Press Release: March 22, 2001

WR Hambrecht + Co Initiates Coverage of Caremark Rx (CMX) with a Buy Rating and a Price Target of $18

San Francisco, CA, March 22, 2001—WR Hambrecht + Co today initiated research coverage on Caremark Rx (CMX) with a Buy rating and a price target of $18. WR Hambrecht’s Healthcare Technology and Pharmaceutical Services analyst Josh Fisher cites Caremark’s discounted relative valuation and strong organic growth in addition to projected spending on prescription drugs as key reasons for the recommendations. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com.

“We expect Caremark to continue its custom of delivering superb organic growth and to tightly manage cash flows, as mail pharmacy services continue to proliferate. Revenue growth in 2001 should be powered by strength in mail pharmacy services revenues, which is expected to grow to over 38 percent of total revenue,” Fisher said.

He added, “In 2002, we anticipate strong mail growth to continue at over 34 percent, and capturing an increasing share of revenues.”

Fisher estimates that revenues should reach $5.8 billion, a 30.6 percent increase from 2000 he estimates 2001 EPS at $0.60, up 43.6 percent from 2000.

Caremark Rx, Inc. is a pharmaceutical services company that conducts its operations through Caremark, Inc., which provides pharmacy benefit management services and therapeutic pharmaceutical services.