Press Release: March 22, 2001

WR Hambrecht + Co Initiates Coverage of AdvancePCS (ADVP) with a Buy Rating and a Price Target of $62

Leader in PBM industry stands to benefit from the strong trends in the pharmaceutical industry — U.S. drug spending expected to grow 15 percent annually

San Francisco, CA, March 22, 2001—WR Hambrecht + Co today initiated research coverage on AdvancePCS (ADVP) with a buy rating and a price target of $62. WR Hambrecht + Co’s Healthcare Technology & Pharmaceutical Services analyst Josh Fisher cited the Company’s scale, independence and technological leadership among in the rapidly growing pharmaceutical benefit management (PBM) industry as the primary basis for the rating. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com.

“We believe customers of AdvancePCS, such as self-insured corporations, will become increasingly dependent on PBMs to contain drug costs, which should increase demand for other services, such as mail order, disease management, formulary compliance and data services. In addition, we believe AdvancePCS could exceed our estimates as it realizes synergies from its acquisition of PCS and as it ramps up its mail order pharmacy business,” Fisher said.

Fisher projects total revenues will reach $7.1 billion in 2001, and $12.9 billion in 2002, up from $1.9 billion in 2000.

AdvancePCS, formerly known as Advance Paradigm, Inc., is a provider of health improvement services, offering its clients a comprehensive array of pharmacy benefit management, disease management, clinical trials and research, web-based marketing support and other health-related programs.