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To: Bucky Katt who wrote (11204)	7/8/2002 2:55:43 PM
From: James Strauss	Read Replies (1) \| Respond to of 13094

Shares of Merck, the US drugs group, traded sharply lower in Europe after new reports that it had booked $12.4bn in revenues in the past three years, which it never received. William: Imagine that... Booking revenues it never received... Look at this: Report of Independent Public Accountants To the Stockholders and Board of Directors of Merck & Co., Inc.: We have audited the accompanying consolidated balance sheet of Merck & Co., Inc. (a New Jersey corporation) and sub-sidiaries as of December 31, 2001 and 2000, and the related consolidated statements of income, retained earnings, compre-hensive income and cash flows for each of the three years in the period ended December 31, 2001. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial state-ments based on our audits. We conducted our audits in accordance with auditing stan-dards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial state-ment presentation. We believe that our audits provide a reason-able basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Merck & Co., Inc. and subsidiaries as of December 31, 2001 and 2000, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2001, in conformity with accounting principles generally accepted in the United States. New York, New York ARTHUR ANDERSEN LLP January 22, 2002 38 Merck & Co., Inc. 2001 Annual Report Financial Section anrpt2001.com Connecting the dots... : > Jim