8-K Filed February 15, 2007

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            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, 2005, and subsequent SEC filings, and will be available
in the Company’s Form 10-K for the year ended December
31, 2006, when filed.

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The Clinical Laboratory Testing Market
> $40 - $50 billion Annually

Industry CAGR of 5% - 7%

Market segments:

Routine ~ $30 - $35
billion

Esoteric ~ $4 - $5 billion

Anatomic pathology ~ $6
- $10 billion

Growth opportunities:

Consolidation

Esoteric and anatomic
pathology testing

Hospital outpatient and
outreach

Source:    Company estimates, industry reports and 2005 revenue for LabCorp.

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Industry Profile

Integral to quality healthcare

Screening for and early diagnosis of disease
leads to improved outcomes

Monitoring of treatment effectiveness and
disease recurrence

Correct therapy decisions based on known
genetic markers

Cost effectiveness

Cutting-edge technologies

Influences 70% - 80% of healthcare decisions

Rigorous quality standards

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Profile of LabCorp

The leader in the esoteric and genomic testing
market and second-largest clinical laboratory
company in North America

Offers the broadest range of clinical and
anatomic pathology services to aid clinicians in
diagnosis, monitoring, prediction and prevention
of disease

Conducts > 270 million tests annually

Connectivity with physicians offices

90% of results delivered electronically

70% of tests ordered electronically

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Profile of LabCorp

More than 25,000 employees nationwide

6,200 phlebotomists

2,600 couriers

700 MDs and PhDs

1,700 conveniently located patient service centers

Rigorously monitored, industry-leading quality and
service metrics

Highest quality, CAP inspected and CLIA certified
laboratories

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Primary Testing Locations

Primary LabCorp Testing Locations

Corporate Headquarters

Burlington, NC

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What is LabCorp?

Clinical Pathology

Medical

Testing

Services

Esoteric

Testing

Genomics

Anatomic Pathology

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Strategic Focus Areas

Scientific

Leadership

Managed

Care

Customer

Focus

Cancer diagnostics and monitoring

Advanced cardiovascular disease testing

Quality and service driven culture

Continuous enhancements in customer connectivity

First-time problem resolution

Advancement through acquisitions and licensing

Partner to control high cost leakage

Lab data enables better treatment and outcomes

Recognize value of lab services through appropriate
pricing

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UnitedHealthcare

Exclusive national laboratory provider

$3 billion in additional revenue over a 10-
year contract term

EBITDA margins at least equal to our
existing, industry-leading level

Revenue will ramp during 2007 and later
years

Transition payments capped at $200 million

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UnitedHealthcare

Phase 1 – exclusivity in mature markets
(MAMSI, Neighborhood, Pacificare
Colorado), network manager for Oxford, plus
sole national laboratory in all other markets

Phase 2 – establish additional networks

Phase 3 – use networks and standardized
data to enhance development of evidence-
based medicine

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UnitedHealthcare
as a Growth Driver

United opportunity:

Mature markets

Direct business

Indirect business

Networks

Over 420 new patient access points:

Innovative Duane Reade agreement

400 other locations opened since 10/3/06

Available to all patients

New employees trained and on-board prior to 1/1/07 – lab
techs, phlebotomists, sales reps, couriers.

Primary connectivity with more physician offices in key
markets

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Revenue Growth Drivers

Managed Care

Partner of choice for major managed care organizations

Recognition of value from standardized lab data

Breadth of test menu, quality, convenience

Cancer diagnostics

Anatomic pathology - $6 - $10 billion fragmented market

Treatment decisions/monitoring

Recurrence testing

Cardiovascular disease

Lab testing is foundation for determining need for imaging, invasive
procedures, pharmaceutical treatments

VAP, NMR, high-sensitivity CRP

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EBITDA Margin Growth Drivers

Increased volumes through fixed-cost
infrastructure

Larger number of esoteric tests offered, more
esoteric tests ordered

Further operational efficiencies

Increase automation in pre-analytic processes

Logistics / route structure optimization

Supply chain management

Improvement in collections / bad debt

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LabCorp’s Investment and
Performance Fundamentals

Industry-leading EBITDA margins

Significant free cash flow

Focus on returning value to shareholders

Strategic acquisitions

Organic growth opportunities

Share repurchase

Flexibility for future growth opportunities

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Five-Year Revenue and EPS Trend

Revenue CAGR of 9%   -   Diluted EPS CAGR of 19%

(1)

(1)

Excluding the $0.09 per diluted share impact in 2005 of restructuring and other special charges, and a non-
recurring investment loss.

(2)

Excluding the $0.07 per diluted share impact in 2006 of restructuring and other special charges, and the
$0.10 per diluted share impact in 2006 of adoption of SFAS 123(R).

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Five-Year OCF and EBITDA Margin Trend

OCF CAGR of 9%   -   EBITDA Margin Growth of 420 bps

(1)

Includes approximately $50 million of benefit from one-time tax credits recorded in 2003.

(2)

Excluding the impact in 2005 of restructuring and other special charges and a non-recurring investment loss.

(3)

Excluding the impact in 2006 of restructuring and other special charges and of the adoption of SFAS 123(R).

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Fourth Quarter Results
(in millions, except per share data)

(1) Excludes restructuring and other special charges of  $6.9 million and $7.7 million, recorded by the Company in the fourth
quarters of 2005 and 2006, respectively, and $6.4 million of stock compensation expense recorded by the Company in the
fourth quarter of 2006 from the adoption of SFAS 123(R).

(2) Excludes the $0.03 and $0.04 per diluted share impact of the restructuring and other special charges recorded in the
fourth quarters of 2005 and 2006, respectively, and the $0.03 per diluted share impact in the fourth quarter of 2006 from the
adoption of SFAS 123(R).

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Full-Year Results
(in millions, except per share data)

(1) For 2005, EBITDA excludes restructuring and other special charges of  $16.9 million and a non-recurring investment loss
of $3.1 million.  For 2006, EBITDA excludes restructuring and other special charges of $13.4 million, and $23.3 million of
stock compensation expense from the adoption of SFAS 123(R).

(2) For 2005, Diluted EPS excludes the $0.09 per diluted share impact of restructuring and other special charges and the
non-recurring investment loss recorded in 2005.  For 2006, Diluted EPS excludes the $0.06 per diluted share impact of
restructuring and other special charges, and the $0.11 per diluted share impact from the adoption of SFAS 123(R).

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2006 Full-Year Financial
Achievements

Diluted EPS of $3.41 (1)

EBITDA margin of 26.7% of sales (2)

Operating cash flow of $632.3 million

Increased revenues 7.9% (3.7% volume; 4.2%
price)

Repurchased approximately $435 million of
LabCorp stock

(1)

Excludes the $0.06 per diluted share impact of the restructuring and other special charges recorded in 2006, and the
$0.11 per diluted share impact of the required change in accounting for stock based compensation adopted in 2006.

(2)

Based on EBITDA of $959.0 million, excluding the $13.4 million impact of restructuring and other special charges
and the $23.3 million impact of the change in accounting for stock based compensation adopted in 2006.

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Revenue by Payer – 2006
(in millions)

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Revenue by Business Area – 2006
(in millions)

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Revenue Mix by Business Area
(in millions)

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Revenue by Payer – 2006
(in millions, except PPA)

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Revenue Mix by Business Area
(in millions, except PPA)

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2007 Financial Guidance

Excluding the impact of any share repurchase activity after
December 31, 2006, guidance for 2007 is as follows:

Net sales growth of approximately 11 to 13% compared to 2006

EBITDA margins of 26.4% to 26.8% of net sales

Diluted EPS in the range of $3.93 to $4.09

Operating cash flow of between $690 and $710 million, excluding any
transition payments related to the Company’s agreement with
UnitedHealthcare

Capital expenditures of between $110 and $120 million, excluding
any additional capital expenditures related to the Company’s agreement
with UnitedHealthcare

Net interest expense of approximately $46 million

Bad debt rate of approximately 4.8% of net sales

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Reconciliation of Non-GAAP Financial Measures
($ in millions)

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Supplemental Financial Information

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