CtW urges: 'Vote No' against CVS/Caremark directors

April 30, 2007

The CtW Investment Group is urging fellow CVS/Caremark shareholders to withhold their votes from former Caremark directors.

The CtW Investment Group is urging fellow CVS/Caremark shareholders to withhold their votes from former Caremark directors Roger L. Headrick and C. A. Lance Piccolo at the CVS/Caremark annual meeting on May 9. In a letter, the CtW Investment Group stated, "Messrs. Headrick and Piccolo stand out in connection with both Caremark's apparent stock option backdating and its conflicted merger negotiations with CVS. Not only was Headrick on the compensation committee and Piccolo on the audit committee when we believe backdating occurred, but they themselves received improbably timed grants—including on dates with the lowest closing price for Caremark stock in both first quarter 1997 and all 2000."

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