CVS Corporation

One CVS Drive
Woonsocket, RI 02895
401-765-1500; fax 401-762-2137
Web site: www.cvs.com
e-mail: investorinfo@cvs.com
                                                    Employees: 51,000

CVS is the largest retail drugstore chain in the nation with 4,087 retail drugstores in 24 states and the District of Columbia as of Dec. 30, 2000. The company operates under four businesses: retail pharmacy, pharmacy benefit management, specialty pharmacy and Internet pharmacy. The specialty pharmacy business includes mail order facilities and 46 retail pharmacies located in 17 states and the District of Columbia and operating under the CVS ProCare name. The Internet Pharmacy includes a mail order facility and complete online retail pharmacy under the CVS.com name. The company was anticipating opening about 300 new stores during fiscal 2001, about half of which are expected to be relocations from strip malls to freestanding sites.

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Stock Information
Exchange:NYSE
Symbol: CVS
Annual meeting: April 18, 2001
Shares of common stock outstanding as of Feb. 22, 2001: 392,800,000
Stock price as of Monday, March 26, 2001: $55.09
Market value as of Monday, March 26, 2001: $21,639,352,000
12-month high stock price: $63.75
12-month low stock price: $33.13

Operating Results
(Dollars in millions, except per share data)

Stockholders’ Equity

Directors
Eugene Applebaum., 64, director since 1998, president of Arbor Investments
Group, L.L.C., a consulting firm. Formerly president of Arbor Drugs, which was
acquired by CVS in March 1998. Shares: 7,323,530

W. Don Cornwell, 53, director since 1994, chairman and chief executive officer of Granite Broadcasting Corp., a group broadcasting company. Shares: 8,335

Thomas P. Gerrity, 59, director since 1995, professor of management at The Wharton School of the University of Pennsylvania and director of The E-Commerce Forum at The Wharton School. Shares: 39,254

Stanley P. Goldstein, 66, director since 1984, retired founder of CVS. Shares: 1,590,813

Marian L. Heard, 60, director since 1999, president and chief executive officer of the United Way of Massachusetts Bay and chief executive officer of United Way of New England. Shares: 717

William H. Joyce, 65, director since 1994, vice chairman of the board of The Dow Chemical Company, a leading producer of chemicals and polymers. Shares: 8,943

Terry R. Lautenbach, 62, director since 1991, retired as senior vice president of IBM Corp.. Shares: 41,630

Terrence Murray, 61, director since 1996, chairman and chief executive officer of FleetBoston. Shares: 10,028

Sheli Z. Rosenberg, 59, director since 1997, vice chairman of Equity Group Investments, L.L.C., a real estate investment firm. Shares: 15,531

Thomas M. Ryan, 48, director since 1996, chairman, chief executive officer and president of CVS Corp. and CVS Pharmacy, Inc.. Shares: 1,695,528

Ivan G. Seidenberg, 54, director since 1993, president and co-chief executive officer of Verizon Communications Corporation. Shares: 9,240

Directors’ fees
Each non-employee director receives an annual retainer of $30,000 and attendance
fees of $1,500 for each board meeting attended, $1,000 for each telephonic board
meeting, and $1,000 for each committee meeting attended. Each non-employee director
who chairs a committee of the board receives an additional annual retainer of
$2,500 for each committee.

Top Institutional Holders
Massachusetts Financial Services Co., 28,057,410 shares
FMR Corporation (Fidelity Management & Research Corp.), 27,962,741 shares
Pimco Advisors, L.P., 15,049,258
Taunus Corp., 13,627,084
Barclays Bank Plc, 11,421,278 shares

Executive compensation

*Executive compensation includes salary, bonuses and other compensation, including
life insurance, cash profit sharing and other payment

Exercised Stock Options

Source: Proxy statement, annual report, quarterly reports, and other PBN research