New York, NY

February 23, 2010

Barclays Capital

NDR

2

This slide presentation contains forward-looking
statements which are subject to change based
on various important factors, including without
limitation, competitive actions in the marketplace
and adverse actions of governmental and other
third-party payors.  

Actual results could differ materially from those
suggested by these forward-looking statements.  
Further information on potential factors that
could affect the Company’s financial results is
included in the Company’s Form 10-K for the
year ended December 31, 2008, and subsequent
SEC filings.

Forward Looking Statement

Introduction

3

Leading National

Lab Provider

Fastest growing national lab

$55 billion market

Clinical, Anatomic and Genomic Testing

Serving clients in all 50 states and Canada

Foremost clinical trials testing business

Introduction

4

Valuable Service

  Small component of total cost

    influences large percentage

    of clinical decisions

  Screening, early detection,

    and monitoring reduce

    downstream costs

  Companion diagnostics

    improve drug efficacy and

    reduce adverse drug effects

Attractive Market

5

Attractive Market

6

Growth Drivers  

  Aging population

  Industry consolidation

  Advances in genomics

  Pharmacogenomics /

    companion diagnostics

  Cost pressures   

Source:   CDC National Ambulatory Medical Care Survey and Company Estimates

Attractive Market

7

Opportunity to

Take Share  

  Approximately 5,000

   independent labs

  High cost competitors

Source: Washington G-2 Reports and company estimates

$55 Billion US Lab Market

55%

14%

9%

4%

19%

Hospital Affiliated

Quest

LabCorp

Physician Office

Other Independent

Attractive Market

Diversified Payor Mix

  No customer > 9% of revenue

  Limited government exposure

8

Attractive Market

Diversified Test Mix

  Esoteric 36% of revenue

  Goal of 40% in 3 – 5 years

  Higher priced business

9

Competitive Position

Scale and Scope

  National infrastructure

  Broad test offering

  Managed care contracts

  Economies of scale

10

Primary LabCorp Testing Locations*

Esoteric Lab Locations

(CET, CMBP, Dianon, Esoterix, Monogram Biosciences, NGI, OTS, US Labs, Viromed)

Patient Service Centers*

Competitive Position

11

Managed Care Relationships

  Exclusive national laboratory for UnitedHealthcare

  Sole national strategic partner for WellPoint

  Significant national plans recently renewed or

    extended on a multi-year basis, including

    WellPoint, Cigna and Humana   

  Contracted with numerous local and

    regional anchor plans

Scientific

Leadership

  Introduction of new tests

  Acquisitions and licensing

  Collaborations with leading

    companies and academic

    institutions

Competitive Position

12

Competitive Position

13

Standardized and

Efficient Processes

  Standardized lab and billing

    IT systems

  Automation of pre-analytics

  Capacity rationalization

  Logistics optimization

2010 Priorities

14

Our Focus

  Profitable revenue growth

  IT and client connectivity

  Continue scientific

    leadership

  Maintain price

  Control costs                                    

2010 Priorities

15

Profitable Revenue Growth

  Target specialty physicians with

    breadth of menu and services

  Educate payers and physicians on

    value of LabCorp testing

  Leverage assets from Monogram

   acquisition

  Continue to improve patient experience

2010 Priorities

16

IT and Client
Connectivity

  Enhance online services and

   analytic tools

  LabCorp Inside the Box for

   superior connectivity

  Improve Patient Experience

   through:

  Automated PSC workflow

  Patient access via PHRs,

   online appointments

  Enterprise services

   including VoIP

Continue “open platform” strategy

  to maximize options for users

Continue Scientific

Leadership

  Increase esoteric testing

  Grow and enhance offerings in

    personalized medicine:

  Expand outcome improvement

           programs

  Develop and commercialize                  

           companion diagnostics

2010 Priorities

17

Increase

Esoteric Testing

  Introduction of new tests

  Acquisitions and licensing

  Collaborations with academic

    institutions

Continue Scientific Leadership

18

New Tests Include:

Collaborations Include:

BRAF Gene Mutation Detection

EGRF Mutation Analysis for Nonsmall-Cell Lung Cancer

Warfarin (P450 2C9 and VKORC1)

Clopidogrel CYP2C19 Genotyping

Duke University

National Jewish Health

Integrase – HIV Genotyping (GenoSure) and HIV Phenotyping (PhenoSense)

HERmark for Breast Cancer

????

Yale University

Enhanced Trofile

H1N1 – Flu Testing

Expand Outcomes

Improvement

  Litholink kidney stone

  CKD

  Continual development of

    valuable programs

Continue Scientific Leadership

19

Continue Scientific Leadership

20

Develop and
Commercialize

Companion Diagnostics

  Invest in clinical trials

  Relationships with biotech and     

   pharma companies

  Promote key tests

  K-RAS

  HLA-B* 5701

  BRAF Gene Mutation Detection

  EGRF Mutation Analysis

  CYP 450 2C19

  Monogram Biosciences

  Trofile

  PhenoSense, PhenoSense GT

  HERmark

“K-RAS testing should be routinely conducted in
all colorectal cancer patients immediately after
diagnosis to ensure the best treatment strategies
for the individual Patient”

– Dr. Eric Van Cutsem, presenter at the June 2008 American

Society of Clinical Oncology meeting

FDA recommends genetic screening prior to
treatment with Abacavir

ROCKVILLE, Md -- July 24, 2008 -- The US Food and Drug Administration (FDA) has issued
an alert regarding serious, and sometimes fatal, hypersensitivity reactions (HSRs) caused by
abacavir (Ziagen) therapy in patients with a particular human leukocyte antigen (HLA) allele,
HLA-B* 5701.

Genetic tests for HLA-B*5701 are already available, and all patients should be screened for the
HLA-B*5701 allele before starting or restarting treatment with abacavir or abacavir-containing
medications.

“FDA has approved the expanded use of Selzentry…
to include adult patients with CCR5-tropic HIV-1
virus who are starting treatment for the first time.”

 - ViiV Healthcare Press Release, November 20th, 2009

2010 Priorities

Maintain Price

  Managed care stability; offsets

   1.9% Medicare rate decrease  

  Focus on high-value tests

  Promote outcome improvement

21

Control Costs

  Continue focus on collections

    and bad debt reduction

  Optimize supply chain  

  Use efficiency gains to

    improve patient experience

2010 Priorities

22

$3,085

$3,328

$3,591

$4,068

$4,513

$4,695

$2.45

$2.80

$3.30

$4.18

$4.60

$4.89

2004

2005

2006

2007

2008

2009

Revenue ($mil)

EPS

Excellent Performance

23

Revenue and

EPS Growth

  9% Revenue CAGR

  15% EPS CAGR

(1) Excluding the $0.09 per diluted share impact in 2005 of restructuring and other special

charges, and a non-recurring investment loss; excluding the $0.06 per diluted share

impact in 2006 of restructuring and other special charges; excluding the $0.25 per

diluted share impact in 2007 of restructuring and other special charges; excluding the

(2) EPS, as presented, represents adjusted, non-GAAP financial measures.  Diluted EPS,

as reported in the Company’s Annual Report were:  $2.45 in 2004; $2.71 in 2005;

$3.24 in 2006; $3.93 in 2007; $4.16 in 2008; and $4.98 in 2009.

$0.44 per diluted share impact in 2008 of restructuring and other special charges; excluding

the ($0.09) per diluted share impact in 2009 of restructuring and other special charges.

Revenue and EPS Growth: 2004 – 2009 ^{(1) (2)}

Excellent Performance

24

Leading Returns

Leading returns   

Leading EBIT margin

18.2%

20.5%

21.8%

27.6%

27.5%

25.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

2004

2005

2006

2007

2008

2009

LabCorp ROE 2004-2009

Excellent Performance

25

Cash Flow

  11% FCF CAGR

  $2.0 B+ share repurchase

    over last three years

Note: $ in Millions

$538

$574

$632

$710

$781

$862

$443

$481

$516

$567

$624

$748

$

-

$200

$400

$600

$800

$1,000

2004

2005

2006

2007

2008

2009

Operating Cash Flow

Free Cash Flow

Fourth Quarter and Full Year 2009 Results

26

2009

2008

+/(-)

2009

2008

+/(-)

Adjusted Revenue

1,165.1

$

1,126.6

$     

3.4%

4,694.7

$

4,512.7

$

4.0%

Adjusted Operating Income  

221.9

$   

219.8

$        

1.0%

954.9

$   

937.0

$   

1.9%

Adjusted Operating Income Margin  

19.0%

19.5%

(50)

bp

20.3%

20.8%

(50)

bp

Adjusted EPS  

1.16

$      

1.10

$           

5.5%

4.89

$      

4.60

$      

6.3%

Operating Cash Flow

224.7

$   

215.3

$        

4.4%

862.4

$   

780.9

$   

10.4%

Less: Capital Expenditures

(37.6)

$     

(36.3)

$         

3.6%

(114.7)

$  

(156.7)

$  

-26.8%

Free Cash Flow

187.1

$   

179.0

$        

4.5%

747.7

$   

624.2

$   

19.8%

Twelve Months Ended Dec 31,

Three Months Ended Dec 31,

Supplemental Financial Information

27

Q1 09

Q2 09

Q3 09

Q4 09

2009

Bad debt as a percentage of sales

5.3%

5.3%

5.3%

5.3%

5.3%

Days sales outstanding

52

50

48

44

44

A/R coverage (Allowance for Doubtful Accts. / A/R)

19.5%

20.6%

21.9%

23.2%

23.2%

Laboratory Corporation of America

Other Financial Information

Full Year 2009

($ in million's)

Key Points

  Critical position in health care delivery system

  Attractive market

  Strong competitive position - well positioned to gain share

  Leadership in personalized medicine

  Excellent cash flow

  Strong balance sheet

Conclusion

28

29

©2010 LabCorp.    All rights reserved.    8026-0210