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Health Strategies Group 11/15/2018 Health Strategies Group Author/Artist Walmart’s Acquisition of Humana Further Strengthens the Capabilities of Retailers in Health Care The Walmart-Humana combination would parallel CVS-Aetna, including over 4,000 pharmacies in the U.S., the second-highest Medicare Advantage plan enrollment, and Humana's internal PBM business. Humana Provides Walmart with Second-Largest Medicare Advantage Plan Enrollment in U.S. (Percentage 42.5 million Medicare lives) BCBS of MI UnitedHealth Group Humana + Walmart Aetna + CVS Health Cigna + Express Scripts Kaiser WellCare Anthem All others Note: Medicare lives excludes MA-only lives. Source: April 2017 CMS enrollment data. Accessed May 2017; company reports. Accessed March 2018; Health Strategies Group, Leading Health Plans and PBMs, April 2018.