Investor Presentaiton

Investor presentation First three months of 2017 Slide 45 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) 333 324 100% 8% 8% 80% 22% 22% 60% 17% 18% 40% 47% 20% 0% In 2016 PBMs covered 266 million lives and the market has consolidated All other MedImpact PBMs Humana 4% 2% Prime 3% 8% Express Scripts 32% 24% 44% United Healthcare Group (OptumRx) & Catamaran 26% CVS Health 2016¹ 2020 1 2016 Data reflect historical data in Jan 2016 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: Congressional Budget Office Health Insurance Coverage 2016-2026; Medicare Enrollment Dashboard; CMS Health Insurance Enrollment Projection 2015-2025; Medicaid and CHIP Enrollment Report Jan. 2016 changing 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 Source: Cleveland Research PBM Intelligence 2016 diabetes® novo nordisk

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