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May12,2017

2017Investor
Update
AetnaInc.2017
Allrightsreserved.
CautionaryStatement;AdditionalInformation
Certaininformationinthispresentationisforwardlooking,includingAetnasprojectionsastonetincome,adjustedearnings,weightedaveragedilutedshares,netincomepershare,adjustedearningspershare,adjustedpretaxmargin,adjusted
revenueanditscomponents,PennTreatyrelatedguarantyfundassessment,transactionandintegrationrelatedcosts(includingterminationcosts),amortizationofotheracquiredintangibleassets,theincometaxbenefitrelatedtotheitemsexcluded
fromnetincome,Governmentpremiums,MedicareAdvantagepremiums,MedicareAdvantagemembershipgrowthandbeneficiarieswithaccesstoAetnaplans,Medicaidrevenue,U.S.largegroupCommercialrevenue,2018healthinsuranceexchange
participationandindividualCommercialproductexposureandchangestothehealthcaredeliverymodel,AetnasbusinessmodelandAetnasinteractionswithmembers

Forwardlookinginformationisbasedonmanagementsestimates,assumptionsandprojections,andissubjecttosignificantuncertaintiesandotherfactors,manyofwhicharebeyondAetnascontrol.Importantriskfactorscouldcauseactualfuture
resultsandotherfutureeventstodiffermateriallyfromthosecurrentlyestimatedbymanagement,including,butnotlimited to:significantdisruptionsinthemarketforAetnascommonsharesand/orfinancialmarkets;unanticipatedincreasesin
medicalcosts(includingincreasedintensityormedicalutilizationasaresultoffluorotherwise;changesinmembershipmixtohighercostorlowerpremiumproductsormembershipadverseselection;medicalcostincreasesresultingfromunfavorable
changesincontractingorrecontractingwithproviders(includingasaresultofproviderconsolidationand/orintegration);increasedpharmacycosts(includinginAetnaspublichealthinsuranceexchangeproducts));theprofitabilityofAetnasindividual
products,wheremembershipishigherthanAetnapreviouslyprojectedandhashadandmaycontinuetohavemoreadversehealth statusand/orhighermedicalbenefitutilizationthanAetnaprojected;anysuspensionoftheACAshealthinsurerfeefor
2018;adverseimpactsfromanyfailuretoraisetheU.S.FederalgovernmentsdebtceilingoranysustainedU.S.Federalgovernmentshutdown;andchangesinAetnasfuturecashrequirements,capitalrequirements,resultsofoperations,financial
conditionand/orcashflows.Ascurrentlyenacted,healthcarereformwillcontinuetosignificantlyimpactAetnasbusinessoperationsandfinancialresults,includingAetnaspricingandmedicalbenefitratios,andkeycomponentsofthelegislationwill
continuetobephasedinthrough2020.Aetnawillberequiredtodedicatematerialresourcesandincurmaterialexpensesduring2017toimplementhealthcarereform.Significantpartsofthelegislation,includingaspectsofnondiscrimination
requirements,continuetoevolvethroughthepromulgationofregulationsandguidance.Inaddition,pendingeffortsintheU.S.Congresstorepeal,amend,replaceorrestrictfundingforvariousaspectsofhealthcarereformandpendinglitigation
challengingaspectsofthelawcontinuetocreateadditionaluncertaintyabouttheultimateimpactofhealthcarereform.Asaresult,manyoftheimpactsofhealthcarereformareunknown.Otherimportantriskfactorsinclude:adversechangesin
federalorstategovernmentpolicies,legislationorregulations(includinglegislative,judicialorregulatorymeasuresthat wouldaffectAetnasbusinessmodel,repeal,restrictfundingfororamendvariousaspectsofhealthcarereform,limitAetnas ability
topricefortheriskitassumesand/orreflectreasonablecostsorprofitsinitspricing,suchasmandatedminimummedicalbenefitratios,oreliminateorreduceERISApreemptionofstatelaws(increasingAetnaspotentiallitigationexposure));
uncertaintyrelatedtoAetnasaccrualsfortheACA'sreinsurance,riskadjustmentandriskcorridorprograms(3Rs);uncertaintyrelatedtothefundingforandfinalreconciliationswithrespecttotheACA'sriskmanagementandsubsidyprograms;the
implementationofhealthcarereformlegislation,collectionofACAfees,assessmentsandtaxesthroughincreasedpremiums;adverselegislative,regulatoryand/orjudicialchangestoorinterpretationsofexistinghealthcarereformlegislationand/or
regulations(includingthoserelatingtominimummedicallossratio(MLR)rebates);theimplementationofpublichealthinsuranceexchanges;thetimingandamountofandpaymentmethodsforsatisfyingassessmentsforPennTreatyNetwork
AmericaInsuranceCompanyandotherinsolventpayors understateguarantyfundlaws;adverseandlesspredictableeconomicconditionsintheU.S.andabroad(includingunanticipatedlevelsof,orincreasesintherateof,unemployment);reputational
orfinancialissuesarisingfromAetnassocialmediaactivities,datasecuritybreaches,othercybersecurityrisksorothercauses;AetnasabilitytodiversifyAetnassourcesofrevenueandearnings(includingbydevelopingandexpandingAetna'sconsumer
businessandexpandingAetnasforeignoperations),transformAetnasbusinessmodel,developnewproductsandoptimizeAetnasbusinessplatforms;thesuccessofAetnasconsumerhealthandservicesinitiatives;adversechangesinsize,productor
geographicmixormedicalcostexperienceofmembership;managingexecutivesuccessionandkeytalentretention,recruitmentand development;failuretoachieveand/ordelaysinachievingdesiredrateincreasesand/orprofitablemembershipgrowth
duetoregulatoryrevieworotherregulatoryrestrictions,anuncertaineconomyand/orsignificantcompetition,especiallyin keygeographicareaswheremembershipisconcentrated,includingsuccessfulprotestsofbusinessawardedtoAetna;failureto
adequatelyimplementhealthcarereformand/orrepealoforchangesinhealthcarereform;theoutcomeofvariouslitigationand regulatorymatters,includingaudits,challengestoAetnasminimumMLRrebatemethodologyand/orreports,intellectual
propertylitigationandlitigationconcerning,andongoingreviewsbyvariousregulatoryauthoritiesof,certainofAetnaspaymentpracticeswithrespecttooutofnetworkproviders,otherprovidersand/orlifeinsurancepolicies;Aetnasabilityto
integrate,simplify,andenhanceAetnasexistingproducts,processesandinformationtechnologysystemsandplatformstokeeppacewithchangingcustomerandregulatoryneeds;AetnasabilitytosuccessfullyintegrateAetnasbusinesses(including
businessesAetnamayacquireinthefuture)andimplementmultiplestrategicandoperationalinitiativessimultaneously;Aetnas abilitytomanagehealthcareandotherbenefitcosts;adverseprogram,pricing,fundingorauditactionsbyfederalorstate
governmentpayors,includingasaresultofsequestrationand/orchangestoorcurtailmentoreliminationoftheCentersforMedicare&MedicaidServices("CMS")starratingbonuspayments;Aetna'sabilitytomaintainand/orenhanceitsCMSstar
ratings;Aetnasabilitytoreduceadministrativeexpenseswhilemaintainingtargetedlevelsofserviceandoperatingperformance;failurebyaserviceprovidertomeetitsobligationstoAetna;Aetnasabilitytodevelopandmaintainrelationships
(includingjointventuresorothercollaborativerisksharingagreements)withproviderswhiletakingactionstoreducemedicalcostsand/orexpandtheservicesAetnaoffers;AetnasabilitytodemonstratethatAetnasproductsandprocessesleadto
accesstoqualityaffordablecarebyAetnasmembers;Aetnasabilitytomaintainitsrelationshipswiththirdpartybrokers,consultantsandagentswhosellitsproducts;increasesinmedicalcostsorGroupInsuranceclaimsresultingfromanyepidemics,
actsofterrorismorotherextremeevents;changesinmedicalcostestimatesduetothenecessaryextensivejudgmentthatisusedinthemedicalcostestimationprocess,theconsiderablevariabilityinherentinsuchestimates,andthesensitivityofsuch
estimatestochangesinmedicalclaimspaymentpatternsandchangesinmedicalcosttrends;andadowngradeinAetnasfinancial ratings.FormorediscussionofimportantriskfactorsthatmaymateriallyaffectAetna,pleaseseetheriskfactors
containedinAetnas2016AnnualReportonForm10K(Aetnas2016AnnualReport)andAetnasQuarterlyReportonForm10QforthequarterendedMarch31,2017(AetnasQuarterlyReport),eachonfilewiththeSecuritiesandExchange
Commission.YoushouldalsoreadAetnas2016AnnualReportandAetna'sQuarterlyReportforadiscussionofAetnashistoricalresultsofoperationsandfinancialcondition.

Noassurancescanbegiventhatanyoftheeventsanticipatedbytheforwardlookingstatementswilltranspireoroccur,orifanyofthemdooccur,whatimpacttheywillhaveontheresultsofoperations,financialconditionorcashflowsofAetna.Aetna
doesnotassumeanydutytoupdateorreviseforwardlookingstatements,whetherasaresultofnewinformation,futureeventsorotherwise,asofanyfuturedate.

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 2
Welcome

Consistentmissionandstrategy

HowAetnasstrategywilldrivegrowth

Aetnastrackrecordofexecution

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 3
Agenda

9:00 Welcome |Guertin


9:05 ConsistentMissionandStrategy|Bertolini
9:50 Q&A| Bertolini
10:05 Break
10:25 DrivingResults|Guertin
11:10 Q&A |Bertolini,Guertin
11:50 Conclusion|Bertolini

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 4
Consistent
MissionandStrategy
MarkBertolini
ChairmanandChiefExecutiveOfficer
2017AetnaInvestorUpdate|May12,2017 AetnaInc.
Whoweare:theAetnaWay

Weputthepeopleweserveat
thecenterofeverythingwedo

TheAetnaWayoutlinesthevalues
bywhichwelive,asthe
foundationforourculture,
strategyandhowwerunour
business

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 6
AetnasExecutiveTeam
Karen S. Lynch Richard di Benedetto Thomas W. Weidenkopf
President EVP, Aetna International EVP, Chief Human Resources
Officer

Gary W. Loveman, Ph.D. Shawn M. Guertin Harold L. Paz, M.D., M.S.


EVP, Consumer Health and EVP, Chief Financial EVP, Chief Medical Officer
Services Officer and Chief
Enterprise Risk Officer

Francis S. Soistman, Jr. Margaret M. McCarthy Steven B. Kelmar


EVP, Government Services EVP, Operations EVP, Corporate Affairs &
and Technology Chief of Staff to Aetnas
Mark T. Bertolini Chairman
Chairman and
Chief Executive Officer

Richard M. Jelinek Thomas J. Sabatino, Jr.


EVP, Enterprise Strategy EVP and General Counsel

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 7
EvolvingHealthcareLandscape

Healthcarepolicy Shifttovaluebased Increased


environment caremodels consumerism

Createsopportunity Alterstheprovider Opensthedoorfor


toinnovate economicmodel innovatorsand
disruptors

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 8
NavigatingtheEvolvingLandscape
$63B $8.23

Aetnahasaproven
$34B trackrecordof
$3.82 deliveringresultsin
11% 14%
CAGR CAGR aneverchanging
industry

2010 2016 2010 2016


AdjustedRevenue(1) AdjustedEPS(2)

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 9
andDeliveringSuperiorShareholderReturn
TotalShareholderReturn
(TSR) Overthelast6+years,
(2010YTD2017)*
405% AetnasTSRhasexceeded
342% theaverageofour
representativepublicly
tradeddiversifiedpeers
118% andismorethan3x the
returnoftheS&P500

S&P500 MCOAverage
*TotalShareholderReturnfromDecember31,2010 May9,2017 Source:Bloomberg;MCOAverageTSRincludesUNH,ANTM,HUM,CI
2017AetnaInvestorUpdate|May12,2017 AetnaInc. 10
AetnasMission:
Buildinga
HealthierWorld

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 11
CurrentSystemisFailingtooManyPeople
Poorlymanaged
Consumer chronicconditions Lowvaluefor
directeddecision caredelivered
Overspending makingontherise 50% (6)

onhealthcare, U.S.ranked
underspending
43% growth OFPOPULATIONIS
CHRONIC,COSTS$2.25T(7)
34th of34
INENROLLMENTOFCONSUMER AMONGDEVELOPEDCOUNTRY
onsocial DIRECTEDHEALTHCAREPLANS PEERS,DESPITESPENDING
(20162020)(5) 2X3XMOREPERCAPITA(8)
RATIOOFHEALTH TO
SOCIALSPENDING(4)

61% 64% HOUSEHOLDIN Wastedspend


39% 36%
REALDOLLARS
(20002014) $910BILLION
OTHEROECD USA
OFHEALTHCARE
COUNTRIES 0.5% 5.3% SPENDINGISWASTE(9)
INCOME HEALTHCARE
GROWTH(10) SPENDGROWTH(11)

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 12
ConventionalOperatingModelisnotEffective

Conventional
ManagedCare
Operating Contractwith Underwrite Manage
Model providersfor risk utilization
bestprice

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 13
FactorsImpactingLifeExpectancy

10% 20% 30% 40%


HEALTH SOCIALAND GENETICS INDIVIDUAL
CARE ENVIRONMENTAL BEHAVIOR
FACTORS
Clinicalcare Homeandfamily Genomicsand Stressmanagement
medicalhistory
Mentalwellness Dietandexercise

Economicstability Careplanadherence

Source:KaiserFoundation:BeyondHealthCare:TheRoleofSocialDeterminantsinPromotingHealthandHealthEquity2015
2017AetnaInvestorUpdate|May12,2017 AetnaInc. 14
TheFocusHasBeenTooNarrow

Conventionalfocusof
managedcare
10% 40%
HEALTH INDIVIDUAL
CARE BEHAVIOR

Clinicalcare
Limiteddiseasemanagementand
Stressmanagement
wellnesseffortstargettheaverage
Dietandexercise

Careplanadherence

Source:KaiserFoundation:BeyondHealthCare:TheRoleofSocialDeterminantsinPromotingHealthandHealthEquity2015
2017AetnaInvestorUpdate|May12,2017 AetnaInc. 15
NeedtoBroadenDefinitionofHealth

10% 20% 30% 40%


HEALTH SOCIALAND GENETICS INDIVIDUAL
CARE ENVIRONMENTAL BEHAVIOR
FACTORS

Aetnaistakingamoreholisticviewofhealth

Source:KaiserFoundation:BeyondHealthCare:TheRoleofSocialDeterminantsinPromotingHealthandHealthEquity2015
2017AetnaInvestorUpdate|May12,2017 AetnaInc. 16
totheOneEstablishedin1948

Astateofcompletephysical,mental
andsocialwellbeingandnotmerely
theabsenceofdiseaseorinfirmity
WHOConstitution

Source:WorldHealthOrganization,http://www.euro.who.int/__data/assets/pdf_file/0003/152184/RD_Dastein_speech_wellbeing_07Oct.pdf
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Changingthe
DeliveryModel
2017AetnaInvestorUpdate|May12,2017 AetnaInc. 18
AetnasProviderCollaborationExperience
Create adifferentiatedrelationship

Simplify providerconsumerinteractions

Optimize andenhancecaredelivery

Equip providerswiththetoolstosucceed

Aetnacontinuestoworkwithproviderstoredefineour
relationshipandalignincentives
2017AetnaInvestorUpdate|May12,2017 AetnaInc. 19
MeetingProviderswheretheyare

JointVenture
(JV)

andhelping Population Based


ACOProduct

themmoveup HighPerformanceNetwork(HPN)

thecontinuum AccountableCareOrganization(ACO)
Attribution
ofvaluebased Episode Based BundledPayments

caremodels Metrics Based Patient CenteredMedicalHome(PCMH)

PayforPerformance(P4P)
Risk
FeeforService

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 20
VBCModelsCanDeliverLowerCost
Wemadeapositive,
longtermchoice,whichallowed
2015ACOriskadjustedcosts ustoprovidehigherquality
optionsforouremployees.And,
were 12.4% betterthan wepaidless overthelastfour
nonACOcosts yearsthanwedidwithourother
carrier.
VPofHRandOrganizationalDevelopment
CurrentClient

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 21
Provider
Collaboration:
Necessary,but 10%
HEALTH
NotSufficient CARE

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 22
Fromthe
doctors
office

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 23
tothe
kitchen
table

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 24
AetnaisTakingaPersonalizedApproach

Meetingmembers HEALTH
CARE
whereTHEY are,to INDIVIDUAL
BEHAVIOR
SOCIALAND
addresstheentire ENVIRONMENTAL

pictureofeach
membershealth
determinants GENETICS

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 25
MakingtheJourneyFeelLessLikeThis
Specialists

Lackoftransparency Urgentcare Hospitals

Longterm Mental Skilled


care health nursing
Lackofcoordination

HealthcareSystem
Lackofsimplicity Tertiary Diagnostics Pharmacy
care
Outpatient Clinics
services
Lackofpersonalization
PCPs

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 26
andMoreLikeThis
Personalized
careplan
Holistic
assessment Community Achieve
basedcare
personal
health
ambitions
Guidance
throughlife
Accessto events
value
basedcare

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 27
AetnaisPositioningto
Rewards

Advanced Care
Analytics Models becomethehealth
partnerofchoicefor
peopletorealizetheir
Digital Member
personalizedhealth
Tools Data ambitions
Price
Transparency
Tools

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 28
IdentifyingPersonalizedHealthAmbitions

andjoiningour
memberstohelp
achievethem

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 29
ItsNotJustWhat,ItsWhere
Buildingonretailrelationships Community
Touch
Keepingmembersintheir
Points
communities

Connectivityinthehome
LocalCare NextGen
Coordinationofservices Teams DigitalTools Platformtoempower
selfsupport
Engagefamilyandfriends
inmemberscare

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 30
AetnaCareModelsinAction

MedicaidVideo

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 31
Strategy

Mission:
Buildinga
Healthier
World
Results Tactics

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 32
BuildOffAetnasCoreBusinesses

Integrated
ValueBased Pharmacy Developingthenext
CareModels Solutions generationtools,
capabilitiesandcost
structuretodrive
Digital
coregrowth
Enhanced Engagement
Analytics Tools

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 33
AetnasValueBasedCareGoals
Over48% ofAetnas
medicalcostsflow
throughsomeformof
valuebasedcaremodel*

75%
goalby
2020
*At1/31/17
2017AetnaInvestorUpdate|May12,2017 AetnaInc. 34
AetnasIntegratedPharmacySolution
CaseStudy
AetnaIntegratedRxversusMedicalOnly

ReductioninMedical
34% PMPMtrend20122015

Increaseinengagementof IntegratedMedical
memberswithdiabetesor andPharmacy
45%+ hypertension

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 35
EnhancingConsumerEngagement

Finances
Navigate QualityCare Aetnaisapplying
Benefits
advancedanalyticsand
nextgenerationdigital
Shop/Buy Pharmacy toolstosupport
memberengagementin
anincreasinglyretail
Rewards Wellness marketplace
CareManagement

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 36
BuildingaPremierAnalyticsEngine
Consumer/
Member
Socioeconomic
Provided
Data
Data

DeviceData
Utilizingawealthof
Clinical datatobetterinform
Data
allaspectsofAetnas
Member
business
Interaction
Data

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 37
DataDrivenApproachtoIncreaseEngagement
Enabletodeeply understandcommunities

Activate
Help
community
providers
based
deliver
consumer
qualitycare
engagement
Careplanrecommendations Communitybasedcare

Populationhealthdata Personalizedengagement

Holisticviewofmember Nextgendigitaltools

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 38
AConsumerFocusBenefitsallParties

DifferentiatedConsumer
Employer
Experience

Winning
Proposition

Improvedhealth Consumer
Moreproductive
Reducedlifetimecost
Government

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 39
Aetna,aTrustedHealthPartner

Youdontjoinus,
wejoinyou
2017AetnaInvestorUpdate|May12,2017 AetnaInc. 40
Q&A

MarkBertolini
ChairmanandChiefExecutiveOfficer
2017AetnaInvestorUpdate|May12,2017 AetnaInc.
DrivingResults

ShawnGuertin
ChiefFinancialOfficer
2017AetnaInvestorUpdate|May12,2017 AetnaInc. 42
Strategy

Mission:
Buildinga
Healthier
World
Results Tactics

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 43
AetnasGrowthPriorities

AccelerateDiversified Growth Aetnacan

DriveContinuedGovernmentGrowth
consistently
grow
MaintainCommercialStrength revenue&adjusted
earnings

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 44
GovernmentProgramsareDrivingGrowth
2%

8%
2017PAdjustedRevenue(1) 43%

Government

LargeGroup& Other

SmallGroup
Individual 47%

Note:OtherincludesInternationalHealthandGroupInsurancesegment.LargeCasePensionsrevenueisexcluded
2017AetnaInvestorUpdate|May12,2017 AetnaInc. 45
AetnasGrowthPriorities

AccelerateDiversifiedGrowth
Anopportunityto
DriveContinuedGovernmentGrowth servemorelives
whilegrowingthe
MaintainCommercialStrength
topandbottomline

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 46
AetnasGovernmentGrowthTrackRecord
GovernmentPremiums
(billions)
Aetnahasdelivered:
~$28
$26.2
$22.9 Consistentmembershipgrowth
$21.0
$15.2 Strongtoplinetrajectory

SolidAdjustedPretaxMargin

2013 2014 2015 2016 2017P

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 47
LedbyMedicareAdvantageGrowth
Medicare AdvantagePremium
(billions)
~$16.4
Placingfocuson $14.9
$13.3
quality&access $12.0
allowsAetnatodrive $9.0

significantgrowth
inMedicareAdvantage

2013 2014 2015 2016 2017P

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 48
AetnaAchievedIndustryLeading*StarRatings
%ofMembersin4+StarPlans

92% Realtimedatadrivenapproach
85%
79% Strongprovidercollaboration
models
Caremanagementmodelsthat
engagemembers
Serviceexcellence
Source:calculatedbasedonCMSpublications
2015 2016 2017 *Highest%ofmembersinMAplanswith2017Starratingsofatleast4.0amongour
publiclytradedpeers.Basedon2014,2015and2016DecemberCMSenrollment.
StarRatings StarRatings StarRatings

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 49
OpportunitytoExpandOurFootprint
%ofMABeneficiaries
Expandingourreach
WithAccesstoAetnaPlans Upto
inMedicare 60%

isatoppriority 56%

49%
45%
Newgeographieswill
compliment
aboveindustry
growth 2015 2016 2017 2018P
Source:CMSenrollment(2015,2016)
2017AetnaInvestorUpdate|May12,2017 AetnaInc. 50
AetnasMedicareGrowthModel
Targeted
Geographic expansion
Aetna Expansion
specific
growth Strongstars
drivers Existing Caremodel Project
Footprint Providerrelationships midteens
SG&A
growth
1011Kageinto
Industry Medicareeveryday
drivers IncreasedMA
Penetration

Aetnaprojectsmidteensgrowthinits
MedicareAdvantagemembership
2017AetnaInvestorUpdate|May12,2017 AetnaInc. 51
TrackRecordofSignificantMedicaidGrowth
MedicaidRevenue
$8.4B ~$8.4B
$7.4B Newcontractwins
$6.7B
andexpansion
$4.1B ofexistingrelationships
drive growth

2013 2014 2015 2016 2017P

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 52
BuildingonOurConsistentMedicaidQuality
2016NCQAHEDISscoresacrossmultiple
90th childhood,maternity,behavioraland
Percentile chronicconditionmeasures

2016NCQArankingforAetnas
#1 FloridaMedicaidprogram

#1 Rankingin2016NevadaRFP

#2 Rankingin2016VirginiaRFP

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 53
RecentlyAwardedMedicaidBusiness
2015 2017
FL CHIP IL MLTSS
50% of2016

IL TANF/ACA
KY Medicaid
LA ACA
Medicaidrevenue NV Medicaid
camefromrecently LA BehavioralHealth VA LTSS
awardedbusiness MI Medicaid WV Medicaid
TX STARKids AZ LTSS
WV BehavioralHealth/ACA

Withasizablenewbusinesspipeline,Aetnaiswell
positionedforlongtermgrowth
2017AetnaInvestorUpdate|May12,2017 AetnaInc. 54
AetnasGrowthPriorities

AccelerateDiversifiedGrowth Deploycapabilities&
expertiseto
DriveContinuedGovernmentGrowth
preserve
MaintainCommercialStrength margin&
membership

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 55
StableProfitability,LargeGroupCommercial

U.S.LargeGroup
CommercialRevenue(billions)/
AdjustedPreTaxMargin% Pricedconsistentwithprojected
$17.5 ~$18.0 trendinLargeGroupCommercial
$17.0 $17.0
Insured
12.7% 12.5%
12.3%
11.8% Strongadjustedpretaxmargin
profile
Deliversconsistentcashflow

2014 2015 2016 2017P

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 56
U.S.LargeGroupCommercialBusiness

+20%
11.8m adjusted
Lowsingledigit
ASC members pretaxmargin
volumegrowth
served projection
target

Midtohigh
2.7m singledigitadjusted
Toplinegrowth
Insured members pretaxmargin
drivenbypricing
served totrend
target

Note:Enrollmentat3/31/17
2017AetnaInvestorUpdate|May12,2017 AetnaInc. 57
SmallGroupTransition
2017PMembership

AetnasFocus: 26%
14%

TransitionKeepWhatYouHave ~1M
andACAtoalternativefunding Members 33%
products 27%
Technologyenabledsolutions
KWYH ACA 51100 AFA
Midsingledigitadjustedpretax
margintarget Relativeto
targetmargins + In line In line

Note:AFAisAetnaFundingAdvantageproduct
~8%of2017PAdjustedRevenue(1)
2017AetnaInvestorUpdate|May12,2017 AetnaInc. 58
ExchangeParticipation
2016 2017 2018
15ExchangeStates 4ExchangeStates Expecttosignificantly
reduceexposureto
960kyearendindividual 255k1Q2017individual individualCommercial
membership membership products
~$4billioninrevenue ~$1billioninrevenue
$450millionpretaxloss Projectedlowerlosses

Aetnas2017exchangeparticipationprojected
toreducefinancialexposure
2017AetnaInvestorUpdate|May12,2017 AetnaInc. 59
ConsistentNonACACompliantRevenueGrowth
AdjustedRevenue(1)
(inbillions)

7.4%NonACACAGR
Aetnas
ACACompliant*
nonACA
revenueexhibits
steadygrowth
2013 2014 2015 2016 2017P

*CommercialSmallGroupandIndividualproducts

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 60
AetnasRevenueGrowthPotential
2017PAdjustedRevenue(1)Profile
RevenueGrowth
Products
Profile

Lowtomid
Government teensCAGR
47% Aetnaispositioned
todrivemidtohigh
singledigit topline
Lowmid organicgrowth
LargeGroup&Other singledigitCAGR
43%

SmallGroup
8% Flattodeclining
IndividualCommercial
2%
Note:OtherincludesInternationalHealthandGroupInsurancesegment.LargeCasePensionsrevenueisexcluded
2017AetnaInvestorUpdate|May12,2017 AetnaInc. 61
AetnaHasProducedConsistentMargins

Aetnaprojectswewillachieve
ourhighsingledigit
adjustedpretax 7.9% 7.6% 8.4% 8.3% ~8.0%
margin(3) targets in
2017despiteincreasedmixof
governmentbusinessand
continueddragfromACA
compliantproducts 2013 2014 2015 2016 2017P

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 62
StrongCapitalDeploymentTrackRecord
20102016CapitalDeployment
$1.7B ShareholderDividend In1Q2017
$2.4B InvestforOrganicGrowth
Nearly Doubled
$23B $10.9B TargetedM&A
shareholder
dividendpayable
ofcapital
in2Q
deployed
20102016 $3.3B
AcceleratedShare
$7.8B ShareRepurchases
Repurchase

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 63
CreatingValueThroughCapitalDeployment

TargetedM&A
OrganicAdjusted 1.4%*
+
EarningsGrowth DividendYield
ShareRepurchase

LongTermGrowthModel: ShareholderDividend
LowDoubleDigitAdjustedEPSGrowthOverTime

*Basedon5/8/17closingstockprice
2017AetnaInvestorUpdate|May12,2017 AetnaInc. 64
92% ~13%
MAMembers
GrowthinIndividual ~7.4%
MAMembersin1Q17 NonACACompliant
In4starplans
RevenueCAGR
orbetterbasedon 2013 2017P
2017Starratings

29%
~8% AnnualizedTotalShareholder
Return12/31/10 5/9/2017 ~13%
2017P
Adjusted EPS(2)
Adjusted
PreTax 100% CAGR
2010 2017Pmidpoint
Margin(3) IncreaseinShareholder
DividendasofQ22017
2017AetnaInvestorUpdate|May12,2017 AetnaInc. 65
KeyTakeaways

Aetnaiswellpositionedtodrive
midtohighsingledigit
toplinegrowth

Aetnahasgeneratedconsistent
adjustedpretaxmargins hasproducedstrong
totalshareholderreturn
Aetnahasconsistentlydelivered
strongadjustedEPSgrowth

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 66
Q&A
MarkBertolini ShawnGuertin
ChairmanandChiefExecutiveOfficer
2017AetnaInvestorUpdate|May12,2017
ChiefFinancialOfficer
AetnaInc.
Conclusion
MarkBertolini
ChairmanandChiefExecutiveOfficer
2017AetnaInvestorUpdate|May12,2017 AetnaInc.
Footnotes
(1)Projectedfullyear2017adjustedrevenueexcludesfromtotalrevenue(GAAPmeasure)interestincomeontheproceedsoftheJune2016debtfinancing ofless
than$0.1billionpretaxandnetrealizedcapitallossesof$0.3billionpretax.TheinterestincomeontheproceedsoftheJune 2016debtfinancingwasexcludedfrom
totalrevenueasitneitherrelatestotheordinarycourseofAetnasbusinessnorreflectsAetnasunderlyingbusinessperformance.Aetnawillexperiencenetrealized
capitalgainsornetrealizedcapitallossesduringtheremainderof2017,howeverAetnacannotprojecttheamountofsuchfuturegainsorlossesasdescribedbelow
in(2).BelowisareconciliationofAetnastotalrevenuetoadjustedrevenuefortheyearsendedDecember31,2010and2016:

2010 2016
TotalRevenue(GAAPMeasure) $34,252 $63,155
Interestincomeonproceedsoftransactionrelateddebt 0 (23)
Netrealizedcapitalgains (228) (86)
AdjustedRevenue $34,025 $63,046

(2)NetincomereferstonetincomeattributabletoAetnareportedinAetnasConsolidatedStatementsofIncomeinaccordancewithU.S.generallyaccepted
accountingprinciples(GAAP).Unlessotherwiseindicated,allreferencesinthisdocumenttonetincomeandnetincomepersharearebaseduponnetincome
attributabletoAetna,whichexcludesamountsattributabletononcontrollinginterests.Projectedfullyear2017netincomeandadjustedearningspersharereflect
arangeof334millionto335millionweightedaveragedilutedshares.Projectedfullyear2017adjustedearningsexcludefromnetincomethelossonearly
extinguishmentoflongtermdebt,theprojectedPennTreatyrelatedguarantyfundassessments,projectedtransactionandintegrationrelatedcosts(including
terminationcosts)primarilyrelatedtotheproposedacquisitionofHumanaInc.(theHumanaTransaction),estimatedamortizationofotheracquiredintangible
assets,netrealizedcapitalgainsandlosses,otheritems,ifany,thatneitherrelatetotheordinarycourseofAetna'sbusinessnorreflectAetna'sunderlyingbusiness
performanceandthecorrespondingtaxbenefitorexpenserelatedtotheitemsexcludedfromnetincomeandnetincomepersharediscussedabove.

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 69
Footnotes(contd.)
Thetablebelowreconcilesprojected2017netincomeandnetincomepersharetoprojected2017adjustedearningsandadjustedearningspershare,
respectively:
ReconciliationofProjected2017NetIncome(TotalandEPS)toProjected2017AdjustedEarnings(TotalandEPS)
(Billions,exceptpercommonsharedata) Total$ EPS
Projectednetincome(GAAPmeasure) Approximately$1.6 $4.48to$4.68
Lossonearlyextinguishmentoflongtermdebt 0.3 0.74
PennTreatyrelatedguarantyfundassessments 0.2 0.69
Transactionandintegrationrelatedcosts(includingterminationcosts) 1.2 3.69
Amortizationofotheracquiredintangibleassets 0.2 0.70
Netrealizedcapitallosses 0.3 1.00
Incometaxbenefit (0.8) (2.50)
Projectedadjustedearnings Approximately$3.0 $8.80to$9.00

Aetnawillexperiencenetrealizedcapitalgainsornetrealizedcapitallossesduringtheremainderof2017,howeverAetnacannotprojecttheamountofsuchfuture
gainsorlosses.Therefore,AetnahasassumednonetrealizedcapitalgainsorlossesafterMarch31,2017forpurposesofprojectingnetincomeandnetincomeper
share.Aetna'sannualnetrealizedcapitalgainsorlossesrangedfromanetrealizedcapitallossof$65milliontoanetrealizedcapitalgainof$86millionduring
calendaryears2014through2016.

Althoughtheexcludeditemsmayrecur,managementbelievesthatadjustedearningsandadjustedearningspershareprovideamore usefulcomparisonofAetna's
underlyingbusinessperformancefromperiodtoperiod.AmortizationofotheracquiredintangibleassetsrelatestoAetna'sacquisitionactivities,howeverthis
amortizationdoesnotdirectlyrelatetotheunderwritingorservicingofproductsforcustomersandisnotdirectlyrelatedtothecoreperformanceofAetnas
businessoperations.Netrealizedcapitalgainsandlossesarisefromvarioustypesoftransactions,primarilyinthecourseofmanagingaportfolioofassetsthat
supportthepaymentofliabilities.However,thesetransactionsdonotdirectlyrelatetotheunderwritingorservicingofproductsforcustomersandarenotdirectly
relatedtothecoreperformanceofAetna'sbusinessoperations.Adjustedearningsisthemeasurereportedtothechiefexecutive officerforpurposesofassessing
consolidatedfinancialperformanceandmakingoperatingdecisions.NonGAAPfinancialmeasureswedisclose,suchasadjustedearnings,adjustedearningsper
share,adjustedpretaxmarginandadjustedrevenue,shouldnotbeconsideredasubstitutefor,orsuperiorto,financialmeasuresdeterminedorcalculatedin
accordancewithGAAP.
2017AetnaInvestorUpdate|May12,2017 AetnaInc. 70
Footnotes(contd.)
BelowisareconciliationofAetnasnetincomepersharetoadjustedearningspersharefortheyearsendedDecember31,2010and2016:

2010 2016
Netincomepershare(GAAPMeasure) $4.18 $6.41
Transactionandintegrationrelatedcosts 0.16 1.46
Litigationrelatedproceeds (0.37) 0
Restructuringcosts 0.11 1.14
Reductionofreserveforanticipatedfuturelosseson
0 (0.36)
discontinuedproducts
Amortizationofotheracquiredintangibleassets 0.23 0.70
Netrealizedcapitalgains (0.54) (0.25)
Incometaxbenefit 0.05 (0.87)
Adjustedearningspershare $3.82 $8.23

(3)InordertoprovideusefulinformationregardingAetna'sprofitabilityonabasiscomparabletoothersintheindustry,withoutregardtofinancingdecisions,
incometaxesoramortizationofotheracquiredintangibleassets(eachofwhichmayvaryforreasonsnotdirectlyrelatedtothe performanceoftheunderlying
business),Aetna'sadjustedpretaxmarginisbasedonadjustedearningsexcludinginterestexpenseandincometaxes.Managementalsousesadjustedpretax
margintoassessAetna'sperformance,includingperformanceversuscompetitors.

Theprojectedfullyear2017adjustedpretaxmarginiscalculatedbydividingadjustedearningsbeforeincometaxes(excludinginterestexpense)byadjusted
revenue.Adjustedearningsbeforeincometaxes(excludinginterestexpense)excludesfromincomebeforeincometaxes(GAAPmeasure)thepretaxreconciling
itemsinthenetincometoadjustedearningsreconciliationprovidedin(2)aboveandinterestexpenseofapproximately$0.3billion.Theapproximately$0.3billion
ofinterestexpenseexcludesapproximately$0.1billionofcostsassociatedwiththetermloancreditagreementexecutedinconnectionwiththeHumana
Transactionandthenegativecostofcarryonthe$13.0billionseniornotedebtfinancingthatAetnaobtainedinJune2016topartiallyfundtheHumanaTransaction.
Thesecostsareincludedwithintransactionandintegrationrelatedcosts.Referto(1)aboveforadescriptionofprojectedfullyear2017adjustedrevenue.

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 71
Footnotes(contd.)
BelowarereconciliationsofAetnasIncomebeforeincometaxestoadjustedearningsbeforeincometaxesandtotalrevenueto adjustedrevenueanda
calculationofadjustedpretaxmarginfortheyearsendedDecember31,2013to2016:
2013 2014 2015 2016
Incomebeforeincometaxes(GAAPmeasure) $2,941 $3,500 $4,236 $3,991
InterestExpense 313 329 319 317
Transactionandintegrationrelatedcosts 333 201 258 517
Restructuringcosts 0 0 15 404
Reductionofreserveforanticipatedfuturelossesondiscontinuedproducts (86) 0 0 (128)
Litigationrelatedproceeds 0 0 (110) 0
Lossonearlyextinguishmentoflongtermdebt 0 181 0 0
Pensionsettlementcharge 0 112 0 0
Releaseoflitigationrelatedreserve 0 (103) 0 0
Chargeforchangeinlifeinsuranceclaimpaymentpractices 55 0 0 0
Reversalofallowanceandgainonsaleofreinsurancerecoverable (50) 0 0 0
Amortizationofotheracquiredintangibleassets 214 243 255 247
Netrealizedcapitallosses(gains) 9 (80) 65 (86)
Adjustedearningsbeforeincometaxes (A) $3,729 $4,383 $5,038 $5,262

TotalRevenue(GAAPMeasure) $47,295 $58,003 $60,337 $63,155


Interestincomeonproceedsoftransactionrelateddebt (3) 0 0 (23)
Litigationrelatedproceeds 0 0 (110) 0
Groupannuitycontractconversionpremium (99) 0 0 0
Gainonsaleofreinsurancerecoverable (7) 0 0 0
Netrealizedcapitallosses(gains) 9 (80) 65 (86)
AdjustedRevenue (B) $47,195 $57,923 $60,292 $63,046

Adjustedpretaxmargin (A)/(B) 7.9% 7.6% 8.4% 8.3%

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 72
Footnotes(contd.)
(4)ElizabethBradleyandLaurenTaylor,TheAmericanHealthcareParadox:WhySpendingmoreisgettingusless(NewYork:PublicAffairs,
2013).

(5)AetnaEnterpriseStrategy2015MarketOutlookModel(Consumer=PublicandPrivateExchanges,IndividualMedicareAdvantage,
ManagedMedicaid)

(6)TheGrowingCrisisofChronicDiseaseintheUnitedStates;availablefrom:
http://www.fightchronicdisease.org/sites/default/files/docs/GrowingCrisisofChronicDiseaseintheUSfactsheet_81009.pdf.

(7)MultipleChronicConditionsChartbook,AgencyforHealthcareResearchandQuality;availablefrom:
https://www.ahrq.gov/sites/default/files/wysiwyg/professionals/preventionchroniccare/decision/mcc/mccchartbook.pdf
NationalHealthExpenditureProjections;availablefrom:https://www.cms.gov/ResearchStatisticsDataandSystems/StatisticsTrends
andReports/NationalHealthExpendData/NationalHealthAccountsProjected.html.

(8)TheCommonwealthFund,June2014;availablefrom:http://www.commonwealthfund.org/~/media/files/publications/fund
report/2014/jun/1755_davis_mirror_mirror_2014.pdf

(9)NicoleCafarella Lallemand,ReducingWasteinHealthCare,HealthAffairs(2012);availablefrom:
http://healthaffairs.org/healthpolicybriefs/brief_pdfs/healthpolicybrief_82.pdf.

(10)RealMedianHouseholdIncomeintheUnitedStates;availablefrom:https://fred.stlouisfed.org/series/MEHOINUSA672N.

(11)ConsumerExpenditureSurvey;availablefrom:https://www.bls.gov/cex/.

2017AetnaInvestorUpdate|May12,2017 AetnaInc. 73

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