BUSINESS AS USUAL? ANTHEM – A COMPETITOR ANALYSIS AUGUST 26, 2015 DAN ANDERSON AJAZ RANA LOT SANTOS KEVIN SEMAN BRAD VINCENT Offered by: Connecticut General Life Insurance Company or Cigna Health and Life Insurance Company.

FACTS ABOUT ANTHEM’S HISTORY, CEO AND RELATIONSHIP TO CIGNA COMPANY INFORMATION 2 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna

Formed in 2014 as a merger of WellPoint Health Networks Inc. and Anthem, Inc.WellPoint Health Networks Inc.Anthem, Inc. The parent company originally assumed the WellPoint, Inc. name at the time of the merger. In December 2014, WellPoint, Inc. changed its corporate name to Anthem, Inc. Serves members in California, Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri, Nevada, New Hampshire, New York, Ohio, Virginia and Wisconsin; and specialty plan members in other states. Headquartered in Indianapolis, Indiana, Anthem, Inc. is an independent licensee of the Blue Cross and Blue Shield Association –Anthem, Inc. is the largest member plan of the BCBSA, with licenses to use the Blue Cross and/or Blue Shield trade names in parts or all of the following 14 states CEO – Joseph Swedish COMPANY INFORMATION 3 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna History & CEO

FACTS ABOUT THE PRODUCTS & SERVICES OFFERED, GEOGRAPHIC OPERATIONS, KEY CUSTOMERS & THE DISTRIBUTION CHANELS OF ANTHEM PRODUCT INFORMATION 4 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna

COMPANY INFORMATION 5 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Products & Services Anthem, Inc. affiliated health plans offer variety of PPOs, HMOs, various hybrid and specialty products, network-based dental products and health plan services that combine the attributes consumers find attractive with effective cost control techniques. Employer groups and individual members can select from basic as well as comprehensive plans to meet their specific needs. Also available are a wide range of related specialty products and other services including flexible spending accounts and COBRA administration.

COMPANY INFORMATION 6 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Relationship to Cigna On July 24, 2015, we announced the agreement to form a premier global health service companyannounced For now, both companies will remain separate and independent and conduct business as usual until necessary reviews are complete and the combination is approved, which we expect to be in the second half of The proposed combination of Anthem and Cigna will create the nation’s premier global health benefits company The combined company will feature enhanced diversification and geographic footprint to advance the transformation of health care delivery for consumers.

COMPANY INFORMATION 7 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Segments National Accounts National Accounts are generally multi-state employer groups primarily headquartered in an Anthem, Inc. service area with 5,000 or more eligible employees, of which at least 5% are located outside of the headquarter state. Local Group Local Group includes customers with less than 5% of eligible employees located outside of the headquarter state, as well as customers with up to 5,000 eligible employees. IndividualIndividual customers under age 65 and their covered dependents. Medicare Programs Medicare-eligible individual members age 65 and over who have enrolled in Medicare Advantage, a managed care alternative for the Medicare program, or who have purchased Medicare Supplement benefit coverage. Medicaid Members with State-Sponsored managed care alternatives in Medicaid and State Children’s Health Insurance programs. Federal Employee Program FEP members consist of United States government employees and their dependents within our geographic markets through our participation in the national contract between the Blue Cross Blue Shield Association and the U.S. Office of Personnel Management. Blue Card BlueCard host members represent enrollees of Blue Cross and/or Blue Shield plans not owned by Anthem, Inc. who receive health care services in our BCBSA licensed markets. Specialty ProductsAnthem, Inc. affiliates offer a broad array of specialty products including, behavioral Health, Life, Disability, Dental and Vision, products which provide administrative efficiency and enhanced product value.

ANTHEM’S CORE STRATEGIES, VALUE PROPOSITION & THEIR RELATIONSHIP TO THE 5 DRIVERS GOING DEEP 8 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna

Competitive Landscape – Market Cap 9 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Pre-Merger Post Merger

Competitive Landscape – Key Metrics & Ratios 10 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Thru Q2 ‘

A FINANCIAL STATEMENT COMPARISON OF ANTHEM AND CIGNA FINANCIAL STATEMENT ANALYSIS 11 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna

FINANCIAL STATEMENT 12 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna

AN ANTHEM TO CIGNA COMPARISON OF STRENGTHS, WEAKNESSES AND FINANCIAL PERFORMAMCE FINANCIAL PERFORMANCE 13 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna

Net income was $3.13 per share, including net gains of $0.03 per share. Net Income $859.1M Full year adjusted net income is expected to be greater than $10.00 per share Net Income $859.1M, up 17.5% Total Revenue $19.75B, up 8.4%. Full year outlook $78B 25% increase in Government business 6% decrease in Commercial & Specialty business Operating Margin 7.7%, up 15% Commercial and Specialty 9.7% Government 5.9% Operating cash flow of $1.2B. Outlook is $3.5B for full year Medical enrollment totaled 38.5 million members as of June 30, 2015, expect medical enrollment to grow by 750K – 950K for the full year Repurchased 4M shares of stock for $637M Third quarter 2015 dividend of $0.625 per share declared to shareholders; $163.9M FINANCIAL PERFORMANCE 14 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Quarter 2 – 2015 Results

FACTS ABOUT ANTHEM’S ROLE IN THE HEALTHCARE ENVIRONMENT & THE IMPACTS IT HAS ON CIGNA HEALTHCARE ENVIRONMENT 15 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna

Member of the top 5 largest healthcare providers & direct competitor to Cigna Environment & Impact 16 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Anthem’s role & impact within the healthcare environment

Impact on Cigna –On July 24 th, 2015 Anthem agreed to acquire Cigna in a $54 billion deal –Acquisition drivers –Affordable Care Act expanded number of people insured. Size helpful in winning best deals from hospitals, thus Anthem and Cigna merger. –Direct to consumer as opposed to employers. Larger insurers will achieve national presence more easily. –Switch to value based payments. Insurers with the most customers can negotiate the best deals Environment & Impact - continued 17 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Anthem’s role & impact within the healthcare environment

QUESTIONS? 18 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna

All Cigna products and services are provided exclusively by or through operating subsidiaries of Cigna Corporation, including Cigna Health and Life Insurance Company, Connecticut General Life Insurance Company, Cigna Behavioral Health, Inc., and HMO or service company subsidiaries of Cigna Health Corporation. The Cigna name, logo, and other Cigna marks are owned by Cigna Intellectual Property, Inc /15 © 2015 Cigna. Some content provided under license.