exhibit to the Companys Form 10-Q, filed
    with the Securities and Exchange Commission on November 9,
    2004 and incorporated herein by reference.                                                                                                                                                                                                      
|        | 10.13 |  |             | Form of Fisher Scientific International Inc. Non-Qualified Stock
    Option Award Agreement (Management Options  Fisher
    Scientific International Inc. 2003 Equity and Incentive Plan).
    Included as an exhibit to the Companys Form 10-Q, filed
    with the Securities and Exchange Commission on November 9,
    2004 and incorporated herein by reference.                                                                                                                                                                                                      
|        | 10.14 |  |             | Credit Agreement, dated as of August 2, 2004, among the
    Company, each lender from time to time party thereto, Bank of
    America, N.A., as Administrative Agent and Swing Line Lender,
    Banc of America Securities LLC, Deutsche Bank Securities Inc.
    and Credit Suisse First Boston, acting through its Cayman
    Islands Branch or one of its affiliates, ABN Amro Bank, N.V. and
    Merrill Lynch Capital Corporation, as Co-Syndication and
    Co-Documentation Agents. Incorporated by reference to the
    Companys Form 10-Q filed on August 9, 2004.

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|        |       |   |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|------- | ----- | - | ----------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |       |   |            
|Nunber  |       |   | Description
|        |       |   |            
|        | 10.15 | * |             | First Amendment to Credit Agreement, dated as of
    December 29, 2004, among the Company, each lender from time
    to time party thereto, Bank of America, N.A., as Administrative
    Agent and Swing Line Lender, Banc of America Securities LLC,
    Deutsche Bank Securities Inc. and Credit Suisse First Boston,
    acting through its Cayman Islands Branch or one of its
    affiliates, ABN Amro Bank, N.V. and Merrill Lynch Capital
    Corporation, as Co-Syndication and Co-Documentation Agents.                                                                                                                                                  
|        | 10.16 |   |             | Amended and Restated Credit Agreement, dated as of
    September 10, 2003, among the Company, Fisher Scientific
    Company L.L.C., The Lenders Party thereto and JPMorgan Chase
    Bank, as Administrative Agent. Included as an exhibit to the
    Companys Form 8-K, filed with the Securities and
    Exchange Commission on September 18, 2003, incorporated
    herein by reference.                                                                                                                                                                                                                                                                      
|        | 10.17 |   |             | First Amendment to Amended and Restated Credit Agreement, dated
    December 3, 2003, among the Company, Fisher Scientific
    Company L.L.C., the lenders party thereto, JP Morgan Chase Bank,
    as resigning administrative agent, and Deutsche Bank AG, as
    successor administrative agent. Included as an exhibit to the
    Companys Form 8-K, filed with the Securities and Exchange
    Commission on December 3, 2003 and incorporated herein by
    reference.                                                                                                                                                                                     
|        | 10.18 |   |             | Second Amendment to Amended and Restated Credit Agreement, dated
    as of February 25, 2004, among the Company, Fisher
    Scientific Company L.L.C., the financial institutions listed on
    the signature page thereof, Deutsche Bank AG, New York Branch,
    as administrative agent, Deutsche Bank Securities Inc., as Joint
    Lead-Arranger and Credit Suisse First Boston, and Bank of
    America N.A., as Syndication agents. Included as an exhibit to
    the Registration Statement on Form S-4 (Registration
    No. 333-113225) filed with the Securities and Exchange
    Commission on March 2, 2004 and incorporated herein by
    reference.
|        | 10.19 |   |             | Guarantee and Collateral Agreement dated as of February 14,
    2003, among the Company, Fisher Scientific Company L.L.C.,
    certain other subsidiaries of the Company and JPMorgan Chase
    Bank, as Collateral Agent. Incorporated by reference to
    Exhibit 10.16 to the registrants Registration
    Statement on Form S-4 (Registration no. 333-104361) filed
    on April 7, 2003.                                                                                                                                                                                                                                                                    
|        | 10.20 |   |             | Collateral Sharing Agreement, dated as of February 14,
    2003, among the Company, Fisher Scientific Company L.L.C.,
    certain other Subsidiaries of the Company party hereto and
    JPMorgan Chase Bank, as Collateral Agent. Incorporated by
    reference to Exhibit 10.17 to the registrants
    Registration Statement on Form S-4 (Registration no.
    333-104361) filed on April 7, 2003.                                                                                                                                                                                                                                                            
|        | 10.21 |   |             | Receivables Transfer Agreement dated as of February 14,
    2003 among FSI Receivables Company LLC, as Transferor, the
    Company, as Servicer, Blue Ridge Asset Funding Corporation,
    Wachovia Bank, National Association, Liberty Street Funding
    Corp., The Bank of Nova Scotia, and Wachovia Bank, National
    Association, as Administrative Agent. Included as an exhibit to
    the Companys Registration Statement on Form S-4
    (Registration no. 333-104361) filed on April 7, 2003.                                                                                                                                                         
|        | 10.22 |   |             | First Amendment to Receivables Transfer Agreement, dated as of
    February 12, 2004, among FSI Receivables Company LLC, as
    Transferor, the Company, as Servicer, Blue Ridge Asset Funding
    Corporation, Liberty Street Funding Corp., Wachovia Bank,
    National Association, The Bank of Nova Scotia, and Wachovia
    Bank, National Association, as Administrative Agent. Included as
    an exhibit to the Registration Statement on Form S-4
    (Registration No. 333-113225) filed with the Securities and
    Exchange Commission on March 2, 2004 and incorporated
    herein by reference.                                                     
|        | 10.23 | * |             | Amended and Restated Receivables Transfer Agreement, dated as of
    February 4, 2005 among FSI Receivables Company LLC, as
    Transferor, Fisher Scientific International Inc., as Servicer,
    Liberty Street Funding Corp., The Bank of Nova Scotia, Atlantic
    Asset Securitization Corp., Calyon New York Branch and The Bank
    of Nova Scotia, as Administrative Agent.                                                                                                                                                                                                                                                                               
|        | 10.24 |   |             | Amended and Restated Receivables Purchase Agreement dated as of
    February 14, 2003 among Cole-Parmer Instrument Company,
    Fisher Clinical Services Inc., Fisher Hamilton L.L.C, and Fisher
    Scientific Company L.L.C., as Originators, the Company, as
    Originator Agent and FSI Receivables Company LLC, as Buyer.
    Incorporated by reference to Exhibit 10.19 to the
    registrants Registration Statement on Form S-4
    (Registration no. 333-104361) filed on April 7, 2003.                                                                                                                                                               

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|        |       |   |             |                                                                                                                                                                                                                                                                                                                                                                               
|------- | ----- | - | ----------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |       |   |            
|Nunber  |       |   | Description
|        |       |   |            
|        | 10.25 | * |             | First Amendment to Amended and Restated Receivables Purchase
    Agreement, dated as of February 4, 2005 among Cole-Palmer
    Instrument Company, Fisher Clinical Services Inc., Fisher
    Hamilton L.L.C. and Fisher Scientific Company L.L.C. as
    Originators, Fisher Scientific International Inc., as Originator
    Agent and FSI Receivables Company LLC, as Buyer.
|        | 10.26 |   |             | Lease Agreement, dated as of December 21, 1988, between
    Corporate Property Associates 7 and Corporate Property
    Associates 8, as landlord, and Barnstead Thermolyne
    Corporation, as tenant. Incorporated by reference to
    Exhibit 10(cc) to Sybron Corporations Registration
    Statement on Form S-1 (Registration no. 22-24640).                            
|        | 10.27 |   |             | First Amendment to Lease Agreement, dated as of
    December 11, 2000, by and among Corporate Property
    Associates  7 and Corporate Property
    Associates 8, L.P. and Barnstead Thermolyne Corporation.
    Incorporated by reference to Exhibit 10.23 to Apogent
    Technologies Inc.s Form 10-K filed on December 19,
    2000.                                     
|        | 10.28 |   |             | Lease Agreement, dated as of December 21, 1988, between
    Corporate Property Associates 7 and Corporate Property
    Associates 8, as landlord, and Erie Scientific Company, as
    tenant. Incorporated by reference to Exhibit 10(ee) to
    Sybron Corporations Registration Statement on
    Form S-1 (Registration no. 22-24640).                                     
|        | 10.29 |   |             | First Amendment to Lease Agreement, dated as of
    December 11, 2000, by and among Corporate Property
    Associates  7 and Corporate Property
    Associates 8, L.P. and Erie Scientific Company.
    Incorporated by reference to Exhibit 10.25 to Apogent
    Technologies Inc.s Form 10-K filed on December 19,
    2000.                                              
|        | 10.30 |   |             | Lease Agreement, dated as of December 21, 1988, between
    Corporate Property Associates 7 and Corporate Property
    Associates 8, as landlord, and Nalge Nunc International
    Corporation, as tenant. Incorporated by reference to
    Exhibit 10(ff) to Sybron Corporations Registration
    Statement on Form S-1 (Registration no. 22-24640).                        
|        | 10.31 |   |             | First Amendment to Lease Agreement, dated as of
    December 11, 2000, by and among Corporate Property
    Associates  7 and Corporate Property
    Associates 8, L.P. and Nalge Nunc Corporation. Incorporated
    by reference to Exhibit 10.27 to Apogent Technologies
    Inc.s Form 10-K filed on December 19, 2000.                                                   
|        | 10.32 |   |             | Amended and Restated Guaranty and Suretyship Agreement, dated as
    of December 11, 2000 between Apogent Technologies Inc. and
    Corporate Property Associates 7 and Corporate Property
    Associates 8. Incorporated by reference to Exhibit 10.28 to
    Apogent Technologies Inc.s Form 10-K filed
    December 19, 2000.                                             
|        | 10.33 |   |             | Sybron Acquisition Company 1990 Stock Option Plan. Included as
    Exhibit 99.1 to the registrants Registration
    Statement on Form S-8 (Registration No. 333-118239) and
    incorporated herein by reference.                                                                                                                                                            
|        | 10.34 |   |             | Sybron Corporation 1993 Long-Term Incentive Plan, as amended and
    restated through January 30, 1998. Included as
    Exhibit 99.2 to the registrants Registration
    Statement on Form S-8 (Registration No. 333-118239)
    and incorporated herein by reference.                                                                                                       
|        | 10.35 |   |             | Sybron International Corporation Amended and Restated 1994
    Outside Directors Stock Option Plan. Included as
    Exhibit 99.3 to the registrants Registration
    Statement on Form S-8 (Registration No. 333-118239)
    and incorporated herein by reference.                                                                                                          
|        | 10.36 |   |             | Sybron International Corporation 1999 Outside Directors
    Stock Option Plan. Included as Exhibit 99.4 to the
    registrants Registration Statement on Form S-8
    (Registration No. 333-118239) and incorporated herein by
    reference.                                                                                                                               
|        | 10.37 |   |             | Apogent Technologies Inc. 2001 Equity Incentive Plan. Included
    as Exhibit 99.5 to the registrants Registration
    Statement on Form S-8 (Registration No. 333-118239)
    and incorporated herein by reference.                                                                                                                                                         
|        | 10.38 | * |             | Amended and restated Fisher Scientific International Inc.
    Retirement Plan.                                                                                                                                                                                                                                                                                                
|        | 10.39 | * |             | First amendment to the amended and restated Fisher Scientific
    International Inc. Retirement Plan.                                                                                                                                                                                                                                                                         
|        | 10.40 | * |             | Second amendment to the amended and restated Fisher Scientific
    International Inc. Retirement Plan.                                                                                                                                                                                                                                                                        

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|        |       |   |             |                                                                                                                                                                                                                      
|------- | ----- | - | ----------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |       |   |            
|Nunber  |       |   | Description
|        |       |   |            
|        | 10.41 | * |             | Third amendment to the amended and restated Fisher Scientific
    International Inc. Retirement Plan.                                                                                                                
|        | 10.42 | * |             | Fourth amendment to the amended and restated Fisher Scientific
    International Inc. Retirement Plan.                                                                                                               
|        | 10.43 | * |             | Fifth amendment to the amended and restated Fisher Scientific
    International Inc. Retirement Plan.                                                                                                                
|        | 10.44 | * |             | Sixth amendment to the amended and restated Fisher Scientific
    International Inc. Retirement Plan.                                                                                                                
|        | 10.45 | * |             | Seventh amendment to the amended and restated Fisher Scientific
    International Inc. Retirement Plan.                                                                                                              
|        | 10.46 | * |             | Eighth amendment to the amended and restated Fisher Scientific
    International Inc. Retirement Plan.                                                                                                               
|        | 10.47 | * |             | Ninth amendment to the amended and restated Fisher Scientific
    International Inc. Retirement Plan.                                                                                                                
|        | 10.48 | * |             | Amended and Restated Fisher Scientific International Inc.
    Savings and Profit Sharing Plan.                                                                                                                       
|        | 10.49 | * |             | First amendment to the amended and restated Fisher Scientific
    International Inc. Savings and Profit Sharing Plan.                                                                                                
|        | 10.50 | * |             | Second amendment to the amended and restated Fisher Scientific
    International Inc. Savings and Profit Sharing Plan.                                                                                               
|        | 10.51 | * |             | Third amendment to the amended and restated Fisher Scientific
    International Inc. Savings and Profit Sharing Plan.                                                                                                
|        | 10.52 | * |             | Fourth amendment to the amended and restated Fisher Scientific
    International Inc. Savings and Profit Sharing Plan.                                                                                               
|        | 10.53 | * |             | Fifth amendment to the amended and restated Fisher Scientific
    International Inc. Savings and Profit Sharing Plan.                                                                                                
|        | 10.54 | * |             | Sixth amendment to the amended and restated Fisher Scientific
    International Inc. Savings and Profit Sharing Plan.                                                                                                
|        | 10.55 | * |             | Seventh amendment to the amended and restated Fisher Scientific
    International Inc. Savings and Profit Sharing Plan.                                                                                              
|        | 10.56 | * |             | Eighth amendment to the amended and restated Fisher Scientific
    International Inc. Savings and Profit Sharing Plan.                                                                                               
|        | 10.57 | * |             | Ninth amendment to the amended and restated Fisher Scientific
    International Inc. Savings and Profit Sharing Plan.                                                                                                
|        | 10.58 | * |             | Tenth amendment to the amended and restated Fisher Scientific
    International Inc. Savings and Profit Sharing Plan.                                                                                                
|        | 10.59 | * |             | Eleventh amendment to the amended and restated Fisher Scientific
    International Inc. Savings and Profit Sharing Plan.                                                                                             
|        | 10.60 | * |             | Fisher Scientific International Inc. Executive Retirement and
    Savings Program, originally effective August 1, 1992, as
    restated effective June 23, 1997.                                                     
|        | 10.61 | * |             | First amendment to the Fisher Scientific International Inc.
    Executive Retirement and Savings Program.                                                                                                            
|        | 12.01 | * |             | Statement re computation of Ratios of Earnings to Fixed Charges
    and Earnings to Fixed Charges.                                                                                                                   
|        | 21.01 | * |             | List of Subsidiaries of the registrant.                                                                                                                                                                              
|        | 23.01 | * |             | Consent of Deloitte & Touche LLP.                                                                                                                                                                                    
|        | 31.01 | * |             | Certification of Chief Executive Officer pursuant to Rule
    13a-14(a)/15(d)-14(a) of the Securities Exchange Act of 1934, as
    amended, as adopted pursuant to Section 302 of the
    Sarbanes-Oxley Act of 2002.

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|        |       |   |             |                                                                                                                                                                                                                      
|------- | ----- | - | ----------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |       |   |            
|Nunber  |       |   | Description
|        |       |   |            
|        | 31.02 | * |             | Certification of Chief Financial Officer pursuant to Rule
    13a-14(a)/15(d)-14(a) of the Securities Exchange Act of 1934, as
    amended, as adopted pursuant to Section 302 of the
    Sarbanes-Oxley Act of 2002.
|        | 32.01 | * |             | Certification of Chief Executive Officer pursuant to
    18 U.S.C. 1350, as adopted pursuant to Section 906 of
    the Sarbanes-Oxley Act of 2002.                                                                   
|        | 32.02 | * |             | Certification of Chief Financial Officer pursuant to
    18 U.S.C. 1350, as adopted pursuant to Section 906 of
    the Sarbanes-Oxley Act of 2002.                                                                   






|  |               
|- | --------------
|* | Filed herewith

Exhibits.


Financial Statement Schedule.


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##### Table of Contents






SIGNATURES






| |                                         
| | ----------------------------------------
| | FISHER SCIENTIFIC
    INTERNATIONAL INC.



| |     |                   
| | --- | ------------------
| | By: | /s/ Kevin P. Clark

| |                                             
| | --------------------------------------------
| |                                             
| | Vice President and Chief Financial Officer  
| | (Principal Financial and Accounting Officer)





|                                                         |  |                                                                                             |  | 
|-------------------------------------------------------- |  | ------------------------------------------------------------------------------------------- |  | 
|Signature                                                |  | Title                                                                                      
|                                                         |  |                                                                                            
|                                                        
|/s/ Paul M. MontronePaul
    M. Montrone                 |  | Chief Executive Officer and Director
    (Principal Executive Officer)                     
|                                                        
|/s/ Paul M. MeisterPaul
    M. Meister                   |  | Director                                                                                   
|                                                        
|/s/ Frank H.
    Jellinek, Jr.Frank
    H. Jellinek, Jr. |  | Director                                                                                   
|                                                        
|/s/ Kevin P. ClarkKevin
    P. Clark                     |  | Vice President and Chief Financial Officer
    (Principal Financial and Accounting Officer)
|                                                        
|/s/ Michael D. DingmanMichael
    D. Dingman             |  | Director                                                                                   
|                                                        
|/s/ Christopher L.
    DoerrChristopher
    L. Doerr     |  | Director                                                                                   
|                                                        
|/s/ Simon B. RichSimon
    B. Rich                       |  | Director                                                                                   
|                                                        
|/s/ Charles A. SandersCharles
    A. Sanders             |  | Director                                                                                   
|                                                        
|/s/ Scott M. SperlingScott
    M. Sperling               |  | Director                                                                                   
|                                                        
|/s/ W. Clayton StephensW.
    Clayton Stephens           |  | Director                                                                                   
|                                                        
|/s/ Richard W. VieserRichard
    W. Vieser               |  | Director                                                                                   

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SCHEDULE II


Valuation and Qualifying Accounts and Reserves


for the Three Years Ended December 31, 2004 (in
millions):


|                                                                        |                   |            |      |      |            |   |     |            |  |  |            |      |      |           |      |      |   |   |      |      | 
|----------------------------------------------------------------------- | ----------------- | ---------- | ---- | ---- | ---------- | - | --- | ---------- |  |  | ---------- | ---- | ---- | --------- | ---- | ---- | - | - | ---- | ---- | 
|                                                                        |                   | Balance at |      |      | Charged to |   |     | Charged to |  |  | Deduction  |      |      | Balance   |     
|                                                                        |                   | Beginning  |      |      | Costs and  |   |     | Other      |  |  | and        |      |      | at End    |     
|                                                                        |                   | of Period  |      |      | Expenses   |   |     | Accounts   |  |  | Write-offs |      |      | of Period |     
|                                                                        |                   |            |      |      |            |   |     |            |  |  |            |      |      |           |     
|Allowance for doubtful accounts and sales returns
    December 31, 2002 |                   | $          | 34.8 |      |            | $ | 5.6 |            |  |  |           |      |      | $         | (4.8 | )    |   | $ | 35.6 |     
|                                                                        | December 31, 2003 |            | $    | 35.6 |            |   | $   | 4.9        |  |  | $          | 0.6  |      |           | $    | (4.5 | ) |   | $    | 36.6 | 
|                                                                        | December 31, 2004 |            | $    | 36.6 |            |   | $   | 3.2        |  |  | $          | (9.7 | )(a) |           | $    | (3.0 | ) |   | $    | 27.1 | 






|    |                                                    
|--- | ---------------------------------------------------
|(a) | Amount represents a balance sheet reclassification.

97