#1Optum Presentation#2Growth momentum 2019 EXPECTED GROWTH REVENUE $112.1B 11% year over year growth EARNINGS $9.35B 14% year over year growth Growth momentum ~4x revenues since 2011 ~50% of UnitedHealth Group operating earnings OPTUM OPTUM OPTUM 1#3WE BELIEVE better health outcomes and experiences, at a lower cost, are possible at a societal scale 180k+ dedicated people of Optum serving 120M+ Optum consumers OPTUM 2#4Our capabilities CLINICAL EXPERTISE EMBEDDED TECHNOLOGIES WE BELIEVE in the power of connections DATA & ANALYTICS CONSUMER EXPERIENCE OPTUM OPTUM 3#5Make a greater impact on quality, experiences and costs Delivering on our strategic agenda REINVENTING ADVANCING local care delivery condition-centric management OPTUM OPTUM 4#6WE BELIEVE in connected, patient-centric local care Reinventing local care delivery When you meet us once, you've met us everywhere по Urgent and surgical care Pharmacy care services Behavioral health network High-value specialists HouseCalls Serving 80+ payers through Optum Care OPTUM OPTUM 5#7Reinventing local care delivery healthcare genoa PHA 45M Americans struggle with mental illness ~500 community pharmacies 90%+ located in mental health centers medication adherence, nearly double most retail pharmacies OptumCare practices in Texas 30%+ cost savings vs. fee-for-service ▾9% in hospital admissions OPTUM STAR rating WellMed's primary Dallas-Forth Worth Medicare Advantage Plan, 1 of 18 in the US 47 primary care clinics 500k+ consumers in value-based relationships by next year OPTUM OPTUM 6#8OptumCare practices in New Jersey '37% emergency visits among Medicaid members *70% patients served from 3 years ago OPTUM OptumCare practices in Southern California 30 payers served ~3x people served in value-based arrangements over last 3 years OPTUM OPTUM 7#9Reinventing local care delivery Harmony UNITES CARE AND COVERAGE *20% savings when compared to UnitedHealthcare similar offerings Reinventing local care delivery ~50% increase in patients served through value-based contracts in the last year Business Combinations + Organic Growth OPTUM OPTUM OPTUM 8#10Reinventing local care delivery Growing clinical expertise 46k+ physicians 10k physicians added last year Reinventing local care delivery Optimal Care EMBEDDED INTO CLINICIAN'S WORKFLOW OPTUM EVIDENCE-BASED MEDICINE WITH POINT-OF-CARE TECHNOLOGY 50% reduction in knee procedures through use of appropriate alternatives OPTUM OPTUM 9#11Reinventing local care delivery JOHN MUIR HEALTH $ Revenue cycle management Information technology Managed analytics WE BELIEVE in supporting the whole person, throughout their care journey Care coordination OPTUM OPTUM 10#12Advancing condition-centric management Launched first condition-centric model DATA AND EVIDENCE-BASED PROTOCOLS COMPREHENSIVE CANCER CARE Right care Fully coordinated Advancing condition-centric management OPTUM CANCER GUIDANCE PROGRAM Providing oncologists real-time view of treatment plans Consistent with National Comprehensive Cancer Network guidelines OPTUM OPTUM 11#13Advancing condition-centric management CANCER GUIDANCE PROGRAM 60%+ *6% treatments automatically inpatient approved admissions OPTUM Care Cancer Center 22M members with access OPTUM Advancing condition-centric management OPTUM Gare Cancer Center ~600 new patients referred each month *-30% oncology drug costs for seniors OPTUM OPTUM 12#14Advancing condition-centric management ~50% of total pharmaceutical market spending due to specialty drugs by 2022 24% average lower specialty costs from our advanced specialty management strategies ~50% savings per at-home infusion compared to hospital setting Improving the health care financial experience Optum Bank A leading HSA provider RALLY AVAILABLE TO 55M consumers OPTUM OPTUM OPTUM 13#15Distinctive societal returns WE BELIEVE we have the right people, expertise and capabilities to create a connected system to deliver better quality, experiences and affordability Growth of artificial intelligence in health care $40M average expected investment per organization over five years $20B collective spend Survey of 500 leading health care organizations OPTUM OPTUM 14#16WE BELIEVE connecting information and people is the key to achieving true system transformation Connecting clinical data across the health system INTEROPERABILITY SOLUTIONS standardize information sharing leverage billions of transactions Right person Right system Right time OPTUM OPTUM 15#17Connecting clinical data across the health system + INTEROPERABILITY SOLUTIONS ********** TIT F F OPTUM Connecting clinical data across the health system INTEROPERABILITY SOLUTIONS Enabling providers to make more informed decisions at point of care OPTUM OPTUM 16#18Advanced technologies Artificial Intelligence hundreds of machine learning models help predict onset of disease sooner Advanced technologies Pharmacogenomics matching consumer medications to genetic makeup to prevent adverse drug reactions * 30 хо OPTUM OPTUM OPTUM 17#19Simplifying health care administration OPTUM 360 9 out of 10 ~$70B hospitals annual billings Expanding our reach and impact OUR OPPORTUNITY $1.4T+ global addressable health services market $850B+ US addressable health services market OPTUM OPTUM OPTUM 18#20OptumHealth REVENUE ($ billions) EARNINGS ($ billions) CONSUMERS SERVED (lives in millions) 2019E 2020P Range Consumer lives Growth 96 97-98 3% 1% -2% +27-30% +24% +25-28% +23% $38.0- $30.0 $39.0 $3.0 $3.75- $3.85 REVENUE PER CONSUMER SERVED (per month) 2019E 2020P Range $24.1 $2.4 Revenue per $26.00 $32.30 $33.50 consumer Growth 20% 24% -29% 2018 2019E 2020P 2018 2019E 2020P OPERATING MARGIN (percent) Operating margin 2019E 10.0% 2020P Range 9.6% 10.1% OptumInsight REVENUE ($ billions) EARNINGS ($ billions) CONTRACT BACKLOG ($ billions) OPTUM +10-14% +10% +11-16% +11% Backlog Growth 2019E 2020P Range $19.3 $20.8 $21.5 13.5% 8%-11% $2.5 $9.0 $9.9 $11.0- $11.5 $2.2 $2.75- $2.85 OPERATING MARGIN (percent) 2019E 2020P Range Operating margin 25.3% 23.9% 25.9% 2018 2019E 2020P 2018 2019E 2020P OPTUM OPTUM 19#21OptumRx +6% REVENUE ($ billions) +7-9% +8% EARNINGS ($ billions) +5-8% ADJUSTED SCRIPTS (scripts in millions) 2019E 2020P Range Adjusted scripts Growth 1,330 1,280 1,300 (1%) (4%)-(2%) Pro forma growth1 OPERATING MARGIN (percent) 7%-8% $69.5 $73.7 $79.0- $80.0 $3.85 $3.6 $4.05- $4.15 Operating margin 2019E 5.2% 2020P Range 5.1% -5.3% 2018 2019E 2020P 2018 2019E 2020P 2020P growth adjusted for a large customer transition 2019 performance ($ millions) Revenue OptumHealth 2018 2019E Growth $ 24,145 $ 30,000 24% OptumInsight OptumRx 9,008 69,536 9,900 10% 73,700 6% Optum (including eliminations) $ 101,280 $ 112,100 11% Operating earnings OptumHealth $ 2,430 $3,000 23% OptumInsight 2,243 2,500 11% OptumRx 3,558 3,850 8% Optum $ 8,231 $ 9,350 14% Operating margin 8.1% 8.3% 20 bps OPTUM OPTUM OPTUM 20#222020 outlook ($ millions) Revenue OptumHealth 2019E 2020P Range Growth Optum Insight OptumRx $ 30,000 9,900 73,700 $ 38,000 - $ 39,000 27% - 30% 11,000 79,000 11,500 80,000 11% 16% 7% 9% Optum (including eliminations) $ 112,100 $ 127,000 $ 128,000 13% - 14% Operating earnings OptumHealth OptumInsight OptumRx $ 3,000 2,500 3,850 $ 3,750 2,750 4,050 $ 3,850 25% - 28% 2,850 10% - 14% 4,150 5% - - 8% Optum $ 9,350 $ 10,600 - $ 10,800 13% - 16% Operating margin 8.3% 8.3% - 8.5% 0 bps - 20 bps Growth momentum 2020 PROJECTED GROWTH REVENUE $127B-$128B 13%-14% year over year growth EARNINGS $10.6B-$10.8B 13%-16% year over year growth OPTUM OPTUM OPTUM 21#23Greater value for customers, better care and experiences for patients, and distinctive returns for shareholders OPTUM OPTUM 22