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Filed by Aetna Inc.
Pursuant to Rule 425 of the Securities Act of 1933
and deemed filed pursuant to Rule 14a-6(b)
of the Securities Exchange Act of 1934

Subject Company: Humana Inc.

Commission File No. for Registration Statement on

Form S-4 filed by Aetna Inc.: 333-206289

The following are excerpts from a transcript of a CNBC Squawk Box interview with Mark Bertolini. A video of the interview was made available on Aetna’s internal and external websites on October 12, 2015:

Mark Bertolini

Well, like politics all healthcare is local. And so you actually have to look at the local market area where there is still plenty of competition. You know, our consolidation is about Medicare advantage and there are 28 new Medicare advantage plans in the last 5 years, more than half of them are hospital-based. So I think the competition really needs to be based on what's going on in each community and what's best for that community.

Andrew Ross Sorkin


Mark Bertolini

Not what is happening to the national brand names when, you know, we'll have 13 percent of the market on the commercial side and 8 percent of the market after the merger with Humana.

Joe Kernan

I want to read you something. This comes from the American Academy of Family Physicians. Seldom does consolidation result in reduced cost for customers. Bigger insurance companies mean increased...