CVS Caremark Successfully Completes Tender Offer for Longs Shares

  
    
  
  
    
      CVS Caremark Corporation (NYSE: CVS) announced that it successfully 
      completed the subsequent offering period of its tender offer for all of 
      the outstanding common stock of Longs Drug Stores Corporation (NYSE: 
      LDG). The subsequent offering period for the tender offer expired at 
      6:00 p.m., New York City time, on Tuesday, October 28, 2008. A total of 
      approximately 28,317,338 shares of Longs were tendered in the initial 
      and subsequent offering periods of the offer, representing approximately 
      78.07% of the outstanding shares. All tendered shares have been accepted 
      for payment by CVS Caremark.
    
    
      CVS Caremark expects to effect, without a vote or meeting of Longs’ 
      stockholders, a short-form merger on or about October 30, 2008 to 
      complete the Longs acquisition. Following the merger, Longs will be an 
      indirect wholly owned subsidiary of CVS Caremark. In the merger, each of 
      the remaining outstanding shares (other than any shares owned by CVS 
      Caremark or its subsidiaries) will be converted into the right to 
      receive the same $71.50 in cash per share, without interest, that was 
      paid in the tender offer. Following the merger, Longs’ 
      common stock will cease to be traded on the New York Stock Exchange.
    
    
      About CVS Caremark
    
    
      CVS Caremark is the largest provider of prescriptions in the nation. The 
      Company fills or manages more than 1 billion prescriptions annually. 
      Through its unmatched breadth of service offerings, CVS Caremark is 
      transforming the delivery of health care services in the U.S. The 
      Company is uniquely positioned to effectively manage costs and improve 
      health care outcomes through its more than 6,300 CVS/pharmacy stores; 
      its Caremark Pharmacy Services division (pharmacy benefit management, 
      mail order and specialty pharmacy); its retail-based health clinic 
      subsidiary, MinuteClinic; and its online pharmacy, CVS.com. General 
      information about CVS Caremark is available through the Investor 
      Relations section of the Company’s Web site, 
      at http://cvscaremark.com/investors, 
      as well as through the press room section of the Company's Web site, at http://cvscaremark.com/newsroom.
    
    
      Forward-looking statements
    
    
      This announcement contains certain forward-looking statements. These 
      forward-looking statements may be identified by words such as ‘believes’, 
      ‘expects’, ‘anticipates’, 
      ‘projects’, ‘intends’, 
      ‘should’, ‘seeks’, 
      ‘estimates’, ‘future’ 
      or similar expressions or by discussion of, among other things, 
      strategy, goals, plans or intentions. Various factors may cause actual 
      results to differ materially in the future from those reflected in 
      forward-looking statements contained in this announcement, among others: 
      (1) macroeconomic conditions and general industry conditions such as the 
      competitive environment for retail pharmacy and pharmacy benefit 
      management companies; (2) regulatory and litigation matters and risks; 
      (3) legislative developments; (4) changes in tax and other laws and the 
      effect of changes in general economic conditions; (5) the risk that a 
      condition to closing of the transaction may not be satisfied; and (6) 
      other risks to consummation of the transaction.