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A reconciliation of the Company's change in days in claims payable from the immediatelypreceding quarter-end is presented below:Days in claims payable, March 31, 2017Timing of claims paymentsDays in claims payable, June 30, 201741(1)40OutlookThe table below depicts the Company's updated annual guidance for 2017. We haveadjusted our guidance to reflect the following items:The strong performance for the second quarter;An increase in our business expansion cost range to 0.42 - 0.47 per diluted sharereflecting the shortening of the open enrollment period for the Health InsuranceMarketplace and additional investments in growth initiatives in Medicare andMarketplace for 2018; andAn increase in our margin expectations for the Marketplace business for 2017.Total revenues (in billions)GAAP diluted EPSAdjusted Diluted EPS (1)HBRSG&A expense ratioAdjusted SG&A expense ratio (2)Effective tax rateDiluted shares outstanding (in millions)(1)(2)Full Year 2017LowHigh 46.4 47.2 3.96 4.29 4.70 5.0687.0 %87.49.4 %9.89.3 %9.739.0 %41.0176.3177.3%%%%Adjusted Diluted EPS excludes amortization of acquired intangible assets of 0.55 to 0.57 per diluted share, Health Netacquisition related expenses of 0.02 to 0.03 per diluted share, and Penn Treaty assessment expense of 0.17 per diluted share.Adjusted SG&A expense ratio excludes Health Net acquisition related expenses of 5 million to 8 million and the Penn Treatyassessment expense of 47 million.Conference CallAs previously announced, the Company will host a conference call Tuesday, July 25, 2017,at approximately 8:30 AM (Eastern Time) to review the financial results for the secondquarter ended June 30, 2017, and to discuss its business outlook. Michael Neidorff andJeffrey Schwaneke will host the conference call.Investors and other interested parties are invited to listen to the conference call by dialing 1877-883-0383 in the U.S. and Canada; 1-412-902-6506 from abroad, including thefollowing Elite Entry Number: 7772527 to expedite caller registration; or via a live, audiowebcast on the Company's website at www.centene.com, under the Investors section.A webcast replay will be available for on-demand listening shortly after the completion of thecall for the next twelve months or until 11:59 PM (Eastern Time) on Tuesday, July 24, 2018,at the aforementioned URL. In addition, a digital audio playback will be available until 9:00AM (Eastern Time) on Tuesday, August 1, 2017, by dialing 1-877-344-7529 in the U.S. andCanada, or 1-412-317-0088 from abroad, and entering access code 10110042.Non-GAAP Financial Presentation

The Company is providing certain non-GAAP financial measures in this release as theCompany believes that these figures are helpful in allowing investors to more accuratelyassess the ongoing nature of the Company's operations and measure the Company'sperformance more consistently across periods. The Company uses the presented nonGAAP financial measures internally to allow management to focus on period-to-periodchanges in the Company's core business operations. Therefore, the Company believes thatthis information is meaningful in addition to the information contained in the GAAPpresentation of financial information. The presentation of this additional non-GAAP financialinformation is not intended to be considered in isolation or as a substitute for the financialinformation prepared and presented in accordance with GAAP.Specifically, the Company believes the presentation of non-GAAP financial information thatexcludes amortization of acquired intangible assets, Health Net acquisition relatedexpenses, as well as other items, allows investors to develop a more meaningfulunderstanding of the Company's performance over time. The tables below providereconciliations of non-GAAP items ( in millions, except per share data):Three Months EndedJune 30,20172016 254 1713943125——(14)(14) 280 225GAAP net earnings from continuing operationsAmortization of acquired intangible assetsHealth Net acquisition related expensesPenn Treaty assessment expense (1)Income tax effects of adjustments (2)Adjusted net earnings from continuing operationsSix Months EndedJune 30,20172016 393 1567952621447—(48)(101) 477 321(1)Additional expense of 47 million for the Company's estimated share of guaranty association assessment resulting from theliquidation of Penn Treaty.(2)The income tax effects of adjustments are based on the effective income tax rates applicable to adjusted (non-GAAP) results.Three Months EndedJune 30,GAAP diluted earnings per share (EPS)Amortization of acquired intangible assets (1)Health Net acquisition related expenses (2)Penn Treaty assessment expense (3)Adjusted Diluted EPS from continuing operations20171.440.140.01— 1.59 20160.980.150.16— 1.29 Six Months EndedJune 30,20172.230.280.030.17 2.71 20161.020.200.89— 2.11 AnnualGuidanceDecember 31,2017 3.96 - 4.29 0.55 - 0.57 0.02 - 0.03 0.17 4.70 - 5.06(1)The amortization of acquired intangible assets per diluted share presented above are net of an income tax benefit of 0.08 and 0.10 for the three months ended June 30, 2017 and 2016, respectively, and 0.17 and 0.14 for the six months ended June 30,2017 and 2016, respectively; and estimated 0.31 to 0.35 for the year ended December 31, 2017.(2)The Health Net acquisition related expenses per diluted share presented above are net of an income tax benefit (expense) of 0.00and (0.02) for the three months ended June 30, 2017 and 2016, respectively, and 0.01 and 0.52 for the six months ended June30, 2017 and 2016, respectively; and estimated 0.01 to 0.02 for the year ended December 31, 2017.(3)The Penn Treaty assessment expense per diluted share is net of an income tax benefit of 0.09 for the six months ended June 30,2017 and estimated for the year ended December 31, 2017.GAAP SG&A expensesHealth Net acquisition related expensesPenn Treaty assessment expenseAdjusted SG&A expensesThree Months EndedJune 30,20172016 1,065 949125—— 1,064 924Six Months EndedJune 30,20172016 2,156 1,671621447— 2,103 1,457

About Centene CorporationCentene Corporation, a Fortune 100 company, is a diversified, multi-national healthcareenterprise that provides a portfolio of services to government sponsored and commercialhealthcare programs, focusing on under-insured and uninsured individuals. Many receivebenefits provided under Medicaid, including the State Children's Health Insurance Program(CHIP), as well as Aged, Blind or Disabled (ABD), Foster Care and Long Term Care (LTC),in addition to other state-sponsored programs, Medicare (including the Medicare prescriptiondrug benefit commonly known as "Part D"), dual eligible programs and programs with theU.S. Department of Defense and U.S. Department of Veterans Affairs. Centene alsoprovides healthcare services to groups and individuals delivered through commercial healthplans. Centene operates local health plans and offers a range of health insurance solutions.It also contracts with other healthcare and commercial organizations to provide specialtyservices including behavioral health management, care management software, correctionalhealthcare services, dental benefits management, in-home health services, life and healthmanagement, managed vision, pharmacy benefits management, specialty pharmacy andtelehealth services.Centene uses its investor relations website to publish important information about theCompany, including information that may be deemed material to investors. Financial andother information about Centene is routinely posted and is accessible on Centene's investorrelations website, http://www.centene.com/investors.Forward-Looking StatementsThe company and its representatives may from time to time make written and oral forwardlooking statements within the meaning of the Private Securities Litigation Reform Act("PSLRA") of 1995, including statements in this and other press releases, in presentations,filings with the Securities and Exchange Commission ("SEC"), reports to stockholders and inmeetings with investors and analysts. In particular, the information provided in this pressrelease may contain certain forward-looking statements with respect to the financialcondition, results of operations and business of Centene and certain plans and objectives ofCentene with respect thereto, including but not limited to the expected benefits of theacquisition of Health Net, Inc. These forward-looking statements can be identified by the factthat they do not relate only to historical or current facts. Without limiting the foregoing,forward-looking statements often use words such as "anticipate", "seek", "target", "expect","estimate", "intend", "plan", "goal", "believe", "hope", "aim", "continue", "will", "may", "can","would", "could" or "should" or other words of similar meaning or the negative thereof. Weintend such forward-looking statements to be covered by the safe-harbor provisions forforward-looking statements contained in PSLRA. A number of factors, variables or eventscould cause actual plans and results to differ materially from those expressed or implied inforward-looking statements. Such factors include, but are not limited to, Centene's ability toaccurately predict and effectively manage health benefits and other operating expenses andreserves; competition; membership and revenue declines or unexpected trends; changes inhealthcare practices, new technologies, and advances in medicine; increased health carecosts; changes in economic, political or market conditions; changes in federal or state lawsor regulations, including changes with respect to government health care programs as wellas changes with respect to the Patient Protection and Affordable Care Act and the HealthCare and Education Affordability Reconciliation Act and any regulations enacted thereunderthat may result from changing political conditions; rate cuts or other payment reductions ordelays by governmental payors and other risks and uncertainties affecting Centene'sgovernment businesses; Centene's ability to adequately price products on federally

facilitated and state based Health Insurance Marketplaces; tax matters; disasters or majorepidemics; the outcome of legal and regulatory proceedings; changes in expected contractstart dates; provider, state, federal and other contract changes and timing of regulatoryapproval of contracts; the expiration, suspension or termination of Centene's contracts withfederal or state governments (including but not limited to Medicaid, Medicare, andTRICARE); challenges to Centene's contract awards; cyber-attacks or other privacy or datasecurity incidents; the possibility that the expected synergies and value creation fromacquired businesses, including, without limitation, the Health Net acquisition, will not berealized, or will not be realized within the expected time period, including, but not limited to,as a result of conditions, terms, obligations or restrictions imposed by regulators inconnection with their approval of, or consent to, the acquisition; the exertion ofmanagement's time and Centene's resources, and other expenses incurred and businesschanges required in connection with complying with the undertakings in connection withcertain regulatory approvals; disruption from the acquisition making it more difficult tomaintain business and operational relationships; the risk that unexpected costs will beincurred in connection with, among other things, the acquisition and/or the integration;changes in expected closing dates, estimated purchase price and accretion for acquisitions;the risk that acquired businesses will not be integrated successfully; Centene's ability tomaintain or achieve improvement in the Centers for Medicare and Medicaid Services (CMS)Star ratings and other quality scores that impact revenue; availability of debt and equityfinancing, on terms that are favorable to Centene; inflation; foreign currency fluctuations; andrisks and uncertainties discussed in the reports that Centene has filed with the SEC. Theseforward-looking statements reflect Centene's current views with respect to future events andare based on numerous assumptions and assessments made by Centene in light of itsexperience and perception of historical trends, current conditions, business strategies,operating environments, future developments and other factors it believes appropriate. Bytheir nature, forward-looking statements involve known and unknown risks and uncertaintiesand are subject to change because they relate to events and depend on circumstances thatwill occur in the future. The factors described in the context of such forward-lookingstatements in this press release could cause Centene's plans with respect to the Health Netacquisition, actual results, performance or achievements, industry results and developmentsto differ materially from those expressed in or implied by such forward-looking statements.Although it is currently believed that the expectations reflected in such forward-lookingstatements are reasonable, no assurance can be given that such expectations will prove tohave been correct and persons reading this press release are therefore cautioned not toplace undue reliance on these forward-looking statements which speak only as of the date ofthis press release. Centene does not assume any obligation to update the informationcontained in this press release (whether as a result of new information, future events orotherwise), except as required by applicable law. This list of important factors is not intendedto be exhaustive. We discuss certain of these matters more fully, as well as certain other riskfactors that may affect Centene's business operations, financial condition and results ofoperations, in Centene's filings with the SEC, including the annual reports on Form 10-K,quarterly reports on Form 10-Q and current reports on Form 8-K.[Tables Follow]CENTENE CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In millions, except shares in thousands and per share data in dollars)June 30,2017(Unaudited)ASSETSCurrent assets:December31, 2016

Cash and cash equivalentsPremium and related receivablesShort-term investmentsOther current assetsTotal current assetsLong-term investmentsRestricted depositsProperty, software and equipment, netGoodwillIntangible assets, netOther long-term assetsTotal assets LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITYCurrent liabilities:Medical claims liabilityAccounts payable and accrued expensesUnearned revenueCurrent portion of long-term debtTotal current liabilitiesLong-term debtOther long-term liabilitiesTotal liabilitiesCommitments and contingenciesRedeemable noncontrolling interestsStockholders' equity:Preferred stock, 0.001 par value; authorized 10,000 shares; no shares issued or outstanding atJune 30, 2017 and December 31, 2016Common stock, 0.001 par value; authorized 400,000 shares; 178,900 issued and 172,467outstanding at June 30, 2017, and 178,134 issued and 171,919 outstanding at December 31,2016Additional paid-in capitalAccumulated other comprehensive earnings (loss)Retained earningsTreasury stock, at cost (6,433 and 6,215 shares, respectively)Total Centene stockholders' equityNoncontrolling interestTotal stockholders' equityTotal liabilities, redeemable noncontrolling interests and stockholders' equity 0 4,1704,23855448,9664,7161,63015,312 179)5,895145,90920,197 CENTENE CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except per share data in dollars)(Unaudited)Three Months EndedJune 30,20172016Revenues:PremiumServicePremium and service revenuesPremium tax and health insurer feeTotal revenuesExpenses:Medical costsCost of servicesSelling, general and administrative expensesAmortization of acquired intangible assetsPremium tax expenseHealth insurer fee expenseTotal operating expensesEarnings from operationsOther income (expense):Investment and other incomeInterest expenseEarnings from continuing operations, before income taxexpenseIncome tax expenseEarnings from continuing operations, net of income taxexpense 10,90553611,44151311,954 9,68858810,27662110,897Six Months EndedJune 30,20172016 21,5431,06322,6061,07223,678 52170384156

Discontinued operations, net of income tax (benefit)Net earningsLoss attributable to noncontrolling interestsNet earnings attributable to Centene Corporation —2522254 Amounts attributable to Centene Corporation common shareholders:Earnings from continuing operations, net of income taxexpense 254Discontinued operations, net of income tax (benefit)— 254Net earnings Net earnings (loss) per common share attributable to Centene Corporation:Basic:Continuing operations 1.47Discontinued operations— 1.47Basic earnings per common share Diluted:Continuing operationsDiscontinued operationsDiluted earnings per common share 1.44—1.44(1)1691170171(1)170 1.00—1.00 0.98(0.01)0.97 CENTENE CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)(Unaudited)Six Months Ended June 30,20172016Cash flows from operating activities:Net earnings 384 154Adjustments to reconcile net earnings to net cash provided by (used in) operating activitiesDepreciation and amortization173111Stock compensation expense6283Deferred income taxes(58)(13)Changes in assets and liabilitiesPremium and related receivables(696)(1,121)Other assets65(36)Medical claims liabilities243188Unearned revenue241(50)Accounts payable and accrued expenses(257)(8)Other long-term liabilities781463Other operating activities, net46Net cash provided by (used in) operating activities942(223)Cash flows from investing activities:Capital expenditures(181)(94)Purchases of investments(1,294)(956)Sales and maturities of investments990593Investments in acquisitions, net of cash acquired—(862)Other investing activities, net(1)—Net cash used in investing activities(486)(1,319)Cash flows from financing activities:Proceeds from long-term debt8105,711Payments of long-term debt(762)(3,124)Common stock repurchases(15)(27)Debt issuance costs—(59)Other financing activities, net6(9)Net cash provided by financing activities392,492Net increase in cash and cash equivalents495950Cash and cash equivalents, beginning of period3,9301,760 4,425 2,710Cash and cash equivalents, end of periodSupplemental disclosures of cash flow information:Interest paid 99 36Income taxes paid 205 222Equity issued in connection with acquisitions — 3,105 —3849393 393—393 2.28—2.28 2.23—2.23 (2)154—154156(2)1541.05(0.01)1.041.02(0.01)1.01

CENTENE CORPORATIONSUPPLEMENTAL FINANCIAL DATA FROM CONTINUING OPERATIONSQ22017MANAGED CARE MEMBERSHIP BY 00Missouri278,300Nebraska78,800New Hampshire77,100New Mexico7,100Ohio332,700Oregon213,600South t1,600Washington248,500Wisconsin70,800Total at-risk membership9,395

July 25, 2017 Centene Corporation Reports 2017 Second Quarter Results & Raises 2017 Guidance-- 2017 S eco n d Q u ar ter Di l u ted E P S o f 1. 44; Ad j u sted Di l u ted E P S o f