State of Louisiana Informs Catalyst Rx of Intent to Award Pharmacy Benefit Management Contract

HealthExtras, Inc. (NASDAQ: HLEX), a pharmacy benefit management company, today announced that the State of Louisiana will award a new contract to Catalyst Rx, the Company’s pharmacy benefit management subsidiary. The award is subject to final contract execution and is expected to be effective July 1, 2007. The contract covers more than 225,000 beneficiaries.

“We are pleased that the State of Louisiana has again selected Catalyst Rx at the conclusion of its competitive bidding process. We look forward to continuing our success in working with the State to deliver cost-effective pharmacy benefits to employees and other beneficiaries,” said David T. Blair, Chief Executive Officer of HealthExtras.

The Company will provide an update on these and other corporate developments in conjunction with its upcoming quarterly conference call scheduled for February 27, 2007.

About HealthExtras (www.healthextras.com)

HealthExtras, Inc. is a full-service pharmacy management company. Its clients include self-insured employers, including state and local governments, third-party administrators, managed care organizations and individuals. The Company’s integrated pharmacy benefit management services marketed under the name Catalyst Rx include: claims processing, benefit design consultation, drug utilization review, formulary management, drug data analysis services and mail order services. Additionally, the Company operates a national retail pharmacy network with over 57,000 participating pharmacies.

This press release may contain forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described in HealthExtras’ filings with the Securities and Exchange Commission.