About This Report

CVS Caremark’s Corporate Social Responsibility (CSR) Report provides an overview of the company’s social and environmental commitments, initiatives and related performance data for 2008. In some instances, we have referenced events or activities that began in 2008 but continued to evolve or were implemented in early 2009.

CVS Caremark recognizes the value of universally accepted standards for this type of voluntary reporting. The Global Reporting Initiative (GRI) is one of the most accepted frameworks, and served as a general guide in determining some of the content and performance metrics to include in our 2008 report. More information on GRI is available at www.globalreporting.org.

We also revisited and refined the issues assessment we conducted for our 2007 report. This process, which is described below, helped us identify other material topics for inclusion in the 2008 report.

Issues Assessment to Determine Materiality

Our process for determining materiality involved examining a variety of sources both internal and external in order to identify issues of most relevance and importance to the company and its stakeholders. Some of the sources included:

• Company objectives, strategies, policies, programs and risk factors
• Internal and external publications, documents and presentations
• Customer and patient feedback
• Shareholder resolutions
• Media coverage and blog discussions of issues
• Industry trends and issues

After reviewing these sources, we compiled a matrix of issues and prioritized each one based on the following criteria:

• The importance of the issue to and potential impact on CVS Caremark
• The importance of the issue to and potential impact on our stakeholders
• The amount of reasonable control CVS Caremark has over a particular issue

Based on our assessment, and a review of the GRI Guidelines, we determined that the material issues of greatest importance to CVS Caremark and our stakeholders, which the company has a reasonable level of control over, fall into six categories: Corporate Governance, Environment, Workplace, Products, Customers, and Community.

Reporting Year

CVS Caremark fiscal year 2008 (December 30, 2007 to December 31, 2008), unless otherwise noted.

Information Integrity

CVS Caremark management is responsible for the preparation and integrity of the information in this report. The metrics and goals in this report are established and measured by the groups responsible for achieving them. Through a system of internal controls, including a review process involving internal subject matter experts, we believe this report accurately and fairly represents our CSR activities, programs and results for the fiscal year ending December 31, 2008. The report was reviewed and approved by members of CVS Caremark senior management. However, this report has not been externally audited or verified.

Your Feedback

This report is an important tool for communicating our corporate social responsibility performance and progress. Your feedback is important to us as we continue to look for ways to improve our reporting and provide you with the information you need. Please submit your feedback to CSR@cvs.com.

Preparation of this Report:

CVS Caremark
Corporate Communications Department
One CVS Drive
Woonsocket, RI 02895
(401)765-1500
CSR@cvs.com

This report 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2008.