Pfizer

I am pleased to forward to you this Annual Report of Pfizer Limited for
 the year ended November 30, 2002.
 
 I trust you might have followed diligently the events that have
 regrettably surrounded the amalgamation of Parke-Davis (India) Limited
 with our Company. In brief, the delay has been caused by the Appeals
 filed by dissenting shareholders against the Scheme of Amalgamation of
 Parke-Davis (India) Ltd. (PDI) with our Company.
 
 I wish to emphasize that, throughout this lengthy legal procedure, your
 company and its actions were driven by a few basic principles:
 
 1. Minority shareholders must be heard and must express their support
 or dissonance vis-a-vis the plans and strategies the management team
 envisages at all times.This must be done in a manner that is open,
 transparent, and objective.
 
 2. The Law of the Land, and similar precedents must ultimately prevail.
 Several courts have expressed opinions on this matter. Justice has been
 rendered in full cognizance of all parties' interests and grievances.
 
 We deplore that such litigation has caused the company to divert its
 time, attention, and financial resources away from what you have
 mandated us to focus on: Performance and Returns.
 
 We must also admit that this litigation did occasion incremental
 expenses in the region of R.S. 75 lacs, which otherwise would have been
 invested in sales and marketing activities. In addition, it has delayed
 the realization of synergies.This amounts to a lost opportunity in the
 vicinity of R.S. 500 lacs.
 
 You will be pleased to note that we are proceeding to complete the
 remaining part of this merger and hence capturing other synergies as
 discussed in this Annual Report.
 
 I wish to thank you personally for the support and solidarity you have
 demonstrated throughout this unfortunate episode.
 
 I look forward to your participation at the forthcoming Annual General
 Meeting.