September 10, 2014 Research Healthcare Environment

Fun Facts: Founded in 1850 (as an annuity company) Incorporated in 1982 Aetna – name inspired by the volcano found on Mount Etna in Italy Thomas Enders was the first full time employee and became the first President in 1867 Aetna serves 44 million people – customers include: employer groups Individuals college students part-time and hourly workers health plans healthcare providers governmental units government-sponsored plans labor groups and expatriates AETNA INC.

People: Mark Bertolini – joined Aetna in 2003 –2007 became President –2010 named CEO –2011 named Chairperson –Bertolini has a MBA in finance from Cornell and an undergraduate degree in business from Wayne State University Aetna has approximately 48,400 employees Aetna’s Care network is composed of 1 million doctors and 5,400 hospitals Geographic Footprint: Aetna has approximately 400,000 international customers in 100 countries Aetna offers Medicare in 30 states AETNA INC.

PRODUCTS, SERVICES AND DISTRIBUTION CHANNELS PRODUCTS AND SERVICES Three primary business units: Health Care ( 90% of the business), Group, Large Case Pensions Core Healthcare products: Medical, Dental, Vision, Pharmacy, Disability, and Life, Medicare, and Medicaid, Health and Wellness global 2/3 of Aetna’s plans are provided on an ASC basis (Administrative Services Contract) Aetna’s division for accountable care solutions was launched in 2013 and operated under the Healthagen brand CareEngine system provides evidence based medical management and data analytics products and services Caremark is Aetna’s Pharmacy administrator DISTRIBUTION CHANNELS Corporate groups through direct sales representatives and independent brokers Small midsized and large multisite, national employer groups Medicare and Medicaid plan offerings account for 20% of revenues

CORE STRATEGIES Customers Clients Employees Brokers Agents Providers Shareholders

VALUE PROPOSITION

TODAY’S STOCK PRICE CI P/E Ratio: 19x AET P/E Ratio: 14x

FINANCIAL PERFORMANCE ANALYSIS Aetna vs. Cigna Strengths: Cash Flow, Revenue, EPS and Net Income Weaknesses: Cash, net profit margin On par: Operating Profit Margin, Return on Equity

Product line/BusinessHow Aetna is similar to CignaHow Aetna is different than Cigna Medicare/Medicaid Expanding in market by acquisitions Under similar regulatory pressures Aetna has a larger exposure to market as % of overall business and in absolute Covered Lives Commercial business Largest part of overall business Less focus on ASO, more fully insurred Individual business Sees as potential growth driver in future Focus is on growing exchanges, public and private In 8 state public exchanges vs. 10 for Cigna, have overlap in FL, AZ, TX International Does not discuss as a growth segment Group Does not discuss as a growth segment Smaller % of overall revenues RELATIONSHIP AND IMPACT TO CIGNA

INFLUENCE ON CIGNA’S FINANCIAL PERFORMANCE Impacts our ability to grow in overlapping markets Causes price pressures due to higher competition Cigna’s differentiated business model is an area of advantage

SUMMARY Offers Medical Insurance in the USA market High focus on Medicare/Medicaid (35% revenues) Large % of book of business is fully insured 22M members (2x size of Cigna) Vision for future of healthcare Aligned economic incentives between payers and providers A simpler, more transparent consumer experience Technology that creates the health care community

KEY TAKEAWAYS Aetna’s solution to HCP partnership has been to purchase an IT Vendor for ACO and Private Exchanges and have been rebranded and selling that to Providers directly. This is a different strategy from Cigna which has been to focus on partnerships with the HCPs, providing consultation and data for free. Strategy and Value Proposition is very similar to Cigna and difficult for an outsider to differentiate. Big chunk of what Aetna is doing is focused on government regulated business. Aetna is selling healthcare. Cigna is a global health and wellness partner.

13 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2014 Cigna Offered by: Connecticut General Life Insurance Company or Cigna Health and Life Insurance Company. “ ”Cigna” and the “Tree of Life“ logo are registered service marks of Cigna Intellectual Property, Inc., licensed for use by Cigna Corporation and its operating subsidiaries. All products and services are provided by or through such operating subsidiaries, including Connecticut General Life Insurance Company and Cigna Health and Life Insurance Company, and not by Cigna Corporation. All models are used for illustrative purposes only /14 © 2014 Cigna. Some content provided under license.