The Centene Advantage 900,000

Q4 2006

Centene Corporation (Centene) is a leading multi-line healthcare enterprise that provides programs and related services to individuals receiving benefits under Medicaid, including the State Children’s Health Insurance Programs (SCHIP) and Supplemental Security Income (SSI). The Company operates health plans in six states. In addition, the Company contracts with other healthcare and commercial organizations to provide specialty services including behavioral health, disease NYSE...... CNC management, long-term care, managed vision, nurse triage, pharmacy benefits management and treatment compliance. CUSIP...... 15135B1011 Recent Close (02/05/07)...... $ 25.59 Centene’s local approach to managing health plans enables it to provide accessible, high quality, culturally sensitive 52-week Trading Range ...... $ 13.25 - $ 30.26 healthcare services to its members. Centene’s disease management, educational and other initiatives are designed to Market Cap. (02/05/07)...... $ 1.11 billion help members best utilize the healthcare system to ensure they receive appropriate medical services and effective Shares Outstanding (12/31/06) ...43,369,918 management of routine health problems. The Company combines its local approach with centralized finance, information Diluted EPS (MRQ) ...... $ 0.31 systems, claims processing and medical management support functions. Fiscal Year End...... December 31

TOTAL REVENUES NET INCOME EARNINGS PER SHARE (in thousands) (in thousands) (diluted)

$800,000 $15,000 $0.4 $700,000 $600,000 $12,000 $0.3 $500,000 $9,000 $400,000 $0.2 $300,000 $6,000 $200,000 $0.1 $3,000 $100,000 $0 $0 $0.0 Q4 ‘04 Q4 ‘05 Q4 ‘06 Q4 ‘04 Q4 ‘05 Q4 ‘06 Q4 ‘04 Q4 ‘05 Q4 ‘06

RECENT HIGHLIGHTS MEMBERSHIP IN CENTENE’S MCOs BY STATE • Year-end Medicaid Managed Care membership of 1.3 GA IN NJ OH TX WI million, including 138,900 Kansas and Missouri members. Membership 183.1 58.9 109.2 298.5 164.8 (In thousands, at 12/31/06) 308.8 • Revenues of $697.4 million, a 64.8% increase over the 2005 fourth quarter. First Year of Operation 2006 1995 2002 2004 1999 1984 • Commenced operations in the 16 new counties awarded in the Northwest market of Ohio.

POPULATION DEMOGRAPHICS • Received notice of tentative contract award of the Texas TANF SCHIP SSI Comprehensive Health Care for Foster Care, subject to contract finalization. Average Age School-Aged 14 People with Disabilities of Population Children • Announced definitive agreement to divest the assets of % of Children 74% 95% 20% FirstGuard Health Plan, Inc., our Missouri health plan. The sale was completed effective February 1, 2007. Specialized, Broad, Primary Provider Networks Specialists Inner City Care, Pediatrics High Cost / Premature Birth, Disabilities, AIDS, Chronic Prescription Drugs TOTAL MEMBERSHIP Utilization Areas Asthma Diseases, Mental Illness IN CENTENE’S MCOs Selling Expense Low Low Low 1,500,000

1,200,000

THE CENTENE ADVANTAGE 900,000

• Medicaid focus • Efficient and scalable model 600,000

• Local approach • Integrated systems and technology 300,000

• Comprehensive care • Targeted physician network 0 Q4 ‘04 Q4 ‘05 Q4 ‘06 These data are provided as a convenience for stockholders and are for informational purposes only. These data are not intended, and should not be relied upon, for trading purposes. Investors are reminded that historical and current stock price performance data are not necessarily indicative of future performance. © 2007 Centene Corporation. All rights reserved. Q4 2006

CENTENE CORPORATION AND SUBSIDIARIES CENTENE GROWTH STRATEGY CONSOLIDATED STATEMENTS OF OPERATIONS Centene’s strategic objectives are designed to deliver consis- tent, sustainable growth to support the Company as a multi-line (unaudited) healthcare enterprise: Three Months Ended December 31, Margin Protection Program™ (In thousands, except share data) 2006 2005 • Pricing Revenues: • Policy changes Premium $ 677,137 $ 416,872 Service 20,263 6,346 Organic growth in membership Total revenues 697,400 423,218 • TANF, SCHIP and SSI Increase service offering Expenses: • Specialty services Medical costs 556,560 345,888 • Fee-for-service revenues Cost of services 15,457 2,278 General and administrative expenses 106,637 54,639 Expand to new markets and states • Mandated states Total operating expenses 678,654 402,805 Earnings from operations 18,746 20,413 Pursue targeted acquisitions • Strict criteria Other income (expense): Investment and other income 5,836 3,194 Interest expense (3,100) (1,604) SENIOR MANAGEMENT Earnings before income taxes 21,482 22,003 Michael F. Neidorff Income tax expense 7,649 8,137 Chairman and Chief Executive Officer Net earnings $ 13,833 $ 13,866 J. Per Brodin Earnings per share Sr. VP and Chief Financial Officer Basic earnings per common share $ 0.32 $ 0.32 Patricia J. Darnley Diluted earnings per common share $ 0.31 $ 0.31 Sr. VP of Operations Weighted average number of shares outstanding Joseph P. Drozda, Jr., M.D. Basic 43,263,237 42,885,900 Sr. VP and Chief Medical Officer Diluted 44,631,117 44,812,159 Marie J. Glancy Sr. VP, Operational Services and Regulatory Affairs ANALYST COVERAGE Carol E. Goldman Sr. VP and Chief Administrative Officer Banc of America Securities ...... Joe France Cary D. Hobbs Credit Suisse ...... Greg Nersessian Sr. VP, Strategy and Business Implementation Deutsche Bank North America...... Scott Fidel Robert C. Packman, M.D. Dowling and Partners...... Paul Goulekas Sr. VP, Medical Affairs Goldman Sachs...... Matthew Borsch William N. Scheffel Jefferies & Company, Inc ...... Brian Wright Sr. VP, Specialty Business Unit JP Morgan Securities ...... Bill Georges Lehman Brothers...... Joshua Raskin Glendon Schuster Merrill Lynch ...... Douglas Simpson Sr. VP and Chief Information Officer Piper Jaffray & Co...... Melissa Mullikin Keith H. Williamson Stifel Nicolaus...... Thomas Carroll Sr VP, Corporate Secretary and General Counsel Wachovia Securities...... Matt Perry Lisa M. Wilson Sr. VP, Investor Relations The foregoing list may not be complete and is subject to change as firms add or delete coverage. Please note that any opinions, estimates or forecasts regarding Centene Corporation made by these analysts are theirs alone and do Karey L. Witty not represent the opinions, estimates or forecasts of Centene Corporation or its management. Centene Corporation Sr. VP, Health Plan Business Unit does not by its reference above imply its endorsement of or concurrence with such analyst reports.

CENTENE Corporation Centene Plaza • 7711 Carondelet Avenue • St. Louis, MO 63105 • 314-725-4477 • www.centene.com

Investor Relations Lisa M. Wilson • Phone: (212) 759-3929 • Fax: (212) 759-1260 • [email protected]

This corporate profile contains forward-looking statements that relate to future events and future financial performance of Centene. These forward-looking statements represent the Company’s estimates as of February 6, 2007. Subsequent events and developments may cause the Company’s estimates to change. Readers are cautioned that matters subject to forward-looking statements involve known and unknown risks and uncertainties, including economic, regulatory, competitive and other factors that may cause Centene’s or its industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Actual results may differ from projections or estimates due to a variety of important factors, including Centene’s ability to accurately predict and effectively manage health benefits and other operating expenses, competition, changes in health care practices, changes in federal or state laws or regulations, inflation, provider contract changes, new technologies, reduction in provider payments by governmental payors, major epidemics, disasters and numerous other factors affecting the delivery and cost of healthcare. The expiration, cancellation or suspension of Centene’s Medicaid managed care contracts by state governments would also negatively affect Centene. Centene & CenCorp-Q4 2006

Centene’s local approach to managing health plans enables it to provide accessible, high quality, culturally sensitive healthcare services to its members. Centene’s disease management, educational and other initiatives are designed to help members best utilize the healthcare system to ensure they receive appropriate medical services and effective management of routine health problems. The Company combines its local approach with centralized finance, information systems, claims processing and medical management support functions.

TOTAL MEMBERSHIP IN CENTENE’S MCOs MEMBERSHIP IN CENTENE’S MCOs BY STATE 1,500,000 GA IN NJ OH TX WI 1,200,000 Membership 308.8 183.1 58.9 109.2 298.5 164.8 900,000 (In thousands, at 9/30/06) 600,000

First Year of Operation 2006 1995 2002 2004 1999 1984 300,000

0 Q4 ‘04 Q4 ‘05 Q4 ‘06

CENTENE CORPORATION HEALTH PLANS RECENT HIGHLIGHTS • Year-end Medicaid Managed Care membership of 1.3 million, including 138,900 Kansas and Missouri members.

• Revenues of $697.4 million, a 64.8% increase over the 2005 fourth quarter.

• Commenced operations in the 16 new counties awarded in the Northwest market of Ohio.

• Received notice of tentative contract award of the Texas Comprehensive Health Care for Foster Care, subject to contract finalization.

• Announced definitive agreement to divest the assets of FirstGuard Health Plan, Inc., our Missouri health plan. The sale was completed effective February 1, 2007.

POPULATION DEMOGRAPHICS THE CENTENE ADVANTAGE TANF SCHIP SSI • Medicaid focus Average Age of School-Aged • Local approach 14 People with Disabilities Population Children • Targeted physician network • Efficient and scalable model % of Children 74% 95% 20% • Integrated systems and technology Specialized, Broad, Primary • Comprehensive care Provider Networks Specialists Inner City Care, Pediatrics High Cost / Premature Birth, Disabilities, AIDS, Chronic Prescription Drugs CENTENE CORPORATION Utilization Areas Asthma Diseases, Mental Illness Centene Plaza 7711 Carondelet Avenue Selling Expense Low Low Low St. Louis, MO 63105 314-725-4477 CenCorp Health Solutions (CenCorp) strives to provide specialized health solutions to the complex problems faced by patients, healthcare providers, pharmaceutical companies and distributors and payers. CenCorp offers unique services, which, alone or combined, deliver improved outcomes, reliable data, and cost-effective coordinated care.

AirLogix is an experienced and industry leader in chronic respiratory management. Through their specialization in respiratory management, AirLogix uses self-care therapies, in-home interaction and powerful informatics processes to deliver effective clinical results, high patient-provider satisfaction and cost reductions in respiratory management. www.airlogix.com

Bridgeway Health Solutions provides long term care services that include nursing homes and services such as home modifications, personal attendants, and adult daycare to older persons and people with disabilities on SSI. Bridgeway provides proactive members assessments that serve to eliminate functional barriers to care and integrated systems that facilitate partnerships with providers, care givers, consumers and social services. www.bridgewayhs.com

Cardium Health Services Corporation provides health improvement and disease management programs to self-insured employers and benefit plan sponsors. The Company’s focus is to reduce healthcare costs by providing medical support and educational interventions to those individuals with chronic conditions such as heart disease, diabetes, asthma, COPD, back pain, cancer management, and tobacco cessation. www.cardiumhealth.com

Cenpatico Behavioral Health, LLC (CBH), provides innovative market designed solutions for managing behavioral health. CBH offers flexible, customized behavioral health services to meet the individual needs of our clients and their organizations. CBH also operates Academic Behavioral Alternatives (ABA), which are schools for emotionally/behaviorally challenged and learning disabled children and adolescents. www.cenpatico.com

Nurse Response provides invaluable telehealth services for physicians, hospitals, managed care providers, academic institutions and employee health. Programs increase accessibility of healthcare while decreasing overall costs through nurse assessment, health information, teaching and referral. www.nurseresponse.com

NurseWise is a 24-hour, toll-free phone line through which callers can reach both customer service representatives and bilingual nursing staff. The nurse triage service provides access to a broad range of health-related services including health education, urgent pharmacy re-fills, transportation for treatment and crisis interventions.

OptiCare Managed Vision, based in Rocky Mount, North Carolina, contracts with insurers, employer groups, managed care plans, HMOs and other third party payers to manage claims payment administration of eye health benefits for contracting parties in 15 states and to provide insurance coverage relating to certain eye care products and services. www.opticare.com

Any change to a consumer’s medication or established treatment plan can be intimidating and overwhelming. Yet, the failure to adequately follow-through can be costly and debilitating. ScriptAssist has developed an effective program, combating this problem through education, motivation and counseling services. www.scriptassistllc.com

Formed in 1999, US Script, Inc.’s 1,500 customers consist of small employer groups and third- party administrators and represent approximately 500,000 lives. The company has an automated mail service pharmacy, Rx Direct, Inc., located in Texarkana, Texas. In addition, US Script administers a contracted national network of retail pharmacies, consisting of approximately 45,000 chain and independent retailers nationwide. www.usscript.com