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FINANCECREATING SHAREHOLDER VALUE & LOOKING TOWARDS 2006

David Colby,Executive Vice President & Chief Financial Officer

Agenda

• WellPoint Earnings Growth Model

• Capital Strategy

• Strong Outlook for 2006

• Investment Considerations

WellPoint Growth Model

EPS GrowthEPS Growth15% +15% +

Profitable Enrollment Growth

Disciplined Focus on Underwriting

Effective Use of Cash Flow

SG&A Ratio Reduction

Specialty Penetration

10%

15%

20%

25%

2000 2001 2002 2003 2004 2005E* 2006E*

SG&A Expense / Total Operating Revenue

Continued SG&A Ratio Reduction

550 basis point reduction21.3%

19.6% 19.3% 18.8%17.0%

* Estimated based on current projections.

16.3% 15.8%

SG&A Expense By Function

Note: Amounts are estimated.

Sales & Marketing

Customer Service, Claims & Other Operations

Information Technology

Medical & Network

Management

Corporate & OtherShared Services

Becoming More Efficient

400

500

600

700

800

Membership Per Employee

12/31/99 12/31/01 12/31/03 9/30/0512/31/00 12/31/02 12/31/04

794

471

Increasing IVR Penetration

Each year, WellPoint representatives handle approximately 60 million telephone calls

Interactive Voice Response is around

35% of volume and is expected to increase

Leveraging Technology

71.3%

73.2%

69.0%

70.0%

71.0%

72.0%

73.0%

74.0%

4Q04 3Q05

Auto-Adjudication Rates

Process around 240 million medical and specialty claims per year

74.0%

77.0%

70.0%

72.0%

74.0%

76.0%

78.0%

80.0%

4Q04 3Q05

EDI Rates

Note: Data includes both the former Anthem, Inc. and the former WellPoint Health Networks Inc. for both periods.

Utilizing Web-Based Capabilities

3Q05 Statistics

• 24 million web-based transactions

• 508,000 website “hits” per day

• About 2 millionregistered users at end of quarter

Fully Integrated Annual Synergies $250 Million +

Corporate & Shared ServicesInformation Technology

Operations

Specialty

Note: Amounts are estimated based on current projections for the WellPoint Health Networks merger.

• Officer reduction

• Investment strategy refinement

• Increased purchasing power

• Pharmacy contracting

• Consolidating duplicative operations

• Print and mail operations

• Medical mgt. best practices

• Non-branded migration to Blue networks

• Strategy refinement

• Telecommunication rates

• Licensing

• Hardware contracting

Agenda





Strong Cash Flow

2002 2003 2004Net Income Operating Cash Flow

$0.5

$1.0$0.8

$1.2$1.0

$1.3

$3.0+

~$2.5

2005E*

Operating Cash Flow vs. Net Income(in billions)

2006E*


~$3.5

~$2.8

Cash Flow Strategy

Reinvest In Our Business

New Products & Enhanced Service

Debt Repayment

Acquisitions

Return to Shareholders

1) Blues Acquisition

2) Product-Specific or Non-Blue Branded in Core Market

3) Expand Specialty Lines

4) Non-Blue Branded Outside of Core Market

Acquisition Priorities

Acquisition Criteria

ExpectedReturns

Cost ofCapital

Expected Returns (Cash) > Cost of Capital

Financial Flexibility

AM Best: a-

Fitch: A-

Moody’s: Baa1

S&P: BBB+0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

3Q05 Target

Debt-to-Capital Ratio *

* Total Debt / (Total Debt + Shareholders’ Equity) ; ** As of 9/30/05.

17.1%

Mid 20% Range

Sr. Debt Ratings **

Projected Uses of Cash – 2006

* Estimated based on current projections. Amounts do not include impact of pending WellChoice merger.

Cap Ex * ~$0.3 B

Debt & Lease Maturities *

~$0.5 B

Undesignated Cash Flow *

~$2.7 B

Operating Cash Flow * ~ $3.5 Billion

Share Repurchase Authorization

$1 Billion as of 9/30/05

$2 Billion at close of pending WC merger

Agenda





The Bottom Line…

+ 0.10Add: incremental WHN synergies *

$4.69Subtotal

+ 0.60Grow by 15% ($3.99 x .15) *

$4.512006E GAAP EPS *

- 0.18Subtract: stock option expense *

$3.99Subtotal

- 0.04Subtract: ICHIA tax benefit *

+ 0.10Add: MDL settlement expense *

$3.932005E GAAP EPS *


Profitable Enrollment Growth

Year-End Medical Membership(in millions)

27.7

~ 29


~ 30

2004 2005E* 2006E*

Long-Term Target:3% - 5%

Organic Growth

~ 3%Growth

Solid Revenue Production

Total Operating Revenue(in billions)

$20.5

~ $44.5


~ $49.5

2004 2005E* 2006E*

Long-Term Target:10% Op. Rev.

Increase

Premiums: $45.8

Admin. Fees: $2.9

Other: $0.8

11%Increase

75%

77%

79%

81%

83%

85%

2004 2005E* 2006E*Benefit Expense / Premiums

Stable Benefit Expense Ratio

82.0%80.6%


80.8%

Medical trend about 8%

2006E*

Long-Term Target:• Stable benefit exp. ratio

14%

16%

18%

20%

2004 2005E* 2006E*

SG&

A E

xpen

se /

Tota

l Ope

ratin

g R

even

ueContinued SG&A Ratio Reduction

17.0%16.3%


15.8%

Long-Term Target:• Flat SG&A Expense

Per Member Per Month

50 bpDecrease

Increasing Net Investment Income

Net Investment Income(in millions)

$312

~ $620


~ $680

2004 2005E* 2006E*

10%Increase

10%20%

30%40%50%

60%70%

2000 2001 2002 2003 2004 2005E* 2006E*

Net

Inve

stm

ent I

ncom

e /

Pre-

Tax

Inco

me

Decreased Reliance onInvestment Income

61.6%

45.3%

32.5%

22.9% 21.6%15.9%


15.0%

4,660 bp decrease!

2004 2005E* 2006E*

Margin Expansion

9.1%

6.9%

8.6%

Pre-Tax Income / Total Revenues


Long-Term Target:Double-digit

pre-tax margins

50 bpIncrease

Strong Earnings Momentum

2004 2005E* 2006E*

GAAP Diluted EPS

$3.05

$3.93


$4.51

15%Growth

4Q06* $1.17

3Q06* $1.15

2Q06* $1.12

1Q06* $1.07

Modeling Assumptions – 2006E*• Cost of drugs: ~ $330 million

• Interest expense: ~ $250 million

• Amortization of intangibles: ~ $230 million

• Income tax rate: 37.5%

• ~ 629 million weighted average diluted shares

• No impact from WellChoice merger* Estimated based on current projections.

The Bottom Line…

+ 0.10Add: incremental WHN synergies *

$4.69Subtotal

+ 0.60Grow by 15% ($3.99 x .15) *

$4.512006E GAAP EPS *

- 0.18Subtract: stock option expense *

$3.99Subtotal

- 0.04Subtract: ICHIA tax benefit *

+ 0.10Add: MDL settlement expense *

$3.932005E GAAP EPS *


Agenda





9) Benefits of size and scale8) Leading local market shares7) Blue brand is most recognizable in the sector6) Diversified revenue stream5) Excellent financial performance 4) Strong cash flow

2) Outstanding management team3) M&A discipline and success

1) Tremendous growth opportunities

Top 10 Reasons to Add WLPto Your Portfolio

10) Attractive industry that is rapidly expanding

Safe Harbor Statement Under the Private Securities Reform Act of 1995This presentation contains certain forward-looking information about WellPoint, Inc. (“WellPoint”), WellChoice, Inc. (“WellChoice”) and the combined company after completion of the transaction that are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of WellPoint and WellChoice, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include: those discussed and identified in public filings with the U.S. Securities and Exchange Commission (“SEC”) made by WellPoint (formerly Anthem, Inc.), WellPoint Health Networks Inc. (“WellPoint Health”) and WellChoice; trends in health care costs and utilization rates; our ability to secure sufficient premium rate increases; competitor pricing below market trends of increasing costs; increased government regulation of health benefits and managed care; significant acquisitions or divestitures by major competitors; introduction and utilization of new prescription drugs and technology; a downgrade in our financial strength ratings; litigation targeted at health benefits companies; our ability to contract with providers consistent with past practice; other potential uses of cash in the future that present attractive alternatives to share repurchases; our ability to achieve expected synergies and operating efficiencies in the WellPoint Health merger within the expected time-frames or at all and to successfully integrate our operations; such integration may be more difficult, time-consuming or costly than expected; revenues following the transaction may be lower than expected; operating costs, customer loss and business disruption, including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers, may be greater than expected following the transaction; our ability to consummate WellPoint’s merger with WellChoice, to achieve expected synergies and operating efficiencies in the merger within the expected time-frames or at all, to meet expectations regarding repurchases of shares of our common stock and to successfully integrate our operations; such integration may be more difficult, time-consuming or costly than expected; revenues following the transaction may be lower than expected; operating costs, customer loss and business disruption, including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers, may be greater than expected following the transaction; the regulatory approvals required for the transaction may not be obtained on the terms expected or on the anticipated schedule; our ability to meet expectations regarding the timing, completion and accounting and tax treatments of the transaction and the value of the transaction consideration; future bio-terrorist activity or other potential public health epidemics; and general economic downturns. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. Neither WellPoint nor WellChoice undertakes any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Readers are also urged to carefully review and consider the various disclosures in WellPoint’s and WellChoice’s various SEC reports, including but not limited to Annual Reports on Form 10-K for the year ended December 31, 2004 and Quarterly Reports on Form 10-Q for the reporting periods of 2005.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

This communication may be deemed solicitation material in connection with the proposed merger transaction involving WellPoint, Inc. (“WellPoint”) and WellChoice, Inc. (“WellChoice”). In connection with the proposed transaction, WellPoint has filed a registration statement on Form S-4, containing the final proxy statement/prospectus for the stockholders of WellChoice with the U.S. Securities and Exchange Commission (“SEC”). BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE FINAL STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The final proxy statement/prospectus was first mailed to WellChoice’s stockholders on or about November 22, 2005. Investors andsecurity holders may receive the final registration statement containing the final proxy statement/prospectus and other documents free of charge at the SEC’s web site, www.sec.gov, from WellPoint Investor Relations at 120 Monument Circle, Indianapolis, Indiana 46204, or from WellChoice Investor Relations at 11 West 42nd Street, New York, New York 10036.

PARTICIPANTS IN SOLICITATION

WellPoint, WellChoice and their respective directors and executive officers and other members of management and employees may bedeemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding WellPoint’s directors and executive officers is available in WellPoint’s proxy statement for its 2005 annual meeting of stockholders, which was filed with the SEC on April 8, 2005, and information regarding WellChoice’s directors and executive officers is available in WellChoice’s proxy statement for its 2005 annual meeting of shareholders, which was filed with the SEC on March 28, 2005. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of WellChoice stockholders in connection with the proposed transaction is set forth in the final proxy statement/prospectus.

Basis of Presentation

• On November 30, 2004, Anthem, Inc. acquired WellPoint Health Networks Inc., and Anthem, Inc. changed its name to WellPoint, Inc. Accordingly, financial results for periods prior to November 30, 2004, only include operations of the former Anthem, Inc., unless otherwise indicated.

• All per share amounts are on an after-tax, diluted per share basis and reflect the 2-for-1 stock split on May 31, 2005.

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