C H A RT I N G A N EW C OU RS E … TOGETHER

2 0 1 2A N N U A L R E P O R T

Letter to ShareholdersBy every measure, 2012 was another

groundbreaking year for our company. It was a

year of singular importance in the merger of SXC

and Catalyst to form Catamaran. It was a year

of great opportunity as our unique approach

to pharmacy benefit management continued

to resonate with the most sophisticated buyers

with the most challenging needs. Lastly, it was

a year of strategic development, ensuring that

our company and services are best positioned

to guide clients through the changes coming to

healthcare in 2013 and beyond.

Let’s start by taking a look at all we

accomplished in 2012.

First and foremost, 2012 was a year of important

acquisitions. SXC’s growth was fueled early in

the year through the acquisition of HealthTran, a

privately held healthcare management solutions

company. Later in the year, the acquisition of

Catalyst led to the formation of Catamaran,

bringing together two of the industry’s most

successful, innovative and fastest-growing

pharmacy benefit management companies.

SXC had the leading technology position in

the marketplace for years and Catalyst was

known for the best service delivery model in

the business. Now Catamaran brings vision,

size and scale, the flexibility clients want, and a

proven track record of success across a diverse

client base. It’s a winning combination we

believe will be hard to beat.

Second, 2012 was another year of record results

for our company. We achieved record earnings,

sales and cash flow. Revenue was $9.9 billion

last year, up 99.8% compared to 2011. Net

income attributable to the company was $116.7

million, an increase of 27.1% on a year-over-

year basis. EBITDA grew to $362.7 million from

$166.4 million in 2011. Our sales team generated

the largest selling season in our company’s

history. This stellar financial performance earned

Catamaran the 11th spot on Fortune magazine’s

list of fastest-growing companies in 2012. It’s

more proof that we’ve captured the attention

of the industry by challenging the traditional

models and offering a compelling alternative for

healthcare payers.

Finally, over the past year we continued to lay

the strategic foundation necessary to bring the

most flexible and effective solutions to market.

Our team is leading the charge with powerful

clinical services that target interventions to

the right members at the right time in the right

ways, to improve outcomes and control costs.

We are helping our clients plan and prepare

for the Affordable Care Act as more uninsured

people gain access to the healthcare system,

prescription drug utilization increases and

management models move from transactions

to outcomes. And as specialty drug spend

continues to escalate, we’re well positioned

with our newly branded and rapidly growing

BriovaRx™ specialty offering.

Now let’s take a look at what we’ve got

coming up.

Expect to see Catamaran move up market and

compete for and win the largest opportunities.

Increasingly, Fortune 500 buyers are looking

for a better way to buy managed pharmacy

services — one that offers the size and scale

of the largest players without sacrificing the

flexibility to address their unique needs.

C A T A M A R A N | 2 0 1 2 A N N U A L R E P O R T

Dear Shareholder,

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Expect to see an expanding suite of clinical

services that influence member behavior and

choice. There are some daunting statistics

about the declining health of the American

population. We believe that personalized

member engagement presents some of the best

opportunities for our clients to get ahead of

these burgeoning problems.

Expect to see Catamaran continue to innovate in

the area of specialty pharmacy. Specialty drugs

represent the fastest-growing and most costly

segment of the pharmaceutical industry, and

Catamaran is bringing a unique and powerful

offering to the market.

Finally, expect to see Catamaran take a market

leadership position with new payment models

and the formation of Healthcare Insurance

Exchanges.

As I wrap up this year’s letter to shareholders,

I would like to thank the Pharmaceutical Care

Management Association for my appointment as

chairman of the Board of Directors in 2012. I am

committed to furthering the PCMA vision and

helping to shape the future of the PBM industry.

I’m pleased to welcome four new board

members: Steven Epstein, Betsy Holden, Karen

Katen and Harry Kraemer. Steven is the senior

health partner at Epstein Becker & Green,

P.C., with a focus on healthcare law. Betsy is

a senior advisor to McKinsey & Company, and

Karen is a senior advisor to Essex Woodlands

Health Ventures and Growth Equity. Harry is

an executive partner with Madison Dearborn

Partners and a clinical professor of management

and strategy at Northwestern University’s

Kellogg School of Management. These

accomplished men and women have extensive

corporate experience and long track records

of success. We are very pleased these four

distinguished professionals have joined our board

to help take our company to the next level.

Lastly, I would like to thank the entire Catamaran

team. In my opinion, we have assembled one of

the finest management teams in the business.

As we work in partnership and collaboration

with our clients, our goal is to build lasting

business relationships that endure — what we

call “Clients for Life.” Together, we will continue

to create meaningful growth as we capture new

opportunities in a time of great change. Together,

we will continue to challenge convention and the

status quo. Together, we will continue to charge

ahead to solve the most pressing challenges.

On behalf of the Board of Directors, the

management team and the talented men and

women of Catamaran, thank you for your strong

and continued support. We look forward to all that

2013 will bring.

C A T A M A R A N | 2 0 1 2 A N N U A L R E P O R T

‘‘ We’ve captured the attention of the industry by challenging the traditional models and offering a compelling alternative for healthcare payers.”

—Mark A. Thierer

Mark A. Thierer Chairman & CEO

Together, we are…

the projected growth in chronic diseases is putting Specialty pharmacy front and center for most of our clients. the holistic approach employed by Briovarx™ goes beyond drug access, connecting communities and engaging and caring for people.”

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Catamaran is charting a new course. 2012 was another record year for our company. expect to see us build on this success as we move up market and win the largest opportunities, expand our clinical services to deliver even more personalized care and innovate in the area of specialty pharmacy — the fastest-growing segment of the pBm industry.

Creating Growth

‘‘ —Albert Thigpen Senior Vice president, pharmacy operations

We are Catamaran. C a t a m a r a n | 2 0 1 2 a n n u a l r e p o r t

733.4 m2012 gross profit

362.7 m 2012 eBItDa

a 137% increase over 2011…

9.9 B2012 gross revenue

… a 99.8% increase over 2011

… a 118% increase over 2011

$

$

$

4

C a t a m a r a n | 2 0 1 2 a n n u a l r e p o r t

Challenging There’s a sea change in the PBM industry. Positively impacting the health of the 25 million lives we serve, navigating the rapidly evolving healthcare landscape and meeting our clients’ complex needs requires that we challenge conventional methods. That’s why Catamaran’s winning combination of leading technology, scale, flexibility, member choice and innovative clinical services resonates with organizations demanding a smarter alternative to the traditional PBM.

Together, we are…

In 2012, we launched BriovaRx™, a specialty pharmacy, delivering

personalized care to patients with

complex conditions.

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We are Catamaran. C A T A M A R A N | 2 0 1 2 A N N U A L R E P O R T

for enhanced COB™

Convention

Centers of Excellence

Clinical and analytical resources are deployed locally to support quality healthcare delivery.

While the changes to healthcare are happening nationally, care is delivered locally. At Catamaran, we’ve aligned our resources and experience to create national strategies, shaped for local differences and personalized for individual patients.”

‘‘

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C A T A M A R A N | 2 0 1 2 A N N U A L R E P O R T

—Sumit Dutta, M.D., M.B.A. Senior Vice President and Chief Medical Officer

Together, we are…

In the post-reform period, we’re poised and prepared to capture new marketshare. Our flexible technology and deep expertise in deploying programs for complex markets brings unique and compelling solutions in this groundbreaking environment.”

‘‘—Ellen Nelson, M.S.W., Ph.D.

Senior Vice President, Government Relations

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Now is the time for leadership. In the face of unprecedented change and increasing complexity brought on by the Affordable Care Act, managing pharmacy benefits is a more challenging endeavor than ever. As we enter this new era, we’re standing up and gaining early recognition as a leading PBM that offers a unique blend of knowledge, flexibility and innovation. The trends are daunting, but this is a time of tremendous opportunity, as every single American becomes eligible to receive pharmacy benefits.

ChargingAhead

We are Catamaran. C A T A M A R A N | 2 0 1 2 A N N U A L R E P O R T

…on pharmaceuticals will go to specialty drugs by 201640%

of spending

Prescription expenditures expected to increase from $258.6 billion to $512.6 billion by 2020

…a

98.2%increase

…more people will be insured in the United States by 202041million

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C A T A M A R A N | 2 0 1 2 A N N U A L R E P O R T

4000

6000

2000

10000

8000

Revenue ($)

2009 2010 2011 2012

400

800

200

600

Gross profit ($)

2009 2010 2011 2012

99.8% increase in revenue YOY

Net Income ($)

60

80

120

200

100

2009 2010 2011 2012

100

200

300

400

EBITDA* ($)

2009 2010 2011 2012

27.1% increase in net income YOY

* A reconciliation of EBITDA to net income for 2012, 2011 and 2010 is included in Item 7 of this annual report.

A reconciliation of 2009 EBITDA is included in Item 7 of our 2011 report, which can be accessed on our website. 9

Financial Highlights

Operational Highlights

C A T A M A R A N | 2 0 1 2 A N N U A L R E P O R T

(in millions)

Named the 11th fastest-growing company in 2012 by Fortune, the

third consecutive year the company has

made the top 15.

Merged with Catalyst Health Solutions Inc., combining two highly

successful, fast-growing enterprises.

Unveiled the Catamaran brand, reflecting a nimble, flexible approach to

helping clients navigate today’s turbulent

healthcare environment.

Acquired HealthTran LLC, a middle-

market PBM with a full spectrum of

healthcare management services.

Awarded six-year contract with the

state of Indiana’s Medicaid program

and opened a dedicated Center of

Excellence in Indianapolis.

Received a five-star rating from

the Centers for Medicare & Medicaid

Services for our Employer Group

Waiver Plan.

Awarded a three-year contract from Blue Cross & Blue Shield of

Rhode Island to provide a full suite

of PBM services.

Introduced a new specialty brand, BriovaRx™, which employs a holistic

approach to engage and care for people.

Awarded specialty pharmacy accreditation from URAC, a

recognition of the quality of our

specialty pharmacy, BriovaRx™.

Named a 2012 Chicago Innovation Awards Top 10 winner for our

Enhanced Coordination of Benefits

program.

Achieved a generic dispensing rate of 83% by year-end, one of the

best in the industry.

Reduced pharmacy trend for our clients by 20%, achieving an overall

trend of 2.8%.

Board of DirectorsMark A. Thierer

Chairman of the Board &

Chief Executive Officer

Catamaran Corporation

Peter J. Bensen (c)

Executive Vice President &

Chief Financial Officer

McDonald’s Corporation

Steven D. Cosler (n, i)

Operating Partner

Water Street Healthcare Partners

William J. Davis (a)

Chief Financial Officer

Blackboard Inc.

Steven B. Epstein (n)

Founder

Epstein Becker & Green, P.C.

Betsy D. Holden (n, a)

Senior Advisor

McKinsey & Company

Karen L. Katen (c)

Senior Advisor

Essex Woodlands Healthcare

Venture Capital and Growth Equity

Harry M. Kraemer Jr. (a)

Executive Partner

Madison Dearborn Partners

Anthony R. Masso (c)

Retired Independent Consultant

a= Audit Committee

c= Compensation Committee

n= Nominating and

Corporate Governance Committee

i= Independent Lead Director

Annual & Special Meeting of ShareholdersMay 14, 2013, 4:30 p.m. ET

St. Andrew’s Club &

Conference Centre

150 King Street West

16th Floor

Toronto, ON M5H 1J9

Corporate OfficersMark Thierer

Chairman & Chief Executive Officer

Jeffrey Park

Executive Vice President &

Chief Financial Officer

John Romza

Executive Vice President,

Research & Innovation

Joel Saban

Executive Vice President,

Pharmacy Operations

Cliff Berman

Senior Vice President,

General Counsel &

Corporate Secretary

Legal AdvisorsHeenan Blaikie LLP

Bay Adelaide Centre

P.O. Box 2900

333 Bay Street, Suite 2900

Toronto, ON M5H 2T4

Sidley Austin LLP

One South Dearborn Street

Chicago, IL 60603

Transfer AgentCanadian Stock Transfer

Company Inc.

320 Bay Street

P.O. Box 1

Toronto, ON M5H 4A6

Independent AuditorKPMG LLP

200 East Randolph Drive

Chicago, IL 60601

BankerJPMorgan Chase

10 South Dearborn Street

Chicago, IL 60603

Investor RelationsTony Perkins

Vice President, Investor Relations

tony.perkins@catamaranRx.com

312-261-7805

NASDAQ Symbol: CTRX

TSX Symbol: CCT

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