Press Release

WOONSOCKET, R.I.--(BUSINESS WIRE)--Sept. 20, 2006--CVS Corporation (NYSE: CVS) today announced that its Board of Directors has approved its quarterly dividend of 3.875 cents per share on the Common Stock of the Corporation, payable November 1, 2006 to holders of record on October 21, 2006.

CVS is America's largest retail pharmacy, operating approximately 6,200 retail and specialty pharmacy stores in 43 states and the District of Columbia. With more than 40 years of dynamic growth in the retail pharmacy industry, CVS is committed to being the easiest pharmacy retailer for customers to use. CVS innovatively serves the healthcare needs of all customers through its CVS/pharmacy stores; its online pharmacy, CVS.com; its retail-based health clinic subsidiary, MinuteClinic; and its pharmacy benefit management, mail order and specialty pharmacy subsidiary, PharmaCare. General information about CVS is available through the Investor Relations portion of the Company's website, at http://investor.cvs.com, as well as through the pressroom portion of the Company's website, at www.cvs.com/pressroom.

    CONTACT: CVS Corporation
             Investor:
             Nancy Christal
             Vice President
             Investor Relations
             914-722-4704
             or
             Media:
             Carolyn Castel
             Director
             Corporate Communications
             401-770-5717

    SOURCE: CVS Corporation