1. Know thy enemy -Sun Tzu Bob Franchi Clay Nedelka Kristina Krupa Allison Barbour Todd Shannon Tim McKeever Chad Yantorno AJ Brisson Ankur Arora Sean Sills

2. CEO – Mark T. Bertolini Founded in 1850 History of products and services offered: – Life Insurance – Farm Mortgage Loans – Accident Policies – Liability Coverage – Automobile Insurance – Collision and Damage – Group Insurance Policies – Individual Life Insurance – Individual Health Insurance – Retirement Services – Healthcare Insurance – HMOS, PPOs, HSAs, and Medicaid

3. Aetna – Sold international business in 2000 focusing primarily on domestic and expat business – Embraces the components of the Affordable Care Act by focusing on the Individual and Senior markets Cigna – Continues to expand globally as a part of the Cigna strategy – Individual insurance growing to 50% of Cigna’s global business by 2017 – Mergers and Acquisitions reflect Cigna’s global strategy and desire to expand into the Medicare market

4. Primary Customer Base Primarily Domestic Based employer groups Individuals college students health plans health care providers (“providers”) Governmental units government-sponsored plans labor groups expatriates 22 million medical members 39% fully insured 61% ASC 14.1 million dental members 14.2 million pharmacy members

5. Three business segments: Health Care, Group Insurance and Large Case Pensions Medicare Dental Behavioral Workers Compensation Group Disability Government Programs

6. 2013 Growth due to acquisition of Coventry ($8.7 Billion to acquire, $4 Billion of Goodwill) Despite record growth and Cigna’s poor performance, Cigna still has a higher profit margin (4.56% Cigna, 4.05% Aetna) Aetna has more revenue and less assets, driven by a lower amount of cash on hand and a higher Equity Ratio (19.4% Cigna, 28.2% Aetna) Cigna Customers: 85 Million Aetna Customers: 44 Million Cigna Employees: 35,000 Aetna Employees: 48,000

8. 2013AetnaCignaCompared to Cigna Total Revenue $ 47,294.60 $ 32,380.0046.1% Operating Income $ 2,940.50 $ 2,176.0035.1% SH Net Income $ 1,913.60 $ 1,476.0029.6% Diluted EPS $ 5.335.182.9% Cash + Cash Equivalents$1,412.30$2,795-49.5% Total Assets$49,871.80$54,336-8.2% Total Liabilities$35,793.60$43,659-18.0% Total SH Equity$14,025.50$10,56732.7% Net Cash Operating (Cash Flow)$2,278.70$719216.9% Net Cash Investing (Buying & Selling Assets)$1,919.80$1512698.7% Net Cash Financing (Loans, Stocks & Dividends)$1,525.80($930)-264.1% Cash EOY$1,412.30$2,795-49.5%