Caremark Rx Announces Appointment of James H. Dickerson, Jr. as President and Chief Operating Officer; Howard McLure Appointed Chief Financial Officer.

Business Editors

BIRMINGHAM, Ala.--(BUSINESS WIRE)--April 28, 2000

Mac Crawford, Chairman and Chief Executive Officer of Caremark Rx, Inc. (NYSE:CMX) announced today that he has appointed James H. Dickerson, Jr. President and Chief Operating Officer, effective May 1. Mr. Dickerson, who served as Executive Vice President and Chief Financial Officer of Caremark Rx since May 1998, is succeeded in that position by Howard A. McLure, currently Senior Vice President and Chief Accounting Officer. Mr. Dickerson is also a director of the company.

"Over the past two years, Jim has been an integral part of the Company's successful transformation and he has done an outstanding job. His business savvy makes him well suited for his new role while allowing me to spend more of my time on strategic issues. Howard has been a talented member of my team for almost a decade, and his promotion is well deserved," said Mac Crawford. "These promotions give us additional management talent and strength as we leave the restructuring mode we have had to function in and turn our attention to aggressively pursuing strategic opportunities at Caremark."

"I thank Mac and the Board for the support they have given me and the confidence they have placed in me. I appreciate the opportunity to serve the Company in this new capacity," said Mr. Dickerson. "We have a great management team in place and I am excited about the opportunities that lie ahead for the Company."

Prior to joining Caremark Rx, Mr. Dickerson was Senior Vice President and Chief Financial Officer of Aetna U.S. Healthcare, where he was employed from March 1994 through early 1998. Prior to joining U.S. Healthcare, he spent 15 years in executive positions in Bell Atlantic Corporation and AT&T. Mr. Dickerson also has held the position of Manager and Partner in the consulting practices of two of the Big 5 public accounting firms.

Mr. McLure joined Caremark Rx in June 1998 from Magellan Health Services, Inc., where he had been employed for 14 years. During that period, Mr. McLure held a number of positions, having last served as Senior Vice President and Controller. Mr. McLure is a Certified Public Accountant, and holds a bachelor's degree in business administration from the University of Georgia.

Caremark is a leading prescription benefit manager (PBM), providing comprehensive drug benefit services to over 1,200 health plan sponsors and holding contracts to serve over 20 million participants throughout the U.S. Caremark's clients include managed care organizations, insurance companies, corporate health plans, unions, government agencies, and other funded benefit plans. The company operates a national retail pharmacy network with over 50,000 participating pharmacies, three state-of-the-art mail service pharmacies, the industry's only FDA-regulated repackaging plant, and twenty-two JCAHO-accredited specialized therapeutic pharmacies for delivery of advanced medications to patients with chronic or genetic diseases and disorders.

Certain statements contained in this press release constitute forward-looking statements contemplated under the Private Securities Litigation Reform Act of 1995. As such, they involve risks and uncertainties. A discussion of a number of important factors and assumptions regarding these statements and risks involved is contained in the Company's most recent filings with the Securities and Exchange Commission and also in the Company's annual report on Form 10-K filed with the Securities and Exchange Commission on March 10, 2000.