HUMANA INC

(1) Peer group includes Centene, CVS, Elevance, HCSC, and United

(2) Stars revenue PMPM is defined as the incremental revenue associated with obtaining a 3.5, 4, or 4.5 Star rating, inclusive of the incremental rebate retained and the quality bonus payment received for a 4 Star rating (a 50% rebate retention is assumed to be the baseline and not included as Stars revenue)

(3) the calculation utilizes:

•a consistent 3.0 benchmark of $1,370, a consistent risk score of 1.15, and consistent benefits equating to a rebate of $222 for all payers to normalize for the impact of plan design, geographic mix, and membership mix

•current membership and contract distribution per the CMS membership files dated September 2026 for all payers

(4) actual 2028 Stars revenue PMPM for Humana and the peer group will be different than presented above as it will be dependent upon actual 2028 membership and contract mix, as well as actual 2028 risk scores, benchmark, and rebates for each respective payer

As a reminder, the Company intends to manage its product and benefit structure assuming performance that approximates Top Quartile results. Further, the Company anticipates some of the outperformance in BY28 relative to Top Quartile will be one time in nature, and it will manage its expenses as such. As a result, the Company expects a benefit for 2028 that will be utilized for one-time investments and return to shareholders. The Company will share more on the level of and expected use of the one-time benefit once it has more 2028 information, including insight into competitive dynamics and the rate and regulatory environment, along with a view of its expected contract mix and membership size and mix. The Company intends to share this information prior to or when giving detailed 2028 financial guidance on the fourth quarter 2027 earnings call.

The Company believes it is well positioned to deliver on its commitment of unlocking the earnings potential of the business by 2028 as laid out at its 2025 Investor Day, supported by its expanded membership base, return to Top Quartile Stars results, and continued discipline across pricing, clinical excellence, operating efficiencies and capital allocation.

As previously announced, the Company will hold a virtual investor update on December 10th, 2026, to provide a mark to market against the framework laid out at its 2025 Investor Day, including the initiatives expected to support earnings growth through 2028.