Adjusted claims of 184.8 million, down 1% from third quarter 2010

Gross profit of $864.3 million, up 7% from third quarter 2010

Gross profit margin of 7.5%, up from 7.2% in third quarter 2010

EBITDA of $686.7 million, up 11% from third quarter 2010

EBITDA per adjusted claim of $3.72, up 13% from third quarter 2010

Cash flow from operations of $956.8 million, up 143% from third quarter 2010

The Company expects claims utilization and in-group attrition to be consistent with current year levels.

The Company expects client retention, based on prescription volume, to be greater than 97%.

In addition, the Company is receiving strong support from clients and expects greater than 95% of its clients’ prescription volume will move forward into 2012 without Walgreens as a network provider.

As a result of the preceding factors and sales activity to date, which includes three new signature wins, the Company expects claims growth to be in a range of 0% to 2%.

As previously stated, the Company expects the Medco acquisition will be slightly accretive to EPS (excluding integration and deal-related costs and charges) in the first full year after closing and moderately accretive once fully integrated.

Our ability to remain profitable in a very competitive marketplace is dependent upon our ability to attract and retain clients while maintaining our margins, to differentiate our products and services from others in the marketplace, and to develop and cross sell new products and services to our existing clients;

Our failure to anticipate and appropriately adapt to changes in the rapidly changing health care industry;

Changes in applicable laws or regulations, or their interpretation or enforcement, or the enactment of new laws or regulations, which apply to our business practices (past, present or future) or require us to spend significant resources in order to comply;

Changes to the healthcare industry designed to manage healthcare costs or alter healthcare financing practices;

Changes relating to our participation in Medicare Part D, the loss of Medicare Part D eligible members, or our failure to otherwise execute on our strategies related to Medicare Part D;

A failure in the security or stability of our technology infrastructure, or the infrastructure of one or more of our key vendors, or a significant failure or disruption in service within our operations or the operations of such vendors;

Our failure to effectively execute on strategic transactions, or to integrate or achieve anticipated benefits from any acquired businesses;

The termination, or an unfavorable modification, of our relationship with one or more key pharmacy providers, or significant changes within the pharmacy provider marketplace;

The termination, or an unfavorable modification, of our relationship with one or more key pharmaceutical manufacturers, or the significant reduction in payments made or discounts provided by pharmaceutical manufacturers;

Changes in industry pricing benchmarks;

Results in pending and future litigation or other proceedings which would subject us to significant monetary damages or penalties and/or require us to change our business practices, or the costs incurred in connection with such proceedings;

Our failure to execute on, or other issues arising under, certain key client contracts;

The impact of our debt service obligations on the availability of funds for other business purposes, and the terms and our required compliance with covenants relating to our indebtedness; our failure to attract and retain talented employees, or to manage succession and retention for our Chief Executive Officer or other key executives;

Uncertainty as to whether Express Scripts, Inc. (Express Scripts) will be able to consummate the mergers with Medco Health Solutions, Inc. (Medco) on the terms set forth in the merger agreement;

The ability to obtain governmental approvals of the mergers;

Uncertainty as to the market value of Express Scripts merger consideration to be paid and the stock component of the Medco merger consideration;

Failure to realize the anticipated benefits of the mergers, including as a result of a delay in completing the mergers or a delay or difficulty in integrating the businesses of Express Scripts and Medco;

Uncertainty as to the long-term value of Express Scripts Holding Company (currently known as Aristotle Holding, Inc.) common shares;

Limitation on the ability of Express Scripts and Express Scripts Holding Company to incur new debt in connection with the transaction;

The expected amount and timing of cost savings and operating synergies; and

Failure to receive the approval of the stockholders of either Express Scripts or Medco for the mergers.

Revenues⁽¹⁾

Cost of revenues ⁽¹⁾

Gross profit

Selling, general and administrative

Operating income

Other (expense) income:

Interest income

Interest expense and other

Income before income taxes

Provision for income taxes

Net income from continuing operations

Net loss from discontinued operations, net of tax

Net income

Weighted average number of common shares outstanding during the period:

Basic

Diluted

Basic earnings (loss) per share:

Continuing operations

Discontinued operations

Net earnings

Diluted earnings (loss) per share:

Continuing operations

Discontinued operations

Net earnings

Includes retail pharmacy co-payments of $1,390.4 million and $1,478.5 million for the three months ended September 30, 2011 and 2010, respectively and $4,374.0 million and $4,688.4 million for the nine months ended September 30, 2011 and 2010, respectively.

Assets

Current assets:

Cash and cash equivalents

Restricted cash and investments

Receivables, net

Inventories

Deferred taxes

Prepaid expenses

Other current assets

Total current assets

Property and equipment, net

Goodwill

Other intangible assets, net

Other assets

Total assets

Liabilities and Stockholders’ Equity

Current liabilities:

Claims and rebates payable

Accounts payable

Accrued expenses

Current maturities of long-term debt

Total current liabilities

Long-term debt

Other liabilities

Total liabilities

Stockholders’ Equity:

Preferred stock, 5,000,000 shares authorized, $0.01 par value per share; and no shares issued and outstanding

Common stock, 1,000,000,000 shares authorized, $0.01 par value per share; shares issued: 690,622,000 and 690,231,000, respectively; shares outstanding: 486,508,000 and 528,069,000, respectively

Additional paid-in capital

Accumulated other comprehensive income

Retained earnings

Common stock in treasury at cost, 204,114,000 and 162,162,000 shares, respectively

Total stockholders’ equity

Total liabilities and stockholders’ equity

Cash flows from operating activities:

Net income

Net loss from discontinued operations, net of tax

Net income from continuing operations

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

Non-cash adjustments to net income

Deferred financing fees

Changes in operating assets and liabilities:

Accounts receivable

Claims and rebates payable

Other net changes in operating assets and liabilities

Net cash provided by operating activities — continuing operations

Net cash provided by operating activities — discontinued operations

Net cash flows provided by operating activities

Cash flows from investing activities:

Purchases of property and equipment

Other

Net cash used in investing activities - continuing operations

Net cash used in investing activities - discontinued operations

Net cash used in investing activities

Cash flows from financing activities:

Treasury stock acquired

Proceeds from long-term debt, net of discounts

Deferred financing fees

Net proceeds from employee stock plans

Tax benefit relating to employee stock compensation

Repayment of long-term debt

Net cash used in financing activities

Effect of foreign currency translation adjustment

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

Claims Volume

Network

Home Delivery & Specialty ⁽¹⁾

Total claims

Total adjusted claims⁽²⁾

Depreciation and Amortization (D&A):

Revenue amortization⁽³⁾

Cost of revenues depreciation

Selling, general and administrative depreciation

Selling, general and administrative amortization

Total D&A

Generic Fill Rate

Network

Home Delivery

Overall

Gross profit, as reported

Amortization of NextRx-related intangible assets ⁽³⁾

Non-recurring NextRx integration-related costs ⁽⁴⁾

Non-recurring benefit related to client contract amendment ⁽⁵⁾

Adjusted gross profit

Selling, general and administrative expenses, as reported

Amortization of legacy intangible assets ⁽⁶⁾

Amortization of NextRx-related intangible assets ⁽³⁾

Non-recurring Medco transaction-related costs ⁽⁷⁾

Non-recurring NextRx integration-related costs ⁽⁴⁾

Adjusted selling, general and administrative expenses

Net income from continuing operations, as reported

Provision for income taxes

Depreciation and amortization

Interest expense, net

EBITDA from continuing operations, as reported

Non-recurring Medco transaction-related costs ⁽⁷⁾

Non-recurring NextRx integration-related costs ⁽⁴⁾

Non-recurring benefit related to client contract amendment ⁽⁵⁾

Adjusted EBITDA from continuing operations

Total adjusted claims

Adjusted EBITDA per adjusted claim

EPS from continuing operations, as reported

Non-recurring items:

Medco transaction-related costs ⁽⁷⁾

Financing costs ⁽⁹⁾

NextRx integration-related costs ⁽⁴⁾

Benefit related to client contract amendment ⁽⁵⁾

Amortization of:

Legacy intangible assets ⁽⁶⁾

NextRx-related intangible assets ⁽³⁾

EPS from continuing operations, adjusted

EPS from discontinued operations, as reported

Non-recurring items:

Impairment and other charges ⁽¹⁰⁾

EPS from discontinued operations, adjusted

Total EPS, adjusted

Reaffirmed adjusted EPS guidance

GAAP items not included in guidance:

Amortization of legacy intangible assets ⁽¹¹⁾

Amortization of NextRx-related intangible assets ⁽¹²⁾

Effect of proposed merger agreement with Medco Health Solutions, Inc.

These claims include home delivery, specialty and other claims including: (a) drugs distributed through patient assistance programs (b) drugs we distribute to other PBM’s clients under limited distribution contracts with pharmaceutical manufacturers and (c) FreedomFP claims.

Total adjusted claims reflect home delivery claims multiplied by 3, as home delivery claims typically cover a time period 3 times longer than retail claims.

Amortization of NextRx-related intangible assets include amounts in both revenues and selling, general and administrative expense. Revenue amortization is related to the customer contract with WellPoint which consummated upon closing of the NextRx acquisition in 2009. Under U.S. GAAP standards, amortization of intangibles that arise in connection with consideration given to a customer by a vendor is characterized as a reduction of revenues. Intangible amortization of $28.5 million ($17.9 million net of tax) is included as a reduction to revenue for the three months ended September 30, 2011 and 2010 and $85.5 million ($54.0 million and $53.8 million net of tax in 2011 and 2010, respectively) is included as a reduction to revenue for the nine months ended September 30, 2011 and 2010.

Integration-related costs include those costs directly related to the acquisition of NextRx, primarily comprised of transition services, integration, site closures and severance costs of $15.1 million ($9.5 million net of tax) is included in cost of revenues for the three months ended September 30, 2010 and $62.7 million ($39.5 million net of tax) is included in cost of revenues for the nine months ended September 30, 2010.

Non-recurring benefit relating to an amendment of a client contract. $30.0 million ($18.9 million net of tax) is included as an increase to revenue for nine months ended September 30, 2010. This amount was originally accrued in the NextRx opening balance sheet and in accordance with business combination accounting guidance the reversal of the accrual was recorded in revenue, since it relates to client guarantees, upon amendment of the contract during the second quarter of 2010.

This adjustment represents the effect of Express Scripts’ legacy intangible amortization, prior to the acquisition of NextRx. Intangible amortization of $8.5 million ($5.3 million net of tax) and $8.6 million ($5.4 million net of tax) is included in selling, general and administrative expense for three months ended September 30, 2011 and 2010, respectively. $25.7 million ($16.2 million net of tax) is included in selling, general and administrative expense for the nine months ended September 30, 2011 and 2010.

Non-recurring transaction-related costs include those directly related to the proposed acquisition of Medco Health Solutions, Inc., primarily composed of professional fees of $20.3 million ($12.8 million net of tax), included in selling, general and administrative expense for the three months and nine months ended September 30, 2011.

EBITDA is earnings before taxes, depreciation and amortization, net interest and other income (expense); or alternatively calculated as operating income plus depreciation and amortization. EBITDA is presented because it is a widely accepted indicator of a company’s ability to service indebtedness and is frequently used to evaluate a company’s performance. EBITDA, however, should not be considered as an alternative to net income, as a measure of operating performance, as an alternative to cash flow, as a measure of liquidity or as a substitute for any other measure computed in accordance with U.S. GAAP. In addition, this definition and calculation of EBITDA may not be comparable to that used by other companies.

Financing costs include fees related to the termination of a portion of the bridge loan and amortization of remaining bridge loan fees, and commitment fees related to the new credit agreement secured in conjunction with the proposed acquisition of Medco Health Solutions, Inc. Costs of $42.0 million ($26.4 million net of tax) is included in interest expense in the three months and nine months ended September 30, 2011.

The Company recorded charges of $8.3 million ($5.2 million net of tax) during the third quarter of 2010, the majority of which reflects one-time costs associated with discontinued operations, including the loss on sale of the Phoenix Marketing Group (“PMG”) business during the quarter. The Company recorded a charge of $28.2 million ($17.7 million net of tax) during the second quarter of 2010, the majority of which reflects the goodwill and intangible asset impairment and the subsequent write-down of assets to fair market value for the PMG business. $5.2 million and $22.9 million is included in “Net loss from discontinued operations, net of tax” on the income statement for the three and nine months ended September 30, 2010, respectively related to these charges.

This adjustment represents the per share effect of Express Scripts’ legacy intangible amortization, prior to the acquisition of NextRx. Intangible amortization of approximately $34.2 million will be included in selling, general and administrative expense in 2011.

This adjustment represents the per share effect of the NextRx-related intangible amortization. Intangible amortization of approximately $114.0 million will be included as a reduction to revenue in 2011. Intangible amortization of $6.5 million will be included in selling, general and administrative expense in 2011.