eHealthInsurance Provides Sovereign Bank with Online Health Insurance Offering For Its Customers

Exclusive Agreement to Add Health Insurance to List of Sovereign Member Services

Sunnyvale, Calif., July 9, 2001 – eHealthInsurance, the nation’s leading online source for individual, family and small business health insurance, has entered into a strategic partnership with Sovereign Bank to offer consumers a dynamic health insurance marketplace through www.sovereignbank.com.

eHealthInsurance now offers a wide array of health insurance choices to Sovereign’s small business customers as well as individuals or families. By visiting www.sovereignbank.com and accessing the health insurance link, any Web site visitor across most states in the nation* can utilize eHealthInsurance’s free online services. Visitors can compare insurance plan benefits, receive instant quotes from the nation’s leading health insurance carriers, and apply online for the plan that best fits their needs.

“As the online leader in health insurance, our mission is to educate consumers and small business owners that health insurance is both affordable and attainable,” said Gary Lauer, Chief Executive Officer of eHealthInsurance. “The Sovereign Bank and eHealthInsurance partnership provides Sovereign customers with a free service they can use from the convenience of their home or office. It is now quicker and easier for consumers to get the right health insurance plan for themselves, their families and their employees.”

“Sovereign Bank is extremely excited about our new partnership with eHealthInsurance. We will be able to offer our customers Sovereign’s first online insurance product,” said Martin Zoller, Senior Vice President, Sovereign Insurance Services. “We see this as another major step in providing customized solutions for our customers’ financial needs and personal goals,” Zoller said.

About eHealthInsurance

Founded in 1997, eHealthInsurance (www.ehealthinsurance.com) markets individual, family and small business health insurance and was responsible for the nation’s first Internet-based sale of a health insurance policy. The company has become the No. 1 destination for purchasing health insurance online by offering the broadest selection of health insurance companies and plans nationwide at the best available prices, and delivering unparalleled customer service through qualified customer service professionals.

eHealthInsurance is funded by Dell Computer, Goldman Sachs, Kleiner Perkins Caufield & Byers, Lightspeed Venture Partners (formerly Weiss, Peck & Greer Venture Partners), QuestMark Partners, L.P. and The Sprout Group (Credit Suisse First Boston). The management team and board include former or current executives of Aetna, Arthur Andersen, Foundation Health, Healtheon, Hewlett Packard, IBM, MetLife, PacifiCare, Silicon Graphics, United Healthcare, Viewpoint Corporation (formerly MetaCreations) and other leading healthcare and technology companies.

About Sovereign Bank

Sovereign Bancorp, Inc. (“Sovereign”) (NASDAQ/NMS:SVRN), parent company of Sovereign Bank, is a $34 billion financial institution with approximately 550 community banking offices and over 1,000 ATMs in Pennsylvania, Delaware, New Jersey, Connecticut, New Hampshire, Rhode Island and Massachusetts. Sovereign Bank is currently the third largest bank headquartered in Pennsylvania. For more information on Sovereign Bank, visit www.sovereignbank.com or call 1-877-SOV-BANK.

* All 50 states and the District of Columbia have licensed carriers that are currently participating in the program, except for New Hampshire and Massachusetts.

eHealthInsurance.com is a registered trademark of eHealthInsurance Services, Inc.

For More Information:

Emily Fox

eHealthInsurance

408/542-4840

[email protected]

Nick Davis

Imagio/JWT

206/625-0252

[email protected]

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