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2008 ANNUAL REPORT 67
The Board of Directors and Shareholders
CVS Caremark Corporation
We have audited the accompanying consolidated statements of operations, shareholders’ equity and cash fl ows of CVS Caremark
Corporation (formerly CVS Corporation) and subsidiaries for the fi scal year ended December 30, 2006. These consolidated fi nancial
statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated
fi nancial statements based on our audit.
We conducted our audit 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 audit provides a reasonable basis for our opinion.
In our opinion, the consolidated fi nancial statements referred to above present fairly, in all material respects, the results of operations
and cash fl ows of CVS Caremark Corporation and subsidiaries for the fi scal year ended December 30, 2006, in conformity with U.S.
generally accepted accounting principles.
KPMG LLP
Providence, Rhode Island
February 27, 2007
Report of Independent Registered Public Accounting Firm