CVS Health : Presentation ()

Reshaping health care in America

Larry Merlo | President & Chief Executive Officer

Karen Lynch | Incoming President & Chief Executive Officer; Executive Vice President

& President of Aetna

Eva Boratto | Executive Vice President & Chief Financial Officer

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 Factors section and under the heading "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Annual Report on Form 10-K and our most recently filed Quarterly Report on Form 10-Q.

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.

2 ©2021 CVS Health and/or one of its affiliates.

2020 highlights

Advanced our consumer-

oriented strategy to

deliver health services with improved access, affordability

and outcomes

3 ©2021 CVS Health and/or one of its affiliates.

Delivered strong Q3 YTD financial performance

• Exceeded our expectations
• Achieved total revenue growth of ~5%
• Generated strong cash flow from operations of $12.3B
• Continued progress on our deleveraging plan

Strengthened core business

• Continued growth in our PBM and Government Services business, including sustained leadership position in
  Medicare Advantage
• Completed acquisitions to enhance our position and divested business not aligned with our strategy

Expanded consumer health services

• Improved access to quality and holistic care with ~600 HealthHUB locations opened in 2020, including in under-served communities
• Expanded integrated health management offerings in the areas of diabetes, kidney care, and oncology

CVS Health continues to

lead nation's COVID-19 response

>4K	>10M	~700k
testing	tests	vaccines
locations	administered	administered

~40%	>40K
of Return Ready clients	long-term care
are new	facilities for vaccine
to CVS Health	administration

4

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

Represents information through January 11, 2021.

Leading diversified health services company

meeting the health needs of consumers in communities across America

Deepening		Innovating		Accelerating		Expanding our
relationships		to meet the holistic health needs of		investments		customer base
with our 100 plus		consumers with affordable,		to engage consumers across all		by engaging millions
million customers		personalized, local and convenient		digital and in-person touchpoints		of consumers new to CVS
by becoming a bigger		solutions that maintain quality and		in a simpler and more		Health through our COVID-
part of their everyday		lower the total cost of care		convenient way in their		19 testing and vaccination
health				community and home		services

5 ©2021 CVS Health and/or one of its affiliates.

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.

7 ©2021 CVS Health and/or one of its affiliates. Confidential and proprietary.

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.

8 ©2021 CVS Health and/or one of its affiliates. Confidential and proprietary.