Performance for Shareholders Looking Ahead During the year, we witnessed the largest swing in our stock price since 1987. While  the market experiences short-term aberrations from time-to-time, eventually, a company’s financial performance must be reflected in its stock price. For tunately, the large gap between our solid financial performance and the low value investors placed on our shar es was short-lived, and in the second half of the fiscal year , our stock price began a steady recovery. In fact, The Wall Street Journal cited Cardinal as the third best performing large cap stock in the United States for the quar ter ended June 30, 2000 with appr eciation of 61%. For the full fiscal year, our stock price appreciated 15%. Our long-term performance remains impressive. For the 10 years ended June 30, 2000, Car dinal delivered a total return to shareholders of 1,132%, or 29% compounded annually, well in excess of the S&P 500. The healthcare industry is subject to constant change due to pr oduct innovation, cost pressures, competitive influences and new legislation. At the same time, it is ripe with opportunity. Healthcare is an enormous industry, representing about 13% of the U.S. Gr oss Domestic Product. With an aging population, there is solid long-term demand for everything that we do. For example, during the next five years, mor e than $34 billion of branded pharmaceuticals face patent expiration. Our Pharmaceutical Distribution and Provider Services businesses should benefit from this trend because sales of generic pr oducts tend to be more profitable for us than sales of equivalent branded products. On the other end of the spectr um, our Pharmaceutical Technologies and Services businesses are well positioned to assist branded manufacturers in the development of new or reformulated pharmaceutical products to help replace sales of products losing patent protection. In addition, the government appears poised to pass some for m of Medicare drug benefit for seniors that should encourage greater consumption of pharma- ceuticals, especially generics. Our goal of attaining and  maintaining Cardinal’s market leadership positions is based  on these guiding principles: I find it remarkable to think that in Januar y 2001, we will  celebrate the 30th anniversary of Cardinal’s founding. While  the company is much larger and more multi-faceted today, we remain dedicated to preserving the spirit that has been so impor - tant to our success. What we have accomplished in this phase of Cardinal’s evolution is the establishment of a br oad and powerful platform to support our future growth. Today, we are in an enviable position of having market leadership positions  in a wide range of healthcar e businesses, the ability to combine our ser vices in unique and innovative ways to help our customers meet their challenges, the financial r esources to fund substantial strategic investments for future growth and the people to execute our strategy . With this combination, I believe the best is yet to come.  Sincerely, Entering Our Fourth Decade  Robert D. Walter Chairman and Chief Executive Officer Cardinal Health, Inc. Annual Report 2000 5 • Listen closely to our customers • Be innovative problem-solvers • Exert financial discipline • Deliver high service with a  low cost operating structure • Invest for the long-term  • Act entrepreneurially  • Decentralize operational  decision-making  • Treat our associates well