CVS Health : Presentation (

JP Morgan Health Care Conference

KAREN S. LYNCH

President and Chief

Executive Officer

SHAWN M. GUERTIN

Executive Vice President

and Chief Financial Officer

JANUARY 10, 2023

©2023 CVS Health and/or one of its affiliates. Confidential and proprietary.

Cautionary statement

concerning forward-looking statements

This presentation includes forward-lookingstatements. 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 ("CVS Health"). 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 also differ materially from those contemplated by the forward-looking statements due to the risks and uncertainties related to the proposed acquisition of Signify Health, Inc. and the COVID-19 pandemic, including the potential emergence of additional variants, vaccine and testing protocols, government testing initiatives, 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 recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and our recent Current Reports on Form 8-K.

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 ©2023 CVS Health and/or one of its affiliates. Confidential and proprietary.

Powerful combination of foundational businesses

(GUIDANCE AS OF NOV 2, 2022)

2022E TOTAL REVENUE

$309-314billion

2022E TOTAL ADJUSTED

OPERATING INCOME

$17.5-17.6billion

2022E OPERATING CASH FLOW

$13.5-14.5billion

Health Care	Pharmacy Services	Retail / LTC
Benefits Segment	Segment	Segment
KEY STATISTICS
24M+	110M+	1.6B+
Medical benefit	Pharmacy benefit	Projected scripts to
members	members	be filled in 2022

2022E REVENUE (GUIDANCE AS OF NOV 2, 2022)

$89.3-90.8$162.5-165.3$102.7-104.0

billionbillionbillion

2022E ADJUSTED OPERATING INCOME (GUIDANCE AS OF NOV 2, 2022)

$5.96-6.02	$7.31-7.40	$6.66-6.72
billion	billion	billion

3

©2023 CVS Health and/or one of its affiliates. Confidential and proprietary.

Note: Key statistics are as of September 30, 2022

our

vision

Become the leading health solutions company for consumers

Deliver a superior health care experience for consumers

Drive improved health outcomes,

lower costs, higher levels of engagement and broader access to high quality care

4 ©2023 CVS Health and/or one of its affiliates. Confidential and proprietary.

Our Unparalleled Consumer Reach

More than 100M Caremark

& Aetna members

85% of Americans live

within 10 miles of a CVS Store

Nearly 5M customers visit

CVS locations every day

46M+ unique digital customers

74M+ members enrolled in the CVS ExtraCare Loyalty Program

Note: All metrics are as of September 30, 2022.

5 ©2023 CVS Health and/or one of its affiliates. Confidential and proprietary.