Continucare Names Phillip Frost to Board of Directors.

Business Editors/Health/Medical Writers

MIAMI--(BUSINESS WIRE)--Jan. 9, 2004

Continucare Corporation (AMEX:CNU) announced today that Phillip Frost, M.D. has been appointed to its Board of Directors.

Phillip Frost, M.D. was a founder of IVAX Corporation and has served as its Chairman of the Board of Directors and Chief Executive Officer since 1987. For 14 years prior to founding IVAX, Dr. Frost was the Chairman of the Board of Directors of Key Pharmaceuticals, Inc. He has also served as the Chairman of the Department of Dermatology at Mt. Sinai Medical Center of Greater Miami from 1972 to 1990. Dr. Frost is currently the Chairman of the Board of Trustees of the University of Miami and a member of the Board of Governors of the American Stock Exchange. In addition, Dr. Frost is currently a director of Northrop Grumman Corporation and IVAX Diagnostics, Inc.

Dr. Frost is currently the beneficial owner of approximately 52% of Continucare's outstanding common stock.

Commenting on the appointment, Richard C. Pfenniger, Jr., Continucare's Chief Executive Officer said, "We are extremely pleased to have Dr. Frost join our Board of Directors. Dr. Frost has a long history of involvement with numerous highly successful organizations and a keen appreciation for the interests of shareholders. The combination of his business acumen, his deep and multi-faceted understanding of healthcare and his demonstrated commitment to Continucare's success make Dr. Frost's appointment a significant addition to our Board."

Continucare Corporation (http://www.continucare.com), headquartered in Miami, Florida, is a holding company with subsidiaries engaged in the business of providing outpatient physician care services through managed care, Medicare direct and fee for service arrangements.

Except for historical matters contained herein, statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors and others are cautioned that forward-looking statements include risks and uncertainties, which may affect our business and prospects and cause actual results to differ materially from those set forth in the forward-looking statements. These factors include, without limitation, our ability to service our indebtedness and respond to capital needs, the ability to achieve expected levels of patient volumes and control the costs of providing services, pricing pressures exerted on us by managed care organizations as they seek to contain health care costs, the level of payment we receive from governmental programs and other third party payors, the ability to attract and retain qualified medical professionals, future legislation changes in governmental regulations, including possible changes in Medicare programs that may impact reimbursements to health care providers and insurers, technological and pharmaceutical improvements that increase the cost of providing, or reduce the demand, for health care, changes in revenue mix and the ability to enter into and renew managed care provider arrangements on acceptable terms, delays in receiving payments, the collectibility of uninsured accounts and deductible and co-pay amounts, general economic conditions and uncertainties generally associated with the health care business. These and other applicable risks, cautionary statements and factors that could cause actual results to differ from our forward-looking statements are included in our annual report on Form 10-K for the fiscal year ended June 30, 2003 and other filings with the SEC. We undertake no obligation to update or revise these forward-looking statements to reflect events or circumstances after the date hereof.