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71 I 2007 Annual Report

The Board of Directors and Shareholders
CVS Caremark Corporation:
We have audited the accompanying consolidated balance sheet of CVS Caremark Corporation and subsidiaries (formerly CVS Corporation)
as of December 30, 2006 and the related consolidated statements of operations, shareholders’ equity and cash flows for the fifty-two
week periods ended December 30, 2006, and December 31, 2005. These consolidated financial statements are the responsibility of the
Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of CVS
Caremark Corporation and subsidiaries as of December 30, 2006 and the results of their operations and their cash flows for the fifty-two
week periods ended December 30, 2006 and December 31, 2005, in conformity with U.S. generally accepted accounting principles.
As discussed in Note 1 to the consolidated financial statements, CVS Caremark Corporation adopted the provisions of Statement
of Financial Accounting Standards No. 123 (revised 2004), “Share-Based Payment,” effective January 1, 2006.
KPMG LLP
Providence, Rhode Island
February 27, 2007