Aetna Names David B. Kelso Executive Vice President, Administration and Finance

HARTFORD, Conn., September 13, 2001 — Aetna (NYSE: ΑET) today announced the appointment of David B. Kelso, 49, as executive vice president, Administration and Finance, reporting to Aetna Chairman, President and CEO John W. Rowe, M.D., effective Sept. 17. Kelso was executive vice president, managing director and chief financial officer of the Chubb Corporation.

Kelso; Ronald A. Williams, executive vice president and chief of Health Operations; and L. Edward Shaw Jr., executive vice president and general counsel; will work closely with Dr. Rowe in an Office of the Chairman format. Kelso will be responsible for the Finance Group, Strategy, Communications and Human Resources. It is a newly created position.

"One of our key priorities this year has been strengthening Aetna's senior management team, identifying people inside and outside the company who bring knowledge, experience, skills and the commitment to succeed that we need," Dr. Rowe said. "David's appointment represents an important step in that direction. "We are focused simultaneously on fixing our financial and operational problems on the one hand, and forging a new strategic direction on the other. David will help with both goals.

"Throughout his career as a management consultant and a line operating manager, as well as a chief financial officer, David has consistently demonstrated an exceptional strategic orientation that will be extremely helpful as Aetna moves beyond its current difficulties to reclaim its position as the industry leader," Dr. Rowe said.

"I am enthusiastic about joining Aetna during this time of change," Kelso said. "Under the leadership of Jack Rowe and the new team, Aetna is tackling a critical financial turnaround and strategic repositioning. Helping the company achieve financial strength is my primary goal, and I look forward to providing strategic insights and overseeing the management of our corporate resources."

Before joining the Chubb Corporation in 1996, Kelso served as executive vice president, chief financial officer and personal segment leader for retail and small business banking for First Commerce Corporation in New Orleans, which he joined in 1992. Previously, he culminated 10 years of increasingly responsible positions with The Mac Group/Gemini Consulting in Washington, D.C., as partner and head of the North American banking practice. Kelso is a graduate of Princeton University and holds an M.B.A. from The Darden School of the University of Virginia.

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.

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