About Coventry Health Care  

Coventry Health Care operates health plans
in 12 markets in the eastern half of the
United States. They are operated under the
names Coventry Health Care, Coventry
Health & Life Insurance Company, Carelink
Health Plans, Group Health Plan (GHP),
HealthAmerica, HealthAssurance,
HealthCare USA, Southern Health Services,
and WellPath Community Health Plans.
The services offered encompass a broad
variety of managed health care products
and services reaching in excess of 1.84 mil-
lion members. The company was estab-
lished in 1986 and maintains its
headquarters in Bethesda, Maryland.

You are cordially invited to visit our website at: www.coventryhealth.com

To Our Shareholders,  

I am very pleased to report to you on
the most successful year in the history of 
Coventry Health Care. I am equally pleased 
to note that the outstanding achievements 
of 2001 were hardly a case of overnight 
success, but rather, a continuation of the 
steady progress we have been making 
over the past five years.  

Our Earnings per Share, before non-recur- 
ring items, of $1.23, is a 43% improvement 
over 2000, and has grown at an annual rate
of 37% since 1997. Our total revenues of