Cobalt Corporation Shareholders Approve Merger with WellPoint Health Networks Inc.

September 23, 2003

Cobalt Corporation announced that Cobalt shareholders have approved the proposed merger with WellPoint Health Networks Inc. At a special shareholder meeting held in Milwaukee, more than 99% of the shares present at the meeting voted in favor of the transaction. The Wisconsin United for Health Foundation, Inc., which currently holds approximately 60% of the outstanding common stock of Cobalt, voted its shares in favor of the transaction.

“Today’s shareholder vote represents the final approval necessary before the merger transaction closes,” said Stephen E. Bablitch, Chairman and Chief Executive Officer of Cobalt Corporation. “This is a historic day for Cobalt Corporation and the state of Wisconsin. This merger will benefit our customers, our employees and our shareholders, and will enable the Wisconsin United for Health Foundation to significantly enhance public health in the state.”

On June 3, 2003, WellPoint Health Networks Inc., the nation’s second largest health insurer, and Cobalt announced that they signed a definitive agreement to merge.

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