Aetna Announces Senior Management Appointments; Walsh to head Pharmacy, Oakes Investor Relations.

Business Editors

HARTFORD, Conn.--(BUSINESS WIRE)--Sept. 7, 2001

Aetna Inc. (NYSE: AET) today announced two management appointments:

- Robyn S. Walsh, vice president of Investor Relations, will become head of
Aetna Pharmacy Management.

- Dennis Oakes, vice president and executive director of Aetna's Academic
Medicine and Managed Care Forum, will become vice president of Investor
Relations.

"I am very pleased that these two seasoned Aetna executives are excited to take on new roles," said John W. Rowe, M.D., chairman, president and CEO of Aetna. "As we continue to reshape our company, it is essential that we have our best people in key positions to help us execute our turnaround plan. Pharmacy Management and Investor Relations serve important constituencies. Robyn and Dennis certainly have track records that indicate they will be successful in their new responsibilities."

Walsh, 47, has served as vice president of Investor Relations for the past four years. Before that, she was senior vice president of medical delivery at Aetna U.S. Healthcare, where she had overall responsibility for the development, implementation and administration of the health delivery network. In joining U.S. Healthcare in 1989, Walsh brought more than a decade of experience in hospital finance and administration, physician practice management and third party cost containment.

"Robyn has made a significant contribution managing investor relations during a very challenging period in Aetna's history," Rowe said. "I'm certain she will take the same skills, energy and enthusiasm that served Aetna so well into her new role at Pharmacy."

David E. Leibfreid, who assumed additional responsibility in serving as interim Head of Pharmacy Management, will continue as a senior member of Aetna's pharmacy team in the position of Head of Pharmacy Operations.

Aetna Pharmacy Management employs 385 people and is responsible for between $4 and $5 billion in drug spending each year, making it the largest pharmacy operation of its kind.

Oakes, 50, has been executive director of the Academic Medicine and Managed Care Forum since its inception in 1996. This Aetna initiative is a unique partnership involving many of the nation's leading academic medical centers, major employers, federal agencies, pharmaceutical companies, medical societies and professional organizations. Its goal is to have a positive impact on the delivery of quality medical care and to promote applied research that will improve patient health outcomes. Prior to directing the Forum, Oakes served as Vice President at U.S. Healthcare working with the marketing and sales team. He had special responsibility for developing new business opportunities with a primary focus on large corporate accounts. Before joining U.S. Healthcare, Oakes served as Vice President and Special Counsel to Chairman Ronald O. Perelman at MacAndrews and Forbes Holdings, Inc.

"Dennis brings a thorough understanding of our business, strong communications skills and a legal background to his new role in Investor Relations," Rowe said. "We are following our practice of bringing someone with depth in various aspects of the business to this long-term rotational position. Dennis and his IR team will continue to work closely with the investment community to make sure that investors understand the comprehensive strategy Aetna is employing to improve our financial performance. Reporting directly to our interim Chief Financial Officer, Alan M. Bennett, I am confident that he will be an important voice in our finance organization."

The appointments take effect immediately.

Aetna is the nation's leading provider of health care and related group benefits, serving 18.1 million health care members, 13.9 million dental members and 11.7 million group insurance customers. Information about Aetna is available at www.aetna.com.