Press Release

WOONSOCKET, R.I.--(BUSINESS WIRE)--Oct. 14, 2004--CVS Corporation (NYSE: CVS) announced today that it launched an offer to exchange all of its existing 4.00% Notes due September 15, 2009 for new 4.00% Exchange Notes due September 15, 2009, and all of its existing 4.875% Notes due September 15, 2014 for new 4.875% Exchange Notes due September 15, 2014. The exchange offer will expire at 5:00 p.m. (New York time) on November 15, 2004, unless extended. The Exchange Notes are identical in all material respects to the existing Notes, except that the Exchange Notes have been registered with the Securities and Exchange Commission and are not subject to transfer restrictions and registration rights relating to the existing Notes.

On September 9, 2004, CVS sold the existing Notes to institutional investors in a private placement that was exempt from registration under the Securities Act of 1933, as amended. In connection with that sale, CVS agreed to file a registration statement with the SEC with respect to this exchange offer. The registration statement was filed and declared effective on October 12, 2004.

This announcement is not an offer to exchange new notes for existing notes, which we are making only through a prospectus. Copies of the prospectus and related documents may be obtained from the Bank of New York, as exchange agent, 101 Barclay Street, New York, New York 10286, attention: Diane Amoroso.