T INDUSTRIES, LLC has
finalized a purchase agreement for three wind turbines with OCTAGON
RESOURCES , LTD a Bahamian J/V Partner of MONTANA HOLDINGS, LTD as part of a
Hotel, Casino, Marina and Resort Housing project for the Bahamian Island of
RUM CAY. (NYSE: HUM)
today reported a 22 percent increase in diluted earnings per common share
(EPS) for the year ended December 31, 2004 (FY 2004), with $1. Additionally, our leadership in
consumer-oriented health plans and an improving product mix fueled further
progress in our commercial business," said Michael B. As strong as 2004 was for us, emerging opportunities in both
the Government and Commercial segments make our prospects for 2005 and beyond
even stronger. At December 31, 2004, 9 percent of the company's commercial
medical membership was in these plans, up from 4 percent at December 31, 2003.9 percent was 30 basis points higher than
in 4Q03, driven by the 2004 impact of the large unprofitable account.
For 2005, year-over -year organic growth in MedicareAdvantage membership is
anticipated to approximate 10 to 15 percent as a result of investments in
sales and marketing, continued growth in the company's Medicare HMO products
and expanded participation in Private-Fee-for-Service and local PPO programs. This was the combined effect of a 50 basis point decline in the
Commercial segment expense ratio and a 120 basis point decline in the
Government segment ratio.
Cash flows provided by operations during 4Q04 were $19.61

Consolidated revenues Approximately $14 billion

Commercial segment pretax income Increase of 10% to 15%

Commercial medical membership Slightly higher excluding loss of
89K member account on January 1,
2005

Increase in Commercial segment fully 6.5% to 10.4 99.7%
Risk-sharing B 3.1%
All other membership 91.0% 100.2%
Capitated HMO
physician group based A 3.0% 100.5% 100.0% 100.0% 100.

B - In some circumstances, we contract with physicians under risk-sharing
arrangements whereby physicians have assumed some level of risk for
all or a portion of the medical costs of their HMO membership. As a result of
substantial risk-sharing provisions with the Department of Defense and
with subcontractors, any resulting impact on operations from the
change in estimates of incurred related to prior years is
substantially reduced, whether positive or negative .

C TRICARE other medical expense payable may include liabilities to
subcontractors and/or risk share payables to the Department of Defense.4) -0., Financial executives expect to
continue hiring in the third quarter, but the rate of growth is anticipated to
ease somewhat from second-quarter levels, according to the Robert Half
International Financial Hiring Index.

Accounting and Financial Hiring - By Region
The East North Central(1) states are projected to experience the most
active hiring.
"Businesses in the East North Central region are increasingly confident
and have started to staff positions lost during the economic downturn," said
Messmer . Its financial staffing divisions include Robert
Half(R) Finance + Accounting, Accountemps(R) and Robert Half(R) Management
Resources, for full-time, temporary and senior-level project professionals ,
respectively. Central 6 5 87 2 100
West S.

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05, an increase from its previous guidance of
$1.0 million
rose 17 percent compared to those for FY 2003 , driven by operating
improvements from the previously discussed changes in commercial membership .5 billion as the company experiences a full
year under the new South Region contract with the second option period
scheduled to begin April 1, 2005.
Cash flows from operations under generally accepted accounting principles
(GAAP) for FY 2004 include the negative impact of $211.
The company anticipates cash flows from operations for FY 2005 will be in
the range of $600 million to $650 million driven by expected higher earnings. Forward-looking
statements may be significantly impacted by certain risks and uncertainties
described in the following documents, as filed by Humana with the Securities
and Exchange Commission:
- Form 10-K for the year ended December 31, 2003;
- Form 10-Qs for the quarters ended March 31, 2004, June 30, 2004 and
September 30, 2004.5%

Cash flows from operations for full $600 million to $650 million
year - GAAP and non-GAAP

Capital expenditures Approximately $115 million

Effective tax rate FY 2005 approximately 30 percent;
1Q05 approximately 12 percent

Shares used in computation of EPS FY 2005 approximately 166 million;
1Q05 approximately 165 million

Humana Inc.2 43.3 (1.

Percentage of Ending Membership Under Capitation Arrangements

Government Segment Consol.2% 3.0% 100. Thus, only when the
release of a prior year reserve is not offset with the same level of
conservatism in estimating the current year reserve will the redundancy
reduce medical expense. The level of
IBNR is primarily impacted by membership levels, medical claim trends
and the receipt cycle time, which represents the length of time between
when a claim is initially incurred and when the claim form is received
(i .7
9/30/2003 $106,800 528,400 5.7

Days in Claims Payable (Quarterly ):
A common metric for monitoring medical claim reserve levels relative to
the medical claim expenses is days in claims payable, or DCP, which
represents the medical claim liabilities at the end of the period divided
by average medical expenses per day in the quarterly period .

Days
in Claims DCP
Quarter Payable Annual Excluding Annual
Ended (DCP) Change % Change Capitation Change % Change

12/31/2002 45., the world's largest staffing services firm specializing in accounting,
finance and information technology. Eight percent of those polled plan to bring in staff
and 1 percent anticipate cutbacks.

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A.

GOLD ROCK HOLDINGS, INC .

Safe Harbor statement under the Private Securities Litigation Reform Act of
1995: Certain forward information contained in this release contains
forward-looking statements that involve risk and uncertainties, including
but not limited to, those relating to development and expansion activities ,
domestic and global conditions, and market competition. As previously discussed, this reduction resulted
from the company entering into a new TRICARE contract in the latter half of
2004.
Humana 's pending acquisition of CarePlus Health Plans of Florida (CarePlus) is
expected to add approximately 50,000 more MedicareAdvantage members upon the
completion of the transaction.4 million at December 31, 2003, an increase
of 10 percent.

Acquisition of CarePlus
On December 14, 2004 , the company announced an agreement to acquire
CarePlus as well as its affiliated ten CAC-Florida Medical Centers, and
PrescibIT Rx pharmacy management company. No password is required. The company also suggests web participants visit the site
well in advance of the call to run a system test and to download any free
software needed to view the presentation.3)
TRICARE ASO 1 ,082.2 2.4
Total TRICARE 2,871.5% 15.
Medicare TRICARE Total Total
Advantage Medicaid TRICARE ASO Segment Medical

December 31, 2004
Capitated HMO
hospital system
based A 10.0% 100.

(2) Changes in estimates of TRICARE incurred claims for prior years
recognized during 2003 and 2004 resulted primarily from claim costs
and utilization levels developing favorably from the levels originally
estimated for the second half of the prior year.
Dollars in thousands

Medical Claim Reserves - Details and Statistics

Medical and Other Expenses Payable Detail:

December 31 September 30 December 31
2004 2004 2003
A IBNR and other medical
expenses payable $910,525 $945,972 $767,712
B TRICARE IBNR 284,647 238,474 267,146
C TRICARE other medical
expenses payable 6,970 16,923 37,849
D Unprocessed claim
inventories 115,300 122,300 109,700
E Processed claim
inventories 97,801 79,895 74,262
F Payable to pharmacy benefit
administrator 6,767 32,571 15,487
Total medical and other
expenses payable $1,422,010 $1,436,135 $1,272,156

A IBNR represents an estimate of medical expenses payable for claims
incurred but not reported (IBNR) at the balance sheet date. a shorter time span results in lower reserves for claims IBNR).6 (0.7
9/30/2004 $122,300 453,300 4.4 % 56.6 9.8 1. The net 3 percent increase is
three points below the second-quarter projection."
Messmer added , "Companies are looking to fill their most-pressing needs
-- internal auditors and staff and senior accountants in many cases -- and are
taking a deliberate approach to ensure they find the ideal person for each
opening.roberthalf. Central 8 1 90 1 100
West N.

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72 EPS compared
to $1. A favorable adjustment of estimated federal income taxes payable,
totaling $0. The projected 2005 beneficial effect
from the lapse of a large unprofitable account and growth in ASO and HumanaOne
product membership is expected to be partially offset by reduced income
associated with lower average membership in the 3-to-300 case size fully
insured customers . The
company was successful in achieving organic commercial medical membership
growth in excess of 87,000, or approximately 2.8 percent in FY 2004.5 percent on a per-member basis during 4Q04 compared
to the same period in the prior year.
For 2005, the company anticipates TRICARE premiums and administrative
services fees to approximate $2.
Debt as a percent of total capitalization (debt plus stockholders' equity)
of 23.15 to $0.5% overall;
insured medical costs on a per -member 8.3) (2.6 712.4 306.1 3,065.7 2.4 (57.3% 84 .4% - - 12.0% 81.0% 100.9% - - 6.
Reserves for TRICARE claims inventory are included in TRICARE IBNR.9 16.6 % 53.5 (0.7 %
6/30/2004 47.5) -1.4 %
12/31/2004 49.
Robert Half International has conducted additional CFO interviews in major
metropolitan markets to provide more detailed analysis of financial hiring
trends in these cities.

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Factors
contributing to the rise in the company's performance for the year include
improvement in each of the company's business segments, with strong results
from Medicare and further progress in commercial operations.
The company earned $0.
Results for 4Q04 of $0.29 EPS compare to $0.

Commercial Segment Results
Commercial segment pretax earnings rose to $27.1 billion versus $6. The profitability effect of the previously
discussed TRICARE contract change in 4Q04 was partially offset by improvements
in the performance of the segment 's MedicareAdvantage business.5 percent.2 million in 4Q03 and reflect the CMS revenue and TRICARE contract
timing changes described above.2 $ 19. The transaction, which is subject to
regulatory approval , is currently expected to close in the latter part of
1Q05.41 $1.

Percentage of Ending Membership Under Capitation Arrangements

Commercial Segment
Fully Total
Insured ASO Segment

December 31, 2004
Capitated HMO
hospital system based A 3.7% - - 9. For these
capitated HMO arrangements, we generally agree to reimbursement rates
that target a medical expense ratio ranging from 82% to 89%.0 million increase in non-TRICARE favorable development from
$33.

B TRICARE IBNR has increased from higher medical expenses due to the
transition to the new South region contract.1 2. An annual
recap follows:

2004 2003

4th quarter-prior year 46. In addition, high productivity has allowed firms
to remain competitive without having to expand staff levels.

Accounting and Financial Hiring - By Industry
The business services sector is expected to see the greatest hiring
activity among industries .

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The prior contracts resulted in a concentration of TRICARE earnings in
the calendar fourth quarter of each year while the current contract results in
more ratable earnings throughout the year.9 million in 4Q04
compared to $85.
The company anticipates no material changes to its TRICARE membership levels
in 2005. To do otherwise distorts meaningful analysis of
the company's operating cash flow.5 $ 413.5% overall;
insured medical premiums on a per- 8.1
TRICARE 1,789.6 58.8 41.75 $1.9%
Government 85.7% 83.5%

Selling, general, and
administrative expense
ratio
Commercial 16.5% - 1.4% 100.1 0.3 % 54.4 (0.5)
Impact of change in unprocessed
claim inventories 0. "Uncertainty related to issues
such as energy costs, along with rising healthcare expenses, have contributed
to the cautious environment.rhi.

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, Renewable Forestry Resources, LLC, V.3 million in 4Q04 from
$14. Excluding the impact of this
account, Humana is forecasting its Commercial segment medical membership to be
slightly higher for 2005 versus 2004.
In 4Q04, the Commercial segment medical expense ratio (medical expenses
divided by premium revenues) of 83.

Government Segment Results
As expected, Government segment pretax earnings were $35.humana.5% to 8.5% group only
basis

TRICARE pretax margin Approximately 3%

Medicare medical membership Organic growth of 10% to 15%

TRICARE medical membership No material change from 2004
ending membership

Increase in Medicare medical premiums 9% to 11%
on a per-member basis

Increase in Medicare medical costs on 9% to 11%
a per-member basis

TRICARE revenues Approximately $2.9 7.8
Medicaid 478.6 468.1 10.9 18.7% 82.2%
All other membership 88.0% 100.

Humana Inc.4 million related primarily to better than
expected utilization in the latter half of 2003 for our Medicare line
of business.4 17.2) -1.6 8.1 % 54.0 %

This metric fluctuates due to all of the issues reviewed above, including
the change in the receipt cycle time, the change in medical claim
inventories, the change in TRICARE liability balances, and the timing of
our bi-weekly payment to our pharmacy benefits administrator.2

S. The local results are available at
http://www., Ins.

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W.03 per share, occurred during 4Q04 in connection with the
company 's assessment of income tax contingencies.
FY 2003 EPS included net expenses of $0.8 billion in 4Q04 compared to the prior year's
quarter.
For 2005, the company expects a continuing increase in earnings in its
Government segment, driven by improvements in results from both Medicare and
TRICARE operations. TRICARE membership
of 2,871,800 at December 31, 2004 compares to 2,906,900 at December 31, 2003.com .2 7.16 2/3 par;
300,000,000 shares authorized;
176,044,649 shares issued at
December 31, 2004 29,340 29,177 28,984
Capital in excess of par
value 1,017,156 994,975 974 ,975
Retained earnings 1,229,823 1,182,697 949,811
Accumulated other
comprehensive income 16,526 13,797 16,909
Unearned stock compensation (1,721) (203) (754)
Treasury stock, at cost,
15,778,088 shares at
December 31, 2004 (201,000) (198,448) (133 ,976)
Total stockholders' equity 2,090,124 2,021,995 1,835,949
Total liabilities and
stockholders' equity $5,657,617 $5,493,952 $5,379,814

Debt to total capitalization
ratio 23.1% - 2.0%

December 31, 2003
Capitated HMO
hospital system based A 5.9% 43.8% 6.5%

Total 100.
Dollars in thousands

Medical Claim Reserves - Details and Statistics

Change in medical and other expenses payable:

The change in medical and other expenses payable is summarized as follows:

For the Twelve For the Twelve
Months Ended Months Ended
December 31, 2004 December 31 , 2003

Balances at January 1 $1,272,156 $1,142,131

Acquisition 71,063 -

Incurred related to:
Current year 10,763,105 9,955,491
Prior years - non-TRICARE (1) (68,448) (33,432)
Prior years - TRICARE (2) (25,010) (42,638)
Total incurred 10,669,647 9,879,421

Paid related to:
Current year (9,504 ,331) (8,710,393)
Prior years (1,086,525) (1,039,003 )
Total paid (10,590,856) (9,749,396)

Balances at end of period $1,422,010 $1,272,156

The impact of any change in "incurred related to prior years" claims may
be offset as we re-establish the "incurred related to current year".6 0.2 %
Full Year Average 16.2 %

(1) Receipt cycle time data for our 3 largest claim processing platforms
representing approximately 90% of our claims volume.4
12/31/2004 $115,300 394,400 3.2 0.7 %
9/30 /2004 51.2 45.2 1. A net 7 percent of CFOs expect to add full-time accounting and
finance professionals.

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This change resulted in the company receiving only
11 monthly CMS premium payments in FY 2004.
For those unable to participate in the live event, the virtual
presentation archive will be available in the Presentations section of the
Investor Relations page at http://www., headquartered in Louisville, Kentucky, is one of the nation's
largest publicly traded health benefits companies , with approximately
7 million medical members located primarily in 15 states and Puerto Rico. Today , the company is a leader in consumer
engagement, providing guidance that leads to lower costs and a better health
plan experience throughout its diversified customer portfolio.9 (35.8) (11.
Dollars in thousands, except per share results

Consolidated Three months ended Twelve months ended
Statements of December 31, December 31,
Income 2004 2003 2004 2003

Revenues:
Premiums $3,122,985 $3,052,631 $12,689,432 $11,825,283
Administrative
services fees 53,376 71,888 272,796 271,676
Investment income 31,375 26,777 132,838 122,041
Other income 1,889 1,576 9,259 7,311
Total revenues 3,209,625 3,152,872 13,104,325 12,226,311
Operating expenses:
Medical 2,645,480 2,534,887 10,669,647 9,879 ,421
Selling, general
and administrative 461,169 486,832 1,877,864 1,858 ,028
Depreciation 30,640 24,158 107,286 115,167
Other intangible
amortization 2,437 2,389 10,506 11,612
Total operating
expenses 3,139,726 3,048,266 12,665,303 11,864,228
Income from
operations 69,899 104,606 439,022 362,083
Interest expense 6,648 4,894 23,172 17,367
Income before income
taxes 63,251 99,712 415,850 344,716
Provision for income
taxes 16,125 33,403 135,838 115,782
Net income $47,126 $66,309 $280,012 $228,934

Basic earnings per
common share $0.9% 82.3%
Consolidated 84.6% 17.0% 91.0%

A - In a limited number of circumstances, we contract with hospitals and
physicians to accept financial risk for a defined set of HMO
membership.3 1.7 (1.3 (0.5 3.com/PressRoom. Central 7 4 88 1 100
Mountain 8 5 87 0 100
Pacific 6 6 86 2 100

New England: CT, ME, MA, NH, RI, VT; Middle Atlantic: NJ, NY, PA; South
Atlantic: DE, DC, FL, GA, MD, NC, SC, VA, WV; East North Central: IL, IN,
MI, OH, WI; West North Central: IA, KS, MN, MO, NE, ND, SD; East South
Central: AL, KY, MS, TN; West South Central: AR, LA, OK , TX; Mountain: AZ,
CO, ID, MT, NV, NM, UT, WY; Pacific: AK, CA, HI, OR, WA.

siyas quq

A.
Industries, LLC and World Homes, Inc.
Effective January 1, 2005, an 89,000-member fully insured account, which
had been unprofitable during FY 2004, lapsed.5 to 7.9) - (6.59 to $0.8)
ASO 1,018.4 1,849.0% 84.8% 25.5% 6.0 %
3rd Quarter Average 16.2) -4.7 %
3/31/2003 46.7 % 59.2
Impact of change in claim receipt
cycle time (0. Seven percent of chief financial
officers (CFOs) polled said they plan to expand their full-time staff and
4 percent forecast reductions in personnel.

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PRESS RELEASE Gold Rock Holdings Inc Announces Sale of 3 Wind Turbines for Rum Cay Development in the Bahamas

, Global Timber Ltd, Gold Rock Industries, Inc., contact Rich
Kaiser, Investor Relations-Yes International, #800-631-8127. FY 2004 commercial premiums for fully
insured membership increased in the range of 6 to 8 percent on a per-member
basis.5 to 8.

On November 1, 2004, Humana added approximately 1 million TRICARE members
as the final membership transition associated with its new South Region
contract with the Department of Defense became effective.
FY 2004 MedicareAdvantage premiums per member increased in the range of
9 to 11 percent.
For FY 2004 , the year-over-year decline was also substantial, resulting in
a consolidated SG+A expense ratio of 14.8 million exceeded
the company's expectations, but decreased 16 percent from $413.1 $ 347 .7 $650 12 12

Balance Sheet
The company's financial liquidity remained strong in 4Q04 with 54 percent
of total assets in cash and investment securities at December 31, 2004,
unchanged from December 31, 2003.com , approximately two hours
following the live web cast .

2005 Guidance Points

FY 2005 EPS Approximately $2.6 3,704.0% 94.2% 50.0% 100.0% 82.
Although these arrangements do include capitation payments for
services rendered, we process substantially all of the claims under
these arrangements.

(1) The $35 .7 0.9
3/31/2004 $94,800 400,900 3.9
6/30/2004 $98,100 387,000 3.2 % 53.
"Businesses are trying to gauge the strength of the economy before
determining whether or not to add new full-time employees," said Max Messmer,
chairman and CEO of Robert Half International.
Seventeen percent said rising workloads are creating the need for additional
personnel."
Hiring in the Middle Atlantic(2) and West North Central(3) regions is
forecast to exceed the national pace as well. Services 6 5 87 2 100
Construction 5 11 84 0 100
Wholesale 10 0 89 1 100
Transportation 7 3 88 2 100
Bus. Services 19 4 76 1 100

Comparative Data: Two-Year History of Financial Hiring Index

Quarter Percent Increase Percent Decrease Net Increase

3Q05 7 4 3
2Q05 8 2 6
1Q05 9 4 5
4Q04 8 2 6
3Q04 7 3 4
2Q04 7 1 6
1Q04 7 5 2
4Q03 8 7 1
3Q03 5 5 0

(1) Illinois , Indiana, Michigan, Ohio, Wisconsin
(2) New Jersey, New York, Pennsylvania
(3) Iowa , Kansas, Minnesota, Missouri, Nebraska, North Dakota, South
Dakota

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The ranges of per-member premium increase for both 4Q04 and FY 2004
include the estimated impact of an increasing mix of fully insured membership
in the company's HumanaOne product, the premium for which lowered Humana's
overall average per -member premium increase by approximately 150 to 200 basis
points as this product has a correspondingly lower benefit than other fully
insured commercial medical products. Results for
4Q04 also include additional investment spending to position the company to
take advantage of the substantial Medicare opportunities in 2005 and beyond.
The acquisition is anticipated to be immediately accretive to earnings,
adding EPS of $0.
The company suggests web participants sign on approximately 15 minutes in
advance of the call.7 6,769.4

Three months ended Twelve months ended
December 31, December 31,
Premiums 2004 2003 2004 2003

Commercial:
Fully insured
medical $1,633,240 $1,584,950 $6,614,482 $6,240,806
Specialty 89,632 81,469 349,564 320,206
Total Commercial 1,722,872 1,666,419 6,964,046 6,561,012

Government:
MedicareAdvantage 791,064 634,332 3,086,598 2,527,446
TRICARE 475,751 622,513 2,127,595 2,249,725
Medicaid 133,298 129,367 511,193 487,100
Total Government 1,400,113 1,386,212 5,725,386 5,264,271
Total premiums $3,122,985 $3,052,631 $12,689,432 $11,825,283

Three months ended Twelve months ended
Administrative December 31, December 31,
services fees 2004 2003 2004 2003

Commercial $42,244 $31,865 $166,032 $122,846
Government 11,132 40,023 106,764 148,830
Total administrative
services fees $53,376 $71,888 $272,796 $271,676

Humana Inc.5% 12.5% 15.0% - 2.5%
Risk-sharing B 55.3% 87.5% 6.7% 86.0% 100.
Providers participating in hospital-based capitated HMO arrangements
generally receive a monthly payment for all of the services within
their system for their HMO membership. Our
reserving practice is to consistently recognize the actuarial best
estimate of our ultimate liability for our claims within a level of
confidence required to meet actuarial standards. TRICARE claim inventories
are not included in this amount as an independent third party
administrator processes all TRICARE medical claims on our behalf.4 16.9 16.0)
All other 1. It was conducted
by an independent research firm and developed by Robert Half International
Inc. Nineteen percent of those polled from this sector
expect to bring in staff and 4 percent foresee personnel reductions, a net
15 percent increase. was founded in 1948 and is traded on the
New York Stock Exchange. Increase Decrease No Change Undecided Total
United States 7 4 87 2 100
Manufacturing 7 3 89 1 100
Retail 7 2 89 2 100
Fin.

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The sale is estimated at $1.

Humana Inc. Reports 2004 Financial Results of $1.72 Earnings per Share

McCallister, Humana's
president and chief executive officer. The $0.

Commercial Segment Enrollment
Commercial segment medical membership of 3,305,100 at December 31, 2004
increased 8 percent from the prior year, driven by net organic growth of
306,200 members in the company's ASO business, 152,600 members added through
the April 2004 acquisition of Ochsner Health Plan, and nearly 59,000 new
HumanaOne product members, partially offset by continued attrition in the
company's fully insured business lines due to the ongoing competitive
environment within the 3-to-300 case size fully insured customers.
For FY 2004, Government segment pretax earnings of $273.
MedicareAdvantage medical costs per member increased year over year in the
range of 9 to 11 percent for FY 2004, with a range of 9 to 11 percent
anticipated for 2005.

Cautionary Statement
This news release contains forward-looking statements .5% to 14.7 (60.4 23.6 263.30 $0.9% 83.4% 16.3% 23 .3%
Total 100.8% 46.0% 100. Below
is a summary:

Average Number of Days from Incurred Date to Receipt Date (1)
2004 2003 Change % Change

1st Quarter Average 17.8 %
2nd Quarter Average 16.

Humana Inc.2 (2.3 (3.6 %
9/30/2003 47. Most Active Hiring Forecast in East North Central Region, Business Services
Sector

MENLO PARK, Calif."
Fifty-five percent of CFOs who expect to bring in staff in the next three
months cited anticipated business growth as the primary factor fueling demand. "Companies in this part of the country also seek internal auditors
with strong financial -reporting skills to help with projects related to the
ongoing compliance requirements of the Sarbanes -Oxley Act.

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The turbines will provide power to the utility for the entire Rum
Cay Island.41 EPS for the year ended December 31, 2003 (FY 2003). "The fourth quarter was a solid finish
to a great year .95 EPS.03 per share from the gain on the
sale of a venture capital investment, the adjustment of estimated federal
income taxes payable, accelerated depreciation for software abandonment, and
expenses primarily related to severance costs associated with corporate
rightsizing.7 million in 4Q03. The company anticipates a range of 9 to 11 percent for 2005
as per-member premium continues to benefit from the processes the company has
established to ensure its premiums from the Centers for Medicare and Medicaid
Services (CMS) accurately reflect the risk profile of its membership.5 percent for 4Q04 , with continued discipline in
administrative spending producing a 110 basis point year-over-year decline.
Each of the segments also saw improvement in the SG+A expense ratio during
4Q04, with the Commercial segment's ratio declining by 70 basis points and the
Government segment's ratio down by 160 basis points.
Over its 44-year history, Humana has consistently seized opportunities to
meet changing customer needs.5% to 8.2 328.6 14.2 25.2 0.9 379.44
Diluted earnings per
common share $0.3% 16.6% 14.4%

Humana Inc.
Dollars in thousands, except per share results

December 31, September 30, December 31,
Consolidated Balance Sheets 2004 2004 2003

Assets
Current assets:
Cash and cash equivalents $580,079 $375,090 $931,404
Investment securities 2,145,645 2,332 ,522 1,676,642
Receivables, net:
Premiums 554,661 405,067 452,404
Administrative services
fees 24,954 19,803 13,583
Securities lending collateral 77,840 82,342 86,491
Other 212,958 273,240 247,298
Total current assets 3,596,137 3,488,064 3,407,822

Property and equipment , net 399,506 390,735 416,472

Other assets:
Long-term investment
securities 348,465 333,796 319,167
Goodwill 885,572 859,734 776,874
Other 427 ,937 421,623 459,479
Total other assets 1,661,974 1,615,153 1,555,520
Total assets $5,657,617 $5,493,952 $5,379,814

Liabilities and Stockholders' Equity
Current liabilities:
Medical and other expenses
payable $1,422,010 $1,436,135 $1,272,156
Trade accounts payable and
accrued expenses 488,332 504,892 440,340
Book overdraft 192,060 116,106 219,054
Securities lending payable 77,840 82,342 86,491
Unearned revenues 146,326 132 ,659 333,071
Total current liabilities 2,326,568 2,272,134 2,351,112
Long-term debt 636,696 630,912 642,638
Other long-term liabilities 604,229 568,911 550,115
Total liabilities 3,567,493 3,471 ,957 3,543,865
Commitments and contingencies
Stockholders' equity:
Preferred stock, $1 par;
10,000,000 shares
authorized; none issued - - -
Common stock, $0.8%
Capitated HMO
physician group
based A 1.1% 39.0% 7.7% 100.0% 100.1% 4.4%
Risk-sharing B 47.e.

F The balance due to our pharmacy benefit administrator fluctuates due to
bi-weekly payments and the month-end cutoff.7 16.5 (0.6 3.2 0. The company has more than 330 offices throughout North America,
Europe, Australia and New Zealand, and offers online job search services on
its divisional websites, all of which can be accessed at http://www.

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This will be the Company's first sale into the Caribbean
area, with anticipation of more sales contracts to follow., Composite Industries of America, Inc.05 per share from the write-down
of building and equipment, gain on the sale of a venture capital investment,
and accelerated depreciation for software abandonment.7 billion in FY 2003.9 percent increased 100 basis points
year over year, in line with previous company guidance. These estimates are consistent with per-
member increases in commercial medical costs experienced in FY 2004.5 to 14.
The following is a reconciliation of the most directly comparable
historical and projected financial measures prepared in accordance with GAAP,
to the historical and projected non-GAAP financial measures:

($ in
millions) FY 2003 FY 2004
Number Number
of of
FY FY Monthly Monthly
4Q03 4Q04 2003 2004 FY 2005 CMS CMS
Actual Actual Actual Actual Expected Receipts Receipts

GAAP
cash flows
provided
by $600 to
operations $ 290.9

Ending Specialty December 31, Percent
Membership 2004 2003 Difference Change

Commercial:
Dental-fully insured 825.6
Dental -ASO 420.1 40.29 $0.3%
Risk-sharing B 2.7% 100.4 million to $68.
The level of these balances may fluctuate from period to period due to
the timing of payment (cutoff) and whether or not the balances are
payables or receivables (receivables from the Department of Defense are
classified as "receivables" in our balance sheet).

D Unprocessed claim inventories represent the estimated valuation of
claims received but not yet fully processed.3 1.9 1.9 1.9 1.9 % 54 .9 (1.
The national poll includes responses from 1,400 CFOs from a stratified
random sample of U.
Wholesale and retail companies also project strong growth. Estate 1 3 89 7 100
Prof.

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W.
Commercial segment premiums for fully insured medical membership increased
in the range of 5.5 percent in 2005, including the
lowering effect of approximately 200 basis points from a higher mix of
HumanaOne membership year over year.
The company's 2005 consolidated SG+A expense ratio is projected to be in
the range of 13.9 million related to
the December 2003 receipt of the January 2004 MedicareAdvantage premium
payment from CMS. Therefore, decisions such as management's
forecasting and business plans regarding cash flow use this non-GAAP financial
measure.3 $ 19. The forward-
looking statements herein are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.8 2,906.41

Shares used in computing
basic earnings per
common share (000 's) 159,598 161,225 160,421 158,968
Shares used in computing
diluted earnings per
common share (000's) 162,138 163,724 162,456 161,960

Operating Results by Segment

Pretax income
Commercial $27,306 $14,062 $142,010 $121,010
Government 35,945 85,650 273,840 223,706
Consolidated $63,251 $99,712 $415,850 $344,716

Key Ratios

Medical expense ratio
Commercial 83.1% 83.2% 13.0% - 2.2% 3. In transferring this risk, we prepay these providers a
monthly fixed -fee per member to coordinate substantially all of the
medical care for their capitated HMO membership, including some health
benefit administrative functions and claims processing .

Receipt Cycle Time:
The receipt cycle time measures the average length of time between when a
claim was initially incurred and when the claim form was received.8
12/31/2003 $109,700 443,000 4.6 1.6
Impact of change in processed
claim inventories 0..

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presently consists of nine existing subsidiaries:
Affordable Homes of America, Inc.,
Georgetown Power, Inc. The Company is currently seeking
financing for each of its subsidiaries. Additionally, the
timing of revenue recognition within each option period under the South Region
contract differs from that under prior TRICARE contracts.8

Government:
MedicareAdvantage 377.41 $1.9% 13.1%
Capitated HMO
physician group based A 2.8 %
4th Quarter Average 16.2 1.

Medical Claim Reserves - Details and Statistics

Unprocessed Claim Inventories:
The estimated valuation and number of claims on hand that are yet to be
processed are as follows:

Estimated Number
Valuation Claim Item of Days
Date (000) Counts On Hand

12/31/2002 $92,300 424,200 4.5) -2.2 1..

xaricd tarix

29 per diluted common share for the quarter ended
December 31 , 2004 (4Q04), with pretax results consistent with the company's
guidance raised in early December 2004.10 increase in estimated EPS results primarily from the
anticipated positive impact of a federal income tax gain contingency to be
realized in the first quarter of 2005, partially offset by an increase in
estimated average diluted shares outstanding for 2005 driven by recent share
price appreciation .41 EPS for the quarter ended
December 31, 2003 (4Q03). For
FY 2004, the medical expense ratio of 83.8 million
increased 22 percent versus FY 2003, primarily from improved performance in
its MedicareAdvantage products. The expected lower SG+A expense ratio
should result from the beneficial effect of both growth in membership
leveraging fixed costs and management's continued focus on streamlining
administrative costs through process design and technology improvements.
All parties interested in the audio only portion of the conference call
are invited to dial 888-625-7430.
A live virtual presentation (audio with slides) will be available and may
be accessed via Humana's Investor Relations page at http://www.

About Humana
Humana Inc.5% group only
member basis

Increase in Commercial segment fully 6.2 239.6 48.3) (3.6
Total ending medical
membership 7,032.5)
Short-term disability 16.
Dollars in thousands
Three months ended Twelve months ended
Consolidated Statements December 31, December 31,
of Cash Flows 2004 2003 2004 2003

Cash flows from operating
activities
Net income $47,126 $66,309 $280,012 $228,934
Adjustments to reconcile
net income to net cash
provided by operating
activities:
Writedown of property
and equipment - - - 17,233
Depreciation and
amortization 33,077 26,547 117 ,792 126,779
Provision for deferred
income taxes 26,063 2 ,038 53,608 32,251
Changes in operating
assets and liabilities,
net of effect of
business acquired:
Receivables (151,334) (28,736) (44,625) (15,220)
Other assets 22,767 (17,325) 3,991 25,110
Medical and other
expenses payable (14,125) (24,410) 78,791 130,025
Other liabilities 39,057 43,931 65,732 (107,432 )
Unearned revenues 13,667 224,910 (190,759) (2,686)
Other 3,187 (3,044) (16,733) (21,854)
Net cash provided by
operating activities 19,485 290,220 347,809 413,140

Cash flows from investing
activities
Acquisition, net of
cash and cash
equivalents acquired (25,838) - (141,810) -
Purchases of property
and equipment (41,196) (36,288) (114,096) (101,268)
Proceeds from sales
of property and
equipment 1,519 8,699 30,491 11,182
Purchases of investment
securities (486,927) (908,323) (4,097,559) (4,582,251)
Proceeds from maturities
of investment
securities 174,869 183 ,975 1,015,144 769,436
Proceeds from sales of
investment securities 479,896 751,618 2,683,749 3,520,064
Net cash provided by
(used in) investing
activities 102,323 (319) (624,081) (382,837)

Cash flows from financing
activities
Change in book overdraft 75,954 303 (26,994) 124,172
Proceeds from issuance
of senior notes - - - 299,139
Net commercial paper
conduit repayments - - - (265,000)
Proceeds from swap exchange - - - 31,556
Change in securities
lending payable (4,502) (4,860) (8 ,651) 9,674
Common stock repurchases (2,552) - (67,024) (44,147)
Proceeds from stock
option exercises and
other 14,281 10,223 27,616 24,350
Net cash provided by
(used in) financing
activities 83,181 5,666 (75,053) 179,744

Increase (decrease ) in
cash and cash
equivalents 204,989 295,567 (351,325) 210 ,047
Cash and cash equivalents
at beginning of period 375,090 635,837 931 ,404 721,357
Cash and cash equivalents
at end of period $580,079 $931 ,404 $580,079 $931,404

Humana Inc.4% 2.

Humana Inc.0 0.0 % 54. A net
10 percent of wholesale CFOs and a net 5 percent of retail executives plan to
add full -time accounting and finance employees in the third quarter.

internetdatenbank tkarl

T.5 $ 407. CarePlus provides MedicareAdvantage
HMO plans and benefits to approximately 50,000 Medicare eligibles in Miami-
Dade, Broward and Palm Beach counties. eastern time today to discuss its financial results
for the quarter and the company's expectations for future earnings.
Humana offers a diversified portfolio of health insurance products and related
services - through traditional and consumer-choice plans - to employer groups ,
government-sponsored plans, and individuals.

Summary of Earnings Guidance Points
Note: The company's earnings guidance points described throughout this
press release (including the table below) exclude any impact of the company's
pending acquisition of CarePlus as well as any potential impact from new stock
option accounting rules required for implementation by all companies in the
latter half of 2005.5 billion

Consolidated SG+A expense ratio 13.5 2,352.6 502.4) (7.1%
Total 100.0% 100.0% 100 .3% - - 5.9% - - 1.5 % 54.8 4.4) (1.5 46. A net 6 percent of financial
executives in each of these areas anticipate expanding personnel levels in the
coming months.com..

rinin rbaycanl

GOLD ROCK HOLDINGS, INC (GOLD ROCK) (OTC: GDRHA), announced today that its subsidiary V.5 million USD and delivery is scheduled for the
3rd Quarter 2006. - 2004 earnings per share up 22 percent

- 4Q04 pretax results consistent with company's recently raised guidance

- Year-over-year growth in Medicare membership of 15 percent

- 2004 Commercial segment pretax earnings of $142 million, up 17 percent

- Cash flows from operations (non-GAAP) of $560 million, up 38 percent
for the year

LOUISVILLE, Ky., Humana Inc. For FY 2004, Commercial segment premiums and administrative services
fees increased 7 percent to $7.humana.05

1Q05 EPS $0.4 1,057.1) (1.1 2.6% 83.3% 84.4%
Consolidated 14.9% - 2.5
3/31/2003 $99,000 421,700 4.4
6/30/2003 $92,100 446,600 4.1) -0.3 7.1)
Impact of changing TRICARE
reserve balances 1.

Financial Hiring: By Region

Percentage .

Financial Hiring: By Industry

Percentage .

vzular rbaycanl

1 million in 4Q03, reflecting a more profitable business mix with
significant increases in administrative services only (ASO) and individual
product (HumanaOne) members.

Government Segment Enrollment
MedicareAdvantage membership continued to increase in 4Q04, totaling
377,200 at December 31, 2004, up 48,600 members year over year and up
5,900 members sequentially.9 - - 1

Non-
GAAP
cash flows
provided
by $600 to
operations $ 78.0 $ 559.18 during the initial 12 months, net of acquisition
integration costs.com ,
including copies of:
- Annual report to stockholders;
- Securities and Exchange Commission filings;
- Most recent investor conference presentation;
- Quarterly earnings press releases;
- Audio archive of most recent earnings release conference call;
- Calendar of events (includes upcoming earnings conference call dates,
times, and access number, as well as planned interaction with
institutional investors);
- Corporate Governance Information.
In thousands

Ending Medical December 31, Percent
Membership 2004 2003 Difference Change

Commercial:
Fully insured 2,286.1 3.8
Total Dental 1,246.7 1,147.7)
Total ending
specialty
membership 1,708.9%

Humana Inc.

0% 100.

E Processed claim inventories represent the estimated valuation of
processed claims that are in the post claim adjudication process, which
consists of administrative functions such as audit and check batching
and handling.2 0.8) -1.0 2.2) (0.0
Impact of change in pharmacy
payment cutoff (0. However , with the accelerated hiring that took place at the
beginning of the year, some firms are finding a shortage of skilled
candidates.

vzular zakir

"
The company now expects EPS for the year ending December 31, 2005
(FY 2005) to approximate $2.
Pretax earnings for FY 2004 in the Commercial segment of $142.
The company expects FY 2005 Commercial segment pretax earnings to increase
between 10 and 15 percent over FY 2004. Due to the South
Region contract transition period, 4Q04 did not experience a full complement
of revenues and membership.5 percent, a decline of 90 basis
points .5 million compared
to $290.8 $650 12 11

Timing of
premium
payment
receipt
from CMS (211.
Cash and investment securities at the parent company of $439.
More information regarding Humana is available to investors via the
Investor Relations page of the company's web site at http://www.5% to 10.8 (66.9 9.72 $1.0%

Humana Inc.8% 2.4%
All other
membership 38. We have consistently applied this methodology in
determining our best estimate for unpaid claims liability in each period.4 %
12/31/2003 46.2 %
3/31/2004 47.4 0.1 4.

CFOs Report on Third-Quarter Financial Hiring Outlook

companies with 20 or more employees. Robert Half International has been
tracking financial hiring activity in the United States since 1992. Central 7 1 90 2 100
East S. +
R.

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"Our Medicare results confirmed how our commitment to this market enhanced
our position both financially and strategically as we increased our already
robust experience with the senior consumer.

Commercial Segment Premiums and Medical Costs
Premiums and administrative services fees for the Commercial segment
increased 4 percent to $1.

Selling, General + Administrative Expenses
The company 's consolidated Selling, General, + Administrative (SG+A)
expense ratio (SG+A expenses as a percent of premiums plus administrative
services fees) was 14.

Non-GAAP Cash Flows from Operations
When reviewing and analyzing Humana's cash flow position, company
management applies the CMS premium payment in each month to match the
corresponding disbursements.3 million at
December 31 , 2004 compared to $399. The company
suggests participants dial in approximately ten minutes in advance of the
call.8 767.6% - - 1.5% 1.4%
All other
membership 33.0% 100.8) -6.6 2.0
Year to date-current year 49.

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The company's estimate for pretax income in 2005 remains
an increase in excess of 15 percent over 2004, with increases anticipated from
both of the company's business segments.
FY 2004 EPS included net income of $0.
The company's leadership in engaging consumers continues to be evidenced
through growth in both its Smart offerings and other consumer-focused high
deductible plans.
Per-member medical costs for the commercial fully insured business are
forecast to rise in the range of 6.

Government Segment Premiums and Medical Costs
MedicareAdvantage premiums per member increased in the range of 8 to
10 percent year over year during 4Q04, reflecting higher reimbursement
associated with the Medicare Modernization Act.

TRICARE premiums and administrative services fees during 4Q04 of
$486.

Cash Flows from Operations
Cash flows provided by operations for FY 2004 of $347.3 percent declined 260 basis points from December 31, 2003 and 50 basis
points sequentially.

Conference Call + Virtual Slide Presentation
Humana will host a conference call, as well as a virtual slide
presentation, at 9:00 a.m.humana.2)
Total Government 3,727.3 8.7
Group life 444.2 1,668.9%
Government 11.4% - 4.3%

Total 100.0%

December 31, 2003
Capitated HMO
hospital system
based A 11.7%
Capitated HMO
physician group
based A 1. Since we have
some providers under capitation payment arrangements (which do not require
a medical claim IBNR reserve), we have also summarized this metric
excluding capitation expenses.7) -1.1 (2.. Increase Decrease No Change Undecided Total

United States 7 4 87 2 100
New England 9 11 80 0 100
Middle Atlantic 10 4 85 1 100
South Atlantic 5 3 90 2 100
East N.

viyyat kilatlar

,
Native American Power, Inc.

For further information about GOLD ROCK HOLDINGS, INC. The 4Q04 effect of this TRICARE
change was partially offset by improved fourth quarter performance in the
company's Medicare and commercial operations. This increase was
driven by a combination of the effect of the unprofitable 89,000-member
account and strategically planned pricing actions. The previously described Ochsner Health Plan
transaction resulted in the addition of 33,100 MedicareAdvantage members
during the second quarter of 2004.9 million reflect the implementation of the new South Region contract
with the Department of Defense, which included a reduction in the benefits and
services previously provided, and thus , lower revenues. These differences accounted for the expected
year-over-year decline in TRICARE premiums and administrative services fees of
approximately 27 percent in 4Q04 and 7 percent for FY 2004.1 million in
FY 2003 due to a change implemented by CMS in the timing of its January
premium remittance.1) 211.0
Total Commercial 3,305. Providers participating in
physician -based capitated HMO arrangements generally have
subcontracted specialist physicians and are responsible for
reimbursing such hospitals and physicians for services rendered to
their HMO membership.7 0.7 %
6/30/2003 47.2 (0.1) -3. The majority of
respondents, 87 percent, expect no change in employee levels.

Robert Half International Inc.