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Originally Posted at:
January 28, 2004 05:04 PM US Eastern Timezone

Mckesson's Board of Directors Declares Quarterly Dividend, Elects Dr. David Lawrence as New Director and Adds New Provision to Executive Severance Policy

SAN FRANCISCO--(BUSINESS WIRE)--Jan. 28, 2004--McKesson Corporation (NYSE:MCK) announced that its Board of Directors took several actions at its meeting today. The Board declared a regular quarterly dividend of six cents per share on the Common Stock, payable April 1, 2004, to shareholders of record on March 1, 2004.

David M. Lawrence, MD, has been elected a new member of the McKesson Board of Directors. Dr. Lawrence is retired chairman and chief executive officer, Kaiser Foundation Health Plan, Inc., and Kaiser Foundation Hospitals. His election brings the size of the McKesson board to ten members.

"We are delighted to welcome Dr. Lawrence to the McKesson Board," said John H. Hammergren, chairman and chief executive officer. "He brings vast experience in healthcare from his many years serving Kaiser, one of the nation's largest and most-advanced health systems, and as a physician. This unique perspective, as well as his demonstrated leadership skills, will be tremendous assets to the Board."

Dr. Lawrence joined Kaiser in 1981. He was named Chief Executive Officer of Kaiser Foundation Health Plan, Inc., and Kaiser Foundation Hospitals in 1991 and Chairman of the Board in 1992. He retired December 31, 2002. Dr. Lawrence is a graduate of Amherst College (BA), the University of Kentucky (MD), and the University of Washington (MPH). He is Board Certified in General Preventive Medicine (Johns Hopkins and University of Washington). He is a member of Alpha Omega Alpha (Medical Honorary Society) and the Institute of Medicine (National Academy of Sciences). He currently serves on the Boards of Agilent Technologies, Pacific Gas and Electric Company, Raffles Medical Group of Singapore, The Rockefeller Foundation, and the RAND Health Advisory Board among others. He also serves in advisory roles to the biotechnology industry.

The board also added a new provision to the company's existing Executive Severance Policy. In accordance with an advisory shareholder proposal that passed at McKesson's 2003 Annual Meeting of Stockholders, the company will now seek shareholder approval for any future severance agreements with senior executive officers that provide specified benefits in an amount exceeding 2.99 times the sum of the executive's base salary and target bonus. The new provision will not apply to extensions or renewals of agreements with senior executives entered into prior to the approval of the shareholder resolution if the existing agreement requires the company to renew or extend the agreement on the same terms.

McKesson Corporation (NYSE: MCK) is a Fortune 20 healthcare services and information technology company dedicated to helping its customers deliver high-quality healthcare by reducing costs, streamlining processes and improving the quality and safety of patient care. Over the course of its 170-year history, McKesson has built strong relationships with its customers by providing pharmaceutical and medical-surgical supply management across the spectrum of care; healthcare information technology for hospitals, homecare and payors; hospital and retail pharmacy automation; and services for manufacturers and payors designed to improve outcomes for patients. For more information, visit us at

Except for historical information contained in this press release, matters discussed may constitute "forward-looking statements", within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that involve risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. These statements may be identified by their use of forward-looking terminology such as "believes", "expects", "anticipates", "may", "will", "should", "seeks", "approximates", "intends", "plans", "estimates" or the negative of these words or other comparable terminology. The most significant of these risks and uncertainties are described in the company's Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission and include, but are not limited to: the resolution or outcome of pending shareholder litigation regarding the 1999 restatement of our historical financial statements; the changing U.S. healthcare environment, including the impact of recently approved and potential future mandated benefits; changes in private and governmental reimbursement or in the delivery systems for healthcare products and services; governmental efforts to regulate the pharmaceutical supply chain; changes in pharmaceutical and medical-surgical manufacturers' pricing, selling, inventory, distribution or supply policies or practices; changes in customer mix; substantial defaults in payment or a material reduction in purchases by large customers; challenges in integrating and implementing the company's software products, or the slowing or deferral of demand for these products; the company's ability to successfully identify, consummate and integrate strategic acquisitions; changes in generally accepted accounting principles (GAAP); and general economic conditions. The reader should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The company assumes no obligation to update or revise any such statements, whether as a result of new information or otherwise.
 McKesson Corporation
Larry Kurtz, 415-983-8418

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