<SEC-DOCUMENT>0001193125-18-021769.txt : 20180314
<SEC-HEADER>0001193125-18-021769.hdr.sgml : 20180314
<ACCEPTANCE-DATETIME>20180126165455
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-18-021769
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20180126

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CVS HEALTH Corp
		CENTRAL INDEX KEY:			0000064803
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-DRUG STORES AND PROPRIETARY STORES [5912]
		IRS NUMBER:				050494040
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE CVS DR.
		CITY:			WOONSOCKET
		STATE:			RI
		ZIP:			02895
		BUSINESS PHONE:		4017651500

	MAIL ADDRESS:	
		STREET 1:		ONE CVS DR.
		CITY:			WOONSOCKET
		STATE:			RI
		ZIP:			02895

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CVS CAREMARK CORP
		DATE OF NAME CHANGE:	20070509

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CVS/CAREMARK CORP
		DATE OF NAME CHANGE:	20070322

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CVS CORP
		DATE OF NAME CHANGE:	19970128
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g482402g08m81.gif" ALT="LOGO">
 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>By EDGAR and Courier </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January&nbsp;26, 2018 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Reynolds </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Assistant Director </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Beverages, Apparel,
and Mining </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>CVS Health Corporation </B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Registration Statement on Form S-4 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Filed January&nbsp;4, 2018 <U> </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>File No.&nbsp;333-222412</U> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies
and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter responds to the comments contained in the letter from the staff (the &#147;Staff&#148;) of the U.S. Securities and Exchange
Commission (the &#147;Commission&#148;) dated January&nbsp;22, 2018 with respect to the Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;S-4</FONT> (File No.&nbsp;333-222412) of CVS Health Corporation (&#147;CVS Health&#148;)
filed with the Commission on January&nbsp;4, 2018 (the <FONT STYLE="white-space:nowrap">&#147;Form&nbsp;S-4&#148;)</FONT> and is submitted on behalf of CVS Health. CVS Health has filed today Amendment No.&nbsp;1 to the
<FONT STYLE="white-space:nowrap">Form&nbsp;S-4</FONT> (&#147;Amendment No.&nbsp;1&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the convenience of the Staff, the comments contained in the
Staff&#146;s comment letter appear below in bold. CVS Health&#146;s response to each comment immediately follows the applicable comment. References in the responses to page numbers are to pages of Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition to submitting this letter by EDGAR, we are also delivering to the Staff by courier four courtesy copies of this letter together with Amendment
No.&nbsp;1 marked to show the revisions CVS Health has made to the Form S-4, including revisions made in response to the Staff&#146;s comments. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>General </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please supplementally provide us with copies of any reports or presentations provided to the board in connection with the board&#146;s evaluation of the proposed transaction. </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s request, CVS Health respectfully informs the Staff that a copy of each presentation provided by Barclays Capital Inc.
(&#147;Barclays&#148;) and Goldman Sachs&nbsp;&amp; Co. LLC (&#147;Goldman Sachs&#148;) to the board of CVS Health in connection with the board&#146;s evaluation of the proposed transaction is being provided directly to the Staff by
Sullivan&nbsp;&amp; Cromwell LLP (&#147;Sullivan&nbsp;&amp; Cromwell&#148;), as counsel to Barclays and Goldman Sachs, under separate cover on a confidential and supplemental basis pursuant to Rule 418 of the Securities Act of 1933, as amended
(&#147;Rule 418&#148;), and Rule 12b-4 under the Securities Exchange Act of 1934, as amended (&#147;Rule 12b-4&#148;). In accordance with such Rules, such presentations are being provided together with a request that such presentations be returned
promptly following completion of the Staff&#146;s review thereof. Such presentations are not, and will not be, filed with or deemed to be part of the Form S-4, including any amendments thereto. A request for confidential treatment of such
presentations pursuant to the provisions of 17 C.F.R. &#167;200.83 is also being made by Sullivan&nbsp;&amp; Cromwell on behalf of each of Barclays and Goldman Sachs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g482402g39y11.gif" ALT="LOGO">
 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 26, 2018 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CVS Health further respectfully informs the Staff that a copy of the presentation provided by Centerview
Partners LLC (&#147;Centerview&#148;) to the board of CVS Health in connection with the board&#146;s evaluation of the proposed transaction is being provided directly to the Staff by Kirkland&nbsp;&amp; Ellis LLP (&#147;Kirkland&nbsp;&amp;
Ellis&#148;), as counsel to Centerview, under separate cover on a confidential and supplemental basis pursuant to Rule 418 and Rule 12b-4. In accordance with such Rules, such presentation is being provided together with a request that such
presentation be returned promptly following completion of the Staff&#146;s review thereof. Such presentation is not, and will not be, filed with or deemed to be part of the Form S-4, including any amendments thereto. A request for confidential
treatment of such presentation pursuant to the provisions of 17 C.F.R. &#167;200.83 is also being made by Kirkland&nbsp;&amp; Ellis on behalf of Centerview. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CVS Health further respectfully informs the SEC staff that a copy of each presentation provided by Allen&nbsp;&amp; Company LLC (&#147;Allen&nbsp;&amp;
Company&#148;) and Lazard Fr&egrave;res&nbsp;&amp; Co. LLC (&#147;Lazard&#148;) to the board of directors of Aetna Inc. in connection with the board&#146;s evaluation of the proposed transaction is being provided directly to the Staff under separate
cover by counsel for Allen&nbsp;&amp; Company and Lazard on a confidential and supplemental basis pursuant to Rule 418 and Rule 12b-4. In accordance with such rules, counsel for Allen&nbsp;&amp; Company and Lazard is requesting that these materials
be returned promptly following completion of the Staff&#146;s review thereof and such materials are not, and will not be, filed with or deemed to be a part of the Form S-4, including any amendments thereto. By separate letter, counsel for
Allen&nbsp;&amp; Company and Lazard is also requesting confidential treatment of these materials pursuant to the provisions of 17 C.F.R. &#167;200.83. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Stock Ownership and Voting by CVS Health Directors and Executive Officers, page 19 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note the disclosure of the amount and percent of shares of CVS owned by executive officers, directors and their affiliates. Please revise to add to this disclosure the vote required for approval of the proposed
transaction, as required by Item&nbsp;3(h) of Form S-4. Revise similar disclosure regarding Aetna&#146;s executive officers, directors and their affiliates on page 20. </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the disclosure has been revised on pages 19 and 20 of Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Background of the Merger, page 89 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note on November&nbsp;7 and 8, 2017 your board of directors met and discussed the increase in the cash component of the proposed purchase price. Additionally, we note on November&nbsp;11, 2017 you conveyed to
representatives of Aetna the increase in the cash component to 70% with the remaining 30% to be paid in shares of your common stock. Please revise to discuss the material discussions and negotiations that took place regarding the increase in the
cash component. </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the disclosure has been revised on page 95 of Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Opinion of Lazard Freres&nbsp;&amp; Co LLC, page 111 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Discounted Cash Flow Analysis, page 114 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please disclose how you determined the various assumptions such as the perpetuity growth rates, and EBITDA multiples used in your calculations. Provide similar disclosure on page 117 for CVS, pages 123 and 126 in the
Allen&nbsp;&amp; Company opinion, pages 139 and 141 in the Barclays opinion, and pages 150 and 152 in the Centerview opinion. </B></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 of 4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 26, 2018 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the disclosure has been revised on pages 114, 115, 117, 123, 124,
126, 140, 141, 150, 151, 152 and 153 of Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Opinions of CVS Health&#146;s Financial Advisors, page 128 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Transaction Premium Analysis, page 138 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note that the disclosure in this section presents the fairness opinions of both Barclays and Goldman Sachs. However, we note that only the analysis of Goldman Sachs has been disclosed in this section. Please
revise to add the analysis of Barclays. </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, CVS Health acknowledges that the disclosure in this
section presents the fairness opinions of both Barclays and Goldman Sachs, which sometimes include joint analyses and sometimes include analyses that were conducted only by Barclays or Goldman Sachs, as indicated throughout this section. As
described in the disclosure, both Barclays and Goldman Sachs jointly conducted certain Transaction Premium Analyses. However, only Goldman Sachs calculated a range of implied equity values per Aetna common share as part of its Transaction Premium
Analyses. For this reason, Barclays is not mentioned in the final paragraph of the Transaction Premium Analysis, which describes such calculations by Goldman Sachs. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>The Merger Agreement, page 176 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your statement that the representations, warranties and covenants are not intended to be relied on as public disclosures. Please be advised that we regard all of the provisions of material agreements as
disclosure to investors, and as such it is not appropriate to state or imply that investors cannot rely on these statements. Please revise or remove the disclaimer as appropriate. Please also revise the first sentence of the second paragraph under
the explanatory note. </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the disclosure has been revised on page 177 of Amendment No.&nbsp;1.
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your statement that &#147;the terms and information in the merger agreement are not intended to provide any other public disclosure of factual information.&#133;&#148; Please revise to remove any potential
implication that the referenced merger agreement does not constitute public disclosure under the federal securities laws. </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response
to the Staff&#146;s comment, the disclosure has been revised on page 177 of Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Annex A. Agreement and Plan of Merger
</U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note the disclosure schedules referenced in this agreement. Please revise to add a list briefly identifying the contents of all omitted schedules, as required by Item&nbsp;601(b)(2) of Regulation S-K.
</B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the disclosure has been revised on page A-95 of Amendment No.&nbsp;1. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 of 4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 26, 2018 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Annex B. Opinion of Lazard Freres&nbsp;&amp; Co LLC </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>9.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please file an executed opinion. Please also file an executed opinion for Allen&nbsp;&amp; Company LLC in Annex&nbsp;C. </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, executed opinions have been filed in Annexes&nbsp;B and C of Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please do not hesitate to contact the
undersigned at (212)&nbsp;848-7784 with any questions or comments you may have. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Daniel Litowitz </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Daniel Litowitz </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Partner </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DL </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enclosure (by courier only) </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Jonathan Burr &#150; Securities and Exchange Commission </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Pamela Howell &#150; Securities and
Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">David M. Denton &#150; CVS Health Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Thomas M. Moriarty &#150; CVS Health Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Creighton O&#146;M. Condon &#150; Shearman&nbsp;&amp; Sterling LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Robert M. Katz &#150; Shearman&nbsp;&amp; Sterling LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Thomas J. Sabatino, Jr. &#150; Aetna Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">H. Oliver Smith &#150; Davis Polk&nbsp;&amp; Wardwell LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">John A. Bick &#150; Davis Polk&nbsp;&amp; Wardwell LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Harold Birnbaum &#150; Davis Polk&nbsp;&amp; Wardwell LLP </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 4 of 4 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g482402g08m81.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g482402g08m81.gif
M1TE&.#=AW@ [ ,8  /_____>E#DYE-[__[5C        8[7_____WI0Y &.U
M_P  .93>_]Z4.3F4WO__M6, .6, 8_^U8P YE !CM3D 8Y0Y8Y24M6-CM3EC
MM90Y.3DY8[7_WK64.=Z48Y2UE)R4.3DY.3F4M6-C8__>WF,YE#D .6,  #D
M -ZU8P!C8P Y.;5C.;7_M=[_WF-C.=[>WA 0$$)"0L;&QFMK:UI:6J6EI4I*
M2M;6UHR,C.?GYX2$A/?W]YR<G'M[>U)24G-S<Y24E*VMK<[.SA@8& @("#$Q
M,;6UM;V]O2$A(2DI*>_O[X2$C.?O[U):6@
M
M
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MV8*-8>+>JON,9Y250\1 72:U:J5FI8I"E&R"I^F@@Q')K;E;F]2Z9L,0$N%
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4H)M)W8=[5;V7SG:I'6OJ'08" #L!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g482402g39y11.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g482402g39y11.gif
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%DA$( #L!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
