Molina Healthcare : JP Morgan Healthcare Conference

Molina Healthcare, Inc.

JP Morgan Healthcare Conference

Joe Zubretsky, President and Chief Executive Officer

JANUARY 14, 2021

Cautionary Statement

Safe Harbor Statement under the Private Securities Litigation ReformAct of 1995

This presentation and the accompanying oral remarks include forward-looking statements regarding, without limitation, the Company's strategic position, its projected 2021 premium revenues and future revenue growth prospects, political and judicial developments, the continuing impacts of the COVID-19 pandemic during 2021, Medicaid rates and risk corridor provisions, and our 2021 Marketplace business and membership. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company cannot guarantee that it will actually achieve the plans, outlook, or expectations disclosed in its forward-looking statements and, accordingly, you should not place undue reliance on the Company's forward-looking statements. Those risks and uncertainties are discussed under Item 1A in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K and also in the Company's quarterly reports and other reports and filings with the Securities and Exchange Commission, or SEC. T hese reports can be

accessed under the investor relations tab of the Company's website or on the SEC's website at www.sec.gov. Given these risks and uncertainties,

the Company can give no assurances that its forward-looking statements will prove to be accurate, or that the results or events projected or contemplated by its forward-looking statements will in fact occur. All forward-looking statements in this presentation represent management's

judgment as of January 14, 2021, and, except as otherwise required by law, the Company disclaims any obligation to update any forward-looking statements to conform the statement to actual results or changes in its expectations.

2

Today's Agenda

Compelling Strategic Position

4Q20 First Glimpse

2020 Full Year Performance

2021 Initial Outlook

3

Compelling Strategic Position

Despite pandemic, business remains resilient and strategy unchanged

Operating Metrics

Growth Strategy

Business

Environment

• Focused on managed care fundamentals
• Maintain industry leading margin position
• Generate significant excess cash flow and capital
• Grow premium revenue ~13% and ~25% in 2020 and 2021, respectively
• Organic growth opportunities remain compelling
• Expert acquisition team, disciplined approach
• Democrats control Congress and The White House
• SCOTUS threat diminished
• Support for Medicaid expansion and Marketplace subsidies

4

Molina's Footprint Expanded in 2020

Checked the box on all aspects of our growth strategy initiatives in 2020 despite the global pandemic

Executed on meaningful and accretive acquisitions

Retained all of our existing

Medicaid contracts

Won new state contract

New state; acquisition

New state; RFP win and acquisition

Existing State; expanded due to acquisitions

5

4Q20 First Glimpse & 2020 Full Year Performance

6

4Q20 First Glimpse

Normalized performance continues to be strong and in line with previous expectations

Strong normalized performance, excluding the net impact of COVID and a one-time item, continues with 4Q projected to be ~$3.00 per share

Quarter impacted by recently enacted COVID risk sharing corridors, likely to be a net decrease to 4Q earnings of (~$3.50) per share

One-timenon-recurring items yield a benefit of ~$1.00 per share

7

2020 Full Year Performance

2020 full year normalized earnings; continued strong performance

Normalized performance projected to exceed full year GAAP guidance of $11.20 - $11.70 per share

Net negative impact of COVID (~$2.00) per share

Positive benefit from one-timenon-recurring items of ~$1.00 per share

8

2021 Initial Outlook

9

2021 Medicaid Rate Environment

Modest challenges from temporary COVID risk sharing corridors but actuarial soundness preserves outlook for margins

Core Rates

COVID Risk

Sharing

Corridors

• Known on 85% of revenue
• Average increase of ~1.7%
• Some states assumed COVID-related utilization suppression
• Rates reflect cost trend and are actuarily sound
• Many COVID risk sharing corridors extend into 2021
• COVID risk sharing corridors are expected to be temporary
• 2020 corridors enacted retrospectively
• 2021 corridors enacted prospectively, providing greater visibility

10

2021 Marketplace Update

Improved outlook in 2021 driven by enhanced operating performance

2020 performance disappointing but confined and correctable

Targeted price increases in 2021

Begin 2021 with over 500,000 members

Revenue growth of over 25%

Target mid-single digit pre-tax margin for 2021

11

2021 Initial Premium Revenue Outlook

Continued execution of growth strategy leads to 2021 premium revenue of over $23 billion, or ~25% increase over 2020

MCC acquisition

Kentucky, Passport, and YourCare full year

Organic growth in Medicare and Marketplace

Resumption of membership redetermination

Puerto Rico exit

Does not include Affinity

Benefit carve-ins and carve-outs

12

2021 Outlook

Durable earnings catalysts largely mitigate temporary earnings challenges

Catalysts		Challenges

• Strong normalized performance in Medicaid and Medicare
• Marketplace margin recovery and growth
• Continued COVID-related utilization suppression
• HIF elimination
• Accretion of MCC

• COVID risk sharing corridors
• COVID medical costs
• Resumption of membership redetermination
• Medicare risk adjustment
• Rx carve-outs

13

Compelling Strategic Position

Despite pandemic, business remains resilient and strategy unchanged

Operating Metrics

Growth Strategy

Business Environment

14

Questions and Answers

15