2022 Annual Review     |

Our vision for value-based care is compelling.

Health care continues to evolve. As consumers face rising costs and providers face growing challenges, value-based care is emerging as the path forward. The future of health care will be based on risk-adjusted value-based care, premised on stronger engagement with both patients and providers. This engagement is crucial to create better experiences, with care focused on the patient and designed to deliver better health outcomes. Looking ahead, growth will be driven by the adoption of these risk-based models in our Government businesses, Commercial and ACA individual public exchanges – all products where we perform well and have a strong foundation.

Holistic approach to value-based care

Our vision is to deliver a superior health care experience for all consumers and providers through a vertically-aligned, risk-enabled care delivery platform. We believe value-based care should be holistic and based on a common purpose with aligned financial incentives aimed at improving health outcomes. Achieving our vision requires the right set of capabilities to serve a broader consumer base, especially those in underserved communities. Primary care is at the center of our value-based care platform. We are building a value-based primary care model that is multi-payor, convenient, multi-channel and effective at driving consumer engagement. Our suite of existing assets will complement this model and enable more holistic risk management. Our value-based care platform will expand into both home health and provider enablement, which together, we believe will accelerate our growth to create long-term value to our patients, customers and shareholders.

Executing on our strategy

The combination of CVS Health’s foundational businesses, with our expanding capabilities focused on primary care, home health and physician enablement, position us to execute on our health care delivery strategy. Our proximity to the customer and the frequency of our interactions across multiple dimensions strengthens our ability to engage with patients and meaningfully improve outcomes. As we advance our value-based care approach, we are redefining health care and transforming experiences for consumers and providers across the country.

Positioned for consumer engagement

Page 5 of 7

2022 Annual Review

CEO Message

Financial Highlights

Strategic Imperatives

Value-Based Care

Digital Innovation