WC Wellchoice

Comptroller Has No Authority to Review Contracts Relating to Underwriting Agreements, Pricing Agreements and Other Documents Related to Sales of Stock or Stock Offerings WellChoice, Inc., (NYSE: WC) announced that the New York State Legislature passed a bill (A. 9009/S. 5928) which clarifies the role of the New York State Comptroller (the "Comptroller") with respect to the sale of WellChoice stock by the New York Public Asset Fund (the "Fund"), the owner of approximately 62% of WellChoice stock. The legislation specifically provides that the Comptroller does not have authority to review any contracts relating to underwriting agreements, pricing agreements or other documents relating to the sale of stock or stock offering entered into by the Fund with respect to the sale of WellChoice stock. The Fund does, however, have to submit vendor contracts for consulting and professional services to the Comptroller for review and approval. With respect to all contracts recommended or entered into by the Fund prior to June 23, 2005, they are deemed approved and do not need to be submitted to the Comptroller. The bill now goes to the Governor for his signature. For a full discussion of this issue, please refer to WellChoice's Annual Report on Form 10-K for the year ended December 31, 2004 and its Quarterly Report on Form 10-Q for the three months ended March 31, 2005. About WellChoice WellChoice, Inc. is the parent company of the largest health insurer in the State of New York based on PPO and HMO membership. WellChoice, through its Empire Blue Cross Blue Shield subsidiaries, has the exclusive right to use the Blue Cross and Blue Shield names and marks in 10 downstate New York counties and one or both of these names and marks in selected counties in upstate New York. WellChoice offers a broad portfolio of products, including managed care and traditional indemnity products, and has a broad customer base including large group, middle-market and small group, individual, and national accounts. Additional information on WellChoice can be found at www.wellchoice.com. Cautionary Statement Some of the information contained in this press release is forward-looking, including statements relating to future financial or business results. Forward-looking information is based on management's estimates, assumptions and projections and is subject to significant uncertainties and other factors, many of which are beyond the company's control. Important risk factors could cause future results to differ materially from those estimated by management. Those risks and uncertainties include but are not limited to: our ability to accurately predict health care costs and to manage those costs through underwriting criteria, quality initiatives and medical management; product design and negotiation of favorable provider reimbursement rates; our ability to maintain or increase our premium rates; possible reductions in enrollment in our products or changes in membership including the loss of either the New York City or the New York State account; the regional concentration of our business in the New York metropolitan area and the effects of economic downturns in that region or generally; future bio-terrorist activity or other potential public health epidemics; the impact of health care reform and other regulatory matters; the outcome of litigation. For a more detailed discussion of these and other important factors that may materially affect WellChoice, please see WellChoice's filings with the Securities and Exchange Commission, including the discussion of risk factors and historical results of operations and financial condition in its Annual Report on Form 10-K for the year ended December 31, 2004 and its Quarterly Report on Form 10-Q for the three months ended March 31, 2005.