Goldman, Sachs & Co. Healthcare Conference

6/13/2001


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Table of Contents

Goldman, Sachs & Co. Healthcare Conference

Cautionary Statement

Q1 2001 - Positioned for Growth

Q1 2001 - Positioned for Growth

Expectations for 2001

EPS Growth - Potential Impact of New GAAP

Same Store Health Plan Enrollment Growth

Stable Total Health Plan MCR Expected to Continue in 2001

SG&A % Decline to Continue in 2001

Strengthening Capital Structure in 2001

Total Debt Has Decreased Over $610 Million, or Nearly 50%, and Debt to Capital Ratio Has Dropped from 63.0% in Q4 1998 to 36.8% in Q1 2000

Cash Flow from Operations

ROE Growth

2002 Operating Performance Goals

Goldman, Sachs & Co. Healthcare Conference

Author: Deloitte Consulting