Date:2/8/2010

$2.44 -------------- ----- ----- ----- ----- (1) On December 23, 2008, the Company's Board of Directors approved a change in the Company's fiscal year end from the Saturday nearest December 31 of each year to December 31 of each year to better reflect the Company's position in the health care, rather than the retail, industry. As you review the Company's operating performance, please consider that the fourth quarter of 2009 and 2008 include 92 days and 95 days, respectively, and the fiscal years ended December 31, 2009 and 2008 include 365 days and 368 days, respectively. (2) The adjusted income tax provision is computed using the same effective income tax rate from the consolidated statement of operations. (3) Excluding the impact of approximately $7 million and $167 million of previously unrecognized tax benefits that were recognized in the fourth quarter and fiscal year ended December 31, 2009, adjusted earnings per share from continuing operations would have been $0.78 and $2.62 for the fourth quarter and fiscal year ended December 31, 2009, respectively.

Free Cash Flow

(Unaudited)

The Company defines free cash flow as net cash provided by operating activities less net additions to properties and equipment (i.e., additions to property and equipment plus proceeds from sale-leaseback transactions).

The following is a reconciliation of net cash provided by operating activities to free cash flow:

    
    
    
    
                                                       (Unaudited)
                                                   Fiscal Year Ended(1)
    In millions                                 December 31,   December 31,
    -----------                                     2009    
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SOURCE  CVS Caremark Corporation
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