First Health Authorizes Additional Stock Repurchases

Investor Contact:
Joseph E. Whitters, CFO
630-737-7511

Media Contact:
Erin Gardiner, Public Relations Manager
630-737-5016

FOR IMMEDIATE RELEASE

DOWNERS GROVE, IL December 2, 2003 -- First Health Group Corp., (NASDAQ: FHCC) announced today that its Board of Directors has authorized the purchase by the Company of up to an additional 5,000,000 shares of the Company’s stock. This represents approximately five percent of its outstanding common stock. Since September 1996, the Company has repurchased approximately 67 million shares (on a split adjusted basis) and has approximately 1.1 million shares remaining under its prior authorization. To date, the Company has purchased approximately 3.3 million shares in the fourth quarter of 2003. Purchases may be made from time to time in the open market or in private transactions.

First Health will utilize working capital or capacity under its existing $400 million credit facility to purchase shares. Common stock, which is repurchased by First Health, may be issued pursuant to the Company’s stock option and employee stock purchase plans, or for other corporate purposes.

First Health, the premier national health-benefits services company, specializes in providing large payors with integrated managed care solutions. First Health is a unique national managed care company serving the group health, workers’ compensation and state agency markets. Using technology to enable service and managed care innovations, First Health sets the bar for industry performance. For more information, visit the company website at www.firsthealth.com.