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<SEC-DOCUMENT>/in/edgar/work/20000623/0000049071-00-000053/0000049071-00-000053.txt : 20000920
<SEC-HEADER>0000049071-00-000053.hdr.sgml : 20000920
ACCESSION NUMBER:		0000049071-00-000053
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	19991231
FILED AS OF DATE:		20000623

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HUMANA INC
		CENTRAL INDEX KEY:			0000049071
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6324
]		IRS NUMBER:				610647538
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231
</COMPANY-DATA>

		FILING VALUES:
			FORM TYPE:		11-K
			SEC ACT:		
			SEC FILE NUMBER:	001-05975
			FILM NUMBER:		659785
</FILING-VALUES>

			BUSINESS ADDRESS:	
				STREET 1:		500 W MAIN ST
				CITY:			LOUISVILLE
				STATE:			KY
				ZIP:			40202
				BUSINESS PHONE:		5025801000
</BUSINESS-ADDRESS>

				FORMER COMPANY:	
					FORMER CONFORMED NAME:	EXTENDICARE INC
					DATE OF NAME CHANGE:	19740404
</FORMER-COMPANY>

					FORMER COMPANY:	
						FORMER CONFORMED NAME:	HERITAGE HOUSE OF AMERICA INC
						DATE OF NAME CHANGE:	19671129
</FORMER-COMPANY>
</FILER>
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>0001.htm
<TEXT>

<HTML>
<HEAD>
<TITLE>Humana Retirement and Savings Plan</TITLE>
</HEAD>
<BODY>
<P>&nbsp;</P>
<P>&nbsp;</P>
<B><P ALIGN="CENTER">UNITED STATES</P>
<P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>
<P ALIGN="CENTER">WASHINGTON, D.C.  20549</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">FORM 11-K</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS</P>
<P ALIGN="CENTER">AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE</P>
<P ALIGN="CENTER">SECURITIES EXCHANGE ACT OF 1934</P>
<FONT SIZE=2>
</B></FONT><P>(Mark One)</P>
<FONT SIZE=2><DIR>

</FONT><P>(X)&#9;ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</P>
<P ALIGN="CENTER">For the Fiscal Year Ended December 31, 1999</P>
<P ALIGN="CENTER">OR</P>
<P>(  )&#9;&#9;TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</P>
<FONT SIZE=2><P ALIGN="JUSTIFY"></P>
</FONT><P ALIGN="CENTER">Commission File Number 1-5975</P>
<FONT SIZE=2><P ALIGN="CENTER"></P>
</FONT><P>A.  Full Title of Plan:  <B>Humana Retirement and Savings Plan</P>
</B><P>B.  Name of Issuer of the Securities held Pursuant to the Plan and the Address<BR>
      of its Principal Executive Office:</P>
<B><P ALIGN="CENTER">Humana Inc.</P>
<P ALIGN="CENTER">500 West Main Street</P>
<P ALIGN="CENTER">Louisville</B>, <B>Kentucky</B>  <B>40202</P>
<FONT SIZE=2>
</B><P>&nbsp;</P></DIR>

<B><FONT SIZE=4>
</B></FONT><P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=594>
<TR><TD WIDTH="86%" VALIGN="TOP" COLSPAN=7 HEIGHT=20>
<B><FONT SIZE=4><P ALIGN="CENTER">I N D E X</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=20><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="75%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18>
<B><P ALIGN="CENTER">Pages</B></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="75%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="86%" VALIGN="TOP" COLSPAN=7 HEIGHT=18>
<P>Report of Independent Accountants</TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18>
<P ALIGN="CENTER">2</TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="75%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="75%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="86%" VALIGN="TOP" COLSPAN=7 HEIGHT=18>
<P>Financial Statements:</TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="75%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="86%" VALIGN="TOP" COLSPAN=7 HEIGHT=18>
<P>  Statements of Net Assets Available for Benefits,</TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="86%" VALIGN="TOP" COLSPAN=7 HEIGHT=18>
<P>     December 31, 1999 and 1998</TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18>
<P ALIGN="CENTER">3</TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="75%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="86%" VALIGN="TOP" COLSPAN=7 HEIGHT=18>
<P>  Statements of Changes in Net Assets Available for Benefits</TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="86%" VALIGN="TOP" COLSPAN=7 HEIGHT=18>
<P>     for the years ended December 31, 1999 and 1998</TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18>
<P ALIGN="CENTER">4</TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="75%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="86%" VALIGN="TOP" COLSPAN=7 HEIGHT=18>
<P>  Notes to Financial Statements</TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18>
<P ALIGN="CENTER">5-15</TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="75%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="75%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="86%" VALIGN="TOP" COLSPAN=7 HEIGHT=18>
<P>Supplemental Schedules:</TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="75%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="86%" VALIGN="TOP" COLSPAN=7 HEIGHT=18>
<P>  Schedule of Assets Held for Investment Purposes at End of Year,</TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="86%" VALIGN="TOP" COLSPAN=7 HEIGHT=18>
<P>     December 31, 1999</TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18>
<P ALIGN="CENTER">16</TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="75%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="86%" VALIGN="TOP" COLSPAN=7 HEIGHT=18>
<P>  Schedule of Reportable Transactions for the year ended</TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="86%" VALIGN="TOP" COLSPAN=7 HEIGHT=18>
<P>     December 31, 1999</TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18>
<P ALIGN="CENTER">17</TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="75%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="86%" VALIGN="TOP" COLSPAN=7 HEIGHT=18>
<P>Signatures</TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18>
<P ALIGN="CENTER">18</TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="75%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="86%" VALIGN="TOP" COLSPAN=7 HEIGHT=18>
<P>Exhibit Index</TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18>
<P ALIGN="CENTER">19</TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="75%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="86%" VALIGN="TOP" COLSPAN=7 HEIGHT=18>
<P>Consent of Independent Accountants</TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18>
<P ALIGN="CENTER">20</TD>
</TR>
</TABLE>


<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<B><FONT SIZE=4><P ALIGN="CENTER">Report of Independent Accountants</P>
</B></FONT>
<P>To the Retirement and Savings Plan Committee<BR>
Humana Inc.</P>
<P ALIGN="JUSTIFY">In our opinion, the accompanying statements of net assets available for benefits and the related statements of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits
of the Humana Retirement and Savings Plan (the Plan) at December&nbsp;31, 1999 and 1998 and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States. These
financial statements are the responsibility of the Plan's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with auditing standards
generally accepted in the United States, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation.  We believe that our audits provide a
reasonable basis for the opinion expressed above.</P>
<P ALIGN="JUSTIFY">Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes at end of year and of reportable transactions are
presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan's management.  The supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and,
in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P>May 4, 2000, except for the information<BR>
     in Note&nbsp;4, as to which the date is<BR>
     June 21, 2000</P>
<FONT SIZE=2>
</FONT><B><FONT SIZE=4><P>Humana Retirement and Savings Plan</P>
<P>Statements of Net Assets Available for Benefits</P>
</B></FONT><I><FONT SIZE=2><P>December 31, 1999 and 1998</P>
</I></FONT><P ALIGN="JUSTIFY"></P>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=728>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="31%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">1999</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">1998</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="31%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Participant</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Nonparticipant</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Participant</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Nonparticipant</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP" COLSPAN=5 HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">ASSETS</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Directed</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Directed</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Total</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Directed</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Directed</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="31%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP" COLSPAN=5 HEIGHT=15>
<FONT SIZE=1><P>Investments, at fair value:</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP" COLSPAN=5 HEIGHT=15>
<FONT SIZE=1><P>Plan interest in Master Trust</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$ 443,072,821</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$       30,469,324 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$ 473,542,145</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$    416,335,057</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$       60,684,766 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$  477,019,823</FONT></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="31%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP" COLSPAN=5 HEIGHT=15>
<FONT SIZE=1><P>Other assets allocated from Master Trust:</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" COLSPAN=3 HEIGHT=15>
<FONT SIZE=1><P>Cash</FONT></TD>
<TD WIDTH="31%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">             46,202 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">             46,202 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">           2,919,076 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">        2,919,076 </FONT></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="35%" VALIGN="TOP" COLSPAN=4 HEIGHT=15>
<FONT SIZE=1><P>Due from brokers for securities sold</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">                43,684 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">             43,684 </FONT></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="35%" VALIGN="TOP" COLSPAN=4 HEIGHT=15>
<FONT SIZE=1><P>Receivable from participating employers for participant</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="35%" VALIGN="TOP" COLSPAN=4 HEIGHT=15>
<FONT SIZE=1><P>     withholdings and employers' contributions</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">      18,170,257 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">              523,776 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">      18,694,033 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">         15,021,728 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">              895,375 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">      15,917,103 </FONT></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="35%" VALIGN="TOP" COLSPAN=4 HEIGHT=15>
<FONT SIZE=1><P>Accrued interest and dividends</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">        29,313</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">        29,313</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">           6,673,722</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">        6,673,722</FONT></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="31%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="35%" VALIGN="TOP" COLSPAN=4 HEIGHT=15>
<FONT SIZE=1><P>Total assets</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">    461,318,593 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">         30,993,100 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">    492,311,693 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">       440,993,267 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">         61,580,141 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">    502,573,408 </FONT></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="31%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="31%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP" COLSPAN=5 HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">LIABILITIES AND NET ASSETS</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP" COLSPAN=5 HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">AVAILABLE FOR BENEFITS</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="31%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP" COLSPAN=5 HEIGHT=15>
<FONT SIZE=1><P>Liabilities allocated from Master Trust:</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="35%" VALIGN="TOP" COLSPAN=4 HEIGHT=15>
<FONT SIZE=1><P>Accrued expenses</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">           161,601 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">           161,601 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">              433,772 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">           433,772 </FONT></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="35%" VALIGN="TOP" COLSPAN=4 HEIGHT=15>
<FONT SIZE=1><P>Forfeited employers' contributions available to </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="35%" VALIGN="TOP" COLSPAN=4 HEIGHT=15>
<FONT SIZE=1><P>     reduce future employers' contributions</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">             86,408 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">              841,904 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">           928,312 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">              157,576 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">              441,651 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">           599,227 </FONT></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="31%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="35%" VALIGN="TOP" COLSPAN=4 HEIGHT=15>
<FONT SIZE=1><P>Total liabilities</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">           248,009 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">              841,904 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">        1,089,913 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">              591,348 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">              441,651 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">        1,032,999 </FONT></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="31%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP" COLSPAN=5 HEIGHT=15>
<FONT SIZE=1><P>Net assets available for benefits</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$  461,070,584 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="CENTER">$       30,151,196 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="CENTER">$  491,221,780 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$     440,401,919 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$       61,138,490 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$  501,540,409 </FONT></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="31%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=17>
<FONT SIZE=1><P>     </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=17><P></P></TD>
</TR>
</TABLE>

<P ALIGN="JUSTIFY"></P>
<FONT SIZE=2><P>&nbsp;</P>
</FONT><B><FONT SIZE=4><P>Humana Retirement and Savings Plan</P>
<P>Statements of Changes in Net Assets Available for Benefits</P>
</B></FONT><I><FONT SIZE=2><P>for the years ended December 31, 1999 and 1998</P>
</I></FONT><P ALIGN="JUSTIFY"></P>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=698>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<B><FONT SIZE=1><P ALIGN="CENTER">1999</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT SIZE=1><P ALIGN="CENTER">1998</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<B><FONT SIZE=1><P ALIGN="CENTER">Participant</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<B><FONT SIZE=1><P ALIGN="CENTER">Nonparticipant</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT SIZE=1><P ALIGN="CENTER">Participant</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
<B><FONT SIZE=1><P ALIGN="CENTER">Nonparticipant</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<B><FONT SIZE=1><P ALIGN="CENTER">Directed</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<B><FONT SIZE=1><P ALIGN="CENTER">Directed</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
<B><FONT SIZE=1><P ALIGN="CENTER">Total</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT SIZE=1><P ALIGN="CENTER">Directed</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
<B><FONT SIZE=1><P ALIGN="CENTER">Directed</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT SIZE=1><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" COLSPAN=5 HEIGHT=14>
<FONT SIZE=1><P>Additions:</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=4 HEIGHT=14>
<FONT SIZE=1><P>Investment income:</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 HEIGHT=14>
<FONT SIZE=1><P>Plan interest in Master Trust investment income:</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="30%" VALIGN="TOP" COLSPAN=2 HEIGHT=14>
<FONT SIZE=1><P>Interest and dividend income</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">$      8,742,479 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">$      8,742,479 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">$      9,498,903 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">$      9,498,903 </FONT></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="30%" VALIGN="TOP" COLSPAN=2 HEIGHT=14>
<FONT SIZE=1><P>Net appreciation in fair value of investments</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      20,439,180 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      20,439,180 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      34,661,708 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      34,661,708 </FONT></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      29,181,659 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">     29,181,659 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      44,160,611 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      44,160,611 </FONT></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=4 HEIGHT=14>
<FONT SIZE=1><P>Contributions:</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 HEIGHT=14>
<FONT SIZE=1><P>Contributions allocated from Master Trust:</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="30%" VALIGN="TOP" COLSPAN=2 HEIGHT=14>
<FONT SIZE=1><P>Participants</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      30,898,066 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">     30,898,066 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      29,012,463 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      29,012,463 </FONT></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="30%" VALIGN="TOP" COLSPAN=2 HEIGHT=14>
<FONT SIZE=1><P>Employers</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      16,894,944 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">$         9,514,732 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">     26,409,676 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      16,042,025 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">$       25,043,932 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      41,085,957 </FONT></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="30%" VALIGN="TOP" COLSPAN=2 HEIGHT=14>
<FONT SIZE=1><P>Forfeited employers' contributions</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">          (571,263)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">        (1,861,845)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">    (2,433,108)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">        (229,360)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">            (880,334)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">       (1,109,694)</FONT></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 HEIGHT=14>
<FONT SIZE=1><P>Transfer from ChoiceCare Plans</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      13,438,023 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      13,438,023 </FONT></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 HEIGHT=14>
<FONT SIZE=1><P>Transfer from PCA 401(k) Retirement Plan</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      17,348,163 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      17,348,163 </FONT></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P>Total additions</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      76,403,406 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">           7,652,887 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">     84,056,293 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">    119,771,925 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">         24,163,598 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">    143,935,523 </FONT></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" COLSPAN=5 HEIGHT=14>
<FONT SIZE=1><P>Deductions:</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=4 HEIGHT=14>
<FONT SIZE=1><P>Deductions allocated from Master Trust:</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 HEIGHT=14>
<FONT SIZE=1><P>Benefits paid to participants</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      54,808,714 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">           4,540,695 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">     59,349,409 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      79,483,111 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">         15,440,246 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      94,923,357 </FONT></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 HEIGHT=14>
<FONT SIZE=1><P>Administrative expenses</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">           933,178 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">                  (714)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">          932,464 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">           758,826 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">                   (394)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">           758,432 </FONT></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 HEIGHT=14>
<FONT SIZE=1><P>Plan interest in Master Trust investment income:</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 HEIGHT=14>
<FONT SIZE=1><P>  Net depreciation in fair value of investments</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">         34,093,049 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">     34,093,049 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">           4,800,467 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">        4,800,467 </FONT></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P>Total deductions</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      55,741,892 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">         38,633,030 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">     94,374,922 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      80,241,937 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">         20,240,319 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">    100,482,256 </FONT></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" COLSPAN=5 HEIGHT=14>
<FONT SIZE=1><P>Interfund transfers</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">               7,151 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">               (7,151)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">             10,914 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">              (10,914)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" COLSPAN=5 HEIGHT=14>
<FONT SIZE=1><P>Net increase (decrease)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      20,668,665 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">     (30,987,294)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">  (10,318,629)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      39,540,902 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">           3,912,365 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">      43,453,267 </FONT></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" COLSPAN=5 HEIGHT=14>
<FONT SIZE=1><P>Net assets available for benefits:</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=4 HEIGHT=14>
<FONT SIZE=1><P>Beginning of year</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">    440,401,919 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">         61,138,490 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">   501,540,409 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">    400,861,017 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">         57,226,125 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">    458,087,142 </FONT></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=4 HEIGHT=14>
<FONT SIZE=1><P>End of year</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">$  461,070,584 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">$       30,151,196 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">$ 491,221,780 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">$  440,401,919 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">$       61,138,490 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">$  501,540,409 </FONT></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10>
<FONT SIZE=1><P>    </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="1%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=10><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=2>
</FONT><B><FONT SIZE=4><P>Humana Retirement and Savings Plan</P>
<P>Notes to Financial Statements</P>
</FONT><DIR>

<P>1.&#9;&#9;Summary of Plan:</P>
</B><P ALIGN="JUSTIFY">The Humana Retirement and Savings Plan (the Plan) is a qualified, trusteed plan established for the benefit of the employees of Humana Inc. and its subsidiaries (the Company) and is subject to the Employee Retirement Income Security
Act of 1974 (ERISA). The Company is the sponsor of the Plan and is one of the nation's largest publicly traded health services companies that facilitates the delivery of health care services through a network of providers to its medical members.</P><DIR>

<B><P ALIGN="JUSTIFY">a.&#9;Contributions: </B>The Plan maintained two accounts, the Thrift Account and the Retirement Account, prior to January 1, 1994.  No further contributions were accepted into the Thrift Account subsequent to December 31, 1993, as a
new Pretax Savings Account was added to the Plan effective January 1, 1994.</P>
<P ALIGN="JUSTIFY">&#9;Any employee of the Company who is employed with a sponsoring employer is eligible to participate in the Plan's Pretax Savings Account.  A participant, through payroll deductions, may contribute not less than 1% nor more than 14% of
the participant's annual compensation, not to exceed the Section 402(g) (of the Internal Revenue Code of 1986) limitation in effect for the calendar year, which was $10,000 for 1999. Effective after January&nbsp; 1, 1998 on the date the Company so elects,
an automatic contribution in the amount of 3% of the participant's compensation shall be made beginning on the employee's date of hire, unless the employee elects not to participate in the Pretax Savings Account or elects a different percentage up to 6%.
As of December&nbsp;31, 1999, the Company had not elected to begin this automatic contribution. The Company's matching contribution is equal to 50% of the participant's contribution up to 6% of the participant's annual compensation for any participating
employee who has completed at least one year of service with at least 1,000 hours of service. The Board of Directors of the Company, at its option, may increase this matching percentage up to 100%. All matching contributions are funded bi-weekly and shall
be invested in the Humana Common Stock Fund.</P>
<P ALIGN="JUSTIFY">&#9;After an employee completes two years of service with a sponsoring employer and has complied with certain other service requirements, the Company makes annual contributions to the Retirement Account of the Plan equal to 4% of each
participating employee's qualifying compensation earned during the plan year, plus 4% of any compensation that exceeds the social security taxable wage base.  Contribution amounts are computed as of the end of each plan year and are nonforfeitable.</P>
<P ALIGN="JUSTIFY">&#9;On September&nbsp;15, 1998 the Company announced a one time special $1,000 contribution to each eligible employee of the Company, tied to each associate's vesting, who was employed on September 15, 1998. The total employer cost for
the special contribution was $15,403,000.</P>
<FONT SIZE=2></DIR>
</DIR>

</FONT><B><FONT SIZE=4><P>Humana Retirement and Savings Plan</P>
<P>Notes to Financial Statements, Continued</P>
</FONT><DIR>

<P>1.&#9;&#9;Summary of Plan, continued:</P><DIR>

<P ALIGN="JUSTIFY">a.&#9;Contributions, continued:  </B>Contributions to the Plan by or on behalf of employees may be restricted in amount and as to timing so as to meet various requirements of the Internal Revenue Code (IRC) of 1986  as amended.</P>
<P ALIGN="JUSTIFY">&#9;Each participant's account is credited with the participant's contributions and the Company's contributions and the allocations of plan earnings and charged with an allocation of administrative expenses.  Allocations are based on
participants' account balances.</P>
<P ALIGN="JUSTIFY">&#9;Participants may allocate contributions to the Pretax Savings Account and the Company's contribution to the Retirement Account among various investment options in 1% increments.  The Plan currently offers eight mutual funds and the
Humana Common Stock Fund as investment options to participants.  In the absence of such allocation, contributions are invested in the Interest Income Fund.  In connection with a change in allocation of a participant's or the Company's future contributions
among the nine investment options and a change in the investment of existing accounts (Transfers), the value of Transfers to or from the Humana Common Stock Fund will reflect the price or prices at which all shares are purchased, sold or transferred
before, on or after the participant's election rather than transferring strictly based on the value at the closing price.</P>
<P ALIGN="JUSTIFY">&#9;Employee contributions are nonforfeitable.  Participants who withdraw from the Pretax Savings Account prior to being credited with four years of participation or five years of service with the Company are eligible to receive
generally the value of employer contributions at the withdrawal date, exclusive of those made during the two years preceding withdrawal.  Employer contributions become totally nonforfeitable after the participant is credited with four years of
participation in the Plan or five years of service with the Company. Forfeited balances of terminated participants' nonvested accounts are used to reduce future Company contributions.  The benefit to which a participant is entitled is the benefit that can
be provided from the participant's vested account.</P>
<P ALIGN="JUSTIFY">&#9;Employer contributions forfeited as a result of withdrawal following termination of employment will be available to reduce the amount of subsequent employer contributions to the Pretax Savings Account. If a former participant is
re-employed prior to five consecutive one-year breaks in service and repays the amount of his/her distribution, then any forfeited employer contributions are restored to his/her account.</P>
<FONT SIZE=2></DIR>
</DIR>

</FONT><B><FONT SIZE=4><P>Humana Retirement and Savings Plan</P>
<P>Notes to Financial Statements, Continued</P>
</FONT><DIR>

<P>1.&#9;&#9;Summary of Plan, continued:</P><DIR>

<P ALIGN="JUSTIFY">b.&#9;Withdrawals: </B>The value of a participant's interest, including employer contributions, is generally payable upon the occurrence of one of the following events:  (1) the participant's retirement after attaining age 55; (2) a
determination by the Company upon competent medical or other evidence that, by reason of permanent and total disability, the participant is incapable of performing the duties of his/her work; or (3) the participant's death.</P>
<P ALIGN="JUSTIFY">&#9;A participant may generally withdraw an amount from the Thrift Account equal to the value of the participant's account as of the valuation date following the date the withdrawal request is received by the Plan Administrator.  In the
event funds are needed because of extreme financial hardship, as defined by law, the participant may be allowed to make a withdrawal of his/her vested account balance. In addition, the Plan contains restrictions relating to minimum withdrawals and the
frequency of withdrawals.</P>
<P ALIGN="JUSTIFY">&#9;Benefits under the Plan are payable to withdrawing participants, including retirees, as follows:</P><DIR>

<P>a.&#9;A lump-sum distribution in cash or, in the event of a distribution from the Humana Common Stock Fund, partially or totally in Humana common stock, or</P>
<P>b.&#9;Monthly, quarterly or annual installments for a period of 5, 10, 15 or 20 years not to exceed the life expectancy of the participant, or the joint and last survivor expectancy of the participant and designated beneficiary, or</P>
<P>c.&#9;A life annuity paid monthly or quarterly, or</P>
<P>d.&#9;A life annuity with guaranteed payments for a period of 5, 10, 15 or 20 years.</P></DIR>

<P ALIGN="JUSTIFY">&#9;The Plan permits the employee to roll over contributions from another qualified plan.  An employee must make a written request to the Plan for a rollover contribution.  These contributions must comply with certain requirements
before the Plan will authorize the rollover contribution.</P>
<P ALIGN="JUSTIFY">&#9;Participants may borrow from their fund accounts.  The aggregate of the loans to a participant shall not exceed the lesser of $50,000 or 50% of the vested portion of his/her participant contribution accounts, voluntary contribution
accounts, plus his/her employer Thrift and Pretax Savings Accounts to which he/she would be entitled to if he/she incurred a termination of employment.  The minimum a participant may borrow is $500.  Loan transactions are treated as a transfer to (from)
the various investment funds from (to) the Participant Notes Fund.  Loan terms range from one to four years or up to ten years for the purchase of a primary residence.  The loans are secured by the balance in the participant's account and bear interest at
a reasonable rate in accordance with the Department of Labor's Rules and Regulations for Reporting and Disclosure under ERISA, as determined by the Plan Administrator. Principal and interest are repaid ratably through payroll deductions.</P>
<FONT SIZE=2></DIR>
</DIR>

</FONT><B><FONT SIZE=4><P>Humana Retirement and Savings Plan</P>
<P>Notes to Financial Statements, Continued</P>
</FONT><DIR>

<P>2.&#9;&#9;Summary of Significant Accounting Policies:</P><DIR>

<P ALIGN="JUSTIFY">a.&#9;Basis of Accounting: </B>The financial statements of the Plan are prepared under the accrual method of accounting. Withdrawals by participants are recorded when paid. Purchases and sales of securities are recorded on a trade-date
basis.  Interest income is recorded on the accrual basis.  Dividends are recorded on the ex-dividend date.</P>
<B><P ALIGN="JUSTIFY">b.&#9;Valuation of Investments: </B>The fair value of the Plan's interest in the Master Trust is based on the beginning of the year value of the Plan's interest in the trust plus actual contributions and allocated investment income
(reported net of administrative expenses) less actual distributions.  Investments in securities traded on a national securities exchange are valued at the last reported sales price on the last business day of the year.  Securities traded in the
over-the-counter market and listed securities for which no sale was reported on that date are valued at the mean between the last reported bid and asked prices.  Securities for which no market quotation was readily available are valued at fair value as
determined by National City Trust, the trustee.  Shares of registered investment companies are valued at quoted market prices which represent the net asset value of shares held by the Plan at year end. The Company stock is valued at its quoted market
price.  Participant notes receivable and investments in money market funds are valued at cost which approximates fair value.</P>
<P ALIGN="JUSTIFY">&#9;Traditional and synthetic guarateed investment contracts (GICs) with banks and insurance companies are fully benefit responsive and are carried at contract value, which represents contributions, plus interest earned at specified
rates, less withdrawals and administrative expenses.  The collateralized mortgage obligations, bonds and asset backed securities are recorded at fair value.  These securities are not listed on a national securities exchange.  The fair values represent the
mean
of bid and asked prices obtained from certified investment brokers.</P>
<P ALIGN="JUSTIFY">&#9;The Plan presents in the accompanying statements of changes in net assets available for benefits the net appreciation or depreciation in fair value of investments which consists of both realized gains or losses and unrealized
appreciation or depreciation.</P>
<B><P ALIGN="JUSTIFY">c.&#9;Management Estimates: </B>The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of net assets
available for benefits and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of additions to and deductions from net assets during the reporting periods. Actual results could differ from those
</TR>
</FONT><B><FONT SIZE=4><P>Humana Retirement and Savings Plan</P>
<P>Notes to Financial Statements, Continued</P>
</FONT><DIR>

<P>2.&#9;&#9;Summary of Significant Accounting Policies, continued:</P><DIR>

<P ALIGN="JUSTIFY">d.&#9;Reclassification: </B>The accompanying financial statements for 1998 have been revised to conform with certain reclassifications in 1999. These reclassifications had no effect on net assets available for benefits or changes in net
assets available for benefits as previously reported.</P>
<P ALIGN="JUSTIFY"></P></DIR>

<B><P>3.&#9;&#9;Merger:</P>
</B><P ALIGN="JUSTIFY">On September&nbsp;1, 1998, the assets of ChoiceCare Corporation's, a wholly-owned subsidiary of Humana Inc., ChoiceCare Savings Plan and ChoiceCare Money Purchase Pension Plan were merged with the Plan. The market value of the
assets transferred was as follows:</P></DIR>

<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=582>
<TR><TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="31%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>ChoiceCare Savings Plan</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$        8,318,019 </FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="44%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT SIZE=2><P>ChoiceCare Money Purchase Pension Plan</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">5,120,004 </FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="31%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="31%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$      13,438,023 </FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="31%" VALIGN="TOP" HEIGHT=12>
<FONT SIZE=2><P>  </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
</TABLE>
<DIR>

<P ALIGN="JUSTIFY">On September&nbsp;1, 1998, the assets of Physician Corporation of America's, a then wholly-owned subsidiary of Humana Inc., PCA 401(k) Retirement Plan were merged with the Plan. The market value of the assets transferred was $17,348,163.
</P>
<P ALIGN="JUSTIFY"></P>
<B><P>4.&#9;&#9;Investments:</P>
</B><P ALIGN="JUSTIFY">Effective January&nbsp;1, 1998, the Plan's investment assets are held in the Humana Retirement and Savings Master Trust (Master Trust) by a custodian trust company. Earnings of the Master Trust are allocated between the Plan and the
Humana Puerto Rico 1165(e) Retirement Plan based on each plan's investment balance to the total Master Trust investment balance. Earnings are further allocated to the respective participants based on each participant's respective asset total to total plan
assets.</P>
<P ALIGN="JUSTIFY">The following table presents the fair value/contract value of investments at December&nbsp;31, 1999 and 1998.  Investments that represent 5% or more of the Plan's net assets have been separately identified.</P></DIR>

<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=555>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=2><P ALIGN="CENTER">1999</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=2><P ALIGN="CENTER">1998</B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=2><P ALIGN="CENTER">Fair Value/</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=2><P ALIGN="CENTER">Fair Value/</B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=12>
<B><FONT SIZE=2><P ALIGN="CENTER">Contract Value</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=12>
<B><FONT SIZE=2><P ALIGN="CENTER">Contract Value</B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Investments, at fair value:</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Plan interest in Master Trust</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$473,542,145 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$477,019,823</P>
<P ALIGN="RIGHT"> </FONT></TD>
</TR>
</TABLE>
<DIR>

<P ALIGN="JUSTIFY">During 1999 and 1998, the Plan's investments, including investments bought, sold, and held during the year, appreciated (depreciated) in value $(13,653,869) and $29,861,241, respectively.</P>
<P ALIGN="JUSTIFY">As of December&nbsp;31, 1999 and 1998, the Plan's interest in the Master Trust was 99.74% and 99.77%, respectively. Investment income, administrative expenses and realized gains or losses related to the Master Trust are allocated
monthly to the individual plans based upon the beginning monthly balances invested by each plan.</P>
<FONT SIZE=2></DIR>

</FONT><B><FONT SIZE=4><P>Humana Retirement and Savings Plan</P>
<P>Notes to Financial Statements, Continued</P>
</FONT><DIR>

<P>4.&#9;&#9;Investments, continued:</P>
</B><P ALIGN="JUSTIFY">The Plan enters into arrangements known as synthetic GICs which are investment contracts that simulate the performance of traditional GICs through the use of financial instruments. The assets are held in trust for the Plan by the
issuer of the investment contract. The Plan then enters into a benefit responsive "wrapper" contract with a third-party such as a financial institution or an insurance company which guarantees the Plan a specific value and rate of return for the assets
held in trust. The underlying financial instrument held in trust and the wrapper contract are presented together in the financial statements at contract value. The wrapper contract is valued at the difference between the fair value of the trust assets and
the contract value attributable by the wrapper to such assets and is $1,694,942.</P>
<P ALIGN="JUSTIFY">The fair value of the investments carried at contract value in the Master Trust at December&nbsp;31, 1999 and 1998 was $84,979,712 and $85,386,082, respectively. The average yield and crediting interest rate approximated 6.1% and 6.7%
for 1999 and 1998, respectively.</P>
<P ALIGN="JUSTIFY">The per share closing price of the Company's common stock was $8.188 and $17.813 on December&nbsp;31, 1999 and 1998, respectively. On May&nbsp;4, 2000 and June 21, 2000, the per share closing price of the Company's common stock was
$6.625 and $4.9375, respectively.</P>
<FONT SIZE=2></DIR>

</FONT><B><FONT SIZE=4><P>Humana Retirement and Savings Plan</P>
<P>Notes to Financial Statements, Continued</P>
</FONT><DIR>

<P>4.&#9;&#9;Investments, continued:</P>
</B><P ALIGN="JUSTIFY">The fair value of net assets available for benefits of the Master Trust as of December&nbsp;31, 1999 and 1998 is described in the following table:</P></DIR>

<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=632>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=2><P ALIGN="CENTER">ASSETS</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=2><P ALIGN="CENTER">1999</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=2><P ALIGN="CENTER">1998</B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=5><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Investments, at fair value:</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>  Common stocks:</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     Humana Inc. Common Stock</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$ 55,132,473 </FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$105,495,230 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Mutual funds:</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     State Street Flagship Domestic Index Fund</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">100,910,657 </FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">86,633,614 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     Pimco Funds</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">2,906,154 </FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">3,050,622 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     Invesco Value Trustee Fund</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">28,347,797 </FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">30,449,405 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     IDS New Dimensions Fund</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">15,737,850 </FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">8,702,265 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     Harbor International Fund</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">29,645,520 </FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">25,409,546 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     Blackrock Fund</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">33,025,853 </FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">38,262,087 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     Fidelity Contrafund</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">109,773,100 </FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">84,561,632 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">375,479,404 </FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">382,564,401 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Obligations due within one year:</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>  Armada Money Market Fund</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">2,807,680 </FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">3,059,358 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Investment contracts - banks:</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>  Bank of America</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">3,561,917</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>  Bankers Trust Co.</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">6,245,734</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">6,696,023 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>  Caisse Des Depots (CDC)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">6,821,756 </FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">8,688,302 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>  State Street Bank &amp; Trust</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">3,243,825</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="CENTER"> </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=12>
<B><FONT SIZE=2><P>  </B>UBS AG</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=12>
<FONT SIZE=2><P ALIGN="RIGHT">12,153,012</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">32,026,244</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">15,384,325</FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Participant notes receivable:</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>  Various</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">9,674,664 </FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">8,850,022 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="63%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">419,987,992</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">409,858,106</FONT></TD>
</TR>
</TABLE>

<P ALIGN="JUSTIFY"></P>
<FONT SIZE=2><P>&nbsp;</P>
</FONT><B><FONT SIZE=4><P>Humana Retirement and Savings Plan</P>
<P>Notes to Financial Statements, Continued</P>
</FONT><DIR>

<P>4.&#9;&#9;Investments, continued:</P></DIR>
</B>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=587>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=2><P ALIGN="CENTER">ASSETS</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=2><P ALIGN="CENTER">1999</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=2><P ALIGN="CENTER">1998</B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Investments, at contract value:</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>  Investments contracts - insurance companies:</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     Allstate Life Insurance Co.</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$ 3,826,207 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$ 3,578,570 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     Allstate Life Insurance Co.</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">4,990,160 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">4,719,627 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     Continental Assurance Co.</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">3,056,333 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     Continental Assurance Co. Synthetic GIC</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">11,039,562 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">1,196,714 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     Jackson National Life GIC</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">3,365,280 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     Jackson National Life, Synthetic GIC</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">14,250,356 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     John Hancock Mutual Life</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">5,048,866 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">4,788,718 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     Lincoln National Life Insurance Co.</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">1,000,445 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     Metropolitan Life Insurance Co. Group Annuity</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">777,009 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">777,009 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     Metropolitan Life Insurance Co. Group Annuity</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">2,051,136 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">2,051,817 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     Monumental Life Insurance Co.</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">2,303,510 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">2,146,829 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     Monumental Life Insurance Co., Synthetic GIC</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">15,783,855 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">15,859,549 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     New York Life Insurance Co., Group Annuity</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">555,945 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">3,163,192 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     New York Life Insurance Co., Group Annuity</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">1,518,233 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">3,036,565 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     Prudential Insurance Co.</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">4,143,001 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">2,085,499 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     TransAmerica Accidental Life Insurance Co.</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">2,121,452 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">2,121,043 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     United of Omaha Life Insurance Co.</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">504,564 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">1,007,078 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     Various</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">5 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">54,663,500</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">68,204,629 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Total investments</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">474,651,492</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">478,062,735</FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Cash</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">46,202 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">2,919,076 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Due from brokers for securities sold</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">43,684 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Receivable from participating employers for participant</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     withholdings and employers' contributions</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">18,888,324 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">16,056,246 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Accrued interest and dividends</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">29,538</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">6,678,068 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Total assets</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">493,615,556 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">503,759,809 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12>
<B><FONT SIZE=2><P ALIGN="CENTER">  </B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=2><P ALIGN="CENTER">LIABILITIES AND NET ASSETS</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=2><P ALIGN="CENTER">AVAILABLE FOR BENEFITS</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Accrued expenses</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">161,772 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">433,908 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Forfeited employers' contributions available to reduce future</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>     employers' contributions</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">928,312 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">602,322 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Total liabilities</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">1,090,084 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">1,036,230 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Net assets available for benefits</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$492,525,472 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$502,723,579 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="60%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12>
<B><FONT SIZE=2><P ALIGN="CENTER">  </B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=2>
</FONT><B><FONT SIZE=4><P>Humana Retirement and Savings Plan</P>
<P>Notes to Financial Statements, Continued</P>
</FONT><DIR>

<P>4.&#9;&#9;Investments, continued:</P>
</B><P ALIGN="JUSTIFY">The changes in net assets available for benefits of the Master Trust for the year ended December&nbsp; 31, 1999 and 1998 are as follows:</P></DIR>

<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=577>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=2><P ALIGN="CENTER">1999</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=2><P ALIGN="CENTER">1998</B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=6 HEIGHT=15>
<FONT SIZE=2><P>Additions:</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=6 HEIGHT=15>
<FONT SIZE=2><P>  Investment income:</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=6 HEIGHT=15>
<FONT SIZE=2><P>  Net appreciation in fair value of investments</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$      29,880,366 </FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=5 HEIGHT=15>
<FONT SIZE=2><P>  Interest</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$ 6,618,718 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">6,937,734 </FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=6 HEIGHT=15>
<FONT SIZE=2><P>  Dividends</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">2,142,796 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">2,562,800 </FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">8,761,514 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">39,380,900 </FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=6 HEIGHT=15>
<FONT SIZE=2><P>Transfer from participating plans for contributions:</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=6 HEIGHT=15>
<FONT SIZE=2><P>  Participants</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">31,162,863 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">29,231,431 </FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=6 HEIGHT=15>
<FONT SIZE=2><P>  Employers</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">26,700,388 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">41,693,083 </FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=6 HEIGHT=15>
<FONT SIZE=2><P>  Forfeited employers' contributions</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">(2,485,816)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">(1,111,623)</FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=6 HEIGHT=15>
<FONT SIZE=2><P>Transfer from ChoiceCare Plans</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">13,438,023 </FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=6 HEIGHT=15>
<FONT SIZE=2><P>Transfer from Merrill Lynch Trust</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">345,082 </FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=6 HEIGHT=15>
<FONT SIZE=2><P>Transfer from PCA 401(k) Retirement Plan</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="CENTER"> </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">17,348,163 </FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=6 HEIGHT=15>
<FONT SIZE=2><P>          Total additions</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">64,138,949 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">140,325,059 </FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=6 HEIGHT=15>
<FONT SIZE=2><P>Deductions:</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=6 HEIGHT=15>
<FONT SIZE=2><P>  Transfer to participating plans for benefit payments</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">59,469,206 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">94,929,814 </FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=6 HEIGHT=15>
<FONT SIZE=2><P>  Administrative expenses</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">933,402 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">758,808 </FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=6 HEIGHT=15>
<FONT SIZE=2><P>  Net depreciation in fair value of investments</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">13,934,448 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="CENTER"> </FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=6 HEIGHT=15>
<FONT SIZE=2><P>          Total deductions</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">74,337,056 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">95,688,622 </FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=6 HEIGHT=15>
<FONT SIZE=2><P>            Net increase (decrease)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">(10,198,107)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">44,636,437 </FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=6 HEIGHT=15>
<FONT SIZE=2><P>Net assets available for benefits:</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=6 HEIGHT=15>
<FONT SIZE=2><P>  Beginning of year</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">502,723,579 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">458,087,142 </FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" COLSPAN=6 HEIGHT=15>
<FONT SIZE=2><P>  End of year</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$492,525,472 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$502,723,579 </FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>  </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
</TABLE>

<B>
</B><FONT SIZE=2><P>&nbsp;</P>
</FONT><B><FONT SIZE=4><P>Humana Retirement and Savings Plan</P>
<P>Notes to Financial Statements, Continued</P>
</FONT><DIR>

<P>5.&#9;&#9;Reconciliation of Financial Statements to Form 5500:</P>
</B><P ALIGN="JUSTIFY">The following is a reconciliation of net assets available for benefits per the accompanying financial statements to the Form 5500:</P></DIR>

<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=575>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2 HEIGHT=18>
<B><FONT SIZE=2><P ALIGN="CENTER">December 31,</B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=2><P ALIGN="CENTER">1999</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=2><P ALIGN="CENTER">1998</B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Net assets available for benefits per the</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>financial statements</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$491,221,780 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$501,540,409 </FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Amount allocated to withdrawing participants</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">(789,986)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">(3,599,673)</FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Net assets available for benefits per the Form 5500</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$490,431,794 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$497,940,736 </FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="59%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=18>
<FONT SIZE=2><P>  </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
</TABLE>

<P ALIGN="JUSTIFY"></P><DIR>

<P ALIGN="JUSTIFY">The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500:</P></DIR>

<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=606>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="56%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<B><FONT SIZE=2><P ALIGN="CENTER">For the Year Ended December 31, </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="56%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=2><P ALIGN="CENTER">1999</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=2><P ALIGN="CENTER">1998</B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="56%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="56%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Benefits paid to participants per the financial statements</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$ 59,349,409 </FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$ 94,923,357 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="56%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Add:  Amounts allocated to withdrawing</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="56%" VALIGN="TOP" HEIGHT=15><DIR>
<DIR>

<FONT SIZE=2><P>participants at end of year</DIR>
</DIR>
</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">789,986 </FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">3,599,673 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="56%" VALIGN="TOP" HEIGHT=18>
<FONT SIZE=2><P>Less: Amounts allocated to withdrawing</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=18>
<FONT SIZE=2><P>  </FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="56%" VALIGN="TOP" HEIGHT=18><DIR>
<DIR>

<FONT SIZE=2><P>participants at beginning of year</DIR>
</DIR>
</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=18>
<FONT SIZE=2><P ALIGN="RIGHT">(3,599,673)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=18>
<FONT SIZE=2><P ALIGN="RIGHT">(6,967,433)</FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="56%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="56%" VALIGN="TOP" HEIGHT=18>
<FONT SIZE=2><P>Benefits paid to participants per the Form 5500</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=18>
<FONT SIZE=2><P ALIGN="RIGHT">$ 56,539,722 </FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=18>
<FONT SIZE=2><P ALIGN="RIGHT">$ 91,555,597 </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="56%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=18>
<FONT SIZE=2><P>   </FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
</TABLE>
<DIR>

<P ALIGN="JUSTIFY">Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31 but not yet paid as of that date.</P>
<P ALIGN="JUSTIFY"></P>
<B><P>6.&#9;&#9;Income Tax Status:</P>
</B><P ALIGN="JUSTIFY">The Internal Revenue Service (IRS) has determined, and informed the Company by a letter dated December&nbsp;15, 1999, that the Plan and related Master Trust are designed in accordance with applicable sections of the IRC. The Plan
has been amended since receiving the determination letter; however, the Plan Administrator and the Plan's Tax Counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.</P>
<FONT SIZE=2></DIR>

</FONT><B><FONT SIZE=4><P>Humana Retirement and Savings Plan</P>
<P>Notes to Financial Statements, Continued</P>
</FONT><DIR>

<P>7.&#9;&#9;Plan Termination:</P>
</B><P ALIGN="JUSTIFY">Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. If the Plan is terminated, the
interest of each participant would continue to be nonforfeitable and would be distributed as determined by the Company.</P>
<P ALIGN="JUSTIFY"></P>
<B><P>8.&#9;&#9;Related Party Transactions:</P>
</B><P ALIGN="JUSTIFY">Administrative expenses of the Plan are paid by the Plan and allocated to the participants' accounts.</P>
<P ALIGN="JUSTIFY"></P>
<FONT SIZE=2><P>&nbsp;</P></DIR>

</FONT><B><FONT SIZE=4><P>Humana Retirement and Savings Plan</P>
<P>Plan #002  EIN #61-0647538</P>
</FONT><FONT SIZE=4><P>Schedule H, Line 4i - Schedule of Assets Held for Investment Purposes at End of Year</P>
</B></FONT><I><FONT SIZE=2><P>December 31, 1999</P>
</I></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=597>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="44%" VALIGN="TOP" HEIGHT=18>
<B><FONT SIZE=2><P ALIGN="CENTER">Description of Investment Including</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=18>
<B><FONT SIZE=2><P ALIGN="CENTER">Fair Value/</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="44%" VALIGN="TOP" HEIGHT=18>
<B><FONT SIZE=2><P ALIGN="CENTER">Maturity Date, Rate of Interest,</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=18>
<B><FONT SIZE=2><P ALIGN="CENTER">Contract</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=18>
<B><FONT SIZE=2><P ALIGN="CENTER">Issuer</B></FONT></TD>
<TD WIDTH="44%" VALIGN="TOP" HEIGHT=18>
<B><FONT SIZE=2><P ALIGN="CENTER">Collateral, Par or Maturity Value</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=18>
<B><FONT SIZE=2><P ALIGN="CENTER">Value</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="44%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=18>
<FONT SIZE=2><P>Investments, at fair value:</FONT></TD>
<TD WIDTH="44%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=18>
<FONT SIZE=2><P>   Plan interest in Master Trust</FONT></TD>
<TD WIDTH="44%" VALIGN="TOP" HEIGHT=18>
<FONT SIZE=2><P>&#9;&#9;&#9;Various</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=18>
<FONT SIZE=2><P ALIGN="RIGHT">$473,542,145</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2>
<P>&nbsp;</P>
</FONT><B><FONT SIZE=4><P>Humana Retirement and Savings Plan</P>
<P>Plan #002  EIN #61-0647538</P>
<P>Schedule H, Line 4j - Schedule of Reportable Transactions</P>
</B></FONT><I><FONT SIZE=2><P>for the year ended December 31, 1999</P>
</I>
<P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=734>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Current Value</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Expense</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">of Asset on</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Purchase</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Selling</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Lease</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Incurred With</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Cost of</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Transaction</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Net</B></FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Identity of Party Involved</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Description of Asset</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Price</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Price</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Rental</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Transaction</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Asset</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Date</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P ALIGN="CENTER">Gain (Loss)</B></FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=18>
<B><FONT SIZE=1><P ALIGN="CENTER">  </B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=18>
<FONT SIZE=1><P>No reportable transactions.</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=2>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
</FONT><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<B><FONT SIZE=4><P ALIGN="CENTER">Signatures</P>
<P ALIGN="CENTER"></P>
</B></FONT><P ALIGN="JUSTIFY">Pursuant to the requirements of the Securities Exchange Act of 1934, the Humana Retirement and Savings Plan has duly caused this report to be signed by the undersigned thereunto duly authorized.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">HUMANA RETIREMENT AND SAVINGS PLAN</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">BY:</P>
<P ALIGN="JUSTIFY"></P>
<P>_____________________<BR>
James E. Murray<BR>
Chief Operating Officer - Health Plan Division and<BR>
Chief Financial Officer<BR>
</P>

<P>June 23, 2000</P>
<P ALIGN="RIGHT"></P>

</FONT></BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>0002.txt
<TEXT>

Exhibit 23

             CONSENT OF INDEPENDENT ACCOUNTANTS

We hereby consent to the incorporation by reference in
the Registration Statement on Form S-8 (No. 33-49305)
of Humana Inc. of our report dated May 4, 2000
relating to the financial statements and supplemental
schedules of the Humana Retirement and Savings Plan as
of and for the years ended December 31, 1999 and 1998
which appear in this Form 11-K.




PricewaterhouseCoopers LLP
Louisville, KY
June 23, 2000


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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