CVS Caremark Extends Tender Offer for Longs Drug Stores Shares by One Day

  
    
  
  
    
      CVS Caremark Corporation (NYSE: CVS) announced today that it has 
      extended the expiration for its tender offer to purchase all of the 
      outstanding common stock of Longs Drug Stores Corporation (NYSE: LDG), 
      at a price of $71.50 per share in cash, until 6:00 p.m., New York City 
      time, on October 17, 2008. All other terms and conditions of the tender 
      offer remain unchanged.
    
    
      As of 9:00 p.m. on October 16, 2008 (the date on which the tender offer 
      was scheduled to expire), approximately 28,127,479 shares have been 
      tendered and not withdrawn pursuant to the tender offer, including 
      5,280,942 shares guaranteed to be delivered within the next three New 
      York Stock Exchange trading days. The shares tendered and not withdrawn 
      represent approximately 77.55% of the outstanding shares, including the 
      shares guaranteed to be delivered, which represent approximately 14.56% 
      of the outstanding shares.
    
    
      CVS Caremark has extended the tender offer to allow the shares subject 
      to guaranteed delivery procedures to be delivered to ensure that at 
      least two-thirds of Longs’ outstanding shares 
      are delivered prior to expiration of the tender offer. If, following the 
      scheduled expiration of the offer on Friday, October 17, CVS Caremark 
      accepts the tendered shares for payment, CVS Caremark will deposit the 
      funds for payment with the depositary on Monday, October 20.
    
    
      “We are extremely pleased that Longs 
      shareholders have determined to tender more than 77% of Longs shares 
      into our offer,” said Tom Ryan, Chairman, 
      President and CEO of CVS Caremark. “We are 
      extending our tender offer merely to ensure completion of the share 
      delivery process, and we look forward to closing the transaction.”
    
    
      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 www.cvscaremark.com/investors, 
      as well as through the press room section of the Company's Web site, at www.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.
    
    
      Additional Information and Where to Find it
    
    
      This announcement is for informational purposes only and does not 
      constitute an offer to purchase or a solicitation of an offer to sell 
      Longs' common stock. The tender offer is being made pursuant to a tender 
      offer statement on Schedule TO (including the offer to purchase, letter 
      of transmittal and other related tender offer materials) filed by CVS 
      Caremark with the Securities and Exchange Commission (SEC) on August 18, 
      2008. Longs filed a solicitation/recommendation statement with respect 
      to the tender offer on Schedule 14D-9 on August 18, 2008. These 
      materials, as they may be amended from time to time, contain important 
      information, including the terms and conditions of the offer and Longs' 
      Board of Directors recommendation of the tender offer, that should be 
      read carefully before any decision is made with respect to the tender 
      offer. Investors and stockholders can obtain a free copy of these 
      materials and other documents filed by CVS Caremark or Longs with the 
      SEC at the website maintained by the SEC at www.sec.gov. 
      The tender offer materials may also be obtained for free by contacting 
      the information agent for the tender offer, Morrow & Co., at (203) 
      658-9400 or [phone] (toll-free). The solicitation/recommendation 
      statement and related materials may also be obtained for free by 
      contacting [phone].