UnitedHealth Group (UNH)

7.    Share Repurchase Program

Under its Board of Directors’ authorization, the Company maintains a share repurchase program (Repurchase Program). The objectives of the Repurchase Program are to optimize the Company’s capital structure and cost of capital thereby improving returns to shareholders, as well as to offset the dilutive impact of share-based awards. Repurchases may be made from time to time at prevailing prices. For the three months ended March 31, 2009, the Company repurchased 32 million shares at an average price of approximately $21 per share and an aggregate cost of $689 million. As of March 31, 2009, the Company had Board of Directors’ authorization to purchase up to an additional 71 million shares of its common stock.

Share Repurchase Program

Under its Board of Directors’ authorization, the Company maintains a share repurchase program (the Repurchase Program). The objectives of the Repurchase Program are to optimize the Company’s capital structure and cost of capital thereby improving returns to shareholders, as well as to offset the dilutive impact of share-based awards. Repurchases may be made from time to time at prevailing prices. During 2008, the Company repurchased 72 million shares at an average price of approximately $37 per share and an aggregate cost of approximately $2.7 billion. At December 31, 2008, the Company had Board of Directors’ authorization to purchase up to an additional 103 million shares of its common stock.

8.    Share Repurchase Program

Under its Board of Directors’ authorization, the Company maintains a common share repurchase program (the Repurchase Program). The objectives of the Repurchase Program are to optimize the Company’s capital structure and cost of capital thereby improving returns to shareholders, as well as to offset the dilutive impact of share-based awards. Repurchases may be made from time to time at prevailing prices, subject to certain restrictions on volume, pricing and timing. During the nine months ended September 30, 2008, the Company repurchased 64 million shares, which were settled on or before September 30, 2008 at an average price of approximately $39 per share and an aggregate cost of approximately $2.5 billion. At September 30, 2008, the Company had Board of Directors’ authorization to purchase up to an additional 110 million shares of its common stock.

8.    Share Repurchase Program

Under its Board of Directors’ authorization, the Company maintains a common share repurchase program (the Repurchase Program). The objectives of the Repurchase Program are to optimize its capital structure, cost of capital and return to shareholders, as well as to offset the dilutive impact of share-based awards. Repurchases may be made from time to time at prevailing prices, subject to certain restrictions on volume, pricing and timing. During the six months ended June 30, 2008, the Company repurchased 48 million shares, which were settled on or before June 30, 2008 at an average price of approximately $43 per share and an aggregate cost of approximately $2.1 billion. At June 30, 2008, the Company had Board of Directors’ authorization to purchase up to an additional 126.3 million shares of its common stock.

8.    Share Repurchase Program

Under our Board of Directors’ authorization, we maintain a common share repurchase program. Repurchases may be made from time to time at prevailing prices, subject to certain restrictions on volume, pricing and timing. During the three months ended March 31, 2008, we repurchased 31.0 million shares, which were settled for cash on or before March 31, 2008 at an average price of approximately $48 per share and an aggregate cost of approximately $1.5 billion. During the three months ended March 31, 2007, we repurchased 16.5 million shares which were settled for cash on or before March 31, 2007 at an average price of approximately $55 per share and an aggregate cost of approximately $903 million. As of March 31, 2008, we had Board of Directors’ authorization to purchase up to an additional 143.6 million shares of our common stock.