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66 CVS CAREMARK
Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders
CVS Caremark Corporation
We have audited the accompanying consolidated balance sheets of CVS Caremark Corporation as of December 31, 2008 and
December 29, 2007, and the related consolidated statements of operations, shareholders’ equity and cash fl ows for the fi scal years
ended December 31, 2008 and December 29, 2007. These fi nancial statements are the responsibility of the Company’s management.
Our responsibility is to express an opinion on these fi nancial 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 fi nancial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fi nancial
statements. An audit also includes assessing the accounting principles used and signifi cant estimates made by management, as well
as, evaluating the overall fi nancial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the fi nancial statements referred to above present fairly, in all material respects, the consolidated fi nancial position
of CVS Caremark Corporation at December 31, 2008 and December 29, 2007, and the consolidated results of its operations and
its cash fl ows for the fi scal years ended December 31, 2008 and December 29, 2007, in conformity with U.S. generally accepted
accounting principles.
As discussed in Note 1 to the consolidated fi nancial statements, effective December 31, 2006, CVS Caremark Corporation adopted
Financial Accounting Standards Board (FASB) Interpretation No. 48, Accounting for Uncertainty in Income Taxes – an interpretation
of FASB Statement No. 109 and effective December 30, 2007, CVS Caremark Corporation adopted Emerging Issues Task Force
(EITF) No. 06-4, Accounting for Deferred Compensation and Postretirement Benefi t Aspects of Endorsement Split-Dollar Life Insurance
Arrangements and EITF No. 06-10, Accounting for Collateral Assignment Split-Dollar Life Insurance Arrangements.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), CVS
Caremark Corporation’s internal control over fi nancial reporting as of December 31, 2008, based on criteria established in Internal
Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report
dated February 26, 2009 expressed an unqualifi ed opinion thereon.
Boston, Massachusetts
February 26, 2009