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<P ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As filed with the Securities
and Exchange Commission on November 18, 2003 </FONT></P>

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<H1 ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registration No.
333-__________ </FONT></H1>

<HR SIZE="2">

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>SECURITIES AND
EXCHANGE COMMISSION <BR>Washington, D.C. 20549 </FONT></H1>

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     <P ALIGN=CENTER>_________________ </P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>FORM S-8 <BR>REGISTRATION STATEMENT
UNDER <BR>THE SECURITIES ACT OF
1933 </FONT></H1>

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     <P ALIGN=CENTER>_________________ </P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>EXPRESS SCRIPTS, INC. </B>
</FONT> <BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Exact name of
registrant as specified in its charter)  </FONT></P>




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<TR VALIGN=Bottom>
     <TD WIDTH="60%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Delaware</B> </FONT></TD>
     <TD WIDTH="7%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TD>
     <TD WIDTH="30%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>43-1420563</B> </FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(State or other jurisdiction of incorporation <BR>or organization)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(I.R.S. Employer Identification No.)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>13900 Riverport Drive
<BR>Maryland Heights,
Missouri 63043</B> </FONT> <BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Address of principal executive offices, including zip code) </FONT> </P>

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     <P ALIGN=CENTER>_________________ </P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>AMENDED AND RESTATED
EXPRESS SCRIPTS, INC.<BR>EXECUTIVE DEFERRED COMPENSATION PLAN</B>
</FONT> <BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Full title of the plan)</FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Thomas M. Boudreau,
Esq. <BR>Senior Vice President,
General Counsel and Secretary <BR>Express Scripts, Inc. <BR>13900 Riverport Drive <BR>Maryland Heights,
Missouri 63043 <BR>(314) 770-1666<BR></B>
</FONT>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Name, address and
telephone number, including area code, of agent for service)</FONT></P>



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<TR VALIGN=Top>
     <TH COLSPAN=10><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CALCULATION OF REGISTRATION FEE</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Top>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title of Securities<BR>
to be Registered<BR><BR></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amount to be<BR>
Registered (1)<BR><BR></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proposed Maximum<BR>
Offering Price Per<BR>
Obligation (2)</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proposed Maximum<BR>
Aggregate Offering Price (2)</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amount of<BR>
Registration<BR>
Fee<BR></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="24%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred Compensation</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="16%" ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$50,000,000 (3)</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$50,000,000</FONT></TD>
        <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$4,045.00</FONT></TD>
        <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Obligations (3)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=10><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Common Stock, par</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>650,000 shares (5)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$55.69 (6)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$36,198,500</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$2,928.00</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>value $0.01 per share and</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Preferred Stock Purchase</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Rights (4)(5)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=10><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Registration Fee:</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$6,973.00</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR>
     <TD COLSPAN=10><HR NOSHADE COLOR=Black SIZE=1></TD></TR>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          This registration statement registers an additional $50,000,000 of Deferred
          Compensation Obligations and 650,000 shares of Common Stock $0.01 par value of
          the registrant for which a registration statement filed on this form relating to
          the Amended and Restated Express Scripts, Inc. Executive Deferred Compensation
          Plan (the &#147;Plan&#148;) is effective. We previously registered $8,000,000 of
          Deferred Compensation Obligations and 50,000 shares of Common Stock for issuance
          under the Plan on Form S-8 on February 16, 1999 (the 50,000 shares were
          subsequently increased to 100,000 shares pursuant to the antidilution provisions
          of the Plan as the result of a split of Express Scripts Class A Common Stock and
          which class of Class A Common Stock was subsequently reclassified as Common
          Stock). We will have an aggregate of $58,000,000 of Deferred Compensation
          Obligations and 750,000 shares registered and reserved for issuance pursuant to
          the Plan upon the effectiveness of this registration statement. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Estimated solely for the purpose of calculating the registration fee pursuant to
          Rule 457(c) and Rule 457(h). </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Deferred Compensation Obligations are unsecured obligations of Express
          Scripts, Inc. to pay deferred compensation in the future in accordance with the
          terms of the Plan. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Preferred stock purchase rights are attached to and trade with the Common Stock.
          The value attributable to preferred stock purchase rights, if any, is reflected
          in the market price of the Common Stock. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The registration statement also includes such additional shares of Common Stock
          and attached preferred stock purchase rights as may be issuable pursuant to the
          antidilution provisions of the Plan. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The proposed maximum offering price per share represents the average of the high
          and low sale prices of the Company&#146;s Common Stock on November 11, 2003, as
          reported by The Nasdaq National Market, for the shares reserved for issuance
          pursuant to the Plan. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Part II </FONT></H1>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INFORMATION REQUIRED IN
THE REGISTRATION STATEMENT </FONT></H1>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 3. Incorporation of
Documents by Reference. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following documents that Express Scripts, Inc. (the &#147;Company&#148; or the
&#147;Registrant&#148;) has filed with the Securities and Exchange Commission (the
&#147;Commission&#148;) under File No. 0-20199 are incorporated in this Registration
Statement by reference and made a part hereof (except for the portions of the
Company&#146;s Current Reports on Form 8-K furnished pursuant to Item 9 or Item 12
thereof): </FONT></P>


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<TR VALIGN=Bottom>
     <TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)<BR></FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="90%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Annual report on Form 10-K for the year ended December 31, 2002.<BR></FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>(b)<BR></FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Quarterly report on Form 10-Q for the quarter ended March 31, 2003.<BR></FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>(c)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Quarterly report on Form 10-Q for the quarter ended June 30, 2003.</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>(d)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Quarterly report on Form 10-Q for the quarter ended September 30, 2003.</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="Top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>(e)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Current Report on Form 8-K dated October 29, 2003 and filed October 30, 2003; Current Report on Form 8-K
dated September 25, 2003 and filed September 25, 2003; Amended Current Report on Form 8-K/A dated July 30, 2003 and filed July 30, 2003; Current Report on Form 8-K dated July 24, 2003
 and filed July 24, Current Report on Form 8-K dated June 20, 2003 and filed June 20, 2003; Current Report on Form 8-K dated
April 24, 2003 and filed April 25, 2003; Current Report on Form 8-K dated February 13, 2003 and February 13, 2003;
Current Report on Form 8-K dated January 16, 2003 and filed January 16, 2003</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="Top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>(f)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>The description of the Class A Common Stock as contained in Item 1 of the Company's Registration
Statement on Form 8-A filed May 12, 1992, as updated by the Company's Prospectus dated November 1, 2000 (filed November 2, 2000)
 under the caption "Description of Capital Stock" and the Company's Proxy Statement dated April 9, 2001 under the caption "IV.
Proposed Amended and Restated Certificate of Incorporation", including any amendment or report filed for the purpose of updating such description</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT" VALIGN="Top"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>(g)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>The description of the Preferred Stock Purchase Rights as contained in Item 1 of the Company's
Registration Statement on Form 8-A filed July 12, 2001, including any amendment or report filed for the
purpose of updating such description</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Exchange Act subsequent to the effective date of this Registration Statement (except for
the portions of the Company&#146;s Current Reports on Form 8-K furnished pursuant to Item
9 or Item 12 thereof), but prior to the filing of a post-effective amendment to this
Registration Statement indicating that all securities offered hereby have been sold or
de-registering all securities then remaining unsold, shall be deemed to be incorporated by
reference herein and to be a part hereof from the date of filing of such documents. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
statement contained herein or in any document incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained herein or in any other
subsequently filed document which also is or is deemed to be incorporated by reference
herein modifies or supersedes such statement. Any such statement so modified or superseded
shall not be deemed to constitute a part of this Registration Statement, except as so
modified or superseded. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 4. Description of
Securities. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following description of the Deferred Compensation Obligations registered hereunder is
qualified by reference to the Amended and Restated Express Scripts, Inc. Executive
Deferred Compensation Plan (the &#147;Plan&#148;). A copy of the Plan is filed as Exhibit
10.1 to this Registration Statement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Deferred Compensation Obligations (the &#147;Obligations&#148;) will be unsecured general
obligations of the Registrant to pay the deferred compensation of and Registrant
contributions to eligible senior executives and vice-president level executives of the
Registrant and its divisions, subsidiaries and affiliates in the future in accordance with
the terms of the Plan. The Obligations will rank equally with other unsecured and
unsubordinated indebtedness of the Registrant from time to time outstanding. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amount of compensation to be deferred by each Plan participant will be determined in
accordance with the Plan based on elections by the participant. The Registrant will
establish compensation account(s) on behalf of each participant, to which the Registrant
will credit any deferred compensation and Registrant contributions in accordance with the
Plan. The compensation account(s) will be credited (or debited) with income (or loss)
based upon a hypothetical investment in one or more of the investment options available
under the Plan, which includes a hypothetical investment in Common Stock of the Registrant
as well as one or more mutual funds, as chosen by each participant from a list of such
investment options. A participant&#146;s deferred compensation will vest immediately;
while the Registrant &#145;s contributions vest in varying percentages over a three year
period in accordance with the Plan. Except for amounts invested in the Common Stock fund,
each compensation account will be payable in cash upon the participant&#146;s retirement,
termination, death or other date(s) determined in accordance with the Plan. Amounts in a
participant&#146;s compensation account(s) invested in the Common Stock fund will be
distributed in the form of whole shares of Common Stock, with fractional shares paid in
cash. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participants
and their beneficiaries may not voluntarily or involuntarily transfer, alienate or assign
their interests under the Plan, and such interests are not subject to attachment,
execution, garnishment or other such equitable or legal process. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee of the Registrant&#146;s Board of Directors administering the Plan may amend,
alter or terminate the Plan at any time without the prior approval of the Board of
Directors; provided that, without the Board&#146;s approval, no amendment, modification or
termination may materially increase the benefits accruing to participants under the Plan. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 5. Interests of
Named Experts and Counsel. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas
M. Boudreau, Esq., Senior Vice President, General Counsel and Secretary of the Company,
whose opinion is contained in Exhibit 5.1, owned, as of November 1, 2003, 32,688 shares of
Common Stock (including 200 shares owned by Mr. Boudreau&#146;s spouse), options to
purchase 89,800 shares of Common Stock, and 4,097 phantom stock units convertible into
shares of Common Stock under the Company&#146;s Executive Deferred Compensation Plan. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 6. Indemnification
of Directors and Officers. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
145(a) of the Delaware General Corporation Law provides that a corporation may indemnify
any director, officer, employee or agent of the corporation in any action, other than an
action by or in the right of the corporation, if such person acted in good faith and in a
manner he reasonably believed to be in or not opposed to the best interests of the
corporation and, with respect to any criminal action, had no reasonable cause to believe
his conduct was unlawful. Section 145(b) provides that the corporation may indemnify any
such person in an action by or in the right of the corporation if he acted in good faith
and in a manner he reasonably believed to be in or not opposed to the best interests of
the corporation, except that such person may not be indemnified in respect of any matter
in which he has been judged liable to the corporation, unless authorized by the court.
Section 145(c) provides that the corporation shall indemnify any such person against
expenses actually and reasonably incurred in defense of any action if he has been
successful in the defense of such action and if such action is one for which the
corporation may indemnify such person under Section 145(a) or (b). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s Amended and Restated Certificate of Incorporation provides that the Company
shall indemnify, to the fullest extent permitted by applicable Delaware law, each person
who is or was a director or officer of the Company and the heirs, executors and
administrators of such a person. The Amended and Restated Certificate of Incorporation
also eliminates the personal liability of directors to the Company or its shareholders for
monetary damages for breach of fiduciary duty as a director, except (i) for breaches of
the duty of loyalty to the Company or its shareholders, (ii) for acts or omissions not in
good faith or involving intentional misconduct or knowing violation of law, (iii) for the
payment of unlawful dividends or unlawful stock repurchases or redemption, or (iv) for
transactions in which the director received an improper personal benefit. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s By-Laws provide that the Company shall indemnify and, in the Company&#146;s
discretion, may obtain insurance for the benefit of its officers and directors, to the
fullest extent permitted by applicable Delaware law. This includes indemnification against
all expenses (including attorney&#146;s fees), judgments, fines and amounts paid in
settlement actually and reasonably incurred by the indemnitee or on his or her behalf, but
only if the indemnitee acted in good faith and in a manner he or she reasonably believed
to be in or not opposed to the best interests of the Company, and with respect to any
criminal action, suit or proceeding, had no reasonable cause to believe his or her conduct
was unlawful. The Company&#146;s By-Laws also provide for the advance payment of expenses,
subject to certain conditions and exceptions. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 7. Exemption from
Registration Claimed. </FONT></H1>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 8. Exhibits. </FONT></H1>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Exhibit
Index.</FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9. Undertakings. </FONT></H1>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               The undersigned Registrant hereby undertakes; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               To file, during any period in which offers or sales are being made, a
               post-effective amendment to this registration statement: </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=9%></TD>
               <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          To include any prospectus required by Section&nbsp;10(a)(3) of the Securities
          Act;</FONT></TD> </TR>
               </TABLE>
               <BR>
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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=9%></TD>
               <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               To reflect in the prospectus any facts or events arising after the effective
               date of the registration statement (or the most recent post-effective amendment
               thereof) which, individually or in the aggregate, represent a fundamental change
               in the information set forth in this registration statement; and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=9%></TD>
               <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               To include any material information with respect to the plan of distribution not
               previously disclosed in this registration statement or any material change to
               such information in the registration statement; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD WIDTH="9%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH="91%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<I>provided,
however,</I> that the undertakings set forth in paragraphs (a)(1)(i) and (a)(1)(ii) above
do not apply if the information required to be included in a post-effective amendment by
those paragraphs is contained in periodic reports filed with or furnished to the
Commission by the Registrant pursuant to Section 13 or Section&nbsp;15(d) of the Exchange
Act that are incorporated by reference in this registration statement; </FONT></TD>
</TR>
</TABLE>
<BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               That, for the purpose of determining any liability under the Securities Act,
               each such post-effective amendment shall be deemed to be a new registration
               statement relating to the securities offered therein, and the offering of such
               securities at that time shall be deemed to be the initial bona fide offering
               thereof; and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               To remove from registration by means of a post-effective amendment any of the
               securities being registered which remain unsold at the termination of the
               offering. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 2" FSL="Default" -->
          <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               The undersigned Registrant hereby further undertakes that, for purposes of
               determining any liability under the Securities Act, each filing of the
               Registrant&#146;s annual report pursuant to Section&nbsp;13(a) or
               Section&nbsp;15(d) of the Exchange Act and, where applicable, each filing of the
               Plan&#146;s annual report pursuant to Section 15(d) under the Exchange Act, that
               is incorporated by reference in this Registration Statement shall be deemed to
               be a new registration statement relating to the securities offered therein, and
               the offering of such securities at the time shall be deemed to be the initial
               bona fide offering thereof. </FONT></P>

               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 2" FSL="Default" -->
          <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Insofar as indemnification for liabilities arising under the Securities Act may
               be permitted to directors, officers and controlling persons of the Registrant
               pursuant to the foregoing provisions, or otherwise, the Registrant has been
               advised that in the opinion of the Commission such indemnification is against
               public policy as expressed in the Securities Act and is, therefore,
               unenforceable. In the event that a claim for indemnification against such
               liabilities (other than the payment by the Registrant of expenses incurred or
               paid by a director, officer or controlling person of the Registrant in the
               successful defense of any action, suit or proceeding) is asserted by such
               director, officer or controlling person in connection with the securities being
               registered, the Registrant will, unless in the opinion of its counsel the matter
               has been settled by controlling precedent, submit to a court of appropriate
               jurisdiction the question whether such indemnification by it is against public
               policy as expressed in the Act and will be governed by the final adjudication of
               such issues. </FONT></P>
               <BR>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on
Form&nbsp;S-8 and has duly caused this Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in Maryland Heights, Missouri on November
18, 2003. </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=700>
<TR VALIGN=Bottom>
     <TD WIDTH=60% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXPRESS SCRIPTS, INC.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><BR>By:&nbsp;&nbsp;&nbsp;&nbsp;/s/ Barrett A. Toan</FONT></TD></TR>
<TR>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN=1><HR COLOR="Black" SIZE="1" WIDTH="80%" ALIGN="Center"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Barrett A. Toan</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chairman of the Board of Directors and</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer</FONT></TD></TR>
</TABLE>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>POWER OF ATTORNEY </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby
constitutes and appoints Barrett A. Toan, George Paz and Thomas M. Boudreau and each of
them (will full power to each of them to act alone) his or her true and lawful
attorney&#146;s-in-fact and agents, for him or her and on his or her behalf and in his or
her name, place and stead, in any and all capacities, to sign any and all amendments
(including post-effective amendments) to this Registration Statement, and to file the
same, with exhibits and any and all other documents filed with respect thereto, with the
Securities and Exchange Commission (or any other governmental or regulatory authority),
granting unto said attorneys, and each of them, full power and authority to do and to
perform each and every act and thing requisite and necessary to be done in and about the
premises in order to effectuate the same as fully to all intents and purposes as he or she
might or could do if personally present, hereby ratifying and confirming all that said
attorneys in fact and agents, or any of them, may lawfully do or cause to be done by
virtue hereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been
signed by the following persons in the capacities and on the date indicated. </FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="600">
<TR VALIGN="Top" ALIGN="Left">
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Name and Signature</U> </FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Capacity</U> </FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Date</U> </FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="34%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><BR>/s/ Barrett A. Toan</FONT></TD>
     <TD WIDTH="5%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="38%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="18%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>________________________________</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><BR>Chairman of the Board of Directors</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 18, 2003</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Barrett A. Toan</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and Chief Executive Officer</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><BR>/s/ George Paz</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>________________________________</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>President and Chief Financial Officer</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 18, 2003</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>George Paz</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><BR>/s/ Darryl Weinrich</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>________________________________</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vice President and Chief Accounting</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 18, 2003</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Darryl Weinrich</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Officer</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><BR>/s/ Stuart L. Bascomb</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>________________________________</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 18, 2003</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Stuart L. Bascomb</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><BR>/s/ Gary G. Benanav</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>________________________________</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 18, 2003</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gary G. Benanav</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><BR>/s/ Frank J. Borelli</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>________________________________</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 18, 2003</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Frank J. Borelli</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><BR>/s/ Nicholas J. LaHowchic</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>________________________________</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 18, 2003</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nicholas J. LaHowchic</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><BR>/s/ Thomas P. Mac Mahon</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>________________________________</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 18, 2003</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Thomas P. Mac Mahon</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><BR>/s/ John O. Parker</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>________________________________</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 18, 2003</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>John O. Parker</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><BR>/s/ Seymour Sternmberg</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>________________________________</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 18, 2003</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Seymour Sternberg</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><BR>/s/ Howard L. Waltman</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>________________________________</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 18, 2003</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Howard L. Waltman</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><BR>/s/ Norman Zachary</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>________________________________</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 18, 2003</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Norman Zachary</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT INDEX </FONT></H1>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN="Bottom" ALIGN="Left">
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Exhibit</U><BR>
<U>Number</U> </FONT> </TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Description</U> </FONT></TH></TR>
<TR VALIGN=Top>
     <TD WIDTH=3% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>4.1</FONT></TD>
        <TD WIDTH=8% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=89% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Amended and Restated Certificate of Incorporation of the Company, as amended, incorporated
by reference to Exhibit 3.1 to the Company&#146;s Annual Report on Form 10-K for the year
ending December 31, 2001 (File No. 0-20199).</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>4.2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Third Amended and Restated Bylaws, incorporated by reference to Exhibit No. 3.2 to the
Company's Annual Report on Form 10-K for the year ending December 31, 2000 (File No. 0-20199).</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>5.1</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Opinion of Thomas M. Boudreau, Esq., Senior Vice President, General Counsel and Secretary of the
 Registrant.</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>10.1</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Amended and Restated Express Scripts, Inc. Executive Deferred Compensation Plan)(incorporated
herein by reference to Exhibit B to the Company's Proxy Statement dated April 28, 2003 (File No. 0-20199).</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>23.1</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Consent of PricewaterhouseCoopers LLP.</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>23.2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Consent of Thomas M. Boudreau (see Exhibit 5.1).</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>24.1</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Power of Attorney (included on signature page).</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>



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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Exhibit 5.1</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Express Scripts, Inc.
Letterhead] </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 18, 2003 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Express Scripts, Inc.13900
<BR>Riverport Drive <BR>Maryland Heights,
Missouri 63043 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ladies and Gentlemen: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I am Senior Vice President, General
Counsel and Secretary of Express Scripts, Inc., a Delaware corporation (the
<I>&#147;Company&#148;</I>), and in such capacity I am familiar with the Registration
Statement on Form S-8 to which this opinion is filed as an exhibit (the
<I>&#147;Registration Statement&#148;</I>), which registers under the Securities Act of
1933, as amended (the <I>&#147;Securities Act&#148;</I>), deferred compensation
obligations (the <I>&#147;Obligations&#148;</I>) and an aggregate of 650,000 shares of
Common Stock, par value $0.01, of the Company (the <I>&#147;Shares&#148;</I>) reserved for
issuance and to be issued from time to time pursuant to the Amended and Restated Express
Scripts, Inc. Executive Deferred Compensation Plan (the <I>&#147;Plan&#148;</I>). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I have examined originals or copies,
certified or otherwise, identified to my satisfaction, of such documents, corporate
records, certificates of public officials and other instruments as I deemed necessary for
the purposes of the opinion expressed herein. I have assumed (i) the genuineness of all
signatures on all documents examined by me, (ii) the authenticity of all documents
submitted to me as originals, (iii) the conformity to authentic originals of all documents
submitted to me as certified or photostatic copies, and (iv) the due authorization,
execution and delivery of all documents. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On the basis of the foregoing, I am
of the opinion that when the Registration Statement, including any amendments thereto,
shall have become effective under the Securities Act, and the Obligations and the Shares
have been issued in accordance with the terms of the Plan, then (i) the Obligations will
be legally valid and binding obligations of the Company, except as may be limited by the
applicability or effect of (a) any bankruptcy, insolvency, reorganization, moratorium and
other similar laws relating to or affecting creditors&#146; rights generally, or (b)
general principles of equity, including, without limitation, concepts of reasonableness,
materiality, good faith and fair dealing and the possible unavailability of specific
performance, injunctive relief or other equitable remedies, regardless of whether
enforceability is considered in a proceeding in equity or at law, and (ii) the Shares will
be legally issued, fully paid and nonassessable. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This opinion is not rendered with
respect to any laws other than (i) the laws of the State of Missouri with respect to the
Obligations, (ii) the General Corporation Law of the State of Delaware, and (iii)
applicable federal laws. I do not assume any duty to update this opinion with respect to
changes of law or fact occurring after the date hereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I consent to the filing of this
opinion as an exhibit to the Registration Statement. I also consent to your filing copies
of this opinion as an exhibit to the Registration Statement with such agencies of such
states as you deem necessary in the course of complying with the laws of such states
regarding the offering and sale of the Shares. In giving this consent, I do not admit that
I am in the category of persons whose consent is required under Section 7 of the
Securities Act or the rules and regulations of the Securities and Exchange Commission. </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TD WIDTH=57% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=39% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Very truly yours,</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>/s/ Thomas M. Boudreau</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Thomas M. Boudreau</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Senior Vice President, General Counsel and Secretary</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>




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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Exhibit 23.1</B> </FONT> </P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[PricewaterhouseCoopers
LLP Letterhead] </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>CONSENT OF
INDEPENDENT ACCOUNTANTS</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We hereby consent to the
incorporation by reference in this Registration Statement on Form S-8 of our report dated
February 3, 2003 relating to the financial statements and financial statement schedules of
Express Scripts, Inc., which appears in Express Scripts, Inc.&#145;s Annual Report on Form
10-K for the year ended December 31, 2002. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/
PricewaterhouseCoopers LLP </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PricewaterhouseCoopers LLP </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>St. Louis, Missouri
<BR>November 17, 2003 </FONT></P>
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{"company-data": {"conformed-name": "EXPRESS SCRIPTS INC", "cik": "0000885721", "assigned-sic": "5912", "irs-number": "431420563", "state-of-incorporation": "DE", "fiscal-year-end": "1202"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-110573", "film-number": "031010736"}, "business-address": {"street1": "13900 REIVERPORT DRIVE", "city": "MARYLAND HEIGHTS", "state": "MO", "zip": "63043", "phone": "3147701666"}, "mail-address": {"street1": "13900 REIVERPORT DRIVE", "city": "MARYLAND HEIGHTS", "state": "MO", "zip": "63043"}}
As filed with the Securities
and Exchange Commission on November 18, 2003
Registration No.
333-__________
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF
1933
_________________
EXPRESS SCRIPTS, INC.
(Exact name of
registrant as specified in its charter)
Delaware
43-1420563
(State or other jurisdiction of incorporation
or organization)
(I.R.S. Employer Identification No.)
13900 Riverport Drive
Maryland Heights,
Missouri 63043
(Address of principal executive offices, including zip code)
_________________
AMENDED AND RESTATED
EXPRESS SCRIPTS, INC.
EXECUTIVE DEFERRED COMPENSATION PLAN
(Full title of the plan)
Thomas M. Boudreau,
Esq.
Senior Vice President,
General Counsel and Secretary
Express Scripts, Inc.
13900 Riverport Drive
Maryland Heights,
Missouri 63043
(314) 770-1666
(Name, address and
telephone number, including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
Title of Securities
to be Registered
Amount to be
Registered (1)
Proposed Maximum
Offering Price Per
Obligation (2)
Proposed Maximum
Aggregate Offering Price (2)
Amount of
Registration
Fee
Deferred Compensation
$50,000,000 (3)
100%
$50,000,000
$4,045.00
Obligations (3)
Common Stock, par
650,000 shares (5)
$55.69 (6)
$36,198,500
$2,928.00
value $0.01 per share and
Preferred Stock Purchase
Rights (4)(5)
Total Registration Fee:
$6,973.00
(1)
This registration statement registers an additional $50,000,000 of Deferred
          Compensation Obligations and 650,000 shares of Common Stock $0.01 par value of
          the registrant for which a registration statement filed on this form relating to
          the Amended and Restated Express Scripts, Inc. Executive Deferred Compensation
          Plan (the "Plan") is effective. We previously registered $8,000,000 of
          Deferred Compensation Obligations and 50,000 shares of Common Stock for issuance
          under the Plan on Form S-8 on February 16, 1999 (the 50,000 shares were
          subsequently increased to 100,000 shares pursuant to the antidilution provisions
          of the Plan as the result of a split of Express Scripts Class A Common Stock and
          which class of Class A Common Stock was subsequently reclassified as Common
          Stock). We will have an aggregate of $58,000,000 of Deferred Compensation
          Obligations and 750,000 shares registered and reserved for issuance pursuant to
          the Plan upon the effectiveness of this registration statement.
(2)
Estimated solely for the purpose of calculating the registration fee pursuant to
          Rule 457(c) and Rule 457(h).
(3)
The Deferred Compensation Obligations are unsecured obligations of Express
          Scripts, Inc. to pay deferred compensation in the future in accordance with the
          terms of the Plan.
(4)
Preferred stock purchase rights are attached to and trade with the Common Stock.
          The value attributable to preferred stock purchase rights, if any, is reflected
          in the market price of the Common Stock.
(5)
The registration statement also includes such additional shares of Common Stock
          and attached preferred stock purchase rights as may be issuable pursuant to the
          antidilution provisions of the Plan.
(6)
The proposed maximum offering price per share represents the average of the high
          and low sale prices of the Company's Common Stock on November 11, 2003, as
          reported by The Nasdaq National Market, for the shares reserved for issuance
          pursuant to the Plan.
Part II
INFORMATION REQUIRED IN
THE REGISTRATION STATEMENT
Item 3. Incorporation of
Documents by Reference.
The
following documents that Express Scripts, Inc. (the "Company" or the
"Registrant") has filed with the Securities and Exchange Commission (the
"Commission") under File No. 0-20199 are incorporated in this Registration
Statement by reference and made a part hereof (except for the portions of the
Company's Current Reports on Form 8-K furnished pursuant to Item 9 or Item 12
thereof):
(a)
Annual report on Form 10-K for the year ended December 31, 2002.
(b)
Quarterly report on Form 10-Q for the quarter ended March 31, 2003.
(c)
Quarterly report on Form 10-Q for the quarter ended June 30, 2003.
(d)
Quarterly report on Form 10-Q for the quarter ended September 30, 2003.
(e)
Current Report on Form 8-K dated October 29, 2003 and filed October 30, 2003; Current Report on Form 8-K
dated September 25, 2003 and filed September 25, 2003; Amended Current Report on Form 8-K/A dated July 30, 2003 and filed July 30, 2003; Current Report on Form 8-K dated July 24, 2003
 and filed July 24, Current Report on Form 8-K dated June 20, 2003 and filed June 20, 2003; Current Report on Form 8-K dated
April 24, 2003 and filed April 25, 2003; Current Report on Form 8-K dated February 13, 2003 and February 13, 2003;
Current Report on Form 8-K dated January 16, 2003 and filed January 16, 2003
(f)
The description of the Class A Common Stock as contained in Item 1 of the Company's Registration
Statement on Form 8-A filed May 12, 1992, as updated by the Company's Prospectus dated November 1, 2000 (filed November 2, 2000)
 under the caption "Description of Capital Stock" and the Company's Proxy Statement dated April 9, 2001 under the caption "IV.
Proposed Amended and Restated Certificate of Incorporation", including any amendment or report filed for the purpose of updating such description
(g)
The description of the Preferred Stock Purchase Rights as contained in Item 1 of the Company's
Registration Statement on Form 8-A filed July 12, 2001, including any amendment or report filed for the
purpose of updating such description
All
documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Exchange Act subsequent to the effective date of this Registration Statement (except for
the portions of the Company's Current Reports on Form 8-K furnished pursuant to Item
9 or Item 12 thereof), but prior to the filing of a post-effective amendment to this
Registration Statement indicating that all securities offered hereby have been sold or
de-registering all securities then remaining unsold, shall be deemed to be incorporated by
reference herein and to be a part hereof from the date of filing of such documents.
Any
statement contained herein or in any document incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained herein or in any other
subsequently filed document which also is or is deemed to be incorporated by reference
herein modifies or supersedes such statement. Any such statement so modified or superseded
shall not be deemed to constitute a part of this Registration Statement, except as so
modified or superseded.
Item 4. Description of
Securities.
The
following description of the Deferred Compensation Obligations registered hereunder is
qualified by reference to the Amended and Restated Express Scripts, Inc. Executive
Deferred Compensation Plan (the "Plan"). A copy of the Plan is filed as Exhibit
10.1 to this Registration Statement.
The
Deferred Compensation Obligations (the "Obligations") will be unsecured general
obligations of the Registrant to pay the deferred compensation of and Registrant
contributions to eligible senior executives and vice-president level executives of the
Registrant and its divisions, subsidiaries and affiliates in the future in accordance with
the terms of the Plan. The Obligations will rank equally with other unsecured and
unsubordinated indebtedness of the Registrant from time to time outstanding.
The
amount of compensation to be deferred by each Plan participant will be determined in
accordance with the Plan based on elections by the participant. The Registrant will
establish compensation account(s) on behalf of each participant, to which the Registrant
will credit any deferred compensation and Registrant contributions in accordance with the
Plan. The compensation account(s) will be credited (or debited) with income (or loss)
based upon a hypothetical investment in one or more of the investment options available
under the Plan, which includes a hypothetical investment in Common Stock of the Registrant
as well as one or more mutual funds, as chosen by each participant from a list of such
investment options. A participant's deferred compensation will vest immediately;
while the Registrant 's contributions vest in varying percentages over a three year
period in accordance with the Plan. Except for amounts invested in the Common Stock fund,
each compensation account will be payable in cash upon the participant's retirement,
termination, death or other date(s) determined in accordance with the Plan. Amounts in a
participant's compensation account(s) invested in the Common Stock fund will be
distributed in the form of whole shares of Common Stock, with fractional shares paid in
cash.
Participants
and their beneficiaries may not voluntarily or involuntarily transfer, alienate or assign
their interests under the Plan, and such interests are not subject to attachment,
execution, garnishment or other such equitable or legal process.
The
Committee of the Registrant's Board of Directors administering the Plan may amend,
alter or terminate the Plan at any time without the prior approval of the Board of
Directors; provided that, without the Board's approval, no amendment, modification or
termination may materially increase the benefits accruing to participants under the Plan.
Item 5. Interests of
Named Experts and Counsel.
Thomas
M. Boudreau, Esq., Senior Vice President, General Counsel and Secretary of the Company,
whose opinion is contained in Exhibit 5.1, owned, as of November 1, 2003, 32,688 shares of
Common Stock (including 200 shares owned by Mr. Boudreau's spouse), options to
purchase 89,800 shares of Common Stock, and 4,097 phantom stock units convertible into
shares of Common Stock under the Company's Executive Deferred Compensation Plan.
Item 6. Indemnification
of Directors and Officers.
Section
145(a) of the Delaware General Corporation Law provides that a corporation may indemnify
any director, officer, employee or agent of the corporation in any action, other than an
action by or in the right of the corporation, if such person acted in good faith and in a
manner he reasonably believed to be in or not opposed to the best interests of the
corporation and, with respect to any criminal action, had no reasonable cause to believe
his conduct was unlawful. Section 145(b) provides that the corporation may indemnify any
such person in an action by or in the right of the corporation if he acted in good faith
and in a manner he reasonably believed to be in or not opposed to the best interests of
the corporation, except that such person may not be indemnified in respect of any matter
in which he has been judged liable to the corporation, unless authorized by the court.
Section 145(c) provides that the corporation shall indemnify any such person against
expenses actually and reasonably incurred in defense of any action if he has been
successful in the defense of such action and if such action is one for which the
corporation may indemnify such person under Section 145(a) or (b).
The
Company's Amended and Restated Certificate of Incorporation provides that the Company
shall indemnify, to the fullest extent permitted by applicable Delaware law, each person
who is or was a director or officer of the Company and the heirs, executors and
administrators of such a person. The Amended and Restated Certificate of Incorporation
also eliminates the personal liability of directors to the Company or its shareholders for
monetary damages for breach of fiduciary duty as a director, except (i) for breaches of
the duty of loyalty to the Company or its shareholders, (ii) for acts or omissions not in
good faith or involving intentional misconduct or knowing violation of law, (iii) for the
payment of unlawful dividends or unlawful stock repurchases or redemption, or (iv) for
transactions in which the director received an improper personal benefit.
The
Company's By-Laws provide that the Company shall indemnify and, in the Company's
discretion, may obtain insurance for the benefit of its officers and directors, to the
fullest extent permitted by applicable Delaware law. This includes indemnification against
all expenses (including attorney's fees), judgments, fines and amounts paid in
settlement actually and reasonably incurred by the indemnitee or on his or her behalf, but
only if the indemnitee acted in good faith and in a manner he or she reasonably believed
to be in or not opposed to the best interests of the Company, and with respect to any
criminal action, suit or proceeding, had no reasonable cause to believe his or her conduct
was unlawful. The Company's By-Laws also provide for the advance payment of expenses,
subject to certain conditions and exceptions.
Item 7. Exemption from
Registration Claimed.
Not
applicable.
Item 8. Exhibits.
See Exhibit
Index.
Item 9. Undertakings.
(a)       
               The undersigned Registrant hereby undertakes;
(1)       
               To file, during any period in which offers or sales are being made, a
               post-effective amendment to this registration statement:
(i)       
          To include any prospectus required by Section 10(a)(3) of the Securities
          Act;
(ii)       
               To reflect in the prospectus any facts or events arising after the effective
               date of the registration statement (or the most recent post-effective amendment
               thereof) which, individually or in the aggregate, represent a fundamental change
               in the information set forth in this registration statement; and
(iii)       
               To include any material information with respect to the plan of distribution not
               previously disclosed in this registration statement or any material change to
               such information in the registration statement;
provided,
however,
that the undertakings set forth in paragraphs (a)(1)(i) and (a)(1)(ii) above
do not apply if the information required to be included in a post-effective amendment by
those paragraphs is contained in periodic reports filed with or furnished to the
Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange
Act that are incorporated by reference in this registration statement;
(2)       
               That, for the purpose of determining any liability under the Securities Act,
               each such post-effective amendment shall be deemed to be a new registration
               statement relating to the securities offered therein, and the offering of such
               securities at that time shall be deemed to be the initial bona fide offering
               thereof; and
(3)       
               To remove from registration by means of a post-effective amendment any of the
               securities being registered which remain unsold at the termination of the
               offering.
(b)       
               The undersigned Registrant hereby further undertakes that, for purposes of
               determining any liability under the Securities Act, each filing of the
               Registrant's annual report pursuant to Section 13(a) or
               Section 15(d) of the Exchange Act and, where applicable, each filing of the
               Plan's annual report pursuant to Section 15(d) under the Exchange Act, that
               is incorporated by reference in this Registration Statement shall be deemed to
               be a new registration statement relating to the securities offered therein, and
               the offering of such securities at the time shall be deemed to be the initial
               bona fide offering thereof.
(c)       
               Insofar as indemnification for liabilities arising under the Securities Act may
               be permitted to directors, officers and controlling persons of the Registrant
               pursuant to the foregoing provisions, or otherwise, the Registrant has been
               advised that in the opinion of the Commission such indemnification is against
               public policy as expressed in the Securities Act and is, therefore,
               unenforceable. In the event that a claim for indemnification against such
               liabilities (other than the payment by the Registrant of expenses incurred or
               paid by a director, officer or controlling person of the Registrant in the
               successful defense of any action, suit or proceeding) is asserted by such
               director, officer or controlling person in connection with the securities being
               registered, the Registrant will, unless in the opinion of its counsel the matter
               has been settled by controlling precedent, submit to a court of appropriate
               jurisdiction the question whether such indemnification by it is against public
               policy as expressed in the Act and will be governed by the final adjudication of
               such issues.
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on
Form S-8 and has duly caused this Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in Maryland Heights, Missouri on November
18, 2003.
EXPRESS SCRIPTS, INC.
By:    /s/ Barrett A. Toan
Name: Barrett A. Toan
Title: Chairman of the Board of Directors and
Chief Executive Officer
POWER OF ATTORNEY
KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby
constitutes and appoints Barrett A. Toan, George Paz and Thomas M. Boudreau and each of
them (will full power to each of them to act alone) his or her true and lawful
attorney's-in-fact and agents, for him or her and on his or her behalf and in his or
her name, place and stead, in any and all capacities, to sign any and all amendments
(including post-effective amendments) to this Registration Statement, and to file the
same, with exhibits and any and all other documents filed with respect thereto, with the
Securities and Exchange Commission (or any other governmental or regulatory authority),
granting unto said attorneys, and each of them, full power and authority to do and to
perform each and every act and thing requisite and necessary to be done in and about the
premises in order to effectuate the same as fully to all intents and purposes as he or she
might or could do if personally present, hereby ratifying and confirming all that said
attorneys in fact and agents, or any of them, may lawfully do or cause to be done by
virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been
signed by the following persons in the capacities and on the date indicated.
Name and Signature
Capacity
Date
/s/ Barrett A. Toan
________________________________
Chairman of the Board of Directors
November 18, 2003
Barrett A. Toan
and Chief Executive Officer
/s/ George Paz
________________________________
President and Chief Financial Officer
November 18, 2003
George Paz
/s/ Darryl Weinrich
________________________________
Vice President and Chief Accounting
November 18, 2003
Darryl Weinrich
Officer
/s/ Stuart L. Bascomb
________________________________
Director
November 18, 2003
Stuart L. Bascomb
/s/ Gary G. Benanav
________________________________
Director
November 18, 2003
Gary G. Benanav
/s/ Frank J. Borelli
________________________________
Director
November 18, 2003
Frank J. Borelli
/s/ Nicholas J. LaHowchic
________________________________
Director
November 18, 2003
Nicholas J. LaHowchic
/s/ Thomas P. Mac Mahon
________________________________
Director
November 18, 2003
Thomas P. Mac Mahon
/s/ John O. Parker
________________________________
Director
November 18, 2003
John O. Parker
/s/ Seymour Sternmberg
________________________________
Director
November 18, 2003
Seymour Sternberg
/s/ Howard L. Waltman
________________________________
Director
November 18, 2003
Howard L. Waltman
/s/ Norman Zachary
________________________________
Director
November 18, 2003
Norman Zachary
EXHIBIT INDEX
Exhibit
Number
Description
4.1
Amended and Restated Certificate of Incorporation of the Company, as amended, incorporated
by reference to Exhibit 3.1 to the Company's Annual Report on Form 10-K for the year
ending December 31, 2001 (File No. 0-20199).
4.2
Third Amended and Restated Bylaws, incorporated by reference to Exhibit No. 3.2 to the
Company's Annual Report on Form 10-K for the year ending December 31, 2000 (File No. 0-20199).
5.1
Opinion of Thomas M. Boudreau, Esq., Senior Vice President, General Counsel and Secretary of the
 Registrant.
10.1
Amended and Restated Express Scripts, Inc. Executive Deferred Compensation Plan)(incorporated
herein by reference to Exhibit B to the Company's Proxy Statement dated April 28, 2003 (File No. 0-20199).
23.1
Consent of PricewaterhouseCoopers LLP.
23.2
Consent of Thomas M. Boudreau (see Exhibit 5.1).
24.1
Power of Attorney (included on signature page).
Exhibit 5.1
[Express Scripts, Inc.
Letterhead]
November 18, 2003
Express Scripts, Inc.13900
Riverport Drive
Maryland Heights,
Missouri 63043
Ladies and Gentlemen:
I am Senior Vice President, General
Counsel and Secretary of Express Scripts, Inc., a Delaware corporation (the
"Company"
), and in such capacity I am familiar with the Registration
Statement on Form S-8 to which this opinion is filed as an exhibit (the
"Registration Statement"
), which registers under the Securities Act of
1933, as amended (the
"Securities Act"
), deferred compensation
obligations (the
"Obligations"
) and an aggregate of 650,000 shares of
Common Stock, par value $0.01, of the Company (the
"Shares"
) reserved for
issuance and to be issued from time to time pursuant to the Amended and Restated Express
Scripts, Inc. Executive Deferred Compensation Plan (the
"Plan"
).
I have examined originals or copies,
certified or otherwise, identified to my satisfaction, of such documents, corporate
records, certificates of public officials and other instruments as I deemed necessary for
the purposes of the opinion expressed herein. I have assumed (i) the genuineness of all
signatures on all documents examined by me, (ii) the authenticity of all documents
submitted to me as originals, (iii) the conformity to authentic originals of all documents
submitted to me as certified or photostatic copies, and (iv) the due authorization,
execution and delivery of all documents.
On the basis of the foregoing, I am
of the opinion that when the Registration Statement, including any amendments thereto,
shall have become effective under the Securities Act, and the Obligations and the Shares
have been issued in accordance with the terms of the Plan, then (i) the Obligations will
be legally valid and binding obligations of the Company, except as may be limited by the
applicability or effect of (a) any bankruptcy, insolvency, reorganization, moratorium and
other similar laws relating to or affecting creditors' rights generally, or (b)
general principles of equity, including, without limitation, concepts of reasonableness,
materiality, good faith and fair dealing and the possible unavailability of specific
performance, injunctive relief or other equitable remedies, regardless of whether
enforceability is considered in a proceeding in equity or at law, and (ii) the Shares will
be legally issued, fully paid and nonassessable.
This opinion is not rendered with
respect to any laws other than (i) the laws of the State of Missouri with respect to the
Obligations, (ii) the General Corporation Law of the State of Delaware, and (iii)
applicable federal laws. I do not assume any duty to update this opinion with respect to
changes of law or fact occurring after the date hereof.
I consent to the filing of this
opinion as an exhibit to the Registration Statement. I also consent to your filing copies
of this opinion as an exhibit to the Registration Statement with such agencies of such
states as you deem necessary in the course of complying with the laws of such states
regarding the offering and sale of the Shares. In giving this consent, I do not admit that
I am in the category of persons whose consent is required under Section 7 of the
Securities Act or the rules and regulations of the Securities and Exchange Commission.
Very truly yours,
/s/ Thomas M. Boudreau
Thomas M. Boudreau
Senior Vice President, General Counsel and Secretary
Exhibit 23.1
[PricewaterhouseCoopers
LLP Letterhead]
CONSENT OF
INDEPENDENT ACCOUNTANTS
We hereby consent to the
incorporation by reference in this Registration Statement on Form S-8 of our report dated
February 3, 2003 relating to the financial statements and financial statement schedules of
Express Scripts, Inc., which appears in Express Scripts, Inc.'s Annual Report on Form
10-K for the year ended December 31, 2002.
/s/
PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
St. Louis, Missouri
November 17, 2003