Cobalt Corporation Schedules Release of Second Quarter 2003 Earnings, Conference Call and Web Cast.

Business Editors/Health/Medical Writers

MILWAUKEE--(BUSINESS WIRE)--July 2, 2003

Cobalt Corporation (NYSE:CBZ) will host a conference call and web cast on Wednesday, July 23, 2003, at approximately 11:00 a.m. Eastern time to discuss second quarter 2003 financial results. The conference call and web cast will be co-hosted with WellPoint Health Networks Inc. Cobalt will announce earnings in a separate press release after the market closes on Tuesday, July 22, 2003. WellPoint and Cobalt have signed a definitive merger agreement, which was announced on June 3, 2003.

The conference call can be accessed by dialing [phone] and referencing "WellPoint's Earnings Call" approximately 10 minutes prior to the start of the call. International callers should call [phone]. A replay of the call will be available from July 23 through 8:00 p.m. Eastern time on July 30, 2003. To access the replay, please dial [phone] and enter call i.d. number 1309658. International callers can access the replay by dialing [phone] and entering call i.d. number 1309658.

The call will be simulcast live over the Internet at www.cobaltcorporation.com. To listen to the web cast, please visit the Events section of the Cobalt Corporation Web site and click on Latest Investor Presentation at least 15 minutes prior to the start of the conference call to download and install any necessary audio software. Individuals who listen to the call will be presumed to have read Cobalt's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the quarter ended March 31, 2003, including the discussion under the caption "Risk Factors." A replay of the web cast will be available at http://www.cobaltcorporation.com.

Cobalt Corporation is an independent licensee of the BlueCross BlueShield Association, and holds the exclusive license to use the Blue Cross and Blue Shield names and marks in the state of Wisconsin. Cobalt is one of four publicly traded Blue Cross and Blue Shield companies. Headquartered in Milwaukee, Wis., Cobalt Corporation (NYSE: CBZ) offers a diverse portfolio of complementary insurance, managed care products and administrative services to employer, individual, insurer and government customers. For more information, visit our web site at www.cobaltcorporation.com.