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Actionable news in LH: LABORATORY CORPORATION OF AMERICA HOLDINGS,

Laboratory Corporation of America: November 10, 2015 | Phoenix, Az Credit Suisse Healthcare Conference

The following excerpt is from the company's SEC filing.

1 FORWARD LOOKING STATEMENT Cautionary Statement Regarding Forward Looking Statements This presentation contains forward-looking statements including with respect to estimated 2015 guidance and the impact of various factors on operating results. Each of the forward-looking statements is subject to change based on various important factors, including without limitation, competitive actions in the marketplace, adverse actions of governmental and other third-party payers and the results from the Company’s acquisition of Covance. Actual results could differ materially from those suggested by thes e forward-looking statements. Further information on potential factors that could affect LabCorp’s operating and financial results is included in the Company’s Form 10-K for the year ended December 31, 2014, and the Company’s subsequent Forms 10-Q, including in each case under the heading risk factors, and in the Company’s other filings with the SEC, as well as in the risk factors included in Covance’s filings with the SEC. The information in this presentation should be read in conjunction with a review of the Company’s filings with the SEC including the information in the Company’s Form 10-K for the year ended December 31, 2014, and subsequent Forms 10-Q, under the heading MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

2 • Provides diagnostic, drug development and knowledge services for >70 million patients per year • Leading national clinical laboratory – LabCorp Diagnostics • Leading Contract Research Organization (CRO) – Covance Drug Development • ~$8.5B revenue expected in 2015(1) • ~48,000 employees worldwide • Experienced management team • Well-diversified customer mix LABCORP OVERVIEW World’s Leading Healthcare Diagnostics Company Corporate Headquarters: Burlington, NC (1) Based on guidance issued on October 26, 2015

3 LABCORP DIAGNOSTICS OVERVIEW • ~$6.2B in expected revenue in 2015(1) • $60B US Clinical Laboratory market • >36,000 employees worldwide • National network of 37 primary laboratories and 1,750 patient service centers • Offers broad range of 4,500+ clinical, anatomic pathology, genetic and genomic tests • Processes ~500,000 patient specimens daily • Serves >220,000 physicians, government agencies, managed care organizations, hospitals, clinical labs and pharmaceutical companies • Comprehensive logistics and IT connectivity capabilities Leading National Clinical Laboratory (1) Based on guidance issued on October 26, 2015, and assumes that the acquisition of Covance closed on January 1, 2014 (2) Assumes that the acquisition of Covance closed on January 1, 2014. Adjusted operating income and margin excludes unallocated corporate expenses, amortization, restructuring and other special items Pro Forma Segment Financial Summary2 Constant Nine Months Ended Currency 9/30/2015 9/30/2014 Change Change Revenue 4,659$ 4,435$ 5.0% 5.8% Adj. O.I. 978$ 879$ 11.2% Adj. O.I. % 21.0% 19.8% 120 bps

4 Pro Forma Segment Financial Summary2 Constant Nine Months Ended Currency 9/30/2015 9/30/2014 Change Change Revenue 1,937$ 1,950$ -0.7% 3.4% Adj. O.I. 261$ 251$ 4.2% Adj. O.I. % 13.5% 12.8% 70 bps • ~$2.6B in expected revenue in 2015(1) • Serves $140B global biopharmaceutical R&D market • >12,500 employees worldwide • Only provider of full spectrum of drug development services • Market leader in early development, central laboratory, and Phase I-IV clinical trial management services • Involved in the development of all of the top 50 drugs on the market • Generates more safety and efficacy data than any other drug development entity • Global network of operations in 30+ countries with trial activity in over 100 countries COVANCE DRUG DEVELOPMENT OVERVIEW (1) Based on guidance issued on October 26, 2015, and assumes that the acquisition of Covance closed on January 1, 2014 (2) Assumes that the acquisition of Covance closed on January 1, 2014. Adjusted operating income and margin excludes unallocated corporate expenses, amortization, restructuring and other special items Leading CRO / Drug Development Services Provider

5 HISTORY OF VALUE ADDED ACQUISITIONS Target Acquisition Profile • Healthcare-related businesses that leverage our core competencies • Market leader • Strong management team • International presence • Accretive to earnings and cash flow in year 1 • Earn cost of capital by years 1 - 4

6 HISTORICAL CAPITAL ALLOCATION Share Repurchase 50% $2.8 billion Capital Expenditures 15% Strategic Acquisitions 35% Approximately $5.6 billion in capital deployment between 2010 and 2014 $2.0 billion $0.8 billion

7 LONG-TERM REVENUE(1) GROWTH (DOLLARS IN BILLIONS) $3.1 $3.3 $3.6 $4.1 $4.5 $4.7 $5.0 $5.5 $5.7 $6.0 $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 (1) 2004-2014 revenues excludes Covance results. 2008 revenue includes a $7.5 million adjustment relating to certain historic overpayments made by Medicare for claims submitted...


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