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Cigna Retains and Builds on Success of Pharmacy Business Delivering Market-Leading Value to Customers

  Cigna Retains and Builds on Success of Pharmacy Business Delivering
  Market-Leading Value to Customers

  *Cigna and Catamaran announce ten-year agreement to enhance pharmacy
    solutions for Cigna's Pharmacy Benefits Management (PBM) business.
  *Clients and customers will realize greater value through enhanced
    affordability from combined scale, continued high quality clinical care,
    and an exceptional service experience.
  *The arrangement links Cigna's proven clinical management and customer
    engagement capabilities with Catamaran’s innovative technology solutions,
    while leveraging the two companies’ scale for network choice and efficient
    procurement to deliver market-leading value.
  *This strategic relationship with Catamaran will result in estimated
    annualized earnings per share accretion for Cigna of approximately $0.50
    in 2015.

Business Wire

BLOOMFIELD, Conn. & LISLE, Ill. -- June 10, 2013

Cigna Corporation (NYSE: CI) today announced it will build on its pharmacy
benefits business by entering into a ten-year strategic PBM partnering
agreement with Catamaran (NASDAQ: CTRX, TSX: CCT) which combines the customer
focus and clinical excellence of Cigna's pharmacy team with the capabilities
of Catamaran, and the combined purchasing scale of the two companies.

Cigna will continue to offer fully integrated management of medical and
pharmacy benefits consistent with its business strategy. These two market
leading organizations will partner on sourcing, fulfillment, and clinical
services to drive superior cost and clinical outcomes for clients and
customers. Delivering this integrated benefit approach brings increased
opportunity to create value for customers, clients and shareholders, and
better positions the companies for future growth.

“Our integrated pharmacy benefit management business has delivered exceptional
results for our customers and clients and continues to be an essential part of
our strategy,” said David M. Cordani, President and Chief Executive Officer.
“This strategic PBM partnering agreement will complement Cigna’s strengths of
partnering with physicians to engage customers in their overall health and
wellness. Connected to Catamaran’s industry-leading health care information
technology and service solutions, we will deliver differentiated options for
clients and more affordable customer solutions in a rapidly evolving market.”

“We are excited to be Cigna’s partner of choice,” said Mark Thierer, Chairman
and CEO of Catamaran. “The Catamaran Center of Excellence, combined with our
flexible technology and client-centered delivery model, will add great value
to Cigna’s offering by augmenting Cigna’s core service capabilities and
providing a tailored service to meet the needs of its clients and members. We
will unite the two companies’ skill and scale to deliver a best-in-class
pharmacy solution.”

Under the terms of the agreement, Cigna will continue to lead formulary
management, clinical and product development and sales and marketing, while
also managing all day-to-day customer- and client-facing functions. Cigna will
also continue to provide differentiated clinical services to over eight
million customers and integration of medical care and disability management
with clinical and pharmacy programs. In retaining its direct engagement with
physicians and health care professionals, Cigna will build on its commitment
to provide better health outcomes for customers.

Catamaran will bring a leading technology and service platform to better serve
Cigna's existing and future pharmacy customers. Catamaran will also provide
prescription drug procurement and inventory management, order fulfillment for
Cigna's home-delivery pharmacy, retail network contracting, and claims
processing.

Cigna will continue to be the brand for all pharmacy-related customer
interactions. All home delivery prescription drugs and refills will be
dispensed and distributed under the Cigna name and label.

Financial Impact

Cigna expects to record one-time transaction costs, primarily for advisory
fees associated with this agreement, in the second quarter of 2013, resulting
in an after-tax charge of approximately $25 million that will be reported as a
special item.

Cigna expects this agreement will have an immaterial impact to adjusted income
from operations^1 in 2013. The Company estimates that this agreement will
begin making a positive contribution to earnings in 2014 and will create
annualized earnings per share accretion of approximately $0.50 per share^2 in
2015 through improved clinical management, purchasing and administrative
efficiencies.

BofA Merrill Lynch acted as sole financial advisor to Cigna on the agreement.

Cigna Conference Call

Cigna will be hosting a conference call this afternoon, beginning at 5:00p.m.
ET to discuss the agreement. The call-in numbers for the conference call are
as follows:

Live Call
(800) 619-9569 (Domestic)
(517) 623-4948 (International)
Passcode: 333521

Replay
(888) 568-0868 (Domestic)
(203) 369-3782 (International)
No Passcode Required

It is strongly suggested you dial in to the conference call by 4:45p.m. ET.
The operator will periodically provide instructions regarding the call.

Catamaran Conference Call

Catamaran will host a conference call today, June 10, 2013, at 5:00 pm eastern
time to discuss this strategic PBM partnering agreement with Cigna. To access
the live webcast, log on to the Investor section of www.catamaranRx.com. The
call can be accessed by dialing 800-231-9012 or 719-457-2602 for international
calls, with access code 7528712. For a replay of the call, dial 888-203-1112
or 719-457-0820 for international calls, with access code 7528712.

About Cigna

Cigna Corporation (NYSE: CI) is a global health service company dedicated to
helping people improve their health, well-being and sense of security. All
products and services are provided exclusively by or through operating
subsidiaries of Cigna Corporation, including Connecticut General Life
Insurance Company, Cigna Health and Life Insurance Company, Life Insurance
Company of North America and Cigna Life Insurance Company of New York. Such
products and services include an integrated suite of health services, such as
medical, dental, behavioral health, pharmacy, vision, supplemental benefits,
and other related products including group life, accident and disability
insurance. Cigna maintains sales capability in 30 countries and jurisdictions,
and has approximately 80 million customer relationships throughout the world.
To learn more about Cigna®, including links to follow us on Facebook or
Twitter, visit www.cigna.com.

About Catamaran

Catamaran, the industry’s fastest-growing pharmacy benefits manager, helps
organizations and the communities they serve take control of prescription drug
costs. Managing more than 250 million prescriptions each year on behalf of 25
million members, our flexible, holistic solutions improve patient care and
empower individuals to take charge of their health. Processing one in every
five prescription claims in the U.S., Catamaran’s skill and scale deliver
compelling financial results and sustainable improvement in the overall health
of members. Catamaran is headquartered in Lisle, Ill. with multiple locations
in the U.S. and Canada. For more information, please visit CatamaranRx.com,
and for industry news and information follow Catamaran on Twitter,
@CatamaranCorp.

Notes:

   
     Adjusted income from operations is shareholders’ net income excluding
     realized investment results, special items and results of the guaranteed
     minimum income benefits (GMIB) business. Adjusted income from operations
     is a measure of profitability used by Cigna’s management because it
1.   presents the underlying results of operations of Cigna’s businesses and
     permits analysis of trends in underlying revenue, expenses and
     shareholders’ net income. This measure is not determined in accordance
     with generally accepted accounting principles (GAAP) and should not be
     viewed as a substitute for the most directly comparable GAAP measure,
     which is shareholders’ net income.
     Weighted average shares used to compute the per share accretion reflects
     actual weighted average share data as filed in the Company's first
     quarter 2013 Form 10-Q, adjusted for known items as of June 10, 2013. It
2.   does not reflect estimates for any future share repurchase or future
     issuance of shares for stock-based compensation awards or other
     investing/financing activities. It also does not reflect an estimate of
     future changes in share price.
     

CAUTIONARY STATEMENT FOR PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Cigna Corporation and its subsidiaries (the “Company”) and its representatives
may from time to time make written and oral forward-looking statements,
including statements contained in press releases, in the Company’s filings
with the Securities and Exchange Commission, in its reports to shareholders
and in meetings with analysts and investors. Forward-looking statements may
contain information about financial prospects, economic conditions, trends and
other uncertainties. These forward-looking statements are based on
management’s beliefs and assumptions and on information available to
management at the time the statements are or were made. Forward-looking
statements include, but are not limited to, the information concerning
possible or assumed future business strategies, financing plans, competitive
position, potential growth opportunities, potential operating performance
improvements, trends and, in particular, the Company’s strategic initiatives,
litigation and other legal matters, operational improvement initiatives in the
Company’s health care operations, and the Company’s outlook for full year 2013
and beyond results. Forward-looking statements include all statements that are
not historical facts and can be identified by the use of forward-looking
terminology such as the words “believe”, “expect”, “plan”, “intend”,
“anticipate”, “estimate”, “predict”, “potential”, “may”, “should,” “will” or
similar expressions.

By their nature, forward-looking statements: (i) speak only as of the date
they are made, (ii) are not guarantees of future performance or results and
(iii) are subject to risks, uncertainties and assumptions that are difficult
to predict or quantify. Therefore, actual results could differ materially and
adversely from those forward-looking statements as a result of a variety of
factors. Some factors that could cause actual results to differ materially
from the forward-looking statements include:

    
      health care reform legislation, as well as additional changes in state
      or federal regulation, that could, among other items, affect the way the
1.    Company does business, increase costs, limit the ability to effectively
      estimate, price for and manage medical costs, and affect the Company’s
      products, services, market segments, technology and processes;
      adverse changes in state, federal and international laws and
2.    regulations, including increased medical, administrative, technology or
      other costs resulting from new legislative and regulatory requirements
      imposed on the Company’s businesses;
      risks associated with pending and potential state and federal class
      action lawsuits, disputes regarding reinsurance arrangements, other
      litigation and regulatory actions challenging the Company’s businesses,
      including disputes related to payments to health care professionals,
3.    government investigations and proceedings, tax audits and related
      litigation, and regulatory market conduct and other reviews, audits and
      investigations, including the possibility that the acquired
      Cigna-HealthSpring business may be adversely affected by potential
      changes in risk adjustment data validation audit and payment adjustment
      methodology;
      challenges and risks associated with implementing improvement
      initiatives and strategic actions in the ongoing operations of the
      businesses, including those related to: (i) growth in targeted
      geographies, product lines, buying segments and distribution channels,
4.    (ii) offering products that meet emerging market needs, (iii)
      strengthening underwriting and pricing effectiveness, (iv) strengthening
      medical cost results and a growing medical customer base, (v) delivering
      quality service to members and health care professionals using effective
      technology solutions, and (vi) lowering administrative costs;
5.    the unique political, legal, operational, regulatory and other
      challenges associated with expanding our business globally;
6.    challenges and risks associated with the successful management of the
      Company’s key vendors or outsourcing projects, such as Catamaran;
      risks associated with the pharmacy benefits management agreement with
      Catamaran, including without limitation, those related to the ability to
      transition and implement successfully the agreement in a timely,
7.    cost-efficient manner without an adverse impact on service to clients
      and customers, and the failure to achieve projected operating
      efficiencies, estimated earnings per share accretion and estimated
      financial contribution to the Company’s results;
      risks associated with the Company’s mail order pharmacy business that,
8.    among other things, includes any potential operational deficiencies or
      service issues as well as loss or suspension of state pharmacy licenses;
      the ability of the Company to execute its growth plans by successfully
      leveraging capabilities and integrating acquired businesses, including
      the Cigna-HealthSpring businesses by, among other things, operating
      Medicare Advantage plans and Cigna-HealthSpring’s prescription drug
9.    plan, retaining and growing the customer base, realizing revenue,
      expense and other synergies, renewing contracts on competitive terms or
      maintaining performance under Medicare contracts, successfully
      leveraging the information technology platform of the acquired
      businesses, and retaining key personnel;
10.   risks associated with security or interruption of information systems,
      that could, among other things, cause operational disruption;
      risks associated with the Company’s information technology strategy,
11.   including that the failure to make effective investments or execute
      improvements may impede the Company’s ability to deliver services
      efficiently;
12.   the failure to maintain effective prevention, detection and control
      systems for regulatory compliance and detection of fraud and abuse;
      risks associated with the Company’s mail order pharmacy business that,
13.   among other things, includes any potential operational deficiencies or
      service issues as well as loss or suspension of state pharmacy licenses;
      liability associated with the Company’s operations of onsite clinics and
14.   medical facilities, including the health care centers operated by the
      Cigna-HealthSpring business;
      heightened competition, particularly price competition, that could
15.   reduce product margins and constrain growth in the Company’s businesses,
      primarily the Global Health Care business;
      significant stock market declines, that could, among other things,
16.   impact the Company’s pension plans in future periods as well as the
      recognition of additional pension obligations;
      significant changes in market interest rates or sustained deterioration
17.   in the commercial real estate markets that could reduce the value of the
      Company’s investment assets;
      downgrades in the financial strength ratings of the Company’s insurance
      subsidiaries, that could, among other things, adversely affect new sales
18.   and retention of current business or limit the subsidiaries’ ability to
      dividend capital to the parent company, resulting in changes in
      statutory reserve or capital requirements or other financial
      constraints;
      significant deterioration in global market economic conditions and
19.   market volatility, that could have an adverse effect on the Company’s
      investments, liquidity and access to capital markets;
      unfavorable developments in economic conditions, that could, among other
      things, have an adverse effect on the impact on the businesses of our
      customers (including the amount and type of health care services
20.   provided to their workforce, loss in workforce and ability to pay their
      obligations), the businesses of hospitals and other providers (including
      increased medical costs) or state and federal budgets for programs, such
      as Medicare or social security, resulting in a negative impact to the
      Company’s revenues or results of operations;
      risks associated with the Company’s reinsurance arrangements for the
      run-off retirement benefits, life insurance and annuity business,
21.   variable annuity death benefits and guaranteed minimum income benefits
      businesses, including but not limited to, failure by the reinsurer to
      meet its reinsurance obligations or that the reinsurance does not
      otherwise provide adequate protection; or
      potential public health epidemics, pandemics, natural disasters and
      bio-terrorist activity, that could, among other things, cause the
22.   Company’s covered medical and disability expenses, pharmacy costs and
      mortality experience to rise significantly, and cause operational
      disruption, depending on the severity of the event and number of
      individuals affected.
      

This list of important factors is not intended to be exhaustive. Other
sections of the Company’s most recent Annual Report on Form 10-K, including
the “Risk Factors” section, and other documents filed with the Securities and
Exchange Commission include both expanded discussion of these factors and
additional risk factors and uncertainties that could preclude the Company from
realizing the forward-looking statements. The Company does not assume any
obligation to update any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by law.

CATAMARAN FORWARD-LOOKING STATEMENTS

Certain information of Catamaran included herein is forward-looking within the
meaning of certain securities laws and is subject to important risks,
uncertainties and assumptions. This forward-looking information includes,
among other things, Catamaran's strategic relationship with Cigna, as well as
information with respect to Catamaran’s beliefs, plans, expectations,
anticipations, estimates and intentions related to such relationship and/or
other matters. Forward-looking statements are necessarily based upon a number
of estimates and assumptions that, while considered reasonable by management
at this time, are inherently subject to significant business, economic and
competitive uncertainties and contingencies. Catamaran cautions that such
forward-looking statements involve known and unknown risks, uncertainties and
other risks that may cause Catamaran’s actual financial results, performance,
or achievements to be materially different from Catamaran’s estimated future
results, performance or achievements expressed or implied by those
forward-looking statements. Certain factors could cause actual results to
differ materially from those in the forward-looking statements are discussed
from time to time in Catamaran's filings with the U.S. Securities and Exchange
Commission, including the risks and uncertainties discussed under the captions
“Risk Factors” and “Management's Discussion and Analysis of Financial
Condition and Results of Operations” in Catamaran’s Annual Report on Form 10-K
and subsequent Form 10-Qs, which are available at www.sec.gov. Investors are
cautioned not to put undue reliance on forward-looking statements. All
subsequent written and oral forward-looking statements attributable to
Catamaran or persons acting on Catamaran’s behalf are expressly qualified in
their entirety by this notice. Catamaran disclaims any intent or obligation to
update publicly these forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by applicable law.

Photos/Multimedia Gallery Available:
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Contact:

Cigna Investor Relations
Ted Detrick, 215-761-1414
or
Cigna Media Relations
Matt Asensio, 860-226-2599
or
Catamaran Investor Relations
Tony Perkins, 312-261-7805
 
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