McKesson Corporation J.P. Morgan Healthcare Conference

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1 McKesson Corporation J.P. Morgan Healthcare Conference John Hammergren Chairman and Chief Executive Officer January 13, 2015

2 Forward-Looking Statements Some of the information in this presentation is not historical in nature and may constitute forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of These statements may be identified by the use of forward-looking terminology such as believes, expects, anticipates, may, will, should, seeks, approximately, intends, plans, estimates, or the negative of these words or other comparable terminology. The discussion of financial trends, strategy, plans or intentions may also include forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied by such statements. Although it is not possible to predict or identify all such risks and uncertainties, they may include, but are not limited to, those described in the Company s annual, quarterly and current reports (i.e., Form 10-K, Form 10-Q and Form 8-K) as filed or furnished with the Securities and Exchange Commission (SEC). You are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date such statements were first made. To the degree financial information is included in this presentation, it is in summary form only and must be considered in the context of the full details provided in the Company s most recent annual, quarterly or current report as filed or furnished with the SEC. The Company s SEC reports are available at under the Investors tab. Except to the extent required by law, the Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events. GAAP / Non-GAAP Reconciliation In an effort to provide additional and useful information regarding the Company s financial results and other financial information as determined by generally accepted accounting principles (GAAP), certain materials presented during this event include non-gaap information. The rationale for management s use of non-gaap information, a reconciliation of that information to GAAP, and other related information is available in the supplemental material attached as an appendix to this presentation and posted to under the Investors tab. 2

3 McKesson At-A-Glance Driving Better Health for Over 180 Years 2 Core Segments Distribution Technology Founded in 1833 >$170B Combined Revenues 85,000 Employees 1 Worldwide 2 Operates in Over 20 Countries 3 Serves 120K Pharmacies and Hospitals Globally Daily 1 >12K Owned or Banner Pharmacies 1 1 Approximated as of December 2, 2014; 2 Approximates reported revenues of McKesson and Celesio AG for the twelve months ended September 30, 2014 (USD); 3 As of December 2,

4 Global Healthcare Industry in Transformation Demand for Healthcare is Growing Demographic Trends Aging Population Increase in Chronic Conditions Convergence & Consolidation Regulatory Environment Rising Healthcare Costs The Age of the Consumer ` 4

5 A Vision for Better Health Payers Pharmaceutical Manufacturers Regulatory Agencies/ Government Consumer Better Business We make healthcare businesses run better Retail Pharmacy Alternate Care Physicians Hospitals Better Care We enable better clinical outcomes Better Connectivity We connect healthcare stakeholders 5

6 Delivering and Value Globally Market Leading Positions U.S. and Canada Pharmaceutical Distribution and Services Specialty Distribution and Services Medical-Surgical Distribution European Retail Pharmacy, Distribution and Service Operations Technology connectivity and payer-provider solutions OneStop SM 6

7 Healthcare Services Leader in North America 7

8 US Pharmaceutical: Operational Excellence % Order Accuracy Operational Excellence Best-in-class network quality, efficiency and speed 21% CAGR Since FY03 1 OneStop SM Generics A Broad Value Proposition Manufacturer Services 1 As of March 31,

9 Creating Value for Our Customers Scale and supply chain excellence Creating Value for Retail Pharmacy Expanding Relationships with Institutional Pharmacy Partnering with Independent Pharmacy More than 3,500 1 stores 1,600+ new stores since As of October 31,

10 Canada: Innovation and Market Leadership Banner Programs Best-in-class network Quality, efficiency and speed Generic Rx >1,700 stores in all 10 provinces and 2 territories Medicine Shoppe Canada 16 Distribution Centers 7 Specialty Pharmacies Specialty Pharmacies & Distribution 85+ Infusion Clinics As of March 31,

11 Specialty Health: Positioned for Continued Growth A Broad Value Proposition Oncology and Multi-Specialty Distribution and Practice Management One of the largest community-based Oncology networks in the U.S. Advanced technology solutions for patients, providers and manufacturers We touch all aspects of Specialty patient care Pharmacies Pharma & Biotech Physicians Patients Hospitals Government Payers 11

12 Medical-Surgical: A Leader in Alternate Site Combined sales force of more than Investments to drive growth 1,400 Focus on the customer while furthering PSS integration Reps Executing on supplier and sourcing opportunities Revenues 14% CAGR FY08 FY14 Optimizing distribution network As of March 31,

13 Technology : Powering Connectivity McKesson s Unique Value Proposition 360 View Expertise working with payers, hospitals, physicians, pharmacies Scaled leadership positions Comprehensive portfolio 13

14 Global Sourcing Expertise A Valuable Generics Channel Partner with Global Scale Cypress Acquisition NorthStar / Sivem Collaboration in Canada NorthStar Program Launch Sivem Launched / PSS Acquisition 14

15 Celesio: Executing Acquisition Synergies A Platform for International Expansion Global procurement team Experienced executive leadership teams Shared values and goals to create opportunities for customers, business partners and shareholders Annual Synergies $275M $325M by FY19 15

16 Celesio: Acquisition Milestones Priorities Post Operating Control FY15 FY16 FY17 FY18 FY19 Operating Control Secured Begin Execution on Synergies Annual Synergies $275M - $325M by FY19 Our current ownership remains 76% We continue to consolidate Celesio s results Minority shareholders will receive an annual dividend of 0.83 per share Minority shareholders have a put right at per share 16

17 In Business for Better Health Pharmaceutical Distribution Medical Surgical Supplies Global Reach Technology Specialty 17

18 Strong Performance: First Half of FY15 $89B Total Revenues 36 % Growth Total Revenues 20% Adjusted EPS Growth 48% Adjusted Gross Profit Expansion 26 % Growth Adjusted Operating Profit For the six months ended September 30, Percentage growth expressed on a year over year basis relative to the six month period ended September 30, Reflects non-gaap information calculated on an Adjusted Earnings basis. A reconciliation to GAAP is available in the appendix to this presentation and on the Company s website under the Investors tab. 18

19 We Have a Track Record of Steady Revenue Growth ($ Billions) $101 $106 $108 $112 $122 $122 $138 FY08 FY09 FY10 FY11 FY12 FY13 FY14 19

20 That We Have Leveraged into Higher Adjusted EPS Growth FY15 Guidance $ $10.90 $3.45 $4.27 $4.70 $5.19 $6.35 $6.45 $8.56 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 Reflects non-gaap information calculated on an Adjusted Earnings basis. A reconciliation to GAAP is available in the appendix to this presentation and on the Company s website under the Investors tab. 20

21 Our Operating Cash Flows Have Steadily Increased OCF ($ Billions) 7 Year Moving Average $3.0 $2.5 $2.0 $1.5 $1.0 $0.5 FY08* FY09 FY10 FY11 FY12 FY13 FY14 *FY08 excludes $962 million Securities Litigation payment. 21

22 We Remain Committed to Our Historical Portfolio Approach to Capital Deployment FY08 - FY14 ($ Billions) Internal Capital Spending $2.6 $1.1 Dividends $13.7 Acquisitions $7.8 Share Repurchases $25B of capital deployed from FY08 FY14 22

23 And We are Well Positioned to Drive Continued Growth Making key capital investments internally to support long-term growth Pursuing strategic acquisitions and managing our portfolio of assets Maintaining investment grade ratings Maintaining our long-term and balanced approach to capital deployment to create shareholder value 23

24 McKesson Drives Sustained Value Creation Attractive Healthcare Markets Public policy agenda supports greater access and improved efficiency Demographics drive long-term demand in North America and globally Experienced and tenured management team with a steady track record of delivering results Strong operating profit, cash flow growth and a portfolio approach to capital deployment Well-Positioned Businesses with Margin Expansion Opportunities Leading positions Operational excellence Focus on higher-margin products and services Global sourcing expertise 24

25

26 RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED EARNINGS (NON-GAAP) FOR FISCAL 2008 THROUGH SIX MONTHS ENDED SEPTEMBER 30, 2014 (unaudited) (in millions, except per share amounts) As Reported (GAAP) Amortization of Acquisition- Related Intangibles Six Months Ended September 30, 2014 Acquisition Expenses and Litigation Related Reserve Adjustments Adjustments LIFO-Related Adjustments Adjusted Earnings (Non-GAAP) Revenues $ 88,816 $ - $ - $ - $ - $ 88,816 Gross profit $ 5,720 $ 5 $ - $ - $ 192 $ 5,917 Operating expenses (4,244) (3,877) Other income, net Impairment of equity investment Interest expenses (200) (200) Income from continuing operations before income taxes 1, ,884 Income tax expense (404) (80) (37) - (75) (596) Income from continuing operations after tax ,288 Income (loss) from continuing operations, net of tax, attributable to noncontrolling interests (16) (23) (6) - - (45) Income from continuing operations, net of tax, attributable to McKesson Corporation Diluted earnings per common share from continuing operations, net of tax, attributable to McKesson Corporation (a) Diluted weighted average common shares $ 900 $ 158 $ 68 $ - $ 117 $ 1,243 $ 3.83 $ 0.66 $ 0.30 $ - $ 0.50 $ As Recast (GAAP) Amortization of Acquisition- Related Intangibles Year Ended March 31, 2014 Acquisition Expenses and Litigation Related Reserve Adjustments Adjustments LIFO-Related Adjustments As Recast Adjusted Earnings (Non-GAAP) (a) Certain computations may reflect rounding adjustments Revenues $ 137,756 $ - $ - $ - $ - $ 137,756 Gross profit $ 8,374 $ 11 $ 3 $ - $ 311 $ 8,699 Operating expenses (5,947) (5,416) Other income, net Impairment of equity investment Interest expense (303) (257) Income from continuing operations before income taxes 2, ,073 Income tax expense (752) (114) (69) (15) (121) (1,071) Income from continuing operations after tax 1, ,002 Income (loss) from continuing operations, net of tax, attributable to noncontrolling interests Income from continuing operations, net of tax, attributable to McKesson Corporation Diluted earnings per common share from continuing operations, net of tax, attributable to McKesson Corporation (a) 5 (7) (2) - - (4) $ 1,410 $ 198 $ 147 $ 53 $ 190 $ 1,998 $ 6.04 $ 0.85 $ 0.63 $ 0.23 $ 0.81 $ 8.56 Diluted weighted average common shares

27 RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED EARNINGS (NON-GAAP) FOR FISCAL 2008 THROUGH SIX MONTHS ENDED SEPTEMBER 30, 2014 (unaudited) (in millions, except per share amounts) As Reported (GAAP) Amortization of Acquisition- Related Intangibles Year Ended March 31, 2013 Acquisition Expenses and Litigation Related Reserve Adjustments Adjustments LIFO-Related Adjustments Adjusted Earnings (Non-GAAP) Revenues $ 122,196 $ - $ - $ - $ - $ 122,196 Gross profit $ 6,881 $ 13 $ - $ - $ 13 $ 6,907 Operating expenses (4,534) 196 (10) 72 - (4,276) Other income, net Impairment of equity investment (191) (191) Interest expense (240) (229) Income from continuing operations before income taxes 1, ,245 Income tax expense (587) (76) (6) (27) (5) (701) Income from continuing operations after tax 1, (5) ,544 Income from continuing operations, net of tax, attributable to noncontrolling interests Income from continuing operations, net of tax, attributable to McKesson Corporation $ 1,363 $ 133 $ (5) $ 45 $ 8 $ 1,544 Diluted earnings per common share from continuing operations, net of tax, attributable to McKesson Corporation (a) $ 5.69 $ 0.56 $ (0.02) $ 0.19 $ 0.03 $ 6.45 Diluted weighted average common shares As Reported (GAAP) Amortization of Acquisition- Related Intangibles Year Ended March 31, 2012 Acquisition Expenses and Litigation Related Reserve Adjustments Adjustments LIFO-Related Adjustments Adjusted Earnings (Non-GAAP) (a) Certain computations may reflect rounding adjustments Revenues $ 122,453 $ - $ - $ - $ - $ 122,453 Gross profit $ 6,435 $ 17 $ - $ - $ 11 $ 6,463 Operating expenses (4,289) (3,947) Other income, net Impairment of equity investment Interest expense (251) (251) Income from continuing operations before income taxes 1, ,285 Income tax expense (521) (71) (10) (89) (4) (695) Income from continuing operations after tax Income from continuing operations, net of tax, attributable to noncontrolling interests Income from continuing operations, net of tax, attributable to McKesson Corporation 1, , $ 1,394 $ 113 $ 16 $ 60 $ 7 $ 1,590 Diluted earnings per common share from continuing operations, net of tax, attributable to McKesson Corporation (a) $ 5.56 $ 0.45 $ 0.07 $ 0.24 $ 0.03 $ 6.35 Diluted weighted average common shares

28 RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED EARNINGS (NON-GAAP) FOR FISCAL 2008 THROUGH SIX MONTHS ENDED SEPTEMBER 30, 2014 (unaudited) (in millions, except per share amounts) As Reported (GAAP) Amortization of Acquisition- Related Intangibles Year Ended March 31, 2011 Acquisition Expenses and Litigation Related Reserve Adjustments Adjustments LIFO-Related Adjustments Adjusted Earnings (Non-GAAP) Revenues $ 111,804 $ - $ - $ - $ - $ 111,804 Gross profit $ 5,828 $ 16 $ - $ - $ 3 $ 5,847 Operating expenses (4,041) (3,670) Other income, net 35 - (16) Impairment of equity investment Interest expense (222) (197) Income from continuing operations before income taxes 1, ,999 Income tax expense (503) (51) (16) (64) (1) (635) Income from continuing operations after tax 1, ,364 Income from continuing operations, net of tax, attributable to noncontrolling interests Income from continuing operations, net of tax, attributable to McKesson Corporation $ 1,097 $ 80 $ 36 $ 149 $ 2 $ 1,364 Diluted earnings per common share from continuing operations, net of tax, attributable to McKesson Corporation (a) $ 4.17 $ 0.30 $ 0.14 $ 0.57 $ 0.01 $ 5.19 Diluted weighted average common shares As Reported (GAAP) Amortization of Acquisition- Related Intangibles Year Ended March 31, 2010 Acquisition Expenses and Litigation Related Reserve Adjustments Adjustments LIFO-Related Adjustments Adjusted Earnings (Non-GAAP) (a) Certain computations may reflect rounding adjustments Revenues $ 108,425 $ - $ - $ - $ - $ 108,425 Gross profit $ 5,527 $ 21 $ - $ - $ 8 $ 5,556 Operating expenses (3,558) 97 - (20) - (3,481) Other income, net Impairment of equity investment Interest expense (187) (187) Income from continuing operations before income taxes 1, (20) 8 1,931 Income tax expense (605) (46) 8 (3) (646) Income from continuing operations after tax Income from continuing operations, net of tax, attributable to noncontrolling interests Income from continuing operations, net of tax, attributable to McKesson Corporation 1, (12) 5 1, $ 1,220 $ 72 $ - $ (12) $ 5 $ 1,285 Diluted earnings per common share from continuing operations, net of tax, attributable to McKesson Corporation (a) $ 4.46 $ 0.26 $ - $ (0.04) $ 0.02 $ 4.70 Diluted weighted average common shares

29 RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED EARNINGS (NON-GAAP) FOR FISCAL 2008 THROUGH SIX MONTHS ENDED SEPTEMBER 30, 2014 (unaudited) (in millions, except per share amounts) As Reported (GAAP) Amortization of Acquisition- Related Intangibles Year Ended March 31, 2009 Acquisition Expenses and Litigation Related Reserve Adjustments Adjustments LIFO-Related Adjustments Adjusted Earnings (Non-GAAP) Revenues $ 106,376 $ - $ - $ - $ - $ 106,376 Gross profit $ 5,251 $ 29 $ - $ - $ 8 $ 5,288 Operating expenses (4,080) (3,490) Other income, net Impairment of equity investment (63) (63) Interest expense (144) (144) Income from continuing operations before income taxes 1, ,665 Income tax expense (240) (49) (182) (3) (474) Income from continuing operations after tax ,191 Income from continuing operations, net of tax, attributable to noncontrolling interests Income from continuing operations, net of tax, attributable to McKesson Corporation $ 798 $ 77 $ - $ 311 $ 5 $ 1,191 Diluted earnings per common share from continuing operations, net of tax, attributable to McKesson Corporation (a) $ 2.86 $ 0.28 $ - $ 1.11 $ 0.02 $ 4.27 Diluted weighted average common shares As Reported (GAAP) Amortization of Acquisition- Related Intangibles Year Ended March 31, 2008 Acquisition Expenses and Litigation Related Reserve Adjustments Adjustments LIFO-Related Adjustments Adjusted Earnings (Non-GAAP) (a) Certain computations may reflect rounding adjustments Revenues $ 101,454 $ - $ - $ - $ - $ 101,454 Gross profit $ 4,888 $ 27 $ - $ - $ (14) $ 4,901 Operating expenses (3,427) 78 4 (5) - (3,350) Other income, net Impairment of equity investment Interest expense (142) (142) Income from continuing operations before income taxes 1, (5) (14) 1,528 Income tax expense (466) (40) (2) 2 5 (501) Income from continuing operations after (3) (9) 1,027 Income from continuing operations, net of tax, attributable to noncontrolling interests Income from continuing operations, net of tax, attributable to McKesson Corporation $ 972 $ 65 $ 2 $ (3) $ (9) $ 1,027 Diluted earnings per common share from continuing operations, net of tax, attributable to McKesson Corporation (a) $ 3.26 $ 0.22 $ 0.01 $ (0.01) $ (0.03) $ 3.45 Diluted weighted average common shares

30 RECONCILIATION OF GAAP SEGMENT FINANCIAL RESULTS TO ADJUSTED EARNINGS (NON-GAAP) FOR FISCAL 2008 THROUGH SIX MONTHS ENDED SEPTEMBER 30, 2014 (unaudited) (in millions) Distribution Six Months Ended September 30, 2014 Technology Corporate & Interest Expense Distribution Year ended March 31, 2014 Technology Corporate & Interest Expense Total Total Total Total As Reported (GAAP): Revenues $ 87,278 $ 1,538 $ - $ 88,816 $ 134,426 $ 3,330 $ - $ 137,756 $ 119,046 $ 3,150 $ - $ 122,196 $ 119,424 $ 3,029 $ - $ 122,453 Gross profit $ 4,998 $ 722 $ - $ 5,720 $ 6,767 $ 1,607 $ - $ 8,374 $ 5,435 $ 1,446 $ - $ 6,881 $ 5,057 $ 1,378 $ - $ 6,435 Operating expenses (3,494) (531) (219) (4,244) (4,335) (1,161) (451) (5,947) (3,068) (1,120) (346) (4,534) (2,854) (1,022) (413) (4,289) Other income, net Impairment of equity investment (191) - - (191) Income from continuing operations before interest expense 1, (214) 1,520 2, (449) 2,460 2, (335) 2,190 2, (413) 2,166 Interest expense - - (200) (200) - - (303) (303) - - (240) (240) - - (251) (251) Income from continuing operations before income taxes $ 1,541 $ 193 $ (414) $ 1,320 $ 2,461 $ 448 $ (752) $ 2,157 $ 2,195 $ 330 $ (575) $ 1,950 $ 2,219 $ 360 $ (664) $ 1,915 Gross profit margin 5.73% 46.94% % 5.03% 48.26% % 4.57% 45.90% % 4.23% 45.49% % Operating expenses as a % of revenues 4.00% 34.53% % 3.22% 34.86% % 2.58% 35.56% % 2.39% 33.74% % Operating pre-tax profit as a % of revenues 1.77% 12.55% % 1.83% 13.45% % 1.84% 10.48% % 1.86% 11.89% % Pre-Tax Adjustments: Gross profit $ - $ 5 $ - $ 5 $ 1 $ 10 $ - $ 11 $ 2 $ 11 $ - $ 13 $ 1 $ 16 $ - $ 17 Operating expenses Amortization of acquisition-related intangibles Gross profit Operating expenses (64) (10) Other income, net Interest expense Acquisition expenses and related adjustments (53) Operating expenses - Litigation reserve adjustments Gross profit - LIFO-related adjustments Total pre-tax adjustments $ 528 $ 26 $ 10 $ 564 $ 754 $ 80 $ 82 $ 916 $ 280 $ 67 $ (52) $ 295 $ 305 $ 64 $ 1 $ 370 Adjusted Earnings (Non-GAAP): Revenues $ 87,278 $ 1,538 $ - $ 88,816 $ 134,426 $ 3,330 $ - $ 137,756 $ 119,046 $ 3,150 $ - $ 122,196 $ 119,424 $ 3,029 $ - $ 122,453 Gross profit $ 5,190 $ 727 $ - $ 5,917 $ 7,079 $ 1,620 $ - $ 8,699 $ 5,450 $ 1,457 $ - $ 6,907 $ 5,069 $ 1,394 $ - $ 6,463 Operating expenses (3,158) (510) (209) (3,877) (3,893) (1,094) (429) (5,416) (2,803) (1,064) (409) (4,276) (2,561) (974) (412) (3,947) Other income, net Impairment of equity investment (191) - - (191) Income from continuing operations before interest expense 2, (204) 2,084 3, (413) 3,330 2, (398) 2,474 2, (412) 2,536 Interest expense - - (200) (200) - - (257) (257) - - (229) (229) - - (251) (251) Income from continuing operations before income taxes $ 2,069 $ 219 $ (404) $ 1,884 $ 3,215 $ 528 $ (670) $ 3,073 $ 2,475 $ 397 $ (627) $ 2,245 $ 2,524 $ 424 $ (663) $ 2,285 Gross profit margin 5.95% 47.27% % 5.27% 48.65% % 4.58% 46.25% % 4.24% 46.02% % Operating expenses as a % of revenues 3.62% 33.16% % 2.90% 32.85% % 2.35% 33.78% % 2.14% 32.16% % Operating pre-tax profit as a % of revenues 2.37% 14.24% % 2.39% 15.86% % 2.08% 12.60% % 2.11% 14.00% % Distribution Year ended March 31, 2013 Year ended March 31, 2012 Technology Corporate & Interest Expense Distribution Technology Corporate & Interest Expense (a) Certain computations may reflect rounding adjustments

31 RECONCILIATION OF GAAP SEGMENT FINANCIAL RESULTS TO ADJUSTED EARNINGS (NON-GAAP) FOR FISCAL 2008 THROUGH SIX MONTHS ENDED SEPTEMBER 30, 2014 (unaudited) (in millions) Year ended March 31, 2011 Year ended March 31, 2010 Year ended March 31, 2009 Year ended March 31, 2008 Distribution Technology Corporate & Interest Expense Distribution Technology Corporate & Interest Expense Total Total Total Total As Reported (GAAP): Revenues $ 108,889 $ 2,915 $ - $ 111,804 $ 105,578 $ 2,847 $ - $ 108,425 $ 103,568 $ 2,808 $ - $ 106,376 $ 98,719 $ 2,735 $ - $ 101,454 Gross profit $ 4,565 $ 1,263 $ - $ 5,828 $ 4,219 $ 1,308 $ - $ 5,527 $ 3,955 $ 1,296 $ - $ 5,251 $ 3,586 $ 1,302 $ - $ 4,888 Operating expenses (2,673) (1,000) (368) (4,041) (2,260) (967) (331) (3,558) (2,777) (994) (309) (4,080) (2,138) (1,011) (278) (3,427) Other income (expense), net Impairment of equity investment (63) - - (63) Income from continuing operations before interest expense 1, (341) 1,822 1, (322) 2,012 1, (284) 1,182 1, (203) 1,580 Interest expense (1) - (221) (222) (2) (2) (183) (187) 2 (4) (142) (144) 4 (4) (142) (142) Income from continuing operations before income taxes $ 1,896 $ 266 $ (562) $ 1,600 $ 1,986 $ 344 $ (505) $ 1,825 $ 1,160 $ 304 $ (426) $ 1,038 $ 1,487 $ 296 $ (345) $ 1,438 Gross profit margin 4.19% 43.33% % 4.00% 45.94% % 3.82% 46.15% % 3.63% 47.61% % Operating expenses as a % of revenues 2.45% 34.31% % 2.14% 33.97% % 2.68% 35.40% % 2.17% 36.97% % Operating pre-tax profit as a % of revenues 1.74% 9.13% % 1.88% 12.15% % 1.12% 10.97% % 1.50% 10.97% % Pre-Tax Adjustments: Gross profit $ - $ 16 $ - $ 16 $ 1 $ 20 $ - $ 21 $ 1 $ 28 $ - $ 29 $ 1 $ 26 $ - $ 27 Operating expenses Amortization of acquisition-related intangibles Gross profit Operating expenses Other income, net - - (16) (16) Interest expense Acquisition expenses and related adjustments Operating expenses - Litigation reserve adjustments (20) (20) (5) (5) Gross profit - LIFO-related adjustments (14) - - (14) Total pre-tax adjustments $ 327 $ 61 $ 11 $ 399 $ 59 $ 67 $ (20) $ 106 $ 552 $ 75 $ - $ 627 $ 19 $ 76 $ (5) $ 90 Adjusted Earnings (Non-GAAP): Revenues $ 108,889 $ 2,915 $ - $ 111,804 $ 105,578 $ 2,847 $ - $ 108,425 $ 103,568 $ 2,808 $ - $ 106,376 $ 98,719 $ 2,735 $ - $ 101,454 Gross profit $ 4,568 $ 1,279 $ - $ 5,847 $ 4,228 $ 1,328 $ - $ 5,556 $ 3,964 $ 1,324 $ - $ 5,288 $ 3,573 $ 1,328 $ - $ 4,901 Operating expenses (2,349) (955) (366) (3,670) (2,210) (920) (351) (3,481) (2,234) (947) (309) (3,490) (2,106) (961) (283) (3,350) Other income, net Impairment of equity investment (63) - - (63) Income from continuing operations before interest expense 2, (355) 2,196 2, (342) 2,118 1, (284) 1,809 1, (208) 1,670 Interest expense (1) - (196) (197) (2) (2) (183) (187) 2 (4) (142) (144) 4 (4) (142) (142) Income from continuing operations before income taxes $ 2,223 $ 327 $ (551) $ 1,999 $ 2,045 $ 411 $ (525) $ 1,931 $ 1,712 $ 379 $ (426) $ 1,665 $ 1,506 $ 372 $ (350) $ 1,528 Gross profit margin 4.20% 43.88% % 4.00% 46.65% % 3.83% 47.15% % 3.62% 48.56% % Operating expenses as a % of revenues 2.16% 32.76% % 2.09% 32.31% % 2.16% 33.73% % 2.13% 35.14% % Operating pre-tax profit as a % of revenues 2.04% 11.22% % 1.94% 14.51% % 1.65% 13.64% % 1.52% 13.75% % Distribution Technology Corporate & Interest Expense Distribution Technology Corporate & Interest Expense (a) Certain computations may reflect rounding adjustments

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