For Immediate Release Elder Health Names Scott Tabakin CFO Venturewire July 17, 2006 Medicare managed health care provider Elder Health Inc. said it has completed rounding out a new executive team with the appointment of Scott Tabakin to the position of chief financial officer. The chief financial officer position had been vacant for about one year. The company's team is headed by Jeff Folick, who started as chief executive at Elder Health in March, and includes Jason Feuerman, executive vice president of health care delivery; Jacob Furgatch, chief administrative officer; Scott Ptacek, executive vice president of sales and marketing; and David Yalowitz, vice president and senior medical director. "We're building a team that will help us grow and succeed and add value to the company," Folick said. "The timeline is yet to be determined, so the people who are coming on board are committed for the long run." It wasn't clear by press time what happened to the previous team. Folick was not specific about possible future funding plans, and said it is "too soon to tell" if the company will be pursuing an initial public offering. Folick did say that the company will consider pursuing acquisitions of health plans that are "only Medicare related." "If the acquisitions are completed, we will be looking to raise additional capital," Folick said. The company, which has focused until now on the low income dual eligibility segment of health care, plans to branch out into a broader section of the Medicare population in 2007, he said. Elder Health currently serves about 50,000 total members, with $350 million to $360 million annual revenue. Tabakin previously served as executive vice president and chief financial officer at publicly traded managed health care company Amerigroup Corp. Before that, he served as executive vice president and chief financial officer of health care services provider Beverly Enterprises. Founded in 1996, Elder Health is based in Baltimore. The company currently has about 400 employees. By Lorie Konish 7/27/2006