The Admar Group : SANTA ANA

Nature of business: Develops, markets and administers medical cost-containment services. Total employees: 258 In Orange County: 201 Stock listing in The Times: On NASDAQ as “Admar” Ticker symbol: “ADMR” Friday’s stock close: $2.75 Change: Up $0.25 Analyst Review: “I think Admar’s strength lies in the growing national concern about rising health care costs, and efforts to contain them. More specifically, its strength is in its management. Its association with Humana is significant. Strategically, it gives Admar the ability to grow through acquisitions, which in this industry is one of the few ways for a relatively small company to compete. We are very optimistic about Admar. Recently, I read that by (the year) 2000, it’s possible that the United States’ expenditure for medical costs could be more than 17% of domestic gross national product. It’s just one of those incredible, runaway things. There should be a growing need for effective cost-containment services such as those we believe Admar presents.” John DuPriest, director of research Chatfield Dean & Co., Englewood, Colo. Revenue (Dollar amounts in millions) 1990 $10.2 1991 $10.3 1992 $10.0 2 quarters 1992 $4.9 2 quarters 1993 $5.4 Profit (Dollar amounts in thousands) 1990 $142 1991 $297 1992 $269 2 quarters 1992 $114 2 quarters 1993 $560 Corporate outlook: “In terms of strategy, Admar is growing through increased marketing activity and by acquisitions. We recently acquired Image Financial & Insurance Services of Laguna Niguel, and Benefit Plan Administrators in Boulder Colo. At the end of last year, Humana Inc. invested about $500,000 in Admar, and they recently put another $1 million in us. Humana’s investments have enabled us to take a more aggressive stance on acquisitions.” --Edward Evans, chief financial officer 3-YEAR SUMMARY AND YEAR-TO-DATE: RETURN ON STOCKHOLDER INVESTMENT

Fiscal year ending Jan.31 Jan. 31 Jan. 31 2 Qtrs. 1990 1991 1992 1992 52-week high $1.88 $1.25 $4.00 $3.75 52-week low $0.16 $0.16 $0.94 $.94 Book value per share $0.33 $0.37 $0.45 $0.38 Price per share* $0.39 $1.17 $2.88 $3.19 Net earnings per share* $0.02 $0.04 $0.03 $0.01 Price-to-earnings ratio 20:1 30:1 96:1 319:1 Avg. return on investor equity 5% 10% 7 % 4 %

Fiscal year ending 2 Qtrs. 1993 52-week high $3.38 52-week low $1.00 Book value per share $0.38 Price per share* $1.38 Net earnings per share* $(0.07) Price-to-earnings ratio N/A Avg. return on investor equity N/A

* The company had a reverse one-for-five stock split in July, 1991; figures have been adjusted. For more information call or write, The Admar Group: 1551 N. Tustin Ave., Suite 300, Santa Ana, Calif. 92701. (714) 953-9600 Source: The Admar Group Researched by CAROL SMITH / Los Angeles Times