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CVS Caremark Reports Record Results in Fourth Quarter and Year 2008
Date:2/19/2009

cal year end from the Saturday nearest December 31 of each year to December 31 of each year to better reflect our position in the health care, rather than retail, industry. The fiscal year change was effective beginning with fourth quarter of fiscal 2008. Prior to Board approval of this change, the Saturday nearest December 31, 2008 would have resulted in a 53-week fiscal year that would have ended January 3, 2009. As you review our operating performance, please consider that fiscal years 2008 and 2007 and the fourth quarters of fiscal 2008 and 2007 include 368 days, 364 days, 95 days and 91 days, 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).

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

                                                      (Unaudited)
                                                   Fiscal Year Ended
                                            December 31,      December 29,
    In millions                                  2008(1)           2007(1)
    Net earnings                               $3,212.1          $2,637.0
    Non-cash charges (including
     depreciation and amortization)             1,363.3           1,212.7
    Working capital change                       (628.3)           (620.0)
    Net cash provided by operating activities  $3,947.1          $3,229.7
      Subtract:  Additions to property
       and equipment                           (2,179.9)         (1,805.3)
      Add:  Proceeds from sale-leaseback
       Transactions                               203.8             601.3
    Free cash flow                             $1,971.0          $2,025.7

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SOURCE CVS Caremark Corporation
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