Express Scripts is Upgraded by Standard & Poor's to Investment Grade.

Business Editors

ST. LOUIS--(BUSINESS WIRE)--March 26, 2002

Express Scripts, Inc. (NASD:ESRX) announced today that Standard & Poor's (S&P) raised the credit ratings on the company's debt to BBB- from a BB+, and indicated that the outlook remains stable.

S&P noted that the investment-grade ratings on Express Scripts reflect the company's strong position in the expanding pharmaceutical benefit management industry, continued solid operating performance, and growing cash flows. S&P indicated that PBMs should benefit from the growing utilization of drugs, particularly higher margin generic versions, and the increased sell-through of value-added, higher margin services such as mail order and specialty distribution.

Express Scripts, Inc. is one of the largest pharmacy benefit management (PBM) companies in North America serving thousands of client groups, including managed care organizations, insurance carriers, third-party administrators, employers and union-sponsored benefit plans. Express Scripts provides integrated PBM services, including network pharmacy claims processing, mail pharmacy services, benefit design consultation, drug utilization review, formulary management, disease management, medical and drug data analysis services, medical information management services and informed decision counseling services through its Express Health Line SM division. The company also provides distribution services for specialty pharmaceuticals through its Specialty Distribution subsidiary. Express Scripts is headquartered in St. Louis, Missouri. More information can be found at http://www.express-scripts.com, which includes expanded investor information and resources.

SAFE HARBOR STATEMENT

This press release contains forward-looking statements, including, but not limited to, statements related to the company's plans, objectives, expectations (financial and otherwise) or intentions. Actual results may differ significantly from those projected or suggested in any forward-looking statements. Factors that may impact these forward-looking statements include but are not limited to:

-- risks associated with our acquisitions of Phoenix and NPA, including
integration risks and costs, risks of client retention, and risks associated
with the operations of acquired businesses

-- risks associated with our ability to maintain internal growth rates, or to
control operating or capital costs

-- continued pressure on margins resulting from client demands for enhanced
service offerings and higher service levels, and the possible termination of,
or unfavorable modification to, contracts with key clients or providers

-- competition, including price competition, and our ability to consummate
contract negotiations with prospective clients, as well as competition from new
competitors offering services that may in whole or in part replace services
that we now provide to our customers

-- adverse results in regulatory matters, the adoption of new legislation or
regulations (including increased costs associated with compliance with new laws
and regulations, such as privacy regulations under the Health Insurance
Portability and Accountability Act (HIPAA)), more aggressive enforcement of
existing legislation or regulations, or a change in the interpretation of
existing legislation or regulations

-- the possible loss of relationships with pharmaceutical manufacturers, or
changes in pricing, discount or other practices of pharmaceutical manufacturers


-- adverse results in litigation, including a pending case challenging Express
Scripts' business practices under the Employee Retirement Income Security Act
(ERISA)

-- risks associated with our leverage and debt service obligations, including
the effect of certain covenants in our borrowing agreements

-- risks associated with our ability to continue to develop new products,
services and delivery channels

-- general developments in the health care industry, including the impact of
increases in health care costs, changes in drug utilization and cost patterns
and introductions of new drugs

-- uncertainties regarding the implementation and the ultimate terms of
proposed government initiatives, including a Medicare prescription drug benefit


-- increase in credit risk relative to our clients due to adverse economic
trends

-- other risks described from time to time in our filings with The Securities
and Exchange Commission

We do not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.