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Chairman's Letter cont'd Fresh commitments During 2000, Praxair achieved record sales and made progress toward achieving its aggressive financial goals. We have brought more rigorous capital discipline to our base business, while redefining more sharply those markets that are targets for future growth. While we have embarked on some non-traditional paths, we also are being very practical about focusing on those opportunities that create the greatest value for our customers and provide near-term payback for our shareholders. We also have prepared for an uncertain economy in 2001, taking the necessary steps to position Praxair for strong performance in a variety of scenarios. Before closing, I want to pay tribute to a person who, more than any other, has personified Praxair over the past eight years. Bill Lichtenberger, who retired as chairman at the end of November 2000, was the architect of Praxair's successful spinoff in 1992, and guided the company through a period of significant transformation. With an abiding respect for the engineering culture and traditions of Praxair's history, he nevertheless provoked constructive change that has allowed Praxair to thrive in a more global, more demanding, more dynamic industry. I know from my conversations with Praxair employees, customers and members of the financial community that he commands a high degree of respect and friendship from many colleagues around the world. It has been a privilege to work with Bill over the past year, and we wish him a long, happy and healthy retirement. It has been an excellent year at Praxair for me and the entire business team; 2001 promises to be even better. I look forward to the results of the many innovative programs we have launched in recent months. I am confident we are building sustainable competitive advantage by turning fresh ideas into value-added benefits for our shareholders, customers and employees.
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