WIXLIB

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) Low58.24.366.7585.910.29.434.0196.5 usted Diluted EPS excludes amortization of acquired intangible assets of 0.81 to 0.83 per diluted share and acquisitionrelated expenses of 1.58 to 1.62 per diluted share.(2)Adjusted SG&A expense ratio excludes acquisition related expenses of 415 million to 420 million.Conference CallAs previously announced, the Company will host a conference call Tuesday, April 24, 2018,at approximately 8:30 AM (Eastern Time) to review the financial results for the first quarterended March 31, 2018. Michael Neidorff and Jeffrey Schwaneke will host the conferencecall.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: 1778901 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, April 23, 2019,at the aforementioned URL. In addition, a digital audio playback will be available until 9:00AM (Eastern Time) on Tuesday, May 1, 2018, by dialing 1-877-344-7529 in the U.S. andCanada, or 1-412-317-0088 from abroad, and entering access code 10118311.Non-GAAP Financial PresentationThe 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, acquisition related expenses, as well asother items, allows investors to develop a more meaningful understanding of the Company'sperformance over time. The tables below provide reconciliations of non-GAAP items ( inmillions, except per share data):GAAP net earningsAmortization of acquired intangible assetsAcquisition related expensesThree Months EndedMarch 31,20182017 340 1393940215

Penn Treaty assessment expense (1)Income tax effects of adjustments (2)Adjusted net earnings —47(14)386(34)197 (1)Additional expense for the Company's estimated share of guaranty association assessment resulting from the liquidation of thePenn Treaty for the three months ended March 31, 2017.(2)The income tax effects of adjustments are based on the effective income tax rates applicable to adjusted (non-GAAP) results.GAAP diluted EPSAmortization of acquired intangible assets (1)Acquisition related expenses (2)Penn Treaty assessment expense (3)Adjusted Diluted EPSThree Months EndedMarch 31,20182017 1.91 0.790.170.140.090.02—0.17 2.17 1.12Annual GuidanceDecember 31,2018 4.36 - 4.70 0.81 - 0.83 1.58 - 1.62— 6.75 - 7.15(1)The amortization of acquired intangible assets per diluted share presented above is net of an income tax benefit of 0.05 and 0.09for the three months ended March 31, 2018 and 2017, respectively, and an estimated 0.24 to 0.25 for the year ended December31, 2018.(2)The acquisition related expenses per diluted share presented above are net of an income tax benefit of 0.03 and 0.01 for thethree months ended March 31, 2018 and 2017, respectively, and an estimated 0.51 to 0.52 for the year ended December 31,2018.(3)The Penn Treaty assessment expense per diluted share presented above is net of an income tax benefit of 0.09 for the threemonths ended March 31, 2017.GAAP SG&A expensesAcquisition related expensesPenn Treaty assessment expenseCharitable contributionAdjusted SG&A expensesThree Months EndedMarch 31,20182017 1,316 1,091215—47—— 1,295 1,039Three MonthsEndedDecember 31,2017 1,2607—40 1,213About 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 Services andSupports (LTSS), in addition to other state-sponsored programs, Medicare (including theMedicare prescription drug benefit commonly known as "Part D"), dual eligible programs andprograms with the U.S. Department of Defense and U.S. Department of Veterans Affairs.Centene also provides healthcare services to groups and individuals delivered throughcommercial health plans. Centene operates local health plans and offers a range of healthinsurance solutions. It also contracts with other healthcare and commercial organizations toprovide specialty services including behavioral health management, care managementsoftware, correctional healthcare services, dental benefits management, commercialprograms, home-based primary care services, life and health management, vision benefitsmanagement, pharmacy benefits management, specialty pharmacy and telehealth services.Centene uses its investor relations website to publish important information about theCompany, including information that may be deemed material to investors. Financial and

other 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 (Health Net Acquisition) of Health Net, Inc. (Health Net) and the proposedacquisition of New York State Catholic Health Plan, Inc., d/b/a Fidelis Care New York (FidelisCare) (Proposed Fidelis Acquisition or Fidelis Care Transaction). These forward-lookingstatements can be identified by the fact that they do not relate only to historical or currentfacts. 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 similarmeaning or the negative thereof. We intend such forward-looking statements to be coveredby the safe-harbor provisions for forward-looking statements contained in PSLRA. A numberof factors, variables or events could cause actual plans and results to differ materially fromthose expressed or implied in forward-looking statements. Such factors include, but are notlimited to, Centene's ability to accurately predict and effectively manage health benefits andother operating expenses and reserves; competition; membership and revenue declines orunexpected trends; changes in healthcare practices, new technologies and advances inmedicine; increased healthcare costs; changes in economic, political or market conditions;changes in federal or state laws or regulations, including changes with respect to income taxreform or government healthcare programs as well as changes with respect to the PatientProtection and Affordable Care Act and the Health Care and Education AffordabilityReconciliation Act and any regulations enacted thereunder that may result from changingpolitical conditions; rate cuts or other payment reductions or delays by governmental payorsand other risks and uncertainties affecting Centene's government businesses; Centene'sability to adequately price products on federally facilitated and state based Health InsuranceMarketplaces; tax matters; disasters or major epidemics; the outcome of legal and regulatoryproceedings; changes in expected contract start dates; provider, state, federal and othercontract changes and timing of regulatory approval of contracts; the expiration, suspensionor termination of Centene or Fidelis Care's contracts with federal or state governments(including but not limited to Medicaid, Medicare, TRICARE or other customers); the difficultyof predicting the timing or outcome of pending or future litigation or governmentinvestigations; challenges to Centene or Fidelis Care's contract awards; cyber-attacks orother privacy or data security incidents; the possibility that the expected synergies and valuecreation from acquired businesses, including, without limitation, the Health Net Acquisitionand the Proposed Fidelis Acquisition, will not be realized, or will not be realized within theexpected time period, including, but not limited to, as a result of any failure to obtain anyregulatory, governmental or third party consents or approvals in connection with theProposed Fidelis Acquisition (including any such approvals under the New York Non-ForProfit Corporation Law) or any conditions, terms, obligations or restrictions imposed inconnection with the receipt of such consents or approvals; the exertion of management'stime and Centene's resources, and other expenses incurred and business changes requiredin connection with complying with the undertakings in connection with any regulatory,

governmental or third party consents or approvals for the Health Net Acquisition or theProposed Fidelis Acquisition; disruption caused by significant completed and pendingacquisitions, including the Health Net Acquisition and the Proposed Fidelis Acquisition,making it more difficult to maintain business and operational relationships; the risk thatunexpected costs will be incurred in connection with the completion and/or integration ofacquisition transactions, including among others, the Health Net Acquisition and theProposed Fidelis Acquisition; changes in expected closing dates, estimated purchase priceand accretion for acquisitions; the risk that acquired businesses and pending acquisitions,including Health Net and Fidelis Care, will not be integrated successfully; the risk that theconditions to the completion of the Proposed Fidelis Acquisition may not be satisfied orcompleted on a timely basis, or at all; failure to obtain or receive any required regulatoryapprovals, consents or clearances for the Proposed Fidelis Acquisition, and the risk that,even if so obtained or received, regulatory authorities impose conditions on the completionof the transaction that could require the exertion of management's time and Centene'sresources, or otherwise have an adverse effect on Centene or the completion of theProposed Fidelis Acquisition; business uncertainties and contractual restrictions while theProposed Fidelis Acquisition is pending, which could adversely affect Centene's businessand operations; change of control provisions or other provisions in certain agreements towhich Fidelis Care is a party, which may be triggered by the completion of the ProposedFidelis Acquisition; loss of management personnel and other key employees due touncertainties associated with the Proposed Fidelis Acquisition; the risk that, followingcompletion of the Proposed Fidelis Acquisition, the combined company may not be able toeffectively manage its expanded operations; restrictions and limitations that may stem fromthe financing arrangements that the combined company will enter into in connection with theProposed Fidelis Acquisition; Centene's ability to achieve improvement in the Centers forMedicare and Medicaid Services (CMS) Star ratings and maintain or achieve improvementin other quality scores in each case that can impact revenue and future growth; availability ofdebt and equity financing, on terms that are favorable to Centene; inflation; foreign currencyfluctuations; and risks and uncertainties discussed in the reports that Centene has filed withthe SEC. These forward-looking statements reflect Centene's current views with respect tofuture events and are based on numerous assumptions and assessments made by Centenein light of its experience and perception of historical trends, current conditions, businessstrategies, operating environments, future developments and other factors it believesappropriate. By their nature, forward-looking statements involve known and unknown risksand uncertainties and are subject to change because they relate to events and depend oncircumstances that will occur in the future. The factors described in the context of suchforward-looking statements in this press release could cause Centene's plans with respect tothe Health Net Acquisition, actual results, performance or achievements, industry results anddevelopments to differ materially from those expressed in or implied by such forward-lookingstatements. Although it is currently believed that the expectations reflected in such forwardlooking statements are reasonable, no assurance can be given that such expectations willprove to have been correct and persons reading this press release are therefore cautionednot to place undue reliance on these forward-looking statements which speak only as of thedate of this press release. Centene does not assume any obligation to update theinformation contained in this press release (whether as a result of new information, futureevents or otherwise), except as required by applicable law. This list of important factors isnot intended to be exhaustive. We discuss certain of these matters more fully, as well ascertain other risk factors that may affect Centene's business operations, financial conditionand results of operations, in Centene's filings with the SEC, including the annual reports onForm 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)March 31,2018(Unaudited)ASSETSCurrent assets:Cash and cash equivalentsPremium and trade 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 expensesReturn of premium payableUnearned 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 atMarch 31, 2018 and December 31, 2017Common stock, 0.001 par value; authorized 400,000 shares; 180,643 issued and 176,795outstanding at March 31, 2018, and 180,379 issued and 173,437 outstanding at December 31,2017Additional paid-in capitalAccumulated other comprehensive (loss)Retained earningsTreasury stock, at cost (3,848 and 6,942 shares, respectively)Total Centene stockholders' equityNoncontrolling interestTotal stockholders' equityTotal liabilities, redeemable noncontrolling interests and stockholders' equityCENTENE CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except per share data in dollars)(Unaudited)Three Months Ended March 31,20182017Revenues: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): 54540 4240 December31, 945525,170 4,7714,962515638410,8905,1721,52017,582 ,748(244)6,850146,86421,855

Investment and other incomeInterest expenseEarnings from operations, before income tax expenseIncome tax expenseNet earningsLoss attributable to noncontrolling interestsNet earnings attributable to Centene Corporation 41(68)5131753382340Net earnings per common share attributable to Centene Corporation:Basic earnings per common share 1.95Diluted earnings per common share 1.91 41(62)219871327139 0.810.79CENTENE CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)(Unaudited)Three Months Ended March 31,20182017Cash flows from operating activities:Net earningsAdjustments to reconcile net earnings to net cash provided by operating activitiesDepreciation and amortizationStock compensation expenseDeferred income taxesChanges in assets and liabilitiesPremium and trade receivablesOther assetsMedical claims liabilitiesUnearned revenueAccounts payable and accrued expensesOther long-term liabilitiesOther operating activities, netNet cash provided by opera

April 24, 2018 Centene Corporation Reports 2018 First Quarter Results And Adjusts 2018 Guidance-- 2018 F i r st Q u ar ter Di l u ted E P S o f 1. 91; Ad j u sted Di l u ted E P S o f 2. 17 -