CVS Health Investor Presentation — September 2021

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3Q-21 Quarterly Results

••Revenue of $522M grew 81% y/y

•Adjusted EBITDA of $67.4M grew 71% y/y

•FY-21 Revenue guidance range updated to $2,015M to $2,025M, up from $2,000M to $2,025M

•4Q-21 Revenue guidance range $536M to $546M

•FY-21 Adj. EBITDA guidance range $260M to $265M

•4Q-21 Adj. EBITDA guidance range $69M to $74M

1. See reconciliation of GAAP to non -GAAP measures immediately following this presentation.

2. Adjusted EBITDA for 3Q -21 and Adj. EBITDA guidance for FY -21 includes benefit from lower expenses on Livongo devices attributabl e to purchase accounting adjustments related to the merger of $5.7M and $20M, respectively. •Announced significant new agreements with CVS Health and Centene to provide Teladoc

Health’s Primary360 in order to deliver greater care access and health engagement by

reimagining the primary care experience

•Ranked 1st in consumer satisfaction by the J.D. Power U.S. Telehealth Satisfaction Study for

the 2nd time in the three -year history of the category

•% of chronic care members enrolled in more than one program has grown 3x year -over

•Total Visits grew 37% y/y, driven by strong growth in direct -to-consumer visits and visits thru

our enterprise relationships with health plans and employers Adj. EBITDA ($ millions)(1) (2)

$0$100$200$300$400$500$600

3Q-20 3Q-21Revenue ($ millions)

$0$10$20$30$40$50$60$70$80

1.See reconciliation of GAAP to non -GAAP measures immediately following this presentation

2.3Q-21 Adjusted EBITDA includes $5.7M benefit from lower expenses on Livongo devices attributable to purchase accounting adjustme nts related to the merger . +71%

$0$10$20$30$40$50$60$70$80