CVS Health : Investor Story Deck

Cautionary statement concerning forward-looking statements

This presentation includes forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of CVS Health Corporation. By their nature, all forward-looking statements are not guarantees of future performance or results and are subject to risks and uncertainties that are difficult to predict and/or quantify. Actual results may differ materially from those contemplated by the forward-looking statements due to the risks and uncertainties related to the COVID-19 pandemic, the geographies impacted by and the severity and duration of the pandemic, the pandemic's impact on the U.S. and global economies and consumer behavior and health care utilization patterns, and the timing, scope and impact of stimulus legislation and other federal, state and local governmental responses to the pandemic, as well as the risks and uncertainties described in our Securities and Exchange Commission filings, including those set forth in the Risk Fa ctors section and under the heading "Cautionary Statement Concerning Forward-Looking Statements" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

This presentation includes non-GAAP financial measures that we use to describe our company's performance. In accordance with SEC regulations, you can find the definitions of these non-GAAP measures, as well as reconciliations to the most directly comparable GAAP measures, on the Investor Relations portion of our website.

Link to our non-GAAP reconciliations

Strategy

Multi-channel integrated health services model

Our strategy is centered on solving consumer health needs to create future economic value for CVS Health and its shareholders

+ +

Improving the	Driving healthier	Utilization across
consumer	outcomes and	Enterprise assets
experience	lowering medical
costs

Note: Metrics as of Q4 2020 unless otherwise specified

(1) Reflects Small Group product which was the first to adopt

Delivering integrated solutions

Integrating Medical Benefits with Enterprise Assets

• • Benefit plan design that offers a low-copay or no- copay benefit at MinuteClinic®

• • ~6 million members enrolled across our Commercial and Medicare populations

  • ‒ 25% greater use of MinuteClinic locations(1)

  • ‒ CVS Pharmacy retail scripts increased from 30% to 65%(1)

  Aetna Connected

• • Utilizes our broad range of assets to provide a fully integrated, comprehensive, convenient and affordable plan

  • ‒ $0 copays at MinuteClinic locations

  • ‒ Standard formulary

  • ‒ Use of Coram infusion services

  • • Expect to add 15 more markets in 2021

  HealthHUB®

• • Just over 650 locations nationwide

• • In 2020, >13% of Aetna member visits were for chronic services, up nearly two-fold vs. last year

• • Added behavioral health specialist, comprehensive diabetes and sleep apnea programs

Digital advancements

On demand care: Creating a seamless digital and physical experience to help our customers better manage their health.

E-clinics: Robust virtual platform that is low-cost and simple and uses our network of nurse practitioners to provide comprehensive care

Virtual primary care: Members engage with external primary care providers virtually and then are directed to lower cost, high-quality sites of care such as MinuteClinic®, or other effective in-network face-to-face care settings as needed

Pharmacist Panels: Surfaces individualized clinical insights for our pharmacists

through our analytics engine, providing customers a personalized experience that helps them get the care they need at a lower cost site of care

Innovative consumer-oriented solutions

• • Expanded care delivery bringing dialysis services into the home to

  Kidney Care

  better manage chronic kidney disease (CKD)

• • Available to over 7.5 million eligible members(1)

Next Generation

• • Combines local points-of-care, remote biometric monitoring, and access to health care professionals that together provide personalized guidance and resources

  Diabetes Care

• • Expanding to ~1.4 million customers with ~50% representing integrated Caremark Aetna plan members

Oncology Care

• • Helps patients start on the best treatment and matches eligible patients to clinical trials

• • Engaged with >125 provider systems in 28 states, covering >30% of Aetna's insured oncology population

Note: Metrics as of Q4 2020 unless otherwise specified (1) Reflects data as of 1/1/2021

COVID-19 Response

Uniquely positioned to help the country through the COVID-19 pandemic

Note: Metrics as of February 12, 2021 unless otherwise specified

Communities

Administered ~15 million tests at >4,800 testing locations, with >50% of testing locations in underserved communities

Financials

FY 2020 highlights

Advanced our consumer-centric vision to deliver health services making quality care more affordable, accessible, simple and seamless

Delivered strong financial performance

• • Delivered Adjusted EPS of $7.50, exceeding high end of guidance range

• • Achieved run rate synergies of over $900 million

• • Generated strong cash flow from operations of $15.9 billion

• • Continued progress on our de-leveraging plan, exiting year with a low 4x's leverage ratio

Strengthened core business

• • Continued growth in our PBM and Government Services business, achieving solid results in Medicare Advantage

• • Drove operational efficiencies and enhanced productivity while driving excellent service

Expanded consumer health services

• • Improved access to quality and holistic care with ~600 HealthHUB locations opened in 2020

• • Delivered new market solutions for testing and vaccine administration, and virtual care in response to the COVID-19 pandemic

• • Advanced targeted care management programs in the areas of diabetes, kidney care, and oncology

FY 2021 Outlook

Focused on delivering long-term sustainable growth for our shareholders

Adj EPS between $7.39 - $7.55

4% to 6% growth vs baseline of $7.11

Capital expenditures of $2.7 - $3 billion increasing investments in technology and digital enhancements

Revenue growth between 3% - 4.5%1

Expect growth across all segments

Cost Savings Initiatives

Expected to drive between $900 million to $1.1 billion in savings

Generate $12 - $12.5 billion

in cash flow from operations

Maintaining dividend of

$2.00 per share

Focused on advancing strategy through digital enhancements, producing value from integrated offerings, and new innovative, consumer driven products

1. Revenue growth is calculated off Adjusted Revenue for full year 2020. ©2021 CVS Health and/or one of its affiliates. Confidential and proprietary.

Capital Allocation

Capital allocation

Commitment to disciplined capital allocation priorities

No additional major transactions

De-levercaongteinmgplatthedroughout 2021 driving toward target leverage ratio of low 3x's in 2022

Cash flow and capital deployment

Strong cash flow generation and continued progress on de-leveraging

Strong cash generation

• • In 2020, we generated $15.9 billion of cash flow from operations; ~23% growth over prior year

• • Strong cash flow growth reflects Enterprise performance and working capital improvements

• • Since 2015 generated more than $55 billion in cash flow from operations(1)

Prioritizing debt paydown

• • Repaid $4.25 billion of net debt in 2020

• • Repaid more than $12.2 billion of cumulative net debt since the close of the Aetna transaction

• • Exited year at low 4x's leverage ratio

(1) Calculation through year-end 2020

Returning value to shareholders

• • Paid $2.6 billion in shareholder dividends in 2020

• • Maintaining $2 per share dividend

Long-term debt maturity profile

($ billions)

$10

$9

$8

$7

$6

$5

$4

$3

$2

$1

-

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050

• • In 2020, executed two successful tender offers taking advantage of favorable market conditions, smoothing out our debt towers and reducing interest expense.

Note: Debt maturity chart excludes leases

Corporate Social Responsibility

Corporate Social Responsibility

Access to vaccine administration

>3 million vaccinations administered to patients and staff in LTC and beginning to roll out to CVS Pharmacy locations (1)

Addressing racial inequity

Committed $600 million over 5 years to advance employee, community and public policy initiatives that address racial inequality

Supplier Diversity

In 2019, drove a total of $5.6B in economic impact and supported 35,000 jobs through our supplier diversity program

Reduction in carbon intensity

In 2019, reduced greenhouse gas emissions, achieving a 35% reduction in carbon intensity

(1) Reflects information as of February 12, 2021

Our commitment to shareholders Focused on creating value through our consumer-centric vision Continued strong execution across the Enterprise Disciplined investment decisions and thoughtful portfolio evaluation Delivering connected and seamless experiences across our Enterprise assets Focused on long-term value creation

20 ©2021 CVS Health and/or one of its affiliates. Confidential and proprietary.

Appendix

Experienced executives joining the CVS Health leadership team

Neela Montgomery, Executive Vice President and President of CVS Pharmacy, effective Nov 30, 2020

Prior to coming to CVS Health, Neela was CEO of Crate & Barrel Holdings, a global home furnishings retailer that

includes Crate & Barrel, CB2 and Hudson Grace. She oversaw all aspects of the company and led a progressive growth strategy by developing tools, culture and relationships with retailers, manufacturers and tech to propel the heritage brand into the future of retail. By the end of her tenure, the business was realizing 50% of its sales from ecommerce.

Before 2017, she was on the executive board of Otto Group, responsible for retail and brands and Executive Chairwoman across five operating companies, including Crate & Barrel. Earlier in her career she spent 12 years at Tesco

PLC in various leadership roles in strategy, international, merchandising, ecommerce and grocery retail. Since 2017 she has been a member of the Board of Directors of Logitech and serves on its Audit committee.

Daniel Finke, Executive Vice President and President of Aetna, promotion effective Feb 1, 2021

Dan is a seasoned managed care executive who brings more than 25 years of diverse health care experience to CVS

Health. Since joining Aetna in 2014, he has held national and regional executive leadership roles in the commercial and government business, clinical innovation and network operations, and pharmacy benefit management. Prior to his

current role, Dan spent 18 months working in the CVS Health Transformation organization.

Before joining Aetna, Dan served as President and Chief Operating Officer of EmblemHealth. Previously, he spent over a decade at WellPoint in various senior leadership positions, including senior vice president of Healthcare Management and General Manager for Medicare Advantage programs nationally. Dan is also a registered pharmacist.

Experienced executives joining the CVS Health leadership team, cont.

Michelle Peluso, Executive Vice President and Chief Customer Officer, effective Jan 25, 2021

Michelle brings almost 25 years of experience to CVS Health, most recently serving as Senior Vice President, Digital

Sales and Chief Marketing Officer for IBM. In that role, she oversaw marketing and brand strategy and execution, digital sales, and the commercial business, with responsibility for over $5 billion in revenue globally. She was also responsible for the company's client experience, establishing and leading a significant increase in Net Promotor Score across IBM during her tenure, with an emphasis on accelerating IBM's digital capabilities.

Michelle previously served as Chief Consumer Marketing and Internet Officer for Citigroup, leading the bank's

award-winning digital transformation, and as Chief Executive Officer for two successful online platforms: Gilt Groupe and travelocity.com.

Laurie Havanec, Executive Vice President and Chief People Officer, effective Feb 8, 2021

Laurie brings over 20 years of experience to CVS Health, most recently serving as Executive Vice President and

Chief People Officer of Otis Worldwide Co., the world's leading company for elevator and escalator maintenance, installation and service. She's a seasoned HR professional who has worked across all human resources functions

including talent development, diversity, equity and inclusion, compensation and benefits, labor and employee relations, and HR systems, shared services and operations.

Before joining Otis, Laurie served as Corporate Vice President of Talent and HR at United Technologies Corporation

(UTC) where together with her team, she transformed and modernized the company's talent agenda and priorities. She championed technology and new ways of thinking to create industry-leading practices in engagement,

recruitment and performance.