J.P. Morgan 33rd Annual Healthcare Conference

© Copyright 2015, Cardinal Health. All rights reserved. CARDINAL HEALTH, the Cardinal Health LOGO and
ESSENTIAL TO CARE are trademarks or registered trademarks of Cardinal Health.
J.P. Morgan Healthcare Conference, January 13, 2015
George S. Barrett
Chairman and Chief Executive Officer
Healthcare is changing …
We’re changing healthcare.

2
Cautions concerning
forward-looking statements
This presentation contains forward-looking statements addressing expectations, prospects, estimates and other
matters that are dependent upon future events or developments. These statements may be identified by words
such as "expect," "anticipate," "intend," "plan," "believe," "will," "should," "could," "would," "project," "continue,"
"likely," and similar expressions, and include statements reflecting future results or guidance, statements of outlook
and expense accruals. These matters are subject to risks and uncertainties that could cause actual results to differ
materially from those projected, anticipated or implied. These risks and uncertainties include competitive pressures
in Cardinal Health's various lines of business; the ability to achieve the expected benefits from the generic sourcing
joint venture with CVS Health; the frequency or rate of pharmaceutical price appreciation or deflation and the timing
of generic and branded pharmaceutical introductions; the non-renewal or a default under one or more key
customer or supplier arrangements or changes to the terms of or level of purchases under those arrangements; the
ability to achieve the expected benefits from the AccessClosure and Sonexus Health acquisitions; uncertainties due
to government health care reform including federal health care reform legislation; changes in the distribution
patterns or reimbursement rates for health care products and services; the effects of any investigation or action by
any regulatory authority; and changes in the cost of commodities such as oil-based resins, cotton, latex and diesel
fuel. Cardinal Health is subject to additional risks and uncertainties described in Cardinal Health's Form 10-K, Form
10-Q and Form 8-K reports and exhibits to those reports. This presentation reflects management's views as of
January 13, 2015. Except to the extent required by applicable law, Cardinal Health undertakes no obligation to
update or revise any forward-looking statement. In addition, these presentations contain Non-GAAP financial
measures. Cardinal Health provides GAAP numbers, definitions and reconciling information in the Financial
Appendix at the end of these presentations and on its Investors page at ir.cardinalhealth.com. An audio replay of
the conference call will be available on the Investors page at ir.cardinalhealth.com.

Essential facts about Cardinal Health
A global, integrated healthcare services company
3

A select global presence
Canada
Puerto Rico
China
U.S.
Dominican Republic
Mexico
Malta
Singapore
Thailand
Malaysia
Commercial operations
Manufacturing / sourcing operations
4
100+
worldwide
distribution
facilities

Sustained strong financial performance
Unless otherwise noted, the actuals presented above reflect the period of Q4FY10-Q1FY15.
1 Non-GAAP diluted earnings per share from continuing operations; Please see appendix for definitions and reconciling information.
2 FY10 – FY14
3 Modified TSR calculated using FY10 – FY14 non-GAAP EPS 1 CAGR plus 2.0% dividend yield on 6/30/2014.
Non-GAAP operating
margin expansion (TTM)
Long-term non-GAAP EPS1
growth at least double digit
What we promised in 2010 What we delivered
14.4% CAGR2
+98bps
Modified TSR ≥ 11%
(Non-GAAP EPS1 growth + dividend yield)
Gross margin expansion (TTM) +194bps
16.4%3
Dividend increase 14.7% CAGR2
5

$1,394
$1,644
$1,866
$2,046
$2,133
FY10 FY11 FY12 FY13 FY14
6
Non-GAAP operating earnings:
Historical trend
(In millions)
Please see appendix for GAAP/non-GAAP definitions and reconciling information.

7
Future aspirations1
Metric FY17
Consolidated non-GAAP
operating margin
>3.0%
Pharmaceutical segment profit margin >2.5%
Medical segment profit margin >5.75%
Non-GAAP EPS CAGR
(from FY14)
10% - 15%
Dividend payout
(as percent of non-GAAP EPS)
30% - 35%
1Aspirational goals first provided on December 10, 2013.

8
Our priorities are driven by
key trends in healthcare
Biology
advances and
big data
Increased
consumerism
in healthcare
Need to deliver
care more cost-
effectively: new
settings, less
waste, more
coordination
Transition from
fee-for-service
to payment for
outcomes
Continued innovation in healthcare
Increased
participation of
government,
both as payor
and regulator
Demographics and public health issues driving demand

9
FY15 strategic priorities
Specialty and biopharma
Generics
International
Health system
and hospital solutions• Use scale and know how to deliver value
via Red Oak
• Tailored programs to a segmented
customer base
• Integrated strategic account solutions
• Physician preference products
• Medical consumables
• Performance management tools and
services
• Continue to increase scale
• Increase therapeutic range
• Enhance programs for biopharma
• Expand footprint in China
• Reposition Canada for growth
• Grow medical product scale through
international markets
Alternate sites of care
• Accelerate growth in home
• Post-acute and ambulatory settings,
leveraging IDN experience and
partnership
• Expand product lines, services,
capabilities and touch points

• Fully operational
• 50/50 JV
• Single point of negotiation
• Simple, straightforward model
Largest generics sourcing entity in U.S.,
world’s largest generic market
10

Upstream
solutions
Downstream
Solutions
Regulatory Sciences
3PL Services / Direct Distribution
Patient Access & Support
Specialty Pharmacy
Marketing Communications
Market Analytics
Health Economics Outcomes Research
VitalSource™ GPO
Specialty Pharma Distribution
Partnerships
for continued
Innovation:
• KEW Group
In Specialty we bring enhanced value
through integration of component services
Practice Management Technology
Radio Frequency Inventory Mgt.
11

12
Solutions to help standardize physician preference items
Integrated solutions for
integrated health systems
Orthopedic
Trauma
Emerge Medical
Interventional
Cardiology
AccessClosure
Negative Pressure
Wound Therapy
Innovative Therapies, Inc.

13
Home
healthcare
agency
Hospitals
Hospital
systems
Physician
offices
Surgery
centers
PayorsDME Pharmacies
Edgepark® referral sources
Cardinal Health
Cardinal Health supports care At Home;
Opportunities extend across care continuum

14
International: China, growing into the future
Broaden geographic reach
– Expand from 10 to ~25 local wholesaling companies through
tuck-in acquisitions
– Expand from ~30 to over 50 DTP specialty pharmacies
Expand direct-to-patient for chronic care
– Focus on disease-centric, patient support model
Invest in innovative healthcare solutions
– Hospital and retail pharmacy focused
Accelerate brand recognition

15
Thoughtful capital deployment approach
Capital deployment post CareFusion spin1
Dividends
Share repurchases
Capital expenditures
Acquisitions, net of
divestitures
$4.4B
Cumulatively
returned to
shareholders
1 Capital deployment from Q1 FY10 to October 31, 2014 (FY15).
$4.4B
cumulatively
returned to
shareholders

Strong portfolio driving growth;
positioned for the future
16
Believe we are positioned on the “right side”
of healthcare
Innovating to fulfill needs of increasingly
integrated customers
Thoughtful capital deployment
A balance of short- and long-term growth drivers

Financial appendix

Operating Earnings Before Provision Earnings Earnings from Diluted EPS Diluted EPS
Earnings Income Taxes for from Continuing from from Continuing
Operating Growth and Discontinued Income Continuing Operations Continuing Operations
(in millions, except per common share amounts) Earnings1
Rate Operations Taxes Operations Growth Rate Operations Growth Rate2
GAAP 1,885$ 89 % 1,798$ 635$ 1,163$ 247 % 3.37$ 247 %
Restructuring and employee severance 31 31 11 20 0.06
Amortization and other acquisition-related costs 223 223 79 144 0.42
Impairments and loss on disposal of assets 15 15 5 10 0.03
Litigation (recoveries)/charges, net (21) (21) (8) (13) (0.04)
Non-GAAP 2,133$ 4 % 2,047$ 722$ 1,324$ 3 % 3.84$ 3 %
GAAP 996$ (44)% 888$ 553$ 335$ (69)% 0.97$ (68)%
Non-GAAP 2,046$ 10 % 1,938$ 654$ 1,284$ 15 % 3.73$ 16 %
1
The 4-year compound annual grow th rate for GAAP and non-GAAP operating earnings w as 10 percent and 11 percent, respectively.
2
The 4-year compound annual grow th rate for GAAP and non-GAAP diluted EPS from continuing operations w as 20 percent and 14 percent, respectively.
We apply varying tax rates depending on the item’s nature and tax jurisdiction w here it is incurred.
Cardinal Health, Inc. and Subsidiaries
GAAP / Non-GAAP Reconciliation
Fiscal Year 2014
Fiscal Year 2013
The sum of the components may not equal the total due to rounding.

Operating Earnings Before Provision Earnings Earnings from Diluted EPS Diluted EPS
Earnings Income Taxes for from Continuing from from Continuing
Operating Grow th and Discontinued Income Continuing Operations Continuing Operations
Earnings Rate Operations Taxes Operations Grow th Rate Operations Grow th Rate
GAAP 1,792$ 18 % 1,698$ 628$ 1,070$ 11 % 3.06$ 12 %
Other Spin-Off costs 2 2 1 1 -
Non-GAAP 1,866$ 13 % 1,772$ 653$ 1,119$ 13 % 3.21$ 15 %
GAAP 1,514$ 16 % 1,518$ 552$ 966$ 65 % 2.74$ 69 %
Litigation (recoveries)/charges, net 6 6 (1) 7 0.02
Other Spin-Off costs 10 10 4 6 0.02
Gain on sale of CareFusion stock - (75) - (75) (0.21)
Non-GAAP 1,644$ 18 % 1,573$ 585$ 988$ 22 % 2.80$ 25 %
GAAP 1,307$ 1 % 1,212$ 625$ 587$ (23)% 1.62$ (23)%
Impairments and loss on disposal of assets 29 29 (5) 34 0.09
Other Spin-Off Costs 11 53 (149) 202 0.56
Gain on sale of CareFusion stock - (45) - (45) (0.12)
Non-GAAP 1,394$ (3)% 1,296$ 486$ 810$ (2)% 2.24$ (2)%
We apply varying tax rates depending on the item’s nature and tax jurisdiction w here it is incurred.
Fiscal Year 2012
Fiscal Year 2011
Fiscal Year 2010

2015 2010
(in millions) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4
Revenue 90,631$ 91,084$ 93,610$ 96,735$ 99,727$ 101,093$ 102,437$ 104,803$ 106,648$ 107,552$ 107,551$ 106,705$ 104,999$ 102,644$ 100,340$ 98,612$ 98,160$ 98,503$
GAAP operating earnings 1,880$ 1,885$ 1,056$ 1,023$ 1,011$ 996$ 1,842$ 1,893$ 1,836$ 1,792$ 1,747$ 1,668$ 1,562$ 1,514$ 1,489$ 1,408$ 1,431$ 1,307$
Restructuring and employee severance 39 31 57 85 76 71 48 22 23 21 17 16 17 15 17 25 33 91
Amortization and other acquisition-related costs 228 223 212 209 179 158 117 37 34 33 37 94 106 90 86 58 28 19
Impairments and loss on disposal of assets 15 15 843 863 859 859 29 25 21 21 20 7 8 9 9 9 7 29
Litigation (recoveries)/charges, net 6 (21) (24) (18) (15) (38) (37) (34) (22) (3) (9) (4) 2 6 (22) (29) (60) (62)
Other Spin-Off Costs - - - - - - - 1 1 2 4 4 8 10 9 12 12 11
Non-GAAP operating earnings 2,167$ 2,133$ 2,144$ 2,163$ 2,109$ 2,046$ 1,999$ 1,943$ 1,893$ 1,866$ 1,816$ 1,786$ 1,703$ 1,644$ 1,588$ 1,483$ 1,451$ 1,394$
GAAP operating earnings margin rate 2.07 % 2.07 % 1.13 % 1.06 % 1.01 % 0.99 % 1.80 % 1.81 % 1.72 % 1.67 % 1.62 % 1.56 % 1.49 % 1.48 % 1.48 % 1.43 % 1.46 % 1.33 %
Non-GAAP operating earnings margin rate 2.39 % 2.34 % 2.29 % 2.24 % 2.11 % 2.02 % 1.95 % 1.85 % 1.77 % 1.73 % 1.69 % 1.67 % 1.62 % 1.60 % 1.58 % 1.50 % 1.48 % 1.42 %
Q4FY10-Q1FY15 GAAP operating earnings margin rate expansion 74bp
Q4FY10-Q1FY15 Non-GAAP operating earnings margin rate expansion 98bp
Forward-Looking Non-GAAP Financial Measures
We present non-GAAPearnings from continuing operations (and presentations derived from these financial measures, including per share calculations) on a forw ard-looking basis. The most directly comparable forw ard-looking GAAPmeasures are earnings from continuing operations. We are unable to provide a quantitative
reconciliation of these forw ard-looking non-GAAPmeasures to the most directly comparable forw ard-looking GAAPmeasures because w e cannot reliably forecast restructuring and employee severance, amortization and other acquisition-related costs, impairments and loss on disposal of assets, litigation (recoveries)/charges,
net and LIFO charges/(credits), w hich are difficult to predict and estimate and are primarily dependent on future events. Please note that the unavailable reconciling items could significantly impact our future financial results.
2014
2013 2012 2011
Rolling Quarter

1
2
3
4
5
6
7
Loss contingencies related to litigation and regulatory matters and income from favorable resolution of legal matters.
The inventories of the Company's core pharmaceutical distribution facilities in the Pharmaceutical segment are valued at the low er of cost, using the LIFO method, or market. These charges or credits are included in cost of products sold, and represent
changes in the Company's LIFO inventory reserve.
Costs incurred in connection w ith our Spin-Off of CareFusion w hich are included in distribution, selling, general and administrative expenses.
Programs by w hich the Company fundamentally changes its operations such as closing and consolidating facilities, moving manufacturing of a product to another location, production or business process sourcing, employee severance (including rationalizing
headcount or other significant changes in personnel) and realigning operations (including realignment of the management structure of a business unit in response to changing market conditions).
Costs that consist primarily of amortization of acquisition-related intangible assets, transaction costs, integration costs and changes in the fair value of contingent consideration obligations.
Asset impairments and losses from the disposal of assets not eligible to be classified as discontinued operations are classified w ithin impairments and loss on disposal of assets w ithin the consolidated statements of earnings.
Except for compound annual grow th rates (CAGR), grow th rates in this presentation are determined by dividing the difference betw een current period results and prior period results by prior period results. CAGR is determined by subtracting one from ((the
ending value divided by the beginning value) raised to the pow er of (one divided by the number of years)).
Non-GAAP Operating Earnings Margin Rate: current period non-GAAPoperating earnings divided by revenue.
Non-GAAP Operating Earnings: operating earnings excluding (1) restructuring and employee severance2
, (2) amortization and other acquisition-related costs3
, (3) impairments and loss on disposal of assets4
, (4) litigation (recoveries)/charges, net5
, (5) LIFO
charges/(credits), (6) Other Spin-Off costs7
and (7) Gain on sale of CareFusion stock.
Non-GAAP Diluted EPS from Continuing Operations and growth rate calculation1
: non-GAAP earnings from continuing operations divided by diluted w eighted-average shares outstanding.
Use of Non-GAAP Measures
This presentation contains financial measures that are not calculated in accordance w ith U.S. generally accepted accounting principles (“GAAP”). In general, the measures exclude items and charges that (i) management does not believe reflect Cardinal
Health, Inc.'s (the "Company") core business and relate more to strategic, multi-year corporate activities; or (ii) relate to activities or actions that may have occurred over multiple or in prior periods w ithout predictable trends. Management uses these non-GAAP
financial measures internally to evaluate the Company’s performance, evaluate the balance sheet, engage in financial and operational planning and determine incentive compensation.
Beginning in fiscal 2015, the Company w ill exclude last-in, first-out ("LIFO") inventory charges/(credits)6
from its non-GAAP earnings, for consistency w ith the presentation by some of its peers. The Company did not record any LIFO charges or credits in the
periods presented.
Management provides these non-GAAP financial measures to investors as supplemental metrics to assist readers in assessing the effects of items and events on its financial and operating results and in comparing the Company’s performance to that of its
competitors. How ever, the non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.
The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance w ith GAAP, and the financial results calculated in accordance w ith GAAP and reconciliations
to those financial statements set forth above should be carefully evaluated.
Definitions

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