EXPRESS SCRIPTS, INC.
STATEMENT OF RATIOS OF EARNINGS TO FIXED CHARGES
YEARS ENDED DECEMBER 31, 2000, 1999, 1998, 1997, AND 1996
Year Ended December 31,
--------------------------------------------------------------------------
(in thousands) 2000 1999 1998 1997 1996
------------ ------------ ------------ ------------ ------------
Fixed charges:
Interest expense (1) $ 47,903 $ 60,010 $ 20,230 $ 225 $ 59
Interest portion of rental expense 4,014 3,716 1,292 757 700
------------ ------------ ------------ ------------ ------------
Total fixed charges 51,917 63,726 21,522 982 759
Earnings:
Income before income taxes and
extraordinary items (2) (4,468) 265,466 76,240 54,706 43,080
------------ ------------ ------------ ------------ ------------
Total adjusted earnings $ 47,449 $ 329,192 $ 97,762 $ 55,688 $ 43,839
============ ============ ============ ============ ============
Ratio of earnings to fixed charges 0.91 5.17 4.54 56.71 57.76
============ ============ ============ ============ ============
<FN>
(1) Interest expense includes the amortization on our deferred financing fees.
(2) Income before income taxes and extraordinary items includes a non-cash
write-off of our investment in marketable securities, non-recurring charges
and a one-time gain on sale of assets.
</FN>