Lehman Brothers 11th Annual Global Healthcare ConferenceWayne S. DeVeydtExecutive Vice President & Chief Financial OfficerMarch 19, 2008

2

Safe Harbor Statement Under The Private Securities Litigation Reform Act of 1995

The statements made during this presentation that are not historical facts are forward-looking statements within the meaning for the Federal securities laws, and may involve a number of risks and uncertainties.

Factors that could cause actual results to differ materially from expectations include, but are not limited to, the risks discussed in the Company’s most recent filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2007.

3

Agenda

WellPoint Profile & Superior Value Proposition

Earnings Per Share Growth Model

Investment Considerations

4

Medical Members~ 35 million

2008E*:Operating Revenue~ $62.0 billion

Pre-Tax Margin~ 7.7% - 8.0%

Operating Cash Flow~ $3.7 billion

WellPoint: A Health Benefits Leader

Note: Membership as of 12/31/07; * Estimated based on projections as of 3/10/08.

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BC or BCBS licensed plans

UniCare > 100K members

UniCare < 100K members

Diverse Membership Base

Self-Funded51%

Fully Insured49%

Note: Data as of 12/31/07.

Senior4%

BlueCard13%

State Sponsored

6%Individual

7%

National Accounts

18%Local Group48%

FEP4%

• Growing Specialty and Health Solutions businesses

• Largest Medicare Parts A & B claims-processor in the nation

Geographic Diversity of Membership

Broad Customer Base

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Brand Name Leader

41%

13%9%

4% 3%

0%

10%

20%

30%

40%

50%

BCBS in WLP's14 states

UnitedHealthGroup

Aetna Kaiser CIGNA

“When you think of health insurers, which one health insurance company comes

to mind first?”

Source: 2007 WellPoint Consumer Image Studies conducted in WLP’s 14 Blue States.

carry a Blue Cross and Blue Shield ID card

1in3A M E R I C A N S

7

Strong Local Presence & National Reach

0%

10%

20%

30%

40%

50%

Wel

lPoi

nt, I

nc. M

arke

t Sha

res

CT NH VA ME IN KY MO GA OH CA NY CO WI NV

Source: Company estimates as of 9/30/07.

Local MarketAdvantages

Provider network advantage

Cost advantagesVast data setCommunity involvement

8* Sources: Blue Cross Blue Shield Association, Company estimates, 2008.

BCBS National Provider Network*:

260,000 PCPs and467,000 Specialists, approximately 80% of nation’s total

6,300 hospitals, approximately 95% of nation’s total

Deep network discounts

Extensive & Cost-Effective Provider Networks

The Blue Cross Blue Shield National Provider Network includes more physicians and hospitals than any other network in the industry

9

2010 Strategy Builds on WellPoint’sUnique Market Position

TransformHealth Care

MostTrustedChoice

Leader InAffordable

QualityCare

National Scale / Local Depth

2010 Strategy2010 Strategy

National Scale• Broad & cost-effective provider

networks

• Administrative efficiencies of scale

• Large diverse medical business

• Ownership of PBM & Behavioral Health

Local Depth• Highest brand recognition

• Leading local market shares

• Strong broker & community relationships

• Vast data set

WLPWLP’’s Unique Market Positions Unique Market Position

Building on our current strengths should further differentiate us from the competition

10

Comprehensive Health Solutions To Address Cost and Quality

•360° Health

•Wellness programs

•Disease management

•More than 15 million members

•Network and utilization management

•Comprehensive medical management

•Medical trend management

•Nearly 35 million members

•Pharmacy management programs

•Pharmacy network management

•Mail service and OTC programs

•Process about 400 million scripts each year

•High-cost biotech pharmaceuticals

•Clinical and utilization management

•Patient care and advocacy plans

11

Industry-Leading Transparency Tools

Industry leading online tool for performing side-by-side comparisons for 39 common medical procedures and services based on facility performance

In 5 markets at end of 2007

Expanding to at least 10 new markets in Q1 2008

Displays total costs for episode of care using actual contracted rates

Also displays selected quality factors

12

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

12/31/05 12/31/06 12/31/07

Perio

d-En

d M

embe

rshi

p

CDHP Membership

Innovation-Driven Growth

Demonstrated ability to deliver new, innovative products that drive membership growth

ASO, 45%

Fully Insured,

55%

12/31/07

CDHP Membership grew by 501,000, or 59%, in 2007

CDHP membership composition is slightly weighted towards

fully insured

IncentivesIntegrationInformation

Lumenos Key Competitive Advantages

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Agenda

WellPoint Profile & Superior Value Proposition

Earnings Per Share Growth Model

Investment Considerations

14

EPS Growth Model

OperatingCost

Improvement

DisciplinedRevenueGrowth

EffectiveCapital

Management

EPS Growth

EPS Growth Model

• Organic Membership Gains

• Price to Exceed Total Cost Trends

• Introduce New Products & Services

• Optimize Cost of Care

• Lower Administrative Costs Per Member

• Increase Efficiency & Enhance Service

• Reinvest In Our Business

• Operate Within Targeted Leverage Range

• Return Capital to Shareholders

15* Estimated based on projections as of 3/10/08.

Strong Enrollment Growth

20

25

30

35

40

12/31/05 12/31/06 12/31/07 12/31/08E*

Med

ical

Mem

bers

(in

mill

ions

)

33.9 34.1 34.8 35.3215,000Local Group

(325,000)State Sponsored

65,000Senior

545,000National Accts.

500,000Total

2008 Membership Growth*

We expect to add 500,000 new medical members in 2008

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National Accounts: Consistent Performance With Significant Upside

Consistent National Accounts growth year after year

44% of Fortune 1000 companies are in our service areas

29% penetration in our 14 states with continued upside potential

Expect to continue being a net taker due to our superior value proposition

0

2

4

6

8

10

12

12/31/05 12/31/06 12/31/07 12/31/08 *

Mem

bers

hip

* (in

mill

ions

)

Control Accounts BlueCard Membership

9.510.4 11.0 11.55

0

5

10

15

20

25

30

Penetration @ 12/31/07 Potential Market**

Mem

bers

hip

(in

mill

ions

)

6.4

22.0

* Estimated based on projections as of 3/10/08; ** Potential market represents prospects in WellPoint’s 14 Blue States (based on company estimates)

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Impact of Group Benefit Coverage On Individual Insurance Market

Employer groups shifting costs cause employees to migrate to Individual market

Decline in Small Group offer rate from 2002 to 2006

Individual market has grown from 16.6 million to 17.1 million over the same period

15.0

15.5

16.0

16.5

17.0

17.5

18.0

02 03 04 05 0655%

60%

65%

70%

75%

Individual Insurance Market Small Group Offer Rate

Indi

vidu

al In

sura

nce

Mar

ket Sm

all Group O

ffer Rate

* Sources: U.S. Census Bureau and Kaiser/HRET Survey of Employer-Sponsored Health Benefits; Small Group defined as 3-199 workers.

18

Need Assistance:

Uninsured Americans:A Growth Opportunity

Low income but not eligible for current programs

(55%)Income

above 300% of FPL(20%)

Already eligible for

public programs

(25%)

• TonikSM

• Blue Access Economy

• BeneFits

• SmartSense

• CDHP

• Community Resource Centers

• Enrollment vans

Sources: Company estimates; Dubay, Holahan, Cook, “The Uninsured And The Affordability Of Health Insurance Coverage,” Health Affairs, 11/2006; U.S. Census Bureau, 8/2007.

Outreach Efforts:

Innovative & Flexible Products:

• Expansion of state health care programs

• Tax credits

• Premium assistance programs

• High risk pools

~ 47 Million Uninsured Americans

In 2007, WellPoint enrolled an estimated 365,000 individuals whopreviously had no health insurance

19

31%

75% 36%

19%

6%

33%

Total Medicaid Estimated Medicaid Spending

State Sponsored Growth Opportunities

WellPoint Has Nation’s Largest Medicaid Managed Care Operation

With 2.2 Million Members at 12/31/07

WellPoint Medicaid Operations (including SC)

Total Medicaid Enrollees

(52M)*

Total Estimated Medicaid Spending ($252B)*

Medicaid ABD & LTC Populations: Significant Growth Opportunities

TANF ABD LTC

* Sources: Centers for Medicare & Medicaid Services, 2004; Kaiser Commission on Medicaid and the Uninsured, 2004; U.S. Department of Health and Human Services, April 2005.

20

Senior Market Expansion

1,614,000Medicare Part D

1,250,000Total Senior Membership

870,000Medicare Supplement

380,000Medicare Advantage

Membership at 12/31/07

Note: Medicare Part D enrollment includes stand-alone, Medicare Advantage, Group Waiver and external PBM members with the PDP benefit.

WellPoint is increasing its focus on this growing market through geographic expansion

Collectively, this group spends $600 billion on health care

38 million seniors age 65+

Additional 50 million people in 50-64 age band

Senior Market:

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Integrating Specialty ProductsBehavioral Health: 20.2 million members

2nd largest health plan-owned behavioral health company*

Life: 5.6 million members14th largest in the nation*

Dental: 5.0 million members7th largest in the nation*

Vision: 2.4 million membersAdded more than 2 million members in less than 6 yearsOne of the largest national provider networks (44,000 locations)

MEDICAL

VISION

DENTAL

BEHAVIORALHEALTH

LIFE

DISABILITY

WellPoint intends to increase the penetration of its Specialty Products in the future

* Company estimates based on membership as of 12/31/07.

22

SG&A Expense Ratio Reduction

21.4%19.7%19.4% 18.8%

17.0% 16.5% 15.7%14.5% 14.3%

0%

5%

10%

15%

20%

25%

2000 2001 2002 2003 2004 2005 2006 2007 2008E*

SG&

A E

xpen

se /

Tota

l Ope

ratin

g R

even

ue

710 basis point reduction

* Estimated based on projections as of 3/10/08.

We continue to reduce our administrative expense ratio while making the investments necessary to grow our business into the future

Strategic Initiatives:

• CDHP rollouts

• IT platform migrations

• On-line end-to-end sales capabilities

• Anthem Care Comparison

• 360° Health®

offering

• Behavioral health in-sourcing

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Information Technology Strategy

Business Unit Platform

Consolidation

Future-StateProcessing

Development

InnovativeTechnology

Advancement

Class AInfrastructure

Parallel Activities

• CT• ME• NH

• OH/KY/IN• MO• WI

• CA, CO/NV• VA, GA• NY

• 4SB• National• UniCare

WGS(code set)

+Enterprise Components Enterprise Transaction System

• Portals• Information Management• Customer Service Desktop• Care / Disease Management

• Service Oriented Architecture• Real-Time Adjudication• Personal Health Records• Transparency

• Voice / Video• Data• Telecomm• Proactive Monitoring

• Information Security• Mainframe / Midrange Processing• Vendor Management• Business Continuity

WellPoint’s overall IT Strategy balances standardization with innovation that requires parallel activities beyond platform consolidation

FacetsFacetsACESACES WGSWGS

ETSETS

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0.0

0.5

1.0

1.5

2.0

2003 2004 2005 2006 2007 2008E*

Ope

ratin

g C

ash

Flow

/ N

et In

com

eStrong Operating Cash FlowIn Excess Of Net Income

* Estimated based on projections as of 3/10/08.

WellPoint has consistently generated operating cash flow in excess of net income, and expects operating cash flow of approximately $3.7 billion in 2008*

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WellPoint Capital Strategy

Reinvest In Our Business

New Products &Enhanced Services

Operate Within Targeted Leverage Range

Acquisitions

Return Capital to ShareholdersShare repurchases:$2.9 billion in Board-approved authorization as of 2/29/08

No Senior Debt maturities scheduled in 2008

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Agenda

WellPoint Profile & Superior Value Proposition

Earnings Per Share Growth Model

Investment Considerations

27

Health Care Is Growing

Health Care Spending as a % of GDP*

0%

5%

10%

15%

20%

25%

30%

35%

1970 1980 1990 2000 2012E 2025E

The projected rise in health care spending creates opportunities for those who can most effectively optimize the affordability and quality of health care for consumers

* Source: “The Long-Term Outlook for Health Care Spending,” Congressional Budget Office, 11/2007.

28*Sources: WLP estimates, Bear Stearns, CMS, Office of the Actuary, U.S. Census Bureau, and competitor announcements (2007 data as of 12/31/07 or most recent public data prior to 12/31/07).

Era of Consolidation in Health Insurance

27%

73%

55%

45%

Ten largest health plans in each year1995 2007

Proportion of U.S. Health Insurance Market (based on membership)*

Consolidation is likely to continue in this industry due to the investments required to maintain competitiveness and comply with changing regulations

Key Drivers:

• Administrative economies of scale

• Demand for new products and services (CDHP)

• Infrastructure and tools (transparency, analytics)

• Cost of care capabilities

• Network size and scale

• Regulatory mandates

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We Have A Diverse Membership Base With Many Growth Opportunities

* Data as of 12/31/07.

Senior• Expanding

population• Medicare

spending forecasts

BlueCard• Membership of fellow

Blues plans likely to continue growing

State Sponsored• Medicaid spending

forecasts• ABD and LTD under-

penetrated

Individual• Uninsured by choice

(20%)• Early retirees

National Accounts• Under-penetrated in our

core markets• Specialty Products• New cost of care servicesLocal Group

• >40% of small groups without insurance

• Specialty Products• New cost of care

services

FEP• Serve in

many states

34.8M members*

48%

6%4% 4%

7%

18%

13%

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Earnings Per Share Growth

$4.82

$3.94

$3.05$2.73

$2.26

$1.65

$5.56

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

2001 2002 2003 2004 2005 2006 2007 2008E*

GA

AP

Dilu

ted

EPS

* Estimated based on projections as of 3/10/08.

$5.76 -$6.01

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