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    Press Release: August 15, 2001

    WR Hambrecht + Co Initiates Coverage of Healthcare Services Stocks AmeriSource (AAS), Cardinal Health (CAH) and McKesson (MCK)

    San Francisco, CA, August 15, 2001—WR Hambrecht + Co today initiated research coverage on three healthcare services stocks, AmeriSource (BUY - Target $75), Cardinal Health (BUY - Target $90) and McKesson (NEUTRAL). WR Hambrecht + Co offers all its research reports free and real time at www.wrhambrecht.com.

    In his analysis of these companies, WR Hambrecht + Co’s Healthcare Services analyst Sean Wieland said:

    • “The pending merger with Bergen Brunswig, expected to close by the end of August, will enable the Company to significantly improve operating margins by consolidating duplicate distribution centers. In addition, the Company’s decentralized management approach results in below average operating costs.”

    Wieland projects AAS will post EPS of $2.20 in FY:01 on revenues of $14 billion, up from $1.90 per share on $11.6 billion in FY:00.

    • “Cardinal Health posts some of the strongest financials among its health care distribution peers while rapidly expanding market share across health care distribution, technology, and automation services. The combination of aging demographics driving higher utilization, patent expirations, and the application of technology and automation may contribute to earnings growth for Cardinal Health.”

    Wieland estimates CAH will post EPS of $2.57 in FY:02 on revenues of $54 billion, up from $1.89 per share on $48 billion in FY:01.

    • “Below average operating margins and returns on committed capital does not necessarily warrant a premium for McKesson to its peer group. It is trading at a P/E ratio of 31, compared to the industry median of 28, an 11 percent premium. However, strong earnings growth coupled with a leading market share in health care services should provide the Company with a solid foundation to return to prior financial performance levels.”

    Wieland projects MCK will post EPS of $1.36 in FY:02 on revenues of $48 billion, up from $0.99 EPS on $42 billion in FY:01.