<SEC-DOCUMENT>0000947871-23-000633.txt : 20230525
<SEC-HEADER>0000947871-23-000633.hdr.sgml : 20230525
<ACCEPTANCE-DATETIME>20230525161434
ACCESSION NUMBER:		0000947871-23-000633
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20230525
DATE AS OF CHANGE:		20230525
EFFECTIVENESS DATE:		20230525

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:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-272200
		FILM NUMBER:		23960659

	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>S-3ASR
<SEQUENCE>1
<FILENAME>ss2096393_s3asr.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

<FONT STYLE="font-size: 10pt"><A HREF="#toc"><FONT>Table of Content</A></FONT>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>As
filed with the Securities and Exchange Commission on May 25, 2023</B></FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Registration
No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></P>



<!-- Field: Rule-Page --><DIV STYLE="margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>UNITED
STATES </B></FONT></P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>SECURITIES
AND EXCHANGE COMMISSION </B></FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Washington,
D.C. 20549 </B></FONT></P>

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<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>FORM
S-3 </B></FONT></P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 1.5pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>REGISTRATION
STATEMENT </B></FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B><I>UNDER
</I></B></FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B><I>THE
SECURITIES ACT OF 1933 </I></B></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 1.5pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>CVS
HEALTH CORPORATION </B></FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>(Exact
name of registrant as specified in its charter) </B></FONT></P>

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<P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: normal; line-height: normal"><B>Delaware</B></FONT></TD>
    <TD STYLE="padding-left: 0.1in; font: 12pt/2pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: normal; line-height: normal"><B>05-0494040
    </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>(State&nbsp;or&nbsp;other&nbsp;jurisdiction&nbsp;of</B></FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>incorporation
    or organization)</B></FONT></P></TD>
    <TD STYLE="padding-left: 0.1in; font: 12pt/2pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>(I.R.S.
        Employer</B></FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Identification
    Number)</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 1.5pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>One
CVS Drive </B></FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Woonsocket,
Rhode Island 02895 </B></FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>(401)
765-1500 </B></FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>(Address,
including zip code, and telephone number, including area code, of registrant&rsquo;s principal executive offices) </B></FONT></P>

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<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Shawn
M. Guertin</B></FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Executive
Vice President and Chief Financial Officer </B></FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>CVS
Health Corporation </B></FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>One
CVS Drive </B></FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Woonsocket,
Rhode Island 02895 </B></FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>(401)
765-1500 </B></FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>(Name,
address, including zip code, and telephone number, including area code, of agent for service) </B></FONT></P>

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<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 1.5pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B><I>Copy
to: </I></B></FONT></P>

<P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%"><P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Lona
                           Nallengara</B></FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Shearman&nbsp;&amp;
    Sterling LLP</B></FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>599
    Lexington Avenue</B></FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>New
    York, New York 10022</B></FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>(212)
    848-4000</B></FONT></P></TD>
    <TD STYLE="width: 33%; padding-left: 0.1in; font: 12pt/2pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="width: 33%"><P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Samrat
                           S. Khichi, Esq.</B></FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Executive
    Vice President, Chief Policy</B></FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Officer
    and General Counsel</B></FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>CVS
    Health Corporation</B></FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>One
    CVS Drive</B></FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Woonsocket,
    Rhode Island 02895</B></FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>(401)
    765-1500</B></FONT></P></TD></TR>
  </TABLE>
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<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-indent: 18.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Approximate
date of commencement of proposed sale to the public</B>: From time to time after this Registration Statement becomes effective.</FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 1.5pt 0 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">If
the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check
the following box:&nbsp;&nbsp;&#9744;</FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-indent: 18.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under
the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the
following box:&nbsp;&nbsp;&#9746;</FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-indent: 18.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">If
this Form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, please check
the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering.&nbsp;&nbsp;&#9744;</FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-indent: 18.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">If
this Form is a post-effective amendment filed pursuant to Rule&nbsp;462(c) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&#9744;</FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-indent: 18.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">If
this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective
upon filing with the Commission pursuant to Rule&nbsp;462(e) under the Securities Act, check the following box.&nbsp;&nbsp;&#9746;</FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-indent: 18.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">If
this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction&nbsp;I.D. filed to register
additional securities or additional classes of securities pursuant to Rule&nbsp;413(b) under the Securities Act, check the following
box.&nbsp;&nbsp;&#9744;</FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-indent: 18.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo;
&ldquo;smaller reporting company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</FONT></P>

<P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="width: 72%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: normal; line-height: normal">Large&nbsp;accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: normal; line-height: normal">&#9746;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: normal; line-height: normal">Accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: normal; line-height: normal">&#9744;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 4pt; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 4pt; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 4pt; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 4pt; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: normal; line-height: normal">Non-accelerated
    filer</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: normal; line-height: normal">&#9744;&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: normal; line-height: normal">Smaller&nbsp;reporting&nbsp;company</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: normal; line-height: normal">&#9744;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 4pt; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 4pt; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 4pt; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 4pt; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt/2pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt/2pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: normal; line-height: normal">Emerging
    growth company</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: normal; line-height: normal">&#9744;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.&nbsp;&nbsp;&#9744;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"></P>

<P STYLE="margin: 0pt 0 0; font-family: Times New Roman, Times, Serif"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#toc"><FONT>Table of Content</A></FONT>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>PROSPECTUS
</B></FONT></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>CVS
HEALTH CORPORATION </B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>DEBT
SECURITIES </B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">We
may offer debt securities from time to time. Specific terms and prices of these securities will be provided in supplements to this prospectus.
The prospectus supplements may also add to, update or change information contained in this prospectus. This prospectus may not be used
to offer or sell any debt securities unless accompanied by a prospectus supplement. You should read this prospectus and the applicable
prospectus supplement carefully before you invest in the debt securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">CVS
Health Corporation&rsquo;s common stock is listed on the New York Stock Exchange under the symbol &ldquo;CVS&rdquo;.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Investing
in these securities involves certain risks. See the information included and incorporated by reference into this prospectus for a discussion
of the factors you should carefully consider before deciding to purchase these securities. </B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Neither
the Securities and Exchange Commission (&ldquo;SEC&rdquo;), any state securities commission nor any other regulatory authority has approved
or disapproved the securities offered hereby, nor have any of the foregoing authorities passed upon or endorsed the merits of these securities,
or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>The
date of this prospectus is May 25, 2023. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#toc"><FONT>Table of Content</A></FONT>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">The
information contained in this prospectus is not complete and may be changed. We are not making an offer of the debt securities in any
state where the offer is not permitted. We have not authorized anyone to provide any information other than that contained or incorporated
by reference in this prospectus or in any prospectus supplement or free writing prospectus prepared by or on behalf of us or to which
we have referred you. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that
others may give you. You should not assume that the information contained in or incorporated by reference in this prospectus or any prospectus
supplement or in any such free writing prospectus is accurate as of any date other than their respective dates, regardless of the time
of delivery of this prospectus or any sale or issuance of a security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">The
terms &ldquo;CVS Health,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; and &ldquo;our&rdquo; refer to CVS Health
Corporation together with its subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; letter-spacing: normal; line-height: normal"><B><A NAME="toc" TITLE="TOC"></A>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt/2pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Page</B></FONT></P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><A HREF="#about">ABOUT THIS PROSPECTUS</A>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">1</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><A HREF="#risk">RISK FACTORS</A>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">2</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><A HREF="#company">THE COMPANY</A>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">3</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><A HREF="#where">WHERE YOU CAN FIND MORE INFORMATION</A>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">5</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><A HREF="#cautionary">CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS</A>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">6</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><A HREF="#proceeds">USE OF PROCEEDS</A>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">7</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><A HREF="#description">DESCRIPTION OF DEBT SECURITIES</A>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">8</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><A HREF="#forms">FORMS OF SECURITIES</A>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">17</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><A HREF="#validity">VALIDITY OF SECURITIES</A>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">18</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><A HREF="#experts">EXPERTS</A>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding-right: 0.1in; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">19</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#toc"><FONT>Table of Content</A></FONT>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; letter-spacing: normal; line-height: normal"><B><A NAME="about" TITLE="AboutThisProspectus"></A>ABOUT
THIS PROSPECTUS </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">This
prospectus is part of a registration statement that we filed with the SEC utilizing a &ldquo;shelf&rdquo; registration process. Under
this shelf registration process, we may sell or issue, in one or more offerings, any combination of the debt securities described in
this prospectus in one or more series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">This
prospectus provides you with a general description of the debt securities we may offer. Each time we sell debt securities, we will provide
a prospectus supplement or other offering material that will contain specific information about the terms of that specific offering of
securities and the specific manner in which they may be offered. The prospectus supplement may also add, update or change information
contained in this prospectus. To the extent that any statement we make in a prospectus supplement or other offering material is inconsistent
with statements made in this prospectus, the statements made in this prospectus will be deemed modified or superseded by those made in
the prospectus supplement or other offering material. The prospectus supplement or other offering material may also contain information
about any material federal income tax considerations relating to the securities described in the prospectus supplement. You should read
both this prospectus and any prospectus supplement together with additional information described under the heading &ldquo;Where You
Can Find More Information.&rdquo; <B>This prospectus may not be used to consummate a sale of securities unless it is accompanied by a
prospectus supplement.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">This
prospectus contains summaries of certain documents, but reference is made to the actual documents for complete information. All such
summaries are qualified in their entirety by such reference. Copies of documents referred to herein will be made available to prospective
investors upon request to us. See &ldquo;Where You Can Find More Information.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">The
registration statement that contains this prospectus (the &ldquo;Registration Statement&rdquo;), including the exhibits thereto, contains
additional information about us and the securities offered under this prospectus. The Registration Statement is available on the SEC
website (<I>https://www.sec.gov</I>).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;<FONT STYLE="font-size: 10pt"><A HREF="#toc"><FONT>Table of Content</A></FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; letter-spacing: normal; line-height: normal"><A NAME="risk" TITLE="RiskFactors"></A><B>RISK
FACTORS </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">You
should carefully consider all the information set forth in this prospectus, any accompanying prospectus supplement and the other documents
incorporated by reference herein and therein before deciding to invest in the debt securities. In particular, we urge you to consider
carefully the factors set forth under &ldquo;Cautionary Statement Concerning Forward-Looking Statements&rdquo; in this prospectus and
the risk factors set forth below together with those set forth under &ldquo;Risk Factors&rdquo; in the Company&rsquo;s Annual Report
on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2022 and Quarterly Report on Form 10-Q for the fiscal quarter ended March
31, 2023, each incorporated by reference herein and any updates thereto in our subsequent SEC filings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;<FONT STYLE="font-size: 10pt"><A HREF="#toc"><FONT>Table of Content</A></FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; letter-spacing: normal; line-height: normal"><A NAME="company" TITLE="TheCompany"></A><B>THE
COMPANY </B></FONT></P>

<P STYLE="font: 10pt/12pt inherit,serif; margin: 0 0 12pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><B>Introduction</B></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">CVS
Health is a leading diversified health solutions company reshaping health care to help make healthier happen for more Americans.
In an increasingly connected and digital world, CVS Health is meeting people wherever they are and changing health care to meet their
needs. The Company has more than 9,000 retail locations, more than 1,100 walk-in medical clinics, a leading pharmacy benefits manager
with over 110 million plan members with expanding specialty pharmacy solutions and a dedicated senior pharmacy care business serving
more than one million patients per year. The Company also serves an estimated 37 million people through traditional, voluntary and consumer-directed
health insurance products and related services, including expanding Medicare Advantage offerings and a leading standalone Medicare Part
D prescription drug plan (&ldquo;PDP&rdquo;). The Company is a leader in key segments of health care through its foundational businesses
and is creating new sources of value by expanding into next generation care delivery and health services, with a goal of improving satisfaction
levels for both providers and consumers. The Company believes its integrated health care model increases access to quality care, delivers
better health outcomes and lowers overall health care costs.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white; color: #212529"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">The
Company has four reportable segments: Health Care Benefits, Health Services, Pharmacy &amp; Consumer Wellness and Corporate/Other, which
are described below.</FONT></P>

<P STYLE="font: 10pt/12pt inherit,serif; margin: 0; background-color: white; color: #212529"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Health
Care Benefits Segment</B></FONT></P>

<P STYLE="font: 10pt/12pt inherit,serif; margin: 0; background-color: white; color: #212529"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">The
Health Care Benefits segment operates as one of the nation&rsquo;s leading diversified health care benefits providers. The Health Care
Benefits segment has the information and resources to help members, in consultation with their health care professionals, make more informed
decisions about their health care. The Health Care Benefits segment offers a broad range of traditional, voluntary and consumer-directed
health insurance products and related services, including medical, pharmacy, dental and behavioral health plans, medical management capabilities,
Medicare Advantage and Medicare Supplement plans, PDPs and Medicaid health care management services. The Health Care Benefits segment&rsquo;s
customers include employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers,
governmental units, government-sponsored plans, labor groups and expatriates. The Company refers to insurance products (where it assumes
all or a majority of the risk for medical and dental care costs) as &ldquo;Insured&rdquo; and administrative services contract products
(where the plan sponsor assumes all or a majority of the risk for medical and dental care costs) as &ldquo;ASC.&rdquo; In addition, effective
January 2022, the Company entered the individual public health insurance exchanges (&ldquo;Public Exchanges&rdquo;) in eight states through
which it sells Insured plans directly to individual consumers. The Company entered Public Exchanges in four additional states effective
January 2023.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Health
Services Segment </B></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">The
Health Services segment provides a full range of pharmacy benefit management (&ldquo;PBM&rdquo;) solutions, delivers health care services
in its medical clinics, virtually, and in the home, and offers provider enablement solutions. PBM solutions include plan design offerings
and administration, formulary management, retail pharmacy network management services, and specialty and mail order pharmacy services.
In addition, the Company provides clinical services, disease management services, medical spend management and pharmacy and/or other
administrative services for providers and federal 340B drug pricing program covered entities (&ldquo;Covered Entities&rdquo;). The Company
operates a group purchasing organization that negotiates pricing for the purchase of pharmaceuticals and rebates with pharmaceutical
manufacturers on behalf of its participants and provides various administrative, management and reporting services to pharmaceutical
manufacturers. The Health Services segment&rsquo;s clients are primarily employers, insurance companies, unions, government employee
groups, health plans, PDPs, Medicaid managed care plans, plans offered on Public Exchanges and private health insurance exchanges, other
sponsors of health benefit plans throughout the United States and Covered Entities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Pharmacy
&amp; Consumer Wellness Segment </B></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">The
Pharmacy &amp; Consumer Wellness segment dispenses prescriptions in its retail pharmacies and through its infusion operations, provides
ancillary pharmacy services including pharmacy patient care programs, diagnostic testing and vaccination administration, and sells a
wide assortment of health and wellness products and general merchandise. The segment also conducts long-term care pharmacy (&ldquo;LTC&rdquo;)
operations, which distribute prescription drugs and provide related pharmacy consulting and ancillary services to long-term care facilities
and other care settings, and provides pharmacy fulfillment services to support the Health Services segment&rsquo;s specialty and mail
order pharmacy offerings. As of March 31, 2023, the Pharmacy &amp; Consumer Wellness segment operated more than 9,000 retail locations,
as well as online retail pharmacy websites, LTC pharmacies and on-site pharmacies, retail specialty pharmacy stores, compounding pharmacies
and branches for infusion and enteral nutrition services.</FONT></P>

<P STYLE="font: 10pt/12pt inherit,serif; margin: 0pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/12pt inherit,serif; margin: 0pt 0 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/12pt inherit,serif; margin: 0pt 0 0; background-color: white"></P>

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<P STYLE="font: 10pt/12pt inherit,serif; margin: 0pt 0 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Corporate/Other
Segment </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.25in; color: #212529"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #212529; letter-spacing: normal; line-height: normal">The
Company presents the remainder of its financial results in the Corporate/Other segment, which primarily consists of:<FONT STYLE="background-color: white">&#9;</FONT></FONT></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #212529; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #212529; letter-spacing: normal; line-height: normal; background-color: white">Management
                                            and administrative expenses to support the Company&#146;s overall operations, which include
                                            certain aspects of executive management and the corporate relations, legal, compliance, human
                                            resources, information technology and finance departments, expenses associated with the Company&#146;s
                                            investments in its transformation and enterprise modernization programs and acquisition-related
                                            transaction and integration costs; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #212529; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #212529; letter-spacing: normal; line-height: normal; background-color: white">Products
                                            for which the Company no longer solicits or accepts new customers such as its large case
                                            pensions and long-term care insurance products.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #212529; letter-spacing: normal; line-height: normal">CVS
Health Corporation is a Delaware corporation. Our corporate office is located at One CVS Drive, Woonsocket, Rhode Island 02895, telephone
(401) 765-1500. Our common stock is listed on the New York Stock Exchange under the trading symbol &ldquo;CVS&rdquo;. General information
about CVS Health is available through our website at <I>https://www.cvshealth.com</I>. Our financial press releases and filings with the
SEC are available free of charge within the Investors section of our website at <I>https://investors.cvshealth.com</I>. Our website and
the information contained therein or connected thereto shall not be deemed to be incorporated into this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; letter-spacing: normal; line-height: normal"><B><A NAME="where" TITLE="WhereFindMoreInfo"></A>WHERE
YOU CAN FIND MORE INFORMATION </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">We
file annual, quarterly and current reports, proxy statements and other information with the SEC. You may read and copy any document that
we file with the SEC from the SEC website at <I>https://www.sec.gov</I>, which contains reports, proxy and information statements, and
other information regarding issuers that file electronically with the SEC. Interested persons can electronically access our SEC filings,
including the Registration Statement and the exhibits and schedules to the Registration Statement, at the SEC website. In addition, you can inspect and copy our reports, proxy statements and other information at the offices of the New York Stock Exchange, 11 Wall Street, New York, New York 10005.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">The
SEC allows us to &ldquo;incorporate by reference&rdquo; the information we file with them, which means that we can disclose important
information to you by referring you to those documents. The information incorporated by reference is an important part of this prospectus,
and information that we file later with the SEC will automatically update and supersede this information. We incorporate by reference
the documents listed below and all documents we file pursuant to Section 13(a), 13(c), 14, or 15(d) of the Securities Exchange Act of
1934, as amended (the &ldquo;Exchange Act&rdquo;), on or after the date of this prospectus (including all documents we so file after
the date of this Registration Statement and prior to the effectiveness of this Registration Statement) and prior to the termination of
the offering under this prospectus and any prospectus supplement (other than, in each case, documents or information deemed to have been
furnished and not filed in accordance with SEC rules), on or after the date of this prospectus until we complete our offerings of the
securities registered under this Registration Statement:</FONT></P>

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<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Annual
                                            Report on <FONT STYLE="color: blue"><U><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000064803/000006480323000009/cvs-20221231.htm">Form 10-K</A></U></FONT> for the fiscal year ended December 31, 2022, filed with the SEC on February
                                            8, 2023, except to the extent superseded by our Current Report on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/64803/000006480323000021/cvs-20230525.htm">Form 8-K</A> filed on May 25, 2023, relating to the realigned composition of our
segments;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Quarterly
                                            Report on <FONT STYLE="color: blue"><U><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000064803/000006480323000016/cvs-20230331.htm">Form 10-Q</A></U></FONT> for the fiscal quarter ended March 31, 2023, filed with the SEC on May 3,
                                            2023;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal; background-color: white">Current
                                                                                                                                                                                  Reports on Form 8-K filed with the SEC on <FONT STYLE="color: blue"><U><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000064803/000094787123000080/ss1693564_8k.htm">January
                                                                                                                                                                                  23, 2023</A></U></FONT> (Item 5.02 only),&nbsp;<FONT STYLE="color: blue"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000064803/000094787123000139/ss1747226_8k.htm">February&nbsp;8,
                                                                                                                                                                                  2023</A> </FONT>(Item 1.01 related to the acquisition of Oak Street Health, Inc. (&ldquo;Oak Street Health&rdquo;) only; SEC
                                                                                                                                                                                  Accession No. 0000947871-23-000139), <FONT STYLE="color: blue"><U><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000064803/000119312523040200/d718135d8k.htm">February
                                                                                                                                                                                  15, 2023</A></U></FONT>, <FONT STYLE="color: blue"><U><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000064803/000119312523043484/d392967d8k.htm">February
                                                                                                                                                                                  21, 2023</A></U></FONT>, <FONT STYLE="color: blue"><U><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000064803/000094787123000511/ss2023948_8k.htm">May
                                                                                                                                                                                  2, 2023</A></U></FONT>, <A HREF="https://www.sec.gov/Archives/edgar/data/64803/000006480323000019/0000064803-23-000019-index.htm">May 24, 2023</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/64803/000006480323000021/cvs-20230525.htm">May 25, 2023</A></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">;
                                                                                                                                                                                  and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: blue; letter-spacing: normal; line-height: normal"><U><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/64803/000130817923000606/cvs4106991-def14a.htm">Definitive Proxy Statement on Schedule 14A</A></U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">,
                                            filed with the SEC on April 7, 2023 (as to the information under the headings &ldquo;Committees
                                            of the Board,&rdquo; &ldquo;Code of Conduct,&rdquo; &ldquo;Audit Committee Report,&rdquo;
                                            &ldquo;Biographies of our Incumbent Board Nominees,&rdquo; &ldquo;Share Ownership of Directors
                                            and Certain Executive Officers,&rdquo; &ldquo;Share Ownership of Principal Stockholders,&rdquo;
                                            &ldquo;Item&nbsp;1: Election of Directors,&rdquo; &ldquo;Item&nbsp;2: Ratification of the
                                            Appointment of Our Independent Registered Public Accounting Firm for 2023,&rdquo; &ldquo;Independence
                                            Determinations for Directors,&rdquo; &ldquo;Related Person Transaction Policy,&rdquo;&nbsp;&ldquo;Non-Employee&nbsp;Director
                                            Compensation&rdquo; and &ldquo;Executive Compensation and Related Matters&rdquo; (including &ldquo;Letter from the Management Planning and Development
Committee,&rdquo; &ldquo;Compensation Committee Report,&rdquo; &ldquo;Compensation Discussion and Analysis,&rdquo; &ldquo;Compensation
of Named Executive Officers,&rdquo; &ldquo;CEO Pay Ratio&rdquo; and &ldquo;Pay Versus Performance&rdquo;)).</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">You
may request a copy of any or all of the documents incorporated by reference into this prospectus at no cost, by writing or telephoning
us at the following address:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Larry
McGrath</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Senior
Vice President, Business Development and Investor Relations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">CVS
Health Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">One
CVS Drive&mdash;MC 1008</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Woonsocket,
Rhode Island 02895</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(800)
201-0938</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">investorinfo@cvshealth.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;<FONT STYLE="font-size: 10pt"><A HREF="#toc"><FONT>Table of Content</A></FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; letter-spacing: normal; line-height: normal"><B><A NAME="cautionary" TITLE="CautionaryStatement"></A>CAUTIONARY
STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><I>The
Private Securities Litigation Reform Act of 1995 (the &ldquo;Reform Act&rdquo;) provides a &ldquo;safe harbor&rdquo; for forward-looking
statements, so long as (1) those statements are identified as forward-looking, and (2) the statements are accompanied by meaningful cautionary
statements that identify important factors that could cause actual results to differ materially from those discussed in the statement.
We want to take advantage of these safe harbor provisions.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><I>Certain
information contained in this prospectus, prospectus supplements to this prospectus, and the documents incorporated by reference or deemed
to be incorporated by reference herein and therein is forward-looking within the meaning of the Reform Act or SEC rules. In addition,
throughout this prospectus, prospectus supplements to this prospectus, and the documents incorporated by reference or deemed to be incorporated
by reference herein and therein and our other reports and communications, we use the following words or variations or negatives of these
words and similar expressions when we intend to identify forward-looking statements:</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-bottom: 0; margin-left: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Anticipates</I></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Believes</I></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Can</I></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Continue</I></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 17%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Could</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Estimates</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Evaluate</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Expects</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Explore</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Forecast</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Guidance</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Intends</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Likely</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>May</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Might</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Outlook</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Plans</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Potential</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Predict</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Probable</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Projects</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Seeks</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Should</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>View</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>&bull;</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><I>Will</I></FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 12pt 0 0; font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #212529; letter-spacing: normal; line-height: normal; background-color: white"><I>All
statements addressing the future operating performance of CVS Health or any segment or any subsidiary and/or future events or developments,
including statements relating to the impact of COVID-19
and any new variants or viruses on the Company&rsquo;s
businesses, investment portfolio, operating results, cash flows and/or financial condition; statements relating to corporate strategy,
statements relating to future revenue, operating income or adjusted operating income, earnings per share or adjusted earnings per share,
Health Care Benefits segment business, sales results and/or trends, medical cost trends, medical membership, Medicare Part D membership,
medical benefit ratios and/or operations, Health Services segment business, sales results and/or trends and/or operations, Pharmacy &amp;
Consumer Wellness segment business, sales results and/or trends and/or operations, incremental investment spending, interest expense,
effective tax rate, weighted-average share count, cash flow from operations, net capital expenditures, cash available for debt repayment,
statements related to possible, proposed, pending or completed acquisitions, joint ventures, investments or combinations that involve,
among other things, the timing or likelihood of receipt of regulatory approvals, the timing of completion, integration synergies, net
synergies and integration risks and other costs, including those related to CVS Health&rsquo;s
acquisitions of Signify Health, Inc. and Oak Street Health, enterprise modernization, transformation, leverage ratio, cash available
for enhancing shareholder value, inventory reduction, turn rate and/or loss rate, debt ratings, the Company&rsquo;s
ability to attract or retain customers and clients, store development and/or relocations, new product development, and the impact of
industry and regulatory developments as well as statements expressing optimism or pessimism about future operating results or events,
are forward-looking statements within the meaning of the Reform Act.</I></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #212529; letter-spacing: normal; line-height: normal; background-color: white"><I>Forward-looking
statements rely on a number of estimates, assumptions and projections concerning future events, and are subject to a number of significant
risks and uncertainties and other factors that could cause actual results to differ materially from those statements. Many of these risks
and uncertainties and other factors are outside our control. Certain of these risks and uncertainties and other factors are described
under </I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&ldquo;<FONT STYLE="color: #212529; background-color: white">Risk
Factors</FONT>&rdquo; <FONT STYLE="background-color: white">included in Part I, Item 1A of our Annual Report on Form 10-K for
the fiscal year ended December 31, 2022 and/or under </FONT>&ldquo;<FONT STYLE="color: #212529; background-color: white">Risk Factors</FONT>&rdquo;
<FONT STYLE="color: #212529; background-color: white">included in Part II, Item 1A of our Quarterly Report on Form 10-Q for the fiscal
quarter ended March 31, 2023, each incorporated by reference herein and any updates thereto in our subsequent SEC filings; these are
not the only risks and uncertainties we face. There can be no assurance that the Company has identified all the risks that may affect
it. Additional risks and uncertainties not presently known to the Company or that the Company currently believes to be immaterial also
may adversely affect the Company&rsquo;s businesses. If any of those risks
or uncertainties develops into actual events, those events or circumstances could have a material adverse effect on the Company&rsquo;s
businesses, operating results, cash flows, financial condition and/or stock price, among other effects.</FONT></FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><I>You
should not put undue reliance on forward-looking statements. Any forward-looking statement speaks only as of the date of this prospectus,
prospectus supplements to this prospectus, and the documents incorporated by reference or deemed to be incorporated by reference herein
and therein, and we disclaim any intention or obligation to update or revise forward-looking statements, whether as a result of new information,
future events, uncertainties or otherwise. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; letter-spacing: normal; line-height: normal"><A NAME="proceeds" TITLE="UseofProceeds"></A><B>USE
OF PROCEEDS </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Unless
otherwise specified in a prospectus supplement accompanying this prospectus, the net proceeds from the sale of the debt securities to
which this prospectus relates will be used for general corporate purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;<FONT STYLE="font-size: 10pt"><A HREF="#toc"><FONT>Table of Content</A></FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="description" TITLE="DescriptionofDebtSecurities"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>DESCRIPTION
OF DEBT SECURITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">This
prospectus describes certain general terms and provisions of the debt securities. The debt securities will be either senior debt securities
or subordinated debt securities. The debt securities will be issued under the Senior Indenture, dated as of August&nbsp;15, 2006 (the
&ldquo;senior indenture&rdquo;), or the Subordinated Indenture, dated as of May 25, 2007 (the &ldquo;subordinated indenture&rdquo; and,
together with the senior indenture, the &ldquo;indentures&rdquo;), each between us and The Bank of New York Mellon Trust Company, N.A.
(formerly known as The Bank of New York Trust Company, N.A.), a national banking association, as trustee. Each of the senior indenture
and the subordinated indenture is referred to as an indenture. When we offer to sell a particular series of debt securities, we will
describe the specific terms for the securities in a supplement to this prospectus. The prospectus supplement will also indicate whether
the general terms and provisions described in this prospectus apply to a particular series of debt securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">We
have summarized certain terms and provisions of the indentures. The summary is not complete and the terms and provisions of the indentures
summarized herein may be modified by adding or removing covenants, events of default or other provisions as reflected in the relevant
prospectus supplement for each particular series of debt securities. The indentures have been incorporated by reference as exhibits to
the Registration Statement for these securities that we have filed with the SEC. You should read the indentures for the provisions which
may be important to you. The indentures are subject to and governed by the Trust Indenture Act of 1939, as amended (the &ldquo;Trust
Indenture Act&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">The
indentures will not limit the amount of debt securities which we may issue. We may issue debt securities up to such an aggregate principal
amount as we may authorize from time to time. The prospectus supplement will describe the terms of any debt securities being offered,
including:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">classification
                                            as senior or subordinated debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">ranking
                                            of the specific series of debt securities relative to other outstanding indebtedness, including
                                            subsidiaries&rsquo; debt;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">if
                                            the debt securities are subordinated, the aggregate amount of outstanding indebtedness, as
                                            of a recent date, that is senior to the subordinated securities, and any limitation on the
                                            issuance of additional senior indebtedness;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">the
                                            designation, aggregate principal amount and authorized denominations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">the
                                            maturity date;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">the
                                            interest rate, if any, and the method for calculating the interest rate;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">the
                                            interest payment dates and the record dates for the interest payments;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">any
                                            mandatory or optional redemption terms or prepayment, conversion, sinking fund or exchangeability
                                            or convertibility provisions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">the
                                            place where we will pay principal and interest;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">if
                                            other than denominations of $1,000 or multiples of $1,000, the denominations the debt securities
                                            will be issued in;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">the
                                            applicability of and additional provisions, if any, relating to the defeasance of the debt
                                            securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">the
                                            currency or currencies, if other than the currency of the United States, in which principal
                                            and interest will be paid;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">any
                                            United States federal income tax consequences;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">the
                                            dates on which premium, if any, will be paid;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">our
                                            right, if any, to defer the payment of interest and the maximum length of this deferral period;</FONT></TD></TR></TABLE>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 4.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">any
                                            listing on a securities exchange;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">the
                                            initial public offering price; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">other
                                            specific terms, including any additional events of default or covenants.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Senior
Debt </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Senior
debt securities will rank equally and pari passu with all other unsecured and unsubordinated debt of CVS Health.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Subordinated
Debt </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Subordinated
debt securities will be subordinate and junior in right of payment, to the extent and in the manner set forth in the subordinated indenture,
to all &ldquo;senior indebtedness&rdquo; (as defined in the subordinated indenture) of CVS Health. See the subordinated indenture, section&nbsp;1.01.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">In
general, the holders of all senior indebtedness are first entitled to receive payment of the full amount unpaid on senior indebtedness
before the holders of any of the subordinated debt securities or coupons are entitled to receive a payment on account of the principal
or interest on the subordinated debt securities in certain events. These events include:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">any
                                            insolvency or bankruptcy proceedings, or any receivership, liquidation, reorganization or
                                            other similar proceedings which concern CVS Health or a substantial part of its property;
                                            or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">a
                                            default having occurred for the payment of principal, premium, if any, or interest on or
                                            other monetary amounts due and payable on any senior indebtedness or any other default having
                                            occurred concerning any senior indebtedness, which permits the holder or holders of any senior
                                            indebtedness to accelerate the maturity of any senior indebtedness with notice or lapse of
                                            time, or both. Such an event of default must have continued beyond the period of grace, if
                                            any, provided for such event of default, and such an event of default shall not have been
                                            cured or waived or shall not have ceased to exist.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">If
this prospectus is being delivered in connection with a series of subordinated debt securities, the accompanying prospectus supplement
or the information incorporated in this prospectus by reference will set forth the approximate amount of senior indebtedness outstanding
as of the end of the most recent fiscal quarter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Certain
Covenants </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><I>Restrictions
on Secured Funded Debt</I>. The senior indenture provides that we will not, nor will we permit any Restricted Subsidiary to, incur, issue,
assume, guarantee or create any Secured Debt, without effectively providing concurrently with the incurrence, issuance, assumption, guaranty
or creation of any such Secured Debt that the debt securities (together with, if we shall so determine, any other of our Indebtedness
or such Restricted Subsidiary&rsquo;s Indebtedness then existing or thereafter created which is not subordinated to the debt securities)
will be secured equally and ratably with (or prior to) such Secured Debt, unless, after giving effect thereto, the sum of the aggregate
amount of all of our outstanding Secured Debt and the outstanding Secured Debt of our Restricted Subsidiaries together with all Attributable
Debt in respect of sale and leaseback transactions relating to a Principal Property (with the exception of Attributable Debt which is
excluded pursuant to clauses&nbsp;(1) to (8)&nbsp;under &ldquo;Limitation on Sale/Leaseback Transactions&rdquo; below), would not exceed
15% of Consolidated Net Tangible Assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">This
restriction will not apply to, and there will be excluded from Secured Debt in any computation under this restriction and under &ldquo;Limitation
on Sale/Leaseback Transactions&rdquo; below, Indebtedness, secured by:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(1)
Liens on property, shares of capital stock or Indebtedness of any corporation existing at the time such corporation becomes a Subsidiary;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 9pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(2)
Liens on property, shares of capital stock or Indebtedness existing at the time of acquisition thereof or incurred within 360&nbsp;days
of the time of acquisition thereof (including, without limitation, acquisition through merger or consolidation) by us or any Restricted
Subsidiary;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(3)
Liens on property, shares of capital stock or Indebtedness thereafter acquired (or constructed) by us or any Restricted Subsidiary and
created prior to, at the time of, or within 360&nbsp;days (or thereafter if such Lien is created pursuant to a binding commitment entered
into prior to, at the time of or within 360&nbsp;days) after such acquisition (including, without limitation, acquisition through merger
or consolidation) (or the completion of such construction or commencement of commercial operation of such property, whichever is later)
to secure or provide for the payment of all or any part of the purchase price (or the construction price) thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(4)
Liens in favor of us or any Restricted Subsidiary;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(5)
Liens in favor of the United States of America, any State thereof or the District of Columbia or any foreign government, or any agency,
department or other instrumentality thereof, to secure partial, progress, advance or other payments pursuant to any contract or provisions
of any statute;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(6)
Liens incurred or assumed in connection with the issuance of revenue bonds the interest on which is exempt from federal income taxation
pursuant to Section&nbsp;103 (b) of the Internal Revenue Code;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(7)
Liens securing the performance of any contract or undertaking not directly or indirectly in connection with the borrowing of money, the
obtaining of advances or credit or the securing of Indebtedness, if made and continuing in the ordinary course of business;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(8)
Liens incurred (no matter when created) in connection with our or a Restricted Subsidiary&rsquo;s engaging in leveraged or single investor
lease transactions; <I>provided</I>, <I>however</I>, that the instrument creating or evidencing any borrowings secured by such Lien will
provide that such borrowings are payable solely out of the income and proceeds of the property subject to such Lien and are not a general
obligation of ours or of such Restricted Subsidiary;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(9)
Liens in favor of a governmental agency to qualify us or any Restricted Subsidiary to do business, maintain self-insurance or obtain
other benefits, or Liens under workers&rsquo; compensation laws, unemployment insurance laws or similar legislation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(10)
Good faith deposits in connection with bids, tenders, contracts or deposits to secure our or any Restricted Subsidiary&rsquo;s public
or statutory obligations, or deposits of cash or obligations of the United States of America to secure surety and appeal bonds to which
we or any Restricted Subsidiary are a party or in lieu of such bonds, or pledges or deposits for similar purposes in the ordinary course
of business;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(11)
Liens imposed by law, such as laborers&rsquo; or other employees&rsquo;, carriers&rsquo;, warehousemen&rsquo;s, mechanics&rsquo;, materialmen&rsquo;s
and vendors&rsquo; Liens;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(12)
Liens arising out of judgments or awards against us or any Restricted Subsidiary with respect to which we or such Restricted Subsidiary
at the time shall be prosecuting an appeal or proceedings for review or Liens arising out of individual final judgments or awards in
amounts of less than $1,000,000; <I>provided</I> that the aggregate amount of all such individual final judgments or awards shall not
at any one time exceed $1,000,000;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(13)
Liens for taxes, assessments, governmental charges or levies not yet subject to penalties for nonpayment or the amount or validity of
which is being in good faith contested by appropriate proceedings by us or any Restricted Subsidiary, as the case may be;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(14)
Minor survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, rights of way, sewers, electric lines,
telegraph and telephone lines and other similar purposes, or zoning or other restrictions or Liens as to the use of real properties,
which Liens, exceptions, encumbrances, easements, reservations, rights and restrictions do not, in our opinion, in the aggregate materially
detract from the value of said properties or materially impair their use in the operation of our business and that of our Restricted
Subsidiaries;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(15)
Liens incurred to finance all or any portion of the cost of construction, alteration or repair of any Principal Property or improvements
thereto created prior to or within 360&nbsp;days (or thereafter if such Lien is created pursuant to a binding commitment to lend entered
into prior to, at the time of, or within 360&nbsp;days) after completion of such construction, alteration or repair;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(16)
Liens existing on the date of the applicable indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(17)
Liens created in connection with a project financed with, and created to secure, a Nonrecourse Obligation; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(18)
Any extension, renewal, refunding or replacement of the foregoing, <I>provided</I> that (i)&nbsp;such extension, renewal, refunding or
replacement Lien shall be limited to all or a part of the same property that secured the Lien extended, renewed, refunded or replaced
(plus improvements on such property) and (ii)&nbsp;the Funded Debt secured by such Lien at such time is not increased.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&ldquo;Attributable
Debt&rdquo; means, in connection with any sale and leaseback transaction under which either we or any Restricted Subsidiary are at the
time liable as lessee for a term of more than 12&nbsp;months and at any date as of which the amount thereof is to be determined, the
lesser of (A)&nbsp;total net obligations of the lessee for rental payments during the remaining term of the lease discounted from the
respective due dates thereof to such determination date at a rate per annum equivalent to the greater of (i)&nbsp;the weighted average
Yield to Maturity (as defined in the senior indenture) of the debt securities, such average being weighted by the principal amount of
each series of the debt securities and (ii)&nbsp;the interest rate inherent in such lease (as determined in good faith by us), both to
be compounded semi-annually or (B)&nbsp;the sale price for the assets so sold and leased multiplied by a fraction the numerator of which
is the remaining portion of the base term of the lease included in such transaction and the denominator of which is the base term of
the lease.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&ldquo;Consolidated
Net Tangible Assets&rdquo; means, at any date, the total assets appearing on our and our Restricted Subsidiaries&rsquo; most recent consolidated
balance sheet as at the end of our fiscal quarter ending not more than 135&nbsp;days prior to such date, prepared in accordance with
generally accepted accounting principles in the United States of America (&ldquo;GAAP&rdquo;), less (i)&nbsp;all current liabilities
(due within one year) as shown on such balance sheet, (ii)&nbsp;investments in and advances to Unrestricted Subsidiaries and (iii)&nbsp;Intangible
Assets and liabilities relating thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&ldquo;Funded
Debt&rdquo; means (i)&nbsp;any of our Indebtedness or Indebtedness of a Restricted Subsidiary maturing more than 12&nbsp;months after
the time of computation thereof, (ii)&nbsp;guarantees of Funded Debt or of dividends of others (except guarantees in connection with
the sale or discount of accounts receivable, trade acceptances and other paper arising in the ordinary course of business), (iii)&nbsp;in
the case of any Restricted Subsidiary, all preferred stock having mandatory redemption provisions of such Restricted Subsidiary as reflected
on such Restricted Subsidiary&rsquo;s balance sheet prepared in accordance with GAAP, and (iv)&nbsp;all Capital Lease Obligations (as
defined in the senior indenture).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&ldquo;Indebtedness&rdquo;
means, at any date, without duplication, all of our obligations for borrowed money or obligations for borrowed money of a Restricted
Subsidiary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&ldquo;Intangible
Assets&rdquo; means, at any date, the value, as shown on or reflected in our and our Restricted Subsidiaries&rsquo; most recent consolidated
balance sheet as at the end of our fiscal quarter ending not more than 135&nbsp;days prior to such date, prepared in accordance with
GAAP, of: (i)&nbsp;all trade names, trademarks, licenses, patents, copyrights, service marks, goodwill and other like intangibles; (ii)&nbsp;organizational
and development costs; (iii)&nbsp;deferred charges (other than prepaid items, such as insurance, taxes, interest, commissions, rents,
pensions, compensation and similar items and tangible assets being amortized); and (iv)&nbsp;unamortized debt discount and expense, less
unamortized premium.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&ldquo;Liens&rdquo;
means such pledges, mortgages, security interests and other liens on any Principal Property of ours or of a Restricted Subsidiary which
secure Secured Debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&ldquo;Nonrecourse
Obligation&rdquo; means indebtedness or lease payment obligations substantially related to (i)&nbsp;the acquisition of assets not previously
owned by us or any Restricted Subsidiary or (ii)&nbsp;the financing of a project involving the development or expansion of our or any
Restricted Subsidiary&rsquo;s properties, as to which the obligee with respect to such indebtedness or obligation has no recourse to
us or any Restricted Subsidiary or any of our or any of our Subsidiaries&rsquo; assets other than the assets which were acquired with
the proceeds of such transaction or the project financed with the proceeds of such transaction (and the proceeds thereof).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&ldquo;Principal
Property&rdquo; means real and tangible property owned and operated now or hereafter by us or any Restricted Subsidiary constituting
a part of any store, warehouse or, distribution center located within the United States of America or its territories or possessions
(excluding current assets, motor vehicles, mobile materials handling equipment and other rolling stock, cash registers and other point-of-sale
recording devices and related equipment and data processing and other office equipment), the net book value of which (including leasehold
improvements and store fixtures constituting a part of such store, warehouse or distribution center) as of the date on which the determination
is being made is more than 1.0% of Consolidated Net Tangible Assets. As of the date of this prospectus, none of our stores constitutes
a Principal Property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&ldquo;Restricted
Subsidiary&rdquo; means each Subsidiary other than Unrestricted Subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&ldquo;Secured
Debt&rdquo; means Funded Debt which is secured by any pledge of, or mortgage, security interest or other lien on any (i)&nbsp;Principal
Property (whether owned on the date of the senior indenture or thereafter acquired or created), (ii)&nbsp;shares of stock owned by us
or a Subsidiary in a Restricted Subsidiary or (iii)&nbsp;Indebtedness of a Restricted Subsidiary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&ldquo;Subsidiary&rdquo;
means any corporation of which at least a majority of the outstanding stock, which under ordinary circumstances (not dependent upon the
happening of a contingency) has voting power to elect a majority of the board of directors of such corporation (or similar management
body), is owned directly or indirectly by us or by one or more of our Subsidiaries, or by us and one or more Subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&ldquo;Unrestricted
Subsidiary&rdquo; means Subsidiaries designated as Unrestricted Subsidiaries from time to time by our Board of Directors; <I>provided</I>,
<I>however</I>, that our Board of Directors (i)&nbsp;will not designate as an Unrestricted Subsidiary any of our Subsidiaries that owns
any Principal Property or any stock of a Restricted Subsidiary, (ii)&nbsp;will not continue the designation of any of our Subsidiaries
as an Unrestricted Subsidiary at any time that such Subsidiary owns any Principal Property, and (iii)&nbsp;will not, nor will it cause
or permit any Restricted Subsidiary to, transfer or otherwise dispose of any Principal Property to any Unrestricted Subsidiary (unless
such Unrestricted Subsidiary will in connection therewith be redesignated as a Restricted Subsidiary and any pledge, mortgage, security
interest or other lien arising in connection with any Indebtedness of such Unrestricted Subsidiary so redesignated does not extend to
such Principal Property (unless the existence of such pledge, mortgage, security interest or other lien would otherwise be permitted
under the senior indenture)).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;<FONT STYLE="font-size: 10pt"><A HREF="#toc"><FONT>Table of Content</A></FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><I>Limitation
on Sale/Leaseback Transactions</I>. The senior indenture provides that we will not, nor will we permit any Restricted Subsidiary to,
enter into any arrangement with any person providing for the leasing by us or any Restricted Subsidiary of any of our or any Restricted
Subsidiary&rsquo;s Principal Property (which lease is required by GAAP to be capitalized on the balance sheet of such lessee), which
Principal Property has been or is to be sold or transferred by us or such Restricted Subsidiary to such person (a &ldquo;sale and leaseback
transaction&rdquo;) unless, after giving effect thereto, the aggregate amount of all Attributable Debt with respect to all such sale
and leaseback transactions plus all Secured Debt (with the exception of Funded Debt secured by Liens which is excluded pursuant to clauses&nbsp;(1)
to (18)&nbsp;under &ldquo;Restrictions on Secured Funded Debt&rdquo; above) would not exceed 15% of Consolidated Net Tangible Assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">This
covenant will not apply to, and there will be excluded from Attributable Debt in any computation under this restriction or under &ldquo;Restrictions
on Secured Funded Debt&rdquo; above, Attributable Debt with respect to any sale and leaseback transaction if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(1)
We or a Restricted Subsidiary are permitted to create Funded Debt secured by a Lien pursuant to clauses&nbsp;(1) to (18)&nbsp;inclusive
under &ldquo;Restrictions on Secured Funded Debt&rdquo; above on the Principal Property to be leased, in an amount equal to the Attributable
Debt with respect to such sale and leaseback transaction, without equally and ratably securing the debt securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(2)
The property leased pursuant to such arrangement is sold for a price at least equal to such property&rsquo;s fair market value (as determined
by our Chief Executive Officer, President, Chief Financial Officer, Treasurer or Controller) and we or a Restricted Subsidiary, within
360&nbsp;days after the sale or transfer shall have been made by us or a Restricted Subsidiary, shall apply the proceeds thereof to the
retirement of our or any Restricted Subsidiary&rsquo;s Indebtedness or Funded Debt (other than Indebtedness or Funded Debt owned by us
or any Restricted Subsidiary); <I>provided</I>, <I>however</I>, that no retirement referred to in this clause&nbsp;(2) may be effected
by payment at maturity or pursuant to any mandatory sinking fund payment provision of Indebtedness or Funded Debt;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(3)
We or a Restricted Subsidiary apply the net proceeds of the sale or transfer of the Principal Property leased pursuant to such transaction
to the purchase of assets (and the cost of construction thereof) within 360&nbsp;days prior or subsequent to such sale or transfer;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(4)
The effective date of any such arrangement or the purchaser&rsquo;s commitment therefor is within 36&nbsp;months prior or subsequent
to the acquisition of the Principal Property (including, without limitation, acquisition by merger or consolidation) or the completion
of construction and commencement of operation thereof (which, in the case of a retail store, is the date of opening to the public), whichever
is later;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(5)
The lease in such sale and leaseback transaction is for a term, including renewals, of not more than three&nbsp;years;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(6)
The sale and leaseback transaction is entered into between us and a Restricted Subsidiary or between Restricted Subsidiaries;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(7)
The lease secures or relates to industrial revenue or pollution control bonds; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(8)
The lease payment is created in connection with a project financed with, and such obligation constitutes, a Nonrecourse Obligation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Merger,
Consolidation and Disposition of Assets </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Each
indenture provides that we shall not consolidate with, merge with or into, or sell, convey, transfer, lease or otherwise dispose of all
or substantially all of our property and assets (as an entirety or substantially as an entirety in one transaction or a series of related
transactions) to, any Person (as defined in the indentures) (other than a consolidation with or merger with or into a Restricted Subsidiary
or a sale, conveyance, transfer, lease or other disposition to a Restricted Subsidiary) or permit any Person to merge with or into us
unless: (a)&nbsp;either (i)&nbsp;we shall be the continuing Person or (ii)&nbsp;the Person (if other than us) formed by such consolidation
or into which we are merged or that acquired or leased such of our property and assets shall be a corporation organized and validly existing
under the laws of the United States of America or any jurisdiction thereof and shall expressly assume, by a supplemental indenture, executed
and delivered to the trustee, all of our obligations under each series of the debt securities and the indenture, and we shall have delivered
to the trustee an opinion of counsel stating that such consolidation, merger or transfer and such supplemental indenture complies with
this provision and that all conditions precedent provided for in the indenture relating to such transaction have been complied with and
that such supplemental indenture constitutes an obligation that is legal, valid and binding for us or such successor enforceable against
such entity in accordance with its terms, subject to customary exceptions; and (b)&nbsp;we shall have delivered to the trustee an officers&rsquo;
certificate to the effect that immediately after giving effect to such transaction, no Default (as defined in the indentures) shall have
occurred and be continuing and an opinion of counsel as to the matters set forth in paragraph&nbsp;(a) above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">The
indentures do not restrict, or require us to redeem or permit holders of any series of the debt securities to cause a redemption of the
debt securities of that series in the event of, (i)&nbsp;a consolidation, merger, sale of assets or other similar transaction that may
adversely affect our creditworthiness or the creditworthiness of our successor or combined entity, (ii)&nbsp;a change in control of the
Company or (iii)&nbsp;a highly leveraged transaction involving us, whether or not involving a change in control. Accordingly, the holders
of the debt securities would not have protection in the event of a highly leveraged transaction, reorganization, restructuring, merger
or similar transaction involving us that may adversely affect the holders of debt securities. The existing protective covenants applicable
to the debt securities would continue to apply to us, or our successor, in the event of such a transaction initiated or supported by
us, our management, or any of our affiliates or their management, but may not prevent such a transaction from taking place.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Events
of Default, Waiver and Notice </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&ldquo;Event
of Default&rdquo; with respect to a series of senior debt securities is defined in the senior indenture to be if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(1)
We default in the payment of all or any part of the principal of such series of the debt securities when the same becomes due and payable
at maturity, upon acceleration, redemption or mandatory repurchase, including as a sinking fund installment, or otherwise;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(2)
We default in the payment of any interest on such series of the debt securities when the same becomes due and payable, and such default
continues for a period of 30&nbsp;days;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(3)
We default in the performance of or breach any of our other covenants or agreements in the senior indenture and such default or breach
continues for a period of 60 consecutive days after written notice thereof has been given to us by the trustee or to us and the trustee
by the holders of 25% or more in aggregate principal amount of the affected series of the debt securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(4)
An involuntary case or other proceeding shall be commenced against us with respect to us or our debts under any bankruptcy, insolvency
or other similar law now or hereafter in effect seeking the appointment of a trustee, receiver, liquidator, custodian or other similar
official or for any substantial part of our property and assets, and such involuntary case or other proceeding shall remain undismissed
and unstayed for a period of 60&nbsp;days; or an order for relief shall be entered against us under any bankruptcy, insolvency or other
similar law now or hereafter in effect;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(5)
We (i)&nbsp;commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or
consent to the entry of an order for relief in an involuntary case under any such law, (ii)&nbsp;consent to the appointment of or taking
possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of us or for all or substantially
all of our property and assets or (iii)&nbsp;effect any general assignment for the benefit of creditors;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(6)
An event of default as defined in any one or more indentures or instruments evidencing or under which we have at the date of the senior
indenture or shall thereafter have outstanding an aggregate of at least $50,000,000 aggregate principal amount of indebtedness for borrowed
money, shall happen and be continuing and such indebtedness shall have been accelerated so that the same shall be or become due and payable
prior to the date on which the same would otherwise have become due and payable, and such acceleration shall not be rescinded or annulled
within ten&nbsp;days after notice thereof shall have been given to us by the trustee (if such event be known to it), or to us and the
trustee by the holders of at least 25% in aggregate principal amount of the outstanding debt securities of such series; <I>provided</I>
that if such event of default under such indentures or instruments shall be remedied or cured by us or waived by the holders of such
indebtedness, then the Event of Default under the senior indenture by reason thereof shall be deemed likewise to have been thereupon
remedied, cured or waived without further action upon the part of either the trustee or any of the holders of such series; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(7)
Failure by us to make any payment at maturity, including any applicable grace period, in respect of at least $50,000,000 aggregate principal
amount of indebtedness for borrowed money and such failure shall have continued for a period of ten&nbsp;days after notice thereof shall
have been given to us by the trustee (if such event be known to it), or to us and the trustee by the holders of at least 25% in aggregate
principal amount of the outstanding debt securities of such series; <I>provided</I> that if such failure shall be remedied or cured by
us or waived by the holders of such indebtedness, then the Event of Default under the senior indenture by reason thereof shall be deemed
likewise to have been thereupon remedied, cured or waived without further action upon the part of either the trustee or any of the holders
of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&ldquo;Event
of Default&rdquo; with respect to a series of subordinated debt securities is defined in the subordinated indenture to include the events
described in clauses&nbsp;(1), (2), (4) and (5)&nbsp;above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">If
an Event of Default occurs and is continuing with respect to a series of the debt securities, then, and in each and every such case,
either the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding debt securities of such series
by notice in writing to us (and to the trustee if given by holders), may declare the entire outstanding principal amount of the debt
securities of such series, and the interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration
the same shall become immediately due and payable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">If an Event of Default described in clauses&nbsp;(4) or (5)&nbsp;occurs and is continuing
with respect to a series of the debt securities, then the principal amount of all the debt securities of such series then outstanding
and interest accrued thereon, if any, shall be and become immediately due and payable, without any notice or other action by any holder
of debt securities of such series or the trustee to the full extent permitted by applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Subject
to provisions in the applicable indenture for the indemnification of the trustee and certain other limitations, the holders of at least a majority
in aggregate principal amount of the outstanding debt securities of any series may direct the time, method and place of conducting any
proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee by the indenture with respect
to the debt securities of such series; <I>provided</I> that the trustee may refuse to follow any direction that conflicts with law or
the indenture, that may involve the trustee in personal liability, or that the trustee determines in good faith may be unduly prejudicial
to the rights of holders of the debt securities of such series not joining in the giving of such direction; and <I>provided further</I>
that the trustee may take any other action it deems proper that is not inconsistent with any directions received from holders of debt
securities of such series pursuant to this paragraph.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Subject
to various provisions in the applicable indenture, the holders of at least a majority in principal amount of the outstanding debt securities of
any series, by notice to the trustee, may waive an existing Default or Event of Default with respect to such series and its consequences,
except a Default in the payment of principal of or interest on any debt security of such series as specified in clauses&nbsp;(1) or (2)&nbsp;of
the first paragraph of this section or in respect of a covenant or provision of the indenture which cannot be modified or amended without
the consent of the holder of each outstanding debt security of such series affected. Upon any such waiver, such Default shall cease to
exist with respect to such series, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of
the indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent
thereto.</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 9pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Each
indenture provides that no holder of debt securities of any series may institute any proceeding, judicial or otherwise, with respect
to the indenture or the debt securities of such series, or for the appointment of a receiver or trustee, or for any other remedy under
the indenture, unless: (i)&nbsp;such holder has previously given to the trustee written notice of a continuing Event of Default; (ii)&nbsp;the
holders of at least 25% in aggregate principal amount of outstanding debt securities of such series shall have made written request to
the trustee to institute proceedings in respect of such Event of Default in its own name as trustee under the indenture; (iii)&nbsp;such
holder or holders have offered to the trustee indemnity reasonably satisfactory to the trustee against any costs, liabilities or expenses
to be incurred in compliance with such request; (iv)&nbsp;the trustee for 60&nbsp;days after its receipt of such notice, request and
offer of indemnity has failed to institute any such proceeding; and (v)&nbsp;during such 60-day period, the holders of a majority in
aggregate principal amount of the outstanding debt securities of such series have not given the trustee a direction that is inconsistent
with such written request. A holder of debt securities of any series may not use the indenture to prejudice the rights of another holder
of such series or to obtain a preference or priority over such other holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Information
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Each
indenture provides that we shall file with the trustee and transmit to holders of the debt securities such information, documents and
other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the time and in the manner provided
pursuant to such Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">The
Company will be required to file with the trustee annually, within four&nbsp;months of the end of each fiscal year of the Company, a
certificate as to the compliance with all conditions and covenants of each indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Discharge
and Defeasance of Debt Securities and Covenants </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Each
indenture provides that we may terminate our obligations under any series of debt securities if: (i)&nbsp;all debt securities of such
series previously authenticated and delivered, with certain exceptions, have been delivered to the trustee for cancellation and we have
paid all sums payable by us with respect to that series of debt securities under the indenture; or (ii)&nbsp;(a)&nbsp;the debt securities
of such series mature within one year or all of them are to be called for redemption within one year under arrangements satisfactory
to the trustee for giving the notice of redemption, (b)&nbsp;we irrevocably deposit in trust with the trustee, as trust funds solely
for the benefit of the holders of the debt securities of such series for that purpose, money or U.S. government obligations or a combination
thereof sufficient (unless such funds consist solely of money, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the trustee), without consideration of any reinvestment, to pay the principal
of and interest on the debt securities of such series to maturity or redemption, as the case may be, and to pay all other sums payable
by us under the indenture, and (c)&nbsp;we deliver to the trustee an officers&rsquo; certificate and an opinion of counsel, in each case
stating that all conditions precedent provided for in the indenture relating to the satisfaction and discharge of our obligations under
the indenture with respect to the debt securities of such series have been complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">The following obligations will survive until
the debt securities of such series are no longer outstanding: our obligations to execute and deliver the debt securities of such series
for authentication, to set the terms of the debt securities of such series, to maintain an office or agency in respect of the debt securities
of such series, to have moneys held for payment in trust, to register the transfer or exchange of the debt securities of such series,
to compensate and indemnify the trustee and to appoint a successor trustee, and our right to recover excess money held by the trustee.
Thereafter, only our obligations to compensate and indemnify the trustee, and our right to recover excess money held by the trustee shall
survive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Each
indenture provides that we (i)&nbsp;will be deemed to have paid and will be discharged from any and all obligations in respect of the
debt securities of such series, and the provisions of the indenture will, except as noted below, no longer be in effect with respect
to the debt securities of such series (&ldquo;legal defeasance&rdquo;) or (ii)&nbsp;may omit to comply with other specific covenants
relating to the debt securities of such series in the indenture, and with respect to the senior indenture, such omission shall be deemed
not to be an Event of Default under clause&nbsp;(3) of the first paragraph of &ldquo;Events of Default, Waiver and Notice&rdquo; (&ldquo;covenant
defeasance&rdquo;); <I>provided</I> that the following conditions shall have been satisfied: (a)&nbsp;we have irrevocably deposited in
trust with the trustee as trust funds solely for the benefit of the holders of the debt securities of such series, for payment of the
principal of and interest on the debt securities of such series, money or U.S. government obligations or a combination thereof sufficient
(unless such funds consist solely of money, in the opinion of a nationally recognized firm of independent public accountants expressed
in a written certification thereof delivered to the trustee) without consideration of any reinvestment and after payment of all federal,
state and local taxes or other charges and assessments in respect thereof payable by the trustee, to pay and discharge the principal
of and accrued interest on the outstanding debt securities of such series to maturity or earlier redemption (irrevocably provided for
under arrangements satisfactory to the trustee), as the case may be; (b)&nbsp;such deposit will not result in a breach or violation of,
or constitute a default under, the indenture or any other material agreement or instrument to which we are a party or by which we are
bound; (c)&nbsp;no Default with respect to the debt securities of such series shall have occurred and be continuing on the date of such
deposit; (d)&nbsp;we shall have delivered to the trustee an opinion of counsel that (1)&nbsp;the holders of the debt securities of such
series will not recognize income, gain or loss for federal income tax purposes as a result of our exercise of our option under this provision
of the indenture and will be subject to federal income tax on the same amount and in the same manner and at the same times as would have
been the case if such deposit and defeasance had not occurred and (2)&nbsp;the holders of the debt securities of such series have a valid
security interest in the trust funds, and (e)&nbsp;we have delivered to the trustee an officers&rsquo; certificate and an opinion of
counsel, in each case stating that all conditions precedent provided for in the indenture relating to the defeasance contemplated have
been complied with. In the case of legal defeasance under clause&nbsp;(i) above, the opinion of counsel referred to in clause&nbsp;(d)&nbsp;(1)
above may be replaced by a ruling directed to the trustee received from the Internal Revenue Service to the same effect. Notwithstanding
legal or covenant defeasance, the following obligations will survive until the debt securities of such series are no longer outstanding:
our obligations to execute and deliver the debt securities of such series for authentication, to set the terms of the debt securities
of such series, to maintain an office or agency in respect of the debt securities of such series, to have moneys held for payment in
trust, to register the transfer or exchange of the debt securities of such series, to compensate and indemnify the trustee and to appoint
a successor trustee, and our right to recover excess money held by the trustee. Thereafter, only our obligations to compensate and indemnify
the trustee, and our right to recover excess money held by the trustee shall survive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Modification
and Waiver </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Each
indenture provides that we and the trustee may amend or supplement the indenture or any series of the debt securities without notice
to or the consent of any holder of such series:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(1)
to cure any ambiguity, defect or inconsistency in the indenture; <I>provided</I> that such amendments or supplements shall not materially
and adversely affect the interests of the holders of debt securities of such series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(2)
to provide for the assumption of our obligations to the holders of the debt securities of such series in connection with a consolidation
or merger of our company or the sale, conveyance, transfer, lease or other disposal of all or substantially all of our property and assets;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(3)
to comply with any requirements of the SEC in connection with the qualification of the indenture under the Trust Indenture Act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(4)
to evidence and provide for the acceptance of appointment under the indenture by a successor trustee; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(5)
to make any change that does not materially and adversely affect the rights of any holder of debt securities of such series, <I>provided
</I>that any change to conform the terms of the debt securities to the indenture and to the Description of Debt Securities contained
in this prospectus or prospectus supplement relating to the debt securities shall not be deemed to be adverse to any holder of such debt
securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Each
indenture also contains provisions whereby we and the trustee, subject to certain conditions, may amend the indenture and the outstanding
debt securities of such series with the written consent of the holders of a majority in principal amount of the debt securities of such
series then outstanding, and the holders of a majority in principal amount of the outstanding debt securities of any series may waive
future compliance by us with any provision of the indenture or the debt securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Notwithstanding
the foregoing provisions, each indenture provides that, without the consent of each holder of a series of the debt securities affected thereby, an amendment or waiver
may not:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(1)
extend the stated maturity of the principal of, or any installment of interest on, such holder&rsquo;s debt securities, or reduce the
principal thereof or the rate of interest thereon, or any premium payable with respect thereto, or change any place or currency of payment
where any debt security of that series or any premium or the interest thereon is payable, or impair the right to institute suit for the
enforcement of any such payment on or after the due date therefor;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(2)
reduce the percentage in principal amount of outstanding debt securities of that series the consent of whose holders is required for
any such supplemental indenture, for any waiver of compliance with certain provisions of the indenture or certain Defaults and their
consequences provided for in the indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(3)
waive a Default in the payment of principal of or interest on any debt security of that series of such holder; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(4)
modify any of the provisions of this provision of the indenture, except to increase any such percentage or to provide that certain other
provisions of the indenture cannot be modified or waived without the consent of the holder of each outstanding debt security of that
series thereunder affected thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">It
shall not be necessary for the consent of any holder under this provision of the applicable indenture to approve the particular form of any proposed
amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. After an amendment, supplement
or waiver under this section of the applicable indenture becomes effective, we shall give to the holders of the series of the debt securities affected
thereby a notice briefly describing the amendment, supplement or waiver. Any failure by us to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Governing
Law </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Each
indenture and the debt securities will be governed by the laws of the State of New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>The
Trustee </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">We
maintain ordinary banking and trust relationships with The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of
New York Trust Company, N.A.), a national banking association, and its affiliates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; letter-spacing: normal; line-height: normal"><B><A NAME="forms" TITLE="FormsofSecurities"></A>FORMS
OF SECURITIES </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">We
will issue the debt securities in the form of one or more fully global securities that will be deposited with a depositary or its custodian
identified in the applicable prospectus supplement and registered in the name of that depositary or its nominee. One or more global securities
will be issued in a denomination or aggregate denominations equal to the portion of the aggregate principal or face amount of the securities
to be represented by global securities. Unless and until it is exchanged in whole for securities in definitive registered form, a global
security may not be transferred except as a whole by and among the depositary for the global security, the nominees of the depositary
or any successors of the depositary or those nominees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">If
not described below, any specific terms of the depositary arrangement with respect to any securities to be represented by a global security
will be described in the prospectus supplement relating to those securities. We anticipate that the following provisions will apply to
all depositary arrangements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Ownership
of beneficial interests in a global security will be limited to persons, called participants, that have accounts with the depositary
or persons that may hold interests through participants. Upon the issuance of a global security, the depositary will credit, on its book-entry
registration and transfer system, the participants&rsquo; accounts with the respective principal or face amounts of the securities beneficially
owned by the participants. Any dealers, underwriters or agents participating in the distribution of the securities will designate the
accounts to be credited. Ownership of beneficial interests in a global security will be shown on, and the transfer of ownership interests
will be effected only through, records maintained by the depositary, with respect to interests of participants, and on the records of
participants, with respect to interests of persons holding through participants. The laws of some states may require that some purchasers
of securities take physical delivery of these securities in definitive form. These laws may impair your ability to own, transfer or pledge
beneficial interests in global securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">So
long as the depositary, or its nominee, is the registered owner of a global security, that depositary or its nominee, as the case may
be, will be considered the sole owner or holder of the securities represented by the global security for all purposes under the applicable
indenture. Except as described below, owners of beneficial interests in a global security will not be entitled to have the securities
represented by the global security registered in their names, will not receive or be entitled to receive physical delivery of the securities
in definitive form and will not be considered the owners or holders of the securities under the applicable indenture. Accordingly, each
person owning a beneficial interest in a global security must rely on the procedures of the depositary for that global security and,
if that person is not a participant, on the procedures of the participant through which the person owns its interest, to exercise any
rights of a holder under the applicable indenture. We understand that under existing industry practices, if we request any action of
holders or if an owner of a beneficial interest in a global security desires to give or take any action that a holder is entitled to
give or take under the applicable indenture, the depositary for the global security would authorize the participants holding the relevant
beneficial interests to give or take that action, and the participants would authorize beneficial owners owning through them to give
or take that action or would otherwise act upon the instructions of beneficial owners holding through them.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Principal,
premium, if any, and interest payments on debt securities, represented by a global security registered in the name of a depositary or
its nominee will be made to the depositary or its nominee, as the case may be, as the registered owner of the global security. None of
CVS Health, the trustee, or any other agent of CVS Health or agent of the trustee will have any responsibility or liability for any aspect
of the records relating to payments made on account of beneficial ownership interests in the global security or for maintaining, supervising
or reviewing any records relating to those beneficial ownership interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">We
expect that the depositary for any of the securities represented by a global security, upon receipt of any payment of principal, premium
or interest or to holders on that global security, will immediately credit participants&rsquo; accounts in amounts proportionate to their
respective beneficial interests in that global security as shown on the records of the depositary. We also expect that payments by participants
to owners of beneficial interests in a global security held through participants will be governed by standing customer instructions and
customary practices, as is now the case with the securities held for the accounts of customers in bearer form or registered in &ldquo;street
name,&rdquo; and will be the responsibility of those participants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">If
the depositary for any of these securities represented by a global security is at any time unwilling or unable to continue as depositary
or ceases to be a clearing agency registered under the Exchange Act, and a successor depositary registered as a clearing agency under
the Exchange Act is not appointed by us within 90&nbsp;days, we will issue securities in definitive form in exchange for the global security
that had been held by the depositary. Any securities issued in definitive form in exchange for a global security will be registered in
the name or names that the depositary gives to the relevant trustee, or other relevant agent of ours or theirs. It is expected that the
depositary&rsquo;s instructions will be based upon directions received by the depositary from participants with respect to ownership
of beneficial interests in the global security that had been held by the depositary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; letter-spacing: normal; line-height: normal"><B><A NAME="validity" TITLE="ValidityofSecurities"></A>VALIDITY
OF SECURITIES </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">The
validity of the securities in respect of which this prospectus is being delivered will be passed on for us by Shearman&nbsp;&amp; Sterling
LLP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; letter-spacing: normal; line-height: normal"><B><A NAME="experts" TITLE="Experts"></A>EXPERTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal; background-color: white">The
consolidated financial statements of CVS Health Corporation for the year ended December 31, 2022 filed with CVS Health Corporation&rsquo;s Current Report&nbsp;on Form 8-K
dated May 25, 2023, and the effectiveness of CVS Health Corporation&rsquo;s internal control
over financial reporting as of December&nbsp;31, 2022, have been audited by Ernst&nbsp;&amp; Young LLP, independent registered public
accounting firm, as set forth in their reports thereon, included therein, and incorporated herein by reference. Such consolidated financial
statements and CVS Health Corporation management&rsquo;s assessment of the effectiveness of internal control over financial reporting
as of December&nbsp;31, 2022 are incorporated herein by reference in reliance upon such reports given on the authority of such firm as
experts in accounting and auditing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">With
respect to the unaudited condensed consolidated interim financial information of CVS Health Corporation for the three-month periods ended
March&nbsp;31, 2023 and 2022, incorporated by reference in this prospectus, Ernst&nbsp;&amp; Young LLP reported that they have
applied limited procedures in accordance with professional standards for a review of such information. However, their separate report
dated May 3, 2023 included in CVS Health Corporation&rsquo;s Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2023,
and incorporated by reference herein, states that they did not audit and they do not express an opinion on that interim financial information.
Accordingly, the degree of reliance on their report on such information should be restricted in light of the limited nature of the review
procedures applied. Ernst&nbsp;&amp; Young LLP is not subject to the liability provisions of Section&nbsp;11 of the Securities Act of
1933 (the &ldquo;Act&rdquo;) for their report on the unaudited interim financial information because that report is not a &ldquo;report&rdquo;
or a &ldquo;part&rdquo; of the Registration Statement prepared or certified by Ernst&nbsp;&amp; Young LLP within the meaning of Sections
7 and 11 of the Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>PART
II </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>INFORMATION
NOT REQUIRED IN PROSPECTUS </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Item&nbsp;14.
Other Expenses of Issuance and Distribution </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">The
following table sets forth the costs and expenses payable by the Registrant in connection with the sale of the securities being registered
hereby.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 12pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: center">Amount&nbsp;to&nbsp;be&nbsp;Paid</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -12pt; padding-left: 12pt">Registration fee&#9;</TD><TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 18%; text-align: right">*&nbsp;</TD><TD STYLE="width: 1%; text-align: left"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Legal fees and expenses (including Blue Sky fees)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&#9;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Trustee fees&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&#9;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Accounting fees and expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&#9;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Miscellaneous&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-indent: -12pt; padding-left: 0.5in">TOTAL&#9;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">**&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; padding-left: 0.1in">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">*</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Omitted
                                            because the registration fee is being deferred pursuant to Rule 456(b).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">**</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">These
                                            fees are calculated based on the securities offered and the number of issuances and accordingly
                                            cannot be estimated at this time. The applicable prospectus supplement will set forth the
                                            estimated amount of expenses of any offering of securities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Item&nbsp;15.
Indemnification of Directors and Officers </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><I>Exculpation.
</I>Section&nbsp;102(b)(7) of the Delaware General Corporation Law permits a corporation to provide in its certificate of incorporation
that a director of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach
of fiduciary duty as a director, except for liability (i)&nbsp;for any breach of the director&rsquo;s duty of loyalty to the corporation
or its stockholders, (ii)&nbsp;for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation
of law, (iii)&nbsp;for unlawful payments of dividends or unlawful stock repurchases, redemptions or other distributions, or (iv)&nbsp;for
any transaction from which the director derived an improper personal benefit. The CVS Health Corporation Amended and Restated Certificate
of Incorporation, as amended, (the &ldquo;CVS Health Charter&rdquo;) limits the personal liability of a director to CVS Health and its
stockholders for monetary damages for a breach of fiduciary duty as a director to the fullest extent permitted by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><I>Indemnification.
</I>Section&nbsp;145 of the Delaware General Corporation Law provides that a corporation may indemnify directors and officers as well
as other employees and individuals against expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement
actually and reasonably incurred by such person in connection with any threatened, pending or completed actions, suits or proceedings
in which such person is made a party by reason of such person being or having been a director, officer, employee or agent to the Registrant.
The Delaware General Corporation Law provides that Section&nbsp;145 is not exclusive of other rights to which those seeking indemnification
may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise. Expenses, including attorneys&rsquo;
fees, incurred by any such person in defending any such action, suit or proceeding shall be paid or reimbursed by CVS Health in advance
of the final disposition of such action, suit or proceeding upon receipt by it of an undertaking of such person to repay such expenses
if it shall ultimately be determined that such person is not entitled to be indemnified by CVS Health. The CVS Health Charter provides
for indemnification of directors and officers of CVS Health against liability they may incur in their capacities as such to the fullest
extent permitted under the Delaware General Corporation Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><I>Insurance.
</I>CVS Health has in effect Directors and Officers insurance with a limit of $500,000,000. Our Employment Practices Liability insurance
is subject to a limit of $125,000,000. The Employment Practices Liability insurance covers actions of directors and officers, as well
as other employees of CVS Health.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Item&nbsp;16.
Exhibits and Financial Statement Schedules </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(a)
The list of exhibits is incorporated herein by reference to the Exhibit Index following the signature pages.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#toc"><FONT>Table of Content</A></FONT>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Item&nbsp;17.
Undertakings </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(a)
The undersigned Registrant hereby undertakes:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 24.45pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(1)
To file, during any period in which offers or sales are being made of securities registered hereby, a post-effective amendment to this
Registration Statement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 48.95pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(i)
to include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 48.95pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(ii)
to reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration
Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the SEC pursuant to Rule&nbsp;424(b) if, in the aggregate, the changes in volume
and price represent no more than a 20&nbsp;percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation
of Registration Fee&rdquo; table in the effective Registration Statement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 48.95pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(iii)
to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or
any material change to such information in the Registration Statement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><I>provided,
however</I>, that paragraphs&nbsp;(i), (ii)&nbsp;and (iii)&nbsp;above do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports filed with or furnished to the SEC by the Registrant pursuant to Section&nbsp;13
or Section&nbsp;15(d) of the Exchange Act that are incorporated by reference in this Registration Statement, or is contained in a form
of prospectus filed pursuant to Rule&nbsp;424(b) that is part of the Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 24.45pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(2)
That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial <I>bona fide</I> offering thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 24.45pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 24.45pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(4)
That, for the purpose of determining liability under the Securities Act to any purchaser:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 48.95pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(i)
Each prospectus filed by the Registrant pursuant to Rule&nbsp;424(b)(3) shall be deemed to be part of the Registration Statement as of
the date the filed prospectus was deemed part of and included in the Registration Statement; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 48.95pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(ii)
Each prospectus required to be filed pursuant to Rule&nbsp;424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance
on Rule&nbsp;430B relating to an offering made pursuant to Rule&nbsp;415(a)(1)(i), (vii), or (x)&nbsp;for the purpose of providing the
information required by Section&nbsp;10(a) of the Securities Act shall be deemed to be part of and included in the Registration Statement
as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of
securities in the offering described in the prospectus. As provided in Rule&nbsp;430B, for liability purposes of the issuer and any person
that is at that date an underwriter, such date shall be deemed to be a new effective date of the Registration Statement relating to the
securities in the Registration Statement to which that prospectus relates, and the offering of such securities at that time shall be
deemed to be the initial <I>bona fide</I> offering thereof. <I>Provided, however</I>, that no statement made in a registration statement
or prospectus that is part of the Registration Statement or made in a document incorporated or deemed incorporated by reference into
the Registration Statement or prospectus that is part of the Registration Statement will, as to a purchaser with a time of contract of
sale prior to such effective date, supersede or modify any statement that was made in the Registration Statement or prospectus that was
part of the Registration Statement or made in any such document immediately prior to such effective date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 24.45pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(5)
That, for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution
of the securities:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 48.95pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">The
undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this Registration
Statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold
to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will
be considered to offer or sell such securities to such purchaser:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 48.95pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(i)
Any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule&nbsp;424;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 48.95pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(ii)
Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by
the undersigned Registrant;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 48.95pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(iii)
The portion of any other free writing prospectus relating to the offering containing material information about the undersigned Registrant
or its securities provided by or on behalf of the undersigned Registrant; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 48.95pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(iv)
Any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(b)
The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of
the Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Exchange Act (and, where applicable,
each filing of an employee benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d) of the Exchange Act) that is incorporated
by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">(c)
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC
such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; letter-spacing: normal; line-height: normal"><B>SIGNATURES
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Pursuant
to the requirements of the Securities Act of 1933, CVS Health Corporation certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form&nbsp;S-3 and has duly caused this Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of Woonsocket, State of Rhode Island, on May 25, 2023.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">CVS&nbsp;Health&nbsp;Corporation</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">By:&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">/s/
    Shawn M. Guertin</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Shawn
                                       M. Guertin</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Executive&nbsp;Vice&nbsp;President&nbsp;and&nbsp;Chief&nbsp;Financial
    Officer</FONT></P></TD></TR>
  </TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#toc"><FONT>Table of Content</A></FONT>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><A NAME="poa" TITLE="poa"></A><B>POWER
OF ATTORNEY </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Shawn M. Guertin as such person&rsquo;s
true and lawful attorney-in-fact and agent, with full power to act separately and full power of substitution and resubstitution, for
such person and in such person&rsquo;s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective
amendments) to this Registration Statement and to file the same, with all exhibits thereto, and all other documents in connection therewith,
with the Securities and Exchange Commission, granting unto each said attorney-in-fact and agent full power and authority to do and perform
each and every act in person, hereby ratifying and confirming all that said attorney-in-fact and agent or such person&rsquo;s substitute
or substitutes may lawfully do or cause to be done by virtue hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in
the capacities and on the dates indicated.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Signature</B></FONT></P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="white-space: nowrap; padding-left: 0.1in"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Title</B></FONT></P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="white-space: nowrap; padding-left: 0.1in"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Date</B></FONT></P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">/s/
        Fernando Aguirre</FONT></P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Fernando
    Aguirre</FONT></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">Director</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">May 25,
    2023</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">/s/
                                       Jeffrey R. Balser, M.D., Ph.D</FONT></P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Jeffrey
    R. Balser, M.D., Ph.D</FONT></P></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Director</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">May 25,
    2023</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">/s/
        C. David Brown II</FONT></P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">C.
    David Brown II</FONT></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">Director</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">May 25,
    2023</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">/s/
                                       James D. Clark</FONT></P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">James
    D. Clark</FONT></P></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Senior
                                    Vice President &ndash;<BR>
                                    Controller and Chief Accounting<BR>
                                    Officer (Principal Accounting<BR>
                                    Officer)</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">May 25,
    2023</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">/s/
        Alecia A. DeCoudreaux</FONT></P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Alecia
    A. DeCoudreaux</FONT></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">Director</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">May 25,
    2023</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">/s/
        Nancy-Ann M. DeParle</FONT></P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Nancy-Ann
    M. DeParle</FONT></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">Director</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">May 25,
    2023</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">/s/
        Roger N. Farah</FONT></P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Roger
    N. Farah</FONT></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">Director</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">May 25,
    2023</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">/s/
        Anne M. Finucane</FONT></P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Anne
    M. Finucane</FONT></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">Director</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">May 25,
    2023</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">/s/
                                       Shawn M. Guertin</FONT></P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Shawn
    M. Guertin</FONT></P></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Executive
                                    Vice President and Chief</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">Financial
    Officer (Principal Financial Officer)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">May 25,
    2023</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">/s/
        Edward J. Ludwig</FONT></P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Edward
    J. Ludwig</FONT></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">Director</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">May 25,
    2023</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">/s/
                                       Karen S. Lynch</FONT></P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Karen
    S. Lynch</FONT></P></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">President
                                    and Chief Executive<BR>
                                    Officer (Principal Executive<BR>
                                    Officer) and Director</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">May 25,
    2023</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#toc"><FONT>Table of Content</A></FONT>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 49%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 19%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 32%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Signature</B></P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="white-space: nowrap; padding-left: 0.1in">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Title</B></P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="white-space: nowrap; padding-left: 0.1in">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Date</B></P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">/s/ Jean-Pierre Millon</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center">Jean-Pierre Millon</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">May 25,
    2023</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">/s/ Mary L. Schapiro</P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center">Mary L. Schapiro</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">May 25,
    2023</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><FONT STYLE="font-size: 10pt"><A HREF="#toc"><FONT>Table of Content</A></FONT>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>EXHIBIT
INDEX </B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Exhibit&nbsp;No.</B></FONT></P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-left: 0.1in"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal"><B>Document</B></FONT></P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">&nbsp;&nbsp;1.1*</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 4.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">Form
    of Underwriting Agreement</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">&nbsp;&nbsp;4.1</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 4.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><A HREF="https://www.sec.gov/Archives/edgar/data/64803/000095010306001962/ex0401.htm">Senior Indenture, dated as of August&nbsp;15, 2006, between CVS Health Corporation (formerly known as CVS Corporation) and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.) (incorporated by reference to Exhibit&nbsp;4.1 to CVS Health Corporation&rsquo;s (formerly known as CVS Corporation) Current Report on Form&nbsp;8-K filed August&nbsp;15, 2006)</A></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">&nbsp;&nbsp;4.2</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 4.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><A HREF="https://www.sec.gov/Archives/edgar/data/64803/000095010306001962/ex0401.htm">Form
    of Senior Debt Securities (included in Exhibit&nbsp;4.1)</A></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">&nbsp;&nbsp;4.3</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 4.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><A HREF="https://www.sec.gov/Archives/edgar/data/64803/000095010310000857/dp16980_ex0403.htm">Subordinated Indenture, dated as of May&nbsp;25, 2007, between CVS Health Corporation (formerly known as CVS Caremark Corporation) and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.) (incorporated by reference to Exhibit&nbsp;4.3 to CVS Health Corporation&rsquo;s (formerly known as CVS Caremark Corporation) Registration Statement on Form&nbsp;S-3 filed March&nbsp;24, 2010)</A></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">&nbsp;&nbsp;4.4</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 4.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><A HREF="https://www.sec.gov/Archives/edgar/data/64803/000095010310000857/dp16980_ex0403.htm">Form
    of Subordinated Debt Securities (included in Exhibit&nbsp;4.3)</A></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">&nbsp;&nbsp;5.1**</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 4.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><A HREF="ss2096393_ex0501.htm">Opinion of Shearman&nbsp;&amp; Sterling LLP</A></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">15.1**</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 4.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><A HREF="ss2096393_ex1501.htm">Letter
    of Ernst &amp; Young LLP re: Unaudited Interim Financial Information</A></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">23.1**</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 4.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><A HREF="ss2096393_ex2301.htm">Consent
    of Ernst&nbsp;&amp; Young LLP</A></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">23.3**</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 4.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><A HREF="ss2096393_ex0501.htm">Consent
    of Shearman&nbsp;&amp; Sterling LLP (included in Exhibit&nbsp;5.1)</A></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">24.1**</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 4.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><A HREF="#poa">Powers of Attorney (included on signature page of this Registration Statement).</A></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">25.1**</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 4.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><A HREF="ss2096393_ex2501.htm">Statement of Eligibility of The Bank of New York Mellon Trust Company, N.A. on Form&nbsp;T-1 for the Senior Indenture, dated as of August&nbsp;15, 2006</A></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">25.2**</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 4.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><A HREF="ss2096393_ex2502.htm">Statement of Eligibility of The Bank of New York Mellon Trust Company, N.A. on Form&nbsp;T-1 for the Subordinated Indenture, dated as of May&nbsp;25, 2007</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 4.95pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">107**</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 4.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal"><A HREF="ss2096393_ex107.htm">Filing Fee Table</A></FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">*</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">To
                                            be filed by amendment or as an exhibit to a document to be incorporated by reference herein
                                            in connection with an offering of the offered securities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">**</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Filed
                                            herewith.</FONT></TD></TR></TABLE>

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<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>ss2096393_ex0501.htm
<DESCRIPTION>REGISTRATION STATEMENT ON FORM S-3
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><B><I></I></B></P>

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    <TD>
    <P STYLE="font: 7pt/16pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; letter-spacing: 0.5pt; text-align: center">599
    Lexington Avenue<BR>
    New York, NY 10022-6069</P>
    <P STYLE="font: 7pt/16pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; letter-spacing: 0.5pt; text-align: center">+1.212.848.4000</P></TD></TR>
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    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">May 25, 2023</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">CVS Health Corporation<BR>
One CVS Drive<BR>
Woonsocket, RI 02895</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">CVS Health Corporation<BR>
<U>Registration Statement on Form S-3</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We have acted as counsel to CVS Health Corporation,
a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), in connection with the preparation and filing by the Company of its automatic
shelf registration statement on Form S-3ASR (the &ldquo;<U>Registration Statement</U>&rdquo;) with the United States Securities and Exchange
Commission (the &ldquo;<U>Commission</U>&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;),
relating to the offering by the Company from time to time, pursuant to Rule 415 under the Securities Act, of debt securities of the Company
which may be senior (the &ldquo;<U>Senior Debt Securities</U>&rdquo;) or subordinated (the &ldquo;<U>Subordinated Debt Securities</U>&rdquo;,
and together with the Senior Debt Securities, the &ldquo;<U>Securities</U>&rdquo;). The offering of the Securities will be as set forth
in the prospectus forming a part of the Registration Statement (the &ldquo;<U>Prospectus</U>&rdquo;), as supplemented by one or more supplements
to the Prospectus.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Senior Debt Securities will be issued in
one or more series pursuant to the Senior Indenture, dated as of August 15, 2006 (as amended or supplemented from time to time, the &ldquo;<U>Senior
Debt Indenture</U>&rdquo;), between the Company and The Bank of New York Mellon Trust Company, N.A., formerly known as The Bank of New
York Trust Company, N.A., as trustee (the &ldquo;<U>Trustee</U>&rdquo;), and filed with the Commission on August 15, 2006. The Subordinated
Debt Securities will be issued in one or more series pursuant to the Subordinated Indenture, dated as of May 25, 2007 (as amended or supplemented
from time to time, &ldquo;<U>Subordinated Debt Indenture</U>&rdquo;, and together with the Senior Debt Indenture, the &ldquo;<U>Indentures</U>&rdquo;),
between the Company and the Trustee, and filed with the Commission on March 24, 2010.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In our capacity as counsel to the Company, we
have reviewed originals or copies of the following documents:</P>

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    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 9.5pt Arial Narrow, Helvetica, Sans-Serif">SHEARMAN.COM</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 5pt/8pt Arial Narrow, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Shearman &amp; Sterling LLP is a limited liability partnership organized in the United States under the laws of the state of Delaware, which laws limit the personal liability of partners.</TD></TR>
  </TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>The Registration Statement; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>the Indentures.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We have also reviewed originals
or copies of the restated certificate of incorporation and the by-laws of the Company, each as amended through the date hereof, and of
such other records of the Company, certificates of public officials and officers of the Company and agreements and other documents as
we have deemed necessary as a basis for the opinions expressed below<FONT STYLE="font-family: Proxima Nova A; font-size: 10pt">.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In our review of the Indentures
and other documents, and otherwise for the purposes of this opinion, we have assumed:</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>The genuineness of all signatures.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>The authenticity of the originals of the documents submitted to us.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>The conformity to authentic originals of any documents submitted to us as copies.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>As to matters of fact, the truthfulness of the representations made in the certificates of public officials and officers of the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>That each of the Indentures is the legal, valid and binding obligation of each party thereto, other than the Company, enforceable
against each such party in accordance with its terms.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD>That:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>The execution, delivery and performance by the Company of the Indentures do not and will not:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD>except with respect to Generally Applicable Law, violate any law, rule or regulation applicable to it; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD>result in any conflict with or breach of any agreement or document binding on it.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>Except with respect to Generally Applicable Law, no authorization, approval, consent or other action by, and no notice to or filing
with, any governmental authority or regulatory body or any other third party is required for the due execution, delivery or performance
by the Company of the Indentures or, if any such authorization, approval, consent, action, notice or filing is required, it has been duly
obtained, taken, given or made and is in full force and effect.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD>At the time of any offering or sale, the Securities will have been specifically authorized for issuance and execution and delivery
by the Company by its Board of Directors or an authorized committee thereof.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We have not independently established the validity
of the foregoing assumptions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Generally Applicable Law</U>&rdquo;
means the federal law of the United States of America, and the law of the State of New&nbsp;York (including in each case the rules or
regulations promulgated thereunder or pursuant thereto), that a New&nbsp;York lawyer exercising customary professional diligence would
reasonably be expected to recognize as being applicable to the Company, the Indentures or the transactions governed by the Indentures,
and, for purposes of assumption paragraph (f) above and our opinions below, the General Corporation Law of the State of Delaware. Without
limiting the generality of the foregoing definition of Generally Applicable Law, the term &ldquo;<U>Generally Applicable Law</U>&rdquo;
does not include any law, rule or regulation that is applicable to the Company, the Indentures or such transactions solely because such
law, rule or regulation is part of a regulatory regime applicable to any party to any of the Indentures or any of its affiliates due to
the specific assets or business of such party or such affiliate.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Based upon the foregoing and upon such other
investigation as we have deemed necessary and subject to the qualifications set forth below, we are of the opinion that:</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>The Senior Debt Indenture has been duly authorized, executed and delivered by the Company, and is the legal, valid and binding obligation
of the Company, enforceable against the Company in accordance with its terms.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>The Subordinated Debt Indenture has been duly authorized, executed and delivered by the Company, and is the legal, valid and binding
obligation of the Company, enforceable against the Company in accordance with its terms.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>When (i) the Senior Debt Securities have been duly authorized, (ii) the final terms thereof have been duly established and approved
and (iii) the Senior Debt Securities have been duly executed by the Company and authenticated by the Trustee in accordance with the Senior
Debt Indenture and delivered to the purchasers thereof against payment of the consideration therefor duly approved by the Company, the
Senior Debt Securities will be the legal, valid and binding obligations of the Company, enforceable against the Company in accordance
with their terms and will be entitled to the benefits of the Senior Debt Indenture.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD>When (i) the Subordinated Debt Securities have been duly authorized, (ii) the final terms thereof have been duly established and approved
and (iii) the Subordinated Debt Securities have been duly executed by the Company and authenticated by the Trustee in accordance with
the Subordinated Debt Indenture and delivered to the purchasers thereof against payment of the consideration therefor duly approved by
the Company, the Subordinated Debt Securities will be the legal, valid and binding obligations of the Company, enforceable against the
Company in accordance with their terms and will be entitled to the benefits of the Subordinated Debt Indenture.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our opinions expressed above are subject to
the following qualifications:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Our opinions are subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors&rsquo; rights generally (including without limitation all laws relating to fraudulent transfers).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Our opinions are also subject to the effect of general principles of equity, including without limitation concepts of materiality,
reasonableness, good faith and fair dealing (regardless of whether considered in a proceeding in equity or at law).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>Our opinions are limited to Generally Applicable Law and we do not express any opinion herein concerning any other law.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>With respect to Securities denominated in a currency other than United States dollars, we express no opinion as to whether a court
would award a judgment in a currency other than United States dollars.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This opinion letter is
rendered to you in connection with the preparation and filing of the Registration Statement. This opinion letter may not be relied upon
by you for any other purpose without our prior written consent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This opinion letter speaks only as of the date
hereof. We expressly disclaim any responsibility to advise you of any development or circumstance of any kind, including any change of
law or fact, that may occur after the date of this opinion letter and which might affect the opinions expressed herein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-indent: 0.5in">We hereby consent to the filing of this opinion
letter as an exhibit to the Registration Statement and to the use of our name under the heading &ldquo;Validity of Securities&rdquo; in
the Prospectus. In giving such consent, we do not hereby admit that we are in the category of persons whose consent is required under
Section&nbsp;7 of the Securities Act and the rules and regulations of the Commission promulgated thereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt 3in">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">/s/ Shearman &amp; Sterling LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">LN/eb/ss/dh<BR>
</FONT><FONT STYLE="font-size: 11pt">HH</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 11pt"></FONT></P>

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<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>3
<FILENAME>ss2096393_ex1501.htm
<DESCRIPTION>LETTER
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; background-color: white"><B>Exhibit 15</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white">May 25, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white">To the Shareholders and the Board of Directors
of CVS Health Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white">We are aware of the incorporation by
reference in this Registration Statement (Form S-3) of CVS Health Corporation for the offering of debt securities of our report
dated May 3, 2023 relating to the unaudited condensed consolidated interim financial statements of CVS Health Corporation that is
included in its Form 10-Q for the quarter ended March 31, 2023.</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white">/s/ Ernst&nbsp;&amp; Young LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white">Boston, Massachusetts</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">May 25, 2023</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>ss2096393_ex2301.htm
<DESCRIPTION>CONSENT OF ERNST & YOUNG LLP
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; background-color: white"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>Consent of Independent
Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white">We consent to the reference to our
firm under the caption &quot;Experts&quot; in this Registration Statement (Form S-3) and related Prospectus of CVS Health
Corporation for the registration of debt securities and to the incorporation by reference therein of our report dated February 8,
2023 (except for Note 8 and Note 18, as to which the date is May 25, 2023), with respect to the consolidated financial statements of
CVS Health Corporation, and our report dated February 8, 2023, with respect to the effectiveness of internal control over financial
reporting of CVS Health Corporation, included in the Current Report on Form 8-K filed with the
Securities and Exchange Commission on May 25, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white">/s/ Ernst&nbsp;&amp; Young LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white">Boston, Massachusetts</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">May 25, 2023</P>

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<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>5
<FILENAME>ss2096393_ex2501.htm
<DESCRIPTION>STATEMENT OF ELIGIBILITY
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><BR>
UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549<BR>
<BR>
FORM T-1</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">STATEMENT OF ELIGIBILITY<BR>
UNDER THE TRUST INDENTURE ACT OF 1939 OF A<BR>
CORPORATION DESIGNATED TO ACT AS TRUSTEE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">CHECK IF AN APPLICATION TO DETERMINE<BR>
ELIGIBILITY OF A TRUSTEE PURSUANT TO<BR>
SECTION 305(b)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|__|</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>___________________________</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">THE BANK OF NEW YORK MELLON<BR>
TRUST COMPANY, N.A.<BR>
(Exact name of trustee as specified in its charter)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><BR>
(Jurisdiction of incorporation<BR>
if not a U.S. national bank)</TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left">95-3571558<BR>
(I.R.S. employer<BR>
identification no.)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">333 South Hope Street<BR>
    Suite 2525</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">Los Angeles, California</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">(Address of principal executive offices)</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><BR>
<BR>
90071<BR>
(Zip code)</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><U>___________________________</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">CVS HEALTH CORPORATION<BR>
(Exact name of obligor as specified in its charter)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Delaware<BR>
(State or other jurisdiction of<BR>
incorporation or organization)</TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">05-0494040<BR>
(I.R.S. employer<BR>
identification no.)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">One CVS Drive<BR>
    Woonsocket, Rhode Island<BR>
    (Address of principal executive offices)</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><BR>
02895<BR>
(Zip code)</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>___________________________<BR>
<BR>
</U>Senior Debt Securities<BR>
(Title of the indenture securities)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><BR>
<BR STYLE="clear: both">
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
information. Furnish the following information as to the trustee:</B></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Name and address of each examining or supervising authority to which it is subject.</B></TD></TR></TABLE>

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  <TR>
    <TD STYLE="width: 59%; border-top: Black 1pt dashed; border-bottom: Black 1pt dashed; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 48.6pt; padding-bottom: 6pt; text-align: center">Name</TD>
    <TD STYLE="width: 41%; border-top: Black 1pt dashed; border-bottom: Black 1pt dashed; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center">Address</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.3in 0 31.7pt; text-align: left">Comptroller of the Currency</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.3in 0 31.7pt; text-align: left">United States Department of the Treasury</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.3in 0 31.7pt; text-align: left">&nbsp;</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Washington, DC 20219</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 0.3in; padding-bottom: 12pt; padding-left: 31.5pt; text-align: left">Federal Reserve Bank</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left">San Francisco, CA 94105</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 0.3in; padding-bottom: 12pt; padding-left: 31.5pt; text-align: left">Federal Deposit Insurance Corporation<BR>
<BR></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left">Washington, DC 20429</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>Whether it is authorized to exercise corporate trust powers.</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">Yes.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Affiliations with Obligor.</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"><B>If the obligor is an affiliate of
the trustee, describe each such affiliation. </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">None.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>16.</B></TD><TD STYLE="text-align: justify"><B>List of Exhibits. </B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"><B>Exhibits identified in parentheses
below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a&#45;29 under the Trust
Indenture Act of 1939 (the &quot;Act&quot;).</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">A copy of the articles of association of The Bank of New York Mellon Trust Company, N.A., formerly known
as The Bank of New York Trust Company, N.A. (Exhibit 1 to Form T-1 filed with Registration Statement No. 333-121948 and Exhibit 1 to Form
T-1 filed with Registration Statement No. 333-152875).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">A copy of certificate of authority of the trustee to commence business. (Exhibit 2 to Form T-1 filed with
Registration Statement No.<BR>
333-121948).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">A copy of the authorization of the trustee to exercise corporate trust powers (Exhibit 3 to Form T-1 filed
with Registration Statement No.<BR>
333-152875).</TD></TR></TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">A copy of the existing by-laws of the trustee (Exhibit 4 to Form T-1 filed with Registration Statement
No. 333-229762).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">The consent of the trustee required by Section 321(b) of the Act (Exhibit 6 to Form T-1 filed with Registration
Statement No. 333-152875).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements
of its supervising or examining authority.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">SIGNATURE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Act, the trustee, The Bank of New York Mellon Trust Company, N.A., a banking association organized and existing under the laws
of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto
duly authorized, all in the City of Jacksonville, and State of Florida, on the 23rd day of May, 2023.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"><TR><TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">THE&nbsp;BANK&nbsp;OF&nbsp;NEW&nbsp;YORK
    MELLON TRUST COMPANY, N.A.</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">By:&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">/s/
    Terence
Rawlins&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Name:
                                       Terence Rawlins<BR> Title: &nbsp;&nbsp;Vice President</FONT></P></TD></TR></TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 3in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 3in; text-align: left"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 3in; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 7</B></P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Consolidated Report of Condition of</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">of 333 South Hope Street, Suite 2525, Los Angeles,
CA 90071</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt"><BR>
<BR>
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">At the close
of business March 31, 2023, published in accordance with Federal regulatory authority instructions.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">Dollar amounts</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt"><U>in thousands</U></FONT></P>

</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">ASSETS</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">Cash and balances due from depository institutions:</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Noninterest-bearing balances and currency and coin</TD><TD STYLE="width: 10%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 18%; text-align: right">2,821</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Interest-bearing balances</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">524,227</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Securities:</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Held-to-maturity securities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Available-for-sale debt securities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,038</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Equity securities with readily determinable fair values not held for trading</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Federal funds sold and securities purchased under agreements to resell:</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Federal funds sold in domestic offices</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Securities purchased under agreements to resell</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Loans and lease financing receivables:</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Loans and leases held for sale</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Loans and leases, held for investment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">LESS: Allowance for loan and lease losses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Loans and leases held for investment, net of allowance</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Trading assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Premises and fixed assets (including capitalized leases. )</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,362</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Other real estate owned</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Investments in unconsolidated subsidiaries and associated companies</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Direct and indirect investments in real estate ventures</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Intangible assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">856,313</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">116,025</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Total assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,514,786</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 5; Options: NewSection -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">LIABILITIES</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">Deposits:</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">In domestic offices</TD><TD STYLE="width: 10%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 18%; text-align: right">1,079</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Noninterest-bearing</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,079</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Interest-bearing</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Federal funds purchased and securities sold under agreements to repurchase:</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Federal funds purchased in domestic offices</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Securities sold under agreements to repurchase</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Trading liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Other borrowed money:</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">(includes mortgage indebtedness and obligations under capitalized leases)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Not applicable</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Not applicable</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Subordinated notes and debentures</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">286,970</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Total liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">288,049</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Not applicable</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">EQUITY CAPITAL</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Perpetual preferred stock and related surplus</TD><TD STYLE="width: 10%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 18%; text-align: right">0</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Common stock</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Surplus (exclude all surplus related to preferred stock)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">325,877</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Not available</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Retained earnings</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">899,862</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Accumulated other comprehensive income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Other equity capital components</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Not available</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Total bank equity capital</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">.1,226,737</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Noncontrolling (minority) interests in consolidated subsidiaries</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Total equity capital</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,226,737</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Total liabilities and equity capital</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,514,786</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">I, Matthew J.
McNulty, CFO of the above-named bank do hereby declare that the Reports of Condition and Income (including the supporting schedules) for
this report date have been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and are
true to the best of my knowledge and belief.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&#9;Matthew J. McNulty&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFO
</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">We, the undersigned
directors (trustees), attest to the correctness of the Report of Condition (including the supporting schedules) for this report date and
declare that it has been examined by us and to the best of our knowledge and belief has been prepared in conformance with the instructions
issued by the appropriate Federal regulatory authority and is true and correct.</FONT></P>

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    <TD STYLE="width: 7%">&nbsp;</TD>
  <TD STYLE="width: 37%">Antonio I. Portuondo, President</TD>
  <TD STYLE="width: 5%">)</TD>
  <TD STYLE="width: 51%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
  <TD>Loretta A. Lundberg, Managing
Director</TD>
  <TD>)</TD>
  <TD>Directors (Trustees)</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
  <TD>Jon M. Pocchia, Managing Director</TD>
  <TD>)</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-25.2
<SEQUENCE>6
<FILENAME>ss2096393_ex2502.htm
<DESCRIPTION>STATEMENT OF ELIGIBILITY
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><BR>
UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549<BR>
<BR>
FORM T-1</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">STATEMENT OF ELIGIBILITY<BR>
UNDER THE TRUST INDENTURE ACT OF 1939 OF A<BR>
CORPORATION DESIGNATED TO ACT AS TRUSTEE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">CHECK IF AN APPLICATION TO DETERMINE<BR>
ELIGIBILITY OF A TRUSTEE PURSUANT TO<BR>
SECTION 305(b)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|__|</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>___________________________</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">THE BANK OF NEW YORK MELLON<BR>
TRUST COMPANY, N.A.<BR>
(Exact name of trustee as specified in its charter)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><BR>
(Jurisdiction of incorporation<BR>
if not a U.S. national bank)</TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left">95-3571558<BR>
(I.R.S. employer<BR>
identification no.)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">333 South Hope Street<BR>
    Suite 2525</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">Los Angeles, California</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">(Address of principal executive offices)</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><BR>
<BR>
90071<BR>
(Zip code)</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><U>___________________________</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">CVS HEALTH CORPORATION<BR>
(Exact name of obligor as specified in its charter)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Delaware<BR>
(State or other jurisdiction of<BR>
incorporation or organization)</TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">05-0494040<BR>
(I.R.S. employer<BR>
identification no.)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">One CVS Drive<BR>
    Woonsocket, Rhode Island<BR>
    (Address of principal executive offices)</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><BR>
02895<BR>
(Zip code)</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>___________________________<BR>
<BR>
</U>Subordinated Debt Securities<BR>
(Title of the indenture securities)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"></P>

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</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
information. Furnish the following information as to the trustee:</B></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Name and address of each examining or supervising authority to which it is subject.</B></TD></TR></TABLE>

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  <TR>
    <TD STYLE="width: 59%; border-top: Black 1pt dashed; border-bottom: Black 1pt dashed; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 48.6pt; padding-bottom: 6pt; text-align: center">Name</TD>
    <TD STYLE="width: 41%; border-top: Black 1pt dashed; border-bottom: Black 1pt dashed; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: center">Address</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.3in 0 31.7pt; text-align: left">Comptroller of the Currency</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.3in 0 31.7pt; text-align: left">United States Department of the Treasury</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.3in 0 31.7pt; text-align: left">&nbsp;</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Washington, DC 20219</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 0.3in; padding-bottom: 12pt; padding-left: 31.5pt; text-align: left">Federal Reserve Bank</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left">San Francisco, CA 94105</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 0.3in; padding-bottom: 12pt; padding-left: 31.5pt; text-align: left">Federal Deposit Insurance Corporation<BR>
<BR></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left">Washington, DC 20429</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>Whether it is authorized to exercise corporate trust powers.</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">Yes.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Affiliations with Obligor.</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"><B>If the obligor is an affiliate of
the trustee, describe each such affiliation. </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">None.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>16.</B></TD><TD STYLE="text-align: justify"><B>List of Exhibits. </B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"><B>Exhibits identified in parentheses
below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a&#45;29 under the Trust
Indenture Act of 1939 (the &quot;Act&quot;).</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">A copy of the articles of association of The Bank of New York Mellon Trust Company, N.A., formerly known
as The Bank of New York Trust Company, N.A. (Exhibit 1 to Form T-1 filed with Registration Statement No. 333-121948 and Exhibit 1 to Form
T-1 filed with Registration Statement No. 333-152875).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">A copy of certificate of authority of the trustee to commence business. (Exhibit 2 to Form T-1 filed with
Registration Statement No.<BR>
333-121948).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">A copy of the authorization of the trustee to exercise corporate trust powers (Exhibit 3 to Form T-1 filed
with Registration Statement No.<BR>
333-152875).</TD></TR></TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">A copy of the existing by-laws of the trustee (Exhibit 4 to Form T-1 filed with Registration Statement
No. 333-229762).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">The consent of the trustee required by Section 321(b) of the Act (Exhibit 6 to Form T-1 filed with Registration
Statement No. 333-152875).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements
of its supervising or examining authority.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">SIGNATURE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Act, the trustee, The Bank of New York Mellon Trust Company, N.A., a banking association organized and existing under the laws
of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto
duly authorized, all in the City of Jacksonville, and State of Florida, on the 23rd day of May, 2023.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"><TR><TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">THE&nbsp;BANK&nbsp;OF&nbsp;NEW&nbsp;YORK
    MELLON TRUST COMPANY, N.A.</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">By:&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: normal; line-height: normal">/s/
    Terence
Rawlins&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: normal; line-height: normal">Terence
Rawlins<BR>
Vice President</FONT></P></TD></TR></TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 3in; text-align: left"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center; text-indent: 2.25in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center; text-indent: 2.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 7</B></P>

<P STYLE="font: 11pt Courier New, Courier, Monospace; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Consolidated Report of Condition of</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">of 333 South Hope Street, Suite 2525, Los Angeles,
CA 90071</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt"><BR>
<BR>
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">At the close
of business March 31, 2023, published in accordance with Federal regulatory authority instructions.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">Dollar amounts</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt"><U>in thousands</U></FONT></P>

</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">ASSETS</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">Cash and balances due from depository institutions:</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Noninterest-bearing balances and currency and coin</TD><TD STYLE="width: 10%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 18%; text-align: right">2,821</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Interest-bearing balances</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">524,227</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Securities:</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Held-to-maturity securities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Available-for-sale debt securities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,038</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Equity securities with readily determinable fair values not held for trading</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Federal funds sold and securities purchased under agreements to resell:</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Federal funds sold in domestic offices</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Securities purchased under agreements to resell</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Loans and lease financing receivables:</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Loans and leases held for sale</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Loans and leases, held for investment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">LESS: Allowance for loan and lease losses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Loans and leases held for investment, net of allowance</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Trading assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Premises and fixed assets (including capitalized leases. )</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,362</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Other real estate owned</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Investments in unconsolidated subsidiaries and associated companies</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Direct and indirect investments in real estate ventures</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Intangible assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">856,313</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">116,025</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Total assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,514,786</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 5; Options: NewSection -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">LIABILITIES</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">Deposits:</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">In domestic offices</TD><TD STYLE="width: 10%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 18%; text-align: right">1,079</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Noninterest-bearing</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,079</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Interest-bearing</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Federal funds purchased and securities sold under agreements to repurchase:</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Federal funds purchased in domestic offices</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Securities sold under agreements to repurchase</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Trading liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Other borrowed money:</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">(includes mortgage indebtedness and obligations under capitalized leases)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Not applicable</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Not applicable</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Subordinated notes and debentures</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">286,970</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Total liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">288,049</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Not applicable</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">EQUITY CAPITAL</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Perpetual preferred stock and related surplus</TD><TD STYLE="width: 10%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 18%; text-align: right">0</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Common stock</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Surplus (exclude all surplus related to preferred stock)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">325,877</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Not available</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Retained earnings</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">899,862</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Accumulated other comprehensive income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Other equity capital components</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Not available</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Total bank equity capital</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">.1,226,737</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Noncontrolling (minority) interests in consolidated subsidiaries</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Total equity capital</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,226,737</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Total liabilities and equity capital</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,514,786</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-underline-style: double; letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-underline-style: double; letter-spacing: -0.15pt">&nbsp;</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">I, Matthew J.
McNulty, CFO of the above-named bank do hereby declare that the Reports of Condition and Income (including the supporting schedules) for
this report date have been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and are
true to the best of my knowledge and belief.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&#9;Matthew J. McNulty&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFO
</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">We, the undersigned
directors (trustees), attest to the correctness of the Report of Condition (including the supporting schedules) for this report date and
declare that it has been examined by us and to the best of our knowledge and belief has been prepared in conformance with the instructions
issued by the appropriate Federal regulatory authority and is true and correct.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 7%">&nbsp;</TD>
  <TD STYLE="width: 37%">Antonio I. Portuondo, President</TD>
  <TD STYLE="width: 5%">)</TD>
  <TD STYLE="width: 51%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
  <TD>Loretta A. Lundberg, Managing
Director</TD>
  <TD>)</TD>
  <TD>Directors (Trustees)</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
  <TD>Jon M. Pocchia, Managing Director</TD>
  <TD>)</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>


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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>7
<FILENAME>ss2096393_ex107.htm
<DESCRIPTION>CALCULATION OF FILING FEE TABLES
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 107 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>Calculation of Filing Fee Tables </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>Form S-3 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Form Type)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>CVS Health Corporation </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><U>Table 1: Newly Registered and Carry Forward
Securities </U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 16%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 7pt">Security Type</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 7pt">Security Class Title</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 7pt">Fee Calculation or Carry Forward Rule (1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 7pt">Amount Registered (2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 7pt">Proposed Maximum Offering Price Per Unit (2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 7pt">Maximum Aggregate Offering Price (2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 7pt">Fee Rate (1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 7pt">Amount of Registration Fee (1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 7pt">Carry Forward Form Type</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 7pt">Carry Forward File Number</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 7pt">Carry Forward Initial Effective Date</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 7pt">Filing Fee Previously Paid In Connection with Unsold Securities to be Carried Forward</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="13" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Newly Registered Securities</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Fees to Be Paid</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Debt</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Debt Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Rule 456(b) and Rule 457(r)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Fees Previously Paid</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="13" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Carry Forward Securities</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Carry Forward Securities</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">Total Offering Amounts </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">Total Fees Previously Paid </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">Total Fee Offsets </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">Net Fee Due </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">In accordance with Rules 456(b) and 457(r) under
    the Securities Act of 1933, as amended, CVS Health Corporation (&#8220;CVS&#8221;) is deferring payment of all of the
    registration fee. Registration fees will be paid subsequently on a &#8220;pay as you go&#8221; basis.&nbsp;CVS will calculate the
    registration fee applicable to an offer of securities pursuant to this Registration Statement based on the fee payment rate in
    effect on the date of such fee payment. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 4%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">An indeterminate aggregate initial offering price and number or amount of the securities of each identified class is being registered as may from time to time be issued at indeterminate prices, including securities that may be issued upon exercise, conversion, settlement or exchange of, any securities offered hereunder. </FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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