Press Release

CVS Caremark Corporation Announces Authorization of Repurchase Program for up to $2 Billion of Common Stock

WOONSOCKET, R.I.--(BUSINESS WIRE)--May 21, 2008--CVS Caremark Corporation (NYSE: CVS) today announced that its Board of Directors has approved a share repurchase program for up to $2.0 billion of its outstanding common stock.

Dave Rickard, Executive Vice President and Chief Financial Officer of CVS Caremark, stated: "We're very pleased with the Board's decision and expect to repurchase shares in the open market from time to time, in 2008 and 2009, enhancing shareholder returns."

There can be no assurance as to the amount, timing or prices of repurchases. The specific timing and amount of repurchases will vary based on market conditions and other factors. The stock repurchase program may be modified, extended or terminated by the Board of Directors at any time.

Forward Looking Statements

This press release contains certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company strongly recommends that you become familiar with the specific risks and uncertainties outlined under the caption "Cautionary Statement Concerning Forward-Looking Statements" in its Quarterly Report on Form 10-Q for the quarter ended March 29, 2008.