Investor Presentation Q1-Q3 2020

100 Investor presentation First nine months of 2020 US health insurance is dominated by few large commercial payers with slow expansion of public insurance coverage The US population by health insurance status expected to remain stable in coming years Managed Care Medicaid Public exchanges Medicare Uninsured Other 333 In 2018, PBMs covered 288 million lives and the market has consolidated MedImpact All other PBMS Humana 5% 3% Prime 3% 8% 31% CVS Caremark 326 100% 9% 8% 80% 23% 22% 60% 18% 18% 40% 45% 44% 20% 0% 2017 2020 OptumRx 22% 28% Express Scripts 12017 data reflect historical data through Oct 2017 2 Managed care population is slightly underestimated as only population under the age 65 is captured to avoid double counting with those eligible for Medicare. Source: Census.gov; Congressional Budget Office Health Insurance Coverage 2016-2026; Medicare Enrollment Dashboard; CMS Health Insurance Enrollment Projection 2015-2025; Medicaid and CHIP Enrollment Report Oct 2017; CMS Insurance Marketplace Fact sheet 2017; CDC.gov PBM: Pharmacy Benefit Manager Note: Covers all main channels (Managed Care, Medicare Part D, and Medicaid); market share based on claim adjudication coverage, i.e. not on formulary/rebate decision power Sources: Cleveland Research Novo Nordisk®

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