CFA Society of Minnesota

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1 CFA Society of Minnesota Intellisight 2018 August 15, 2018 John Penshorn Senior Vice President, UnitedHealth Group Mark Flakne Chief Financial Officer, OptumHealth Tim Noel Chief Financial Officer, UnitedHealthcare Medicare & Retirement

2 Important Information Our presentations today may contain forward-looking statements under U.S. federal securities law. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations. A description of some of the risks and uncertainties can be found in our reports filed with the Securities and Exchange Commission from time to time, including the cautionary statements included in our annual reports on Form 10-K and quarterly reports on Form 10-Q. Our presentations today reference non-gaap amounts. A reconciliation of non-gaap to GAAP amounts is contained in the Other Materials section. Unless otherwise indicated, our financial metrics on the following pages reference 2018 projections. Financial data, including forward-looking estimates, are presented as of the issuance date of our July 17, 2018 earnings release. We are not updating these data today, which is consistent with our policy.

4 Helping people live healthier lives and helping make the health system work better for everyone

A DISTINCTIVELY DIVERSIFIED ENTERPRISE HELPING PEOPLE LIVE HEALTHIER LIVES AND HELPING MAKE THE HEALTH SYSTEM WORK BETTER FOR EVERYONE HEALTH BENEFITS Complementary but Distinct

5 A DISTINCTIVELY DIVERSIFIED ENTERPRISE HELPING PEOPLE LIVE HEALTHIER LIVES AND HELPING MAKE THE HEALTH SYSTEM WORK BETTER FOR EVERYONE HEALTH BENEFITS Complementary but Distinct Business Platforms HEALTH SERVICES FOUNDATIONAL COMPETENCIES Clinical Insight Technology Data & Analytics OUR UNITED CULTURE Integrity Compassion Relationships Innovation Performance

6 Health Care Delivery Global Opportunity Consumer-Centric Benefits Enterprise Focus Growth Areas Digital Health Care Pharmacy Care Services

Commitment to 13% to 16% Long-Term Average Earnings Per Share Growth Target Revenues $87.1 Adjusted EPS ~11% CAGR 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E $3.37 ~16% CAGR $12.50 $10.07 $12.

7 Commitment to 13% to 16% Long-Term Average Earnings Per Share Growth Target Revenues $87.1 Adjusted EPS ~11% CAGR E $3.37 ~16% CAGR $12.50 $10.07 $12.75 $8.05 $5.83 $6.04 $ E Operating Cash Flows $5.6 $94.2 $4.28 $6.3 $101.9 $4.95 $7.0 $110.6 $5.56 $7.2 $122.5 $7.0 ~12% CAGR $130.5 $8.1 $157.1 $9.7 $184.8 $9.8 $201.2 $13.6 $223 $225 ~$ E

9 Helping people live healthier lives and helping make the health system work better for everyone

10 UnitedHealthcare At-A-Glance Making a difference 50M in the lives of nearly PEOPLE Care coordination touch 2.7M points in Medicaid Medicare Advantage members > 85% in four-star plans or higher of spend in value-based $65B arrangements Satisfaction rate for the > 90% Advocate4Me service Gaps in care closed for Medicare Advantage 50M members since 2013 countries in which we +130 serve individuals

11 U.S. Population NOT in Managed Care Uninsured Other (Military) Unmanaged Medicaid ~ 85M People Traditional/ FFS Medicare A Roughly $1 Trillion Market Opportunity

12 Strongly Positioned Across Large, Growing Markets Community & State Medicare & Retirement Employer & Individual Global 7M people served 12M people served 27M people served 6M people served through medical $600B+ total market size $750B total market size $1T+ total market size $4.8T spending 74M served through Medicaid 10,000+ baby boomers graduating into Medicare daily 175M+ people served in the U.S. market 2.4B lives in middle-class global growth by 2030

13 The MA Opportunity Growing Demographics, Penetration and UHC Share UnitedHealthcare growth in seniors served Projected growth in senior marketplace MA in 2025 Projected MA penetration 3.235M M 60M eligibles 72M eligibles ~ 50% $1T E projected in Medicare spending

14 Experiencing Strong Growth in Dual Special Needs Plans > 35% DSNP membership growth in the last 12 months 700K+ people served

15 Latin American Presence ~ $10B annual revenues 65K employees 47 hospitals 6M consumers served with benefits

17 Helping people live healthier lives and helping make the health system work better for everyone

18 Serving customers across the health system PROVIDERS HEALTH PLANS EMPLOYERS 4 5 of U.S. hospitals ~ 3/4 organizations 80 of Fortune 100 CONSUMERS LIFE SCIENCES 100 global organizations GOVERNMENTS 145 government agencies 124M empowered individuals

19 Delivering a track record of growth REVENUE ($ billions) $99-$ ,000 mission-driven health care professionals $ E

20 Addressing growing global market opportunity $800B+ U.S. $1.4T+ GLOBALLY

Industry-leading data analytics continuously advancing through artificial intelligence

21 Infusing health care intelligence into our products and services Nearly 200 million lives of claims data and more than 100 million lives of clinical encounter data Industry-leading data analytics continuously advancing through artificial intelligence Backed by approximately 25,000 health care experts including data scientists, actuaries and clinicians

Delivering high value ambulatory care One

ambulatory care Over 7,500 physicians who

privacy of the patient s home Complex Care

22 Delivering high value ambulatory care One of leading providers of high value ambulatory care Over 7,500 physicians who perform approximately one million surgeries and procedures each year Provides affordable and convenient urgent care across the country HouseCalls provides annual health visits in the comfort and privacy of the patient s home Complex Care Management: Caring for patients in more than 1,600 skilled nursing facilities

Advancing next-generation pharmacy care services OptumRx: Distinctive pharmacy care services Traditional PBM Approach Mail-driven Simplifying the consumer experience Personalized

23 Advancing next-generation pharmacy care services OptumRx: Distinctive pharmacy care services Traditional PBM Approach Mail-driven Simplifying the consumer experience Personalized and connected Leveraging best in class analytics Claims and clinical data Retail-driven Synchronizing clinical care Total health approach Impacting total cost Pharmacy and medical

Reporting segments and revenues OPTUMINSIGHT OPTUMHEALTH OPTUMRx Data and analytics Health care operations Population health management

24 Reporting segments and revenues OPTUMINSIGHT OPTUMHEALTH OPTUMRx Data and analytics Health care operations Population health management Health care delivery Pharmacy care services $24.0B- $24.5B $66.5B- $67.5B $9.2B- $9.5B $3.9B $6.7B $19.3B E E E

25 Other Materials Non-GAAP Reconciliations UNITEDHEALTH GROUP USE OF NON-GAAP FINANCIAL MEASURES Adjusted net earnings per share is a non-gaap financial measure. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. Adjusted net earnings per share excludes from the relevant GAAP metric, as applicable, intangible amortization and other items, if any, that do not relate to the Company's underlying business performance. Management believes that the use of adjusted net earnings per share provides investors and management useful information about the earnings impact of acquisition-related intangible asset amortization. In addition, adjusted net earnings per share excludes the earnings impact of the deferred tax revaluation recognized after The Tax Cuts and Jobs Act of 2017 was enacted in December 2017 and the recognition of the Company's estimated share of guaranty association assessments resulting from the liquidation of Penn Treaty Network America Insurance Company and its subsidiary (Penn Treaty). Management believes the exclusion of these items provides a more useful comparison of the Company's underlying business performance from period to period. These non-gaap financial measures have limitations in that they do not reflect all of the expenses associated with the operations of our business as determined in accordance with GAAP. As a result, one should not consider these measures in isolation. We compensate for these limitations by analyzing current and future results on a GAAP basis as well as a non-gaap basis, disclosing these GAAP financial measures, and providing a reconciliation from GAAP to non-gaap financial measures.

26 Other Materials Non-GAAP Reconciliations GAAP net earnings attributable to UnitedHealth Group common shareholders P $3,822 $4,634 $5,142 $5,526 $5,625 $5,619 $5,813 $7,017 $10,558 $11,625 to $11,875 Tax reform impact (1,197) Penn Treaty impact 350 Intangible amortization ~885 Tax effect (84) (111) (126) (157) (182) (183) (227) (454) (334) ~(220) Adjusted net earnings attributable to UnitedHealth Group common shareholders $3,979 $4,842 $5,377 $5,817 $5,962 $5,960 $6,236 $7,795 $9,923 $12,300 to $12,550 GAAP diluted earnings per share $3.24 $4.10 $4.73 $5.28 $5.50 $5.70 $6.01 $7.25 $10.72 $11.80 to $12.05 Tax reform impact per share (1.22) Penn Treaty impact per share 0.36 Intangible amortization per share ~0.90 Tax effect per share (0.07) (0.10) (0.11) (0.15) (0.18) (0.19) (0.23) (0.47) (0.34) ~(0.20) Adjusted diluted earnings per share $3.37 $4.28 $4.95 $5.56 $5.83 $6.04 $6.45 $8.05 $10.07 $12.50 to $12.75

27 Other Materials Forward-Looking Statements The statements, estimates, projections, guidance or outlook contained in this presentation include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA). These statements are intended to take advantage of the safe harbor provisions of the PSLRA. Generally the words believe, expect, intend, estimate, anticipate, forecast, outlook, plan, project, should and similar expressions identify forward-looking statements, which generally are not historical in nature. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. We caution that actual results could differ materially from those that management expects, depending on the outcome of certain factors. Some factors that could cause actual results to differ materially from results discussed or implied in the forward-looking statements include: our ability to effectively estimate, price for and manage our medical costs, including the impact of any new coverage requirements; new laws or regulations, or changes in existing laws or regulations, or their enforcement or application, including increases in medical, administrative, technology or other costs or decreases in enrollment resulting from U.S., South American and other jurisdictions regulations affecting the health care industry; the outcome of the DOJ s legal action relating to the risk adjustment submission matter; our ability to maintain and achieve improvement in CMS star ratings and other quality scores that impact revenue; reductions in revenue or delays to cash flows received under Medicare, Medicaid and other government programs, including the effects of a prolonged U.S. government shutdown or debt ceiling constraints; changes in Medicare, including changes in payment methodology, the CMS star ratings program or the application of risk adjustment data validation audits; cyber-attacks or other privacy or data security incidents; failure to comply with privacy and data security regulations; regulatory and other risks and uncertainties of the pharmacy benefits management industry; competitive pressures, which could affect our ability to maintain or increase our market share; changes in or challenges to our public sector contract awards; our ability to execute contracts on competitive terms with physicians, hospitals and other service providers; failure to achieve targeted operating cost productivity improvements, including savings resulting from technology enhancement and administrative modernization; increases in costs and other liabilities associated with increased litigation, government investigations, audits or reviews; failure to manage successfully our strategic alliances or complete or receive anticipated benefits of acquisitions and other strategic transactions, fluctuations in foreign currency exchange rates on our reported shareholders equity and results of operations; downgrades in our credit ratings; the performance of our investment portfolio; impairment of the value of our goodwill and intangible assets if estimated future results do not adequately support goodwill and intangible assets recorded for our existing businesses or the businesses that we acquire; failure to maintain effective and efficient information systems or if our technology products do not operate as intended; and our ability to obtain sufficient funds from our regulated subsidiaries or the debt or capital markets to fund our obligations, to maintain our debt to total capital ratio at targeted levels, to maintain our quarterly dividend payment cycle or to continue repurchasing shares of our common stock. This list of important factors is not intended to be exhaustive. We discuss certain of these matters more fully, as well as certain risk factors that may affect our business operations, financial condition and results of operations, in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Any or all forward-looking statements we make may turn out to be wrong, and can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. By their nature, forward-looking statements are not guarantees of future performance or results and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Actual future results may vary materially from expectations expressed or implied in this document or any of our prior communications. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements, except as required by applicable securities laws.

BERNSTEIN. 34 th Annual Strategic Decisions Conference. David Wichmann, CEO May 31, 2018

BERNSTEIN. 34 th Annual Strategic Decisions Conference. David Wichmann, CEO May 31, 2018 BERNSTEIN 34 th Annual Strategic Decisions Conference David Wichmann, CEO May 31, 2018 2018 UnitedHealth Group. All Rights Reserved. UnitedHealth Group is a registered trademark with the U.S. Patent and