McKesson Relative Valuation

Industry Trading Below Historical

Valuation Trends

20021 1994-20012

McKesson 21.8 14.2-30.2

AmerisourceBergen 22.8 14.3-22.4

Cardinal Health 23.5 20.6-30.7

Cerner 40.6 n/a

S&P 500 28.7 15.5-29.2

P/E Ratio

1. Based on Calendar 2002 EPS consensus First Call estimate

2. Based on Calendar 1994-2001 forward EPS