First Quarter 2018 Investor Presentation

Investor Presentation First three months of 2018 Slide 47 US health insurance is dominated by few large commercial payers with slow expansion of public insurance coverage US population by health insurance status expected to remain stable in coming years Managed care² Public exchanges Medicare Other Medicaid Uninsured US population (million) In 2018, PBMs covered 288 million lives and the market has consolidated MedImpact All other PBMS Humana 5% Prime 3% CVS Caremark 8% 3% 31% 326 333 100% 9% 8% 80% 23% 22% 60% 18% 18% Optum Rx 22% 40% 20% 45% 44% 0% 20171 2020 28% Express Scripts 1 2017 data reflect historical data through October 2017 2 Managed care population was slightly underestimated as only population under age 65 were 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 Factsheet 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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