-- Illusory Dividend -- The one-time dividend with its face value of $2.00      represents merely $1.09 per share to Caremark stockholders because      Caremark stockholders are financing 45.5% of the payment due to their      proposed ownership in the combined company.    -- A New Week, A New Synergy Number -- With more than a year of      discussions preceding their agreement, this is the third set of synergy      estimates from CVS and Caremark in the same number of weeks.  This      time, CVS and Caremark have discovered alleged revenue synergies with      unknown, if any, profitability.    -- Insignificant Cash to Caremark Stockholders -- The illusory, paltry      dividend provides only token cash to Caremark stockholders.  We note      that the Express Scripts transaction offers certainty of value, given      that 50% of the consideration will be given to Caremark stockholders in      cash.    -- Still a Vertical Transaction with its Inherent Destruction of Value --      This "adjustment" by CVS and Caremark does nothing to change the      history that vertical transactions destroy value.    -- Finally, the End of the "Merger of Equals" Fairy Tale -- This one      speaks for itself and demonstrates the inadequacy of the consideration      that Caremark stockholders would receive if acquired by CVS -- and why      Caremark stockholders should vote against the inferior CVS-Caremark      transaction.