Laboratory of America : 37th Annual J.P. Morgan Healthcare Conference Presentation

JANUARY 8, 2019 | SAN FRANCISCO, CA

Forward Looking Statement and Use of Adjusted Measures

This presentation contains forward-looking statements including but not limited to statements with respect to financial results and the related assumptions, the impact of various factors on operating and financial results, expected savings and synergies (including from the LaunchPad initiative and as a result of acquisitions), and the opportunities for future growth.

This presentation contains forward-looking statements which are subject to change based on various important factors, including without limitation, competitive actions and other unforeseen changes and general uncertainties in the marketplace, changes in government regulations, including health care reform, customer purchasing decisions, including changes in payer regulations or policies, other adverse actions of governmental and third-party payers, changes in testing guidelines or recommendations, adverse results in material litigation matters, the impact of changes in tax laws and regulations, failure to maintain or develop customer relationships, our ability to develop or acquire new products and adapt to technological changes, failures in information technology systems or data security, challenges in implementing business process changes, employee relations, and the effect of exchange rate fluctuations on international operations.

Actual results could differ materially from those suggested by these forward-looking statements. The Company has no obligation to provide any updates to these forward-looking statements even if its expectations change. Further information on potential factors, risks and uncertainties that could affect the operating and financial results of Laboratory Corporation of America Holdings (the "Company") is included in the Company's Form 10-K for the year ended December 31, 2017, and subsequent Forms 10-Q, including in each case under the heading risk factors, and in the Company's other filings with the SEC.

This presentation contains "adjusted" financial information that has not been prepared in accordance with GAAP, including Adjusted EPS, and Free Cash Flow, and certain segment information. The Company believes these adjusted measures are useful to investors as a supplement to, but not as a substitute for, GAAP measures, in evaluating the Company's operational performance. The Company further believes that the use of these non-GAAP financial measures provides an additional tool for investors in evaluating operating results and trends, and growth and shareholder returns, as well as in comparing the Company's financial results with the financial results of other companies. However, the Company notes that these adjusted measures may be different from and not directly comparable to the measures presented by other companies. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are included in this presentation.

Agenda

Who We Are

LabCorp is

a leading global life sciences company that is deeply integrated in guiding patient care

Our Mission is to improve health and improve lives

Our Strategic Objectives are to:

Deliver World-Class Diagnostics

Bring Innovative Medicines to Patients Faster Use Technology to Improve the Delivery of Care

LabCorp Overview

LabCorp Diagnostics

• • Patient database reaching ~50% of U.S. population

• • Proprietary data sets with >30 billion lab test results

• • Broad physician, health system and managed care relationships

• • Consumer engagement through ~1,850 PSC locations and >5,500 in-office phlebotomists, with expanding retail presence

• • Proprietary decision-support and reporting tools

• • Significant IT connectivity, including >65,000 electronic data interfaces with clients

1. Based on revenue in 2017.

• • Global footprint with business in >100 countries; 60,000 employees

  • • Unmatched real-world data and patient intelligence

• • Deep scientific and therapeutic experience

• • Leader in Companion Diagnostics (CDx)

• • Innovative technology-enabled solutions for customers

Covance Drug Development

• • Serves the top 40 biopharma and high-growth emerging segments

• • Supports ~50% of all clinical trials

• • >175,000 unique investigators

• • Involved in all top 50 best-selling drugs on the market(1)

• • Supported over 60% of all CDx on the market today

• • Robust technology suite for trial planning and execution