8-K Filed October 24, 2006

            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 filings.

2

The Clinical Laboratory Testing
Market > $40 billion Annually

Independent clinical lab share
is $16 billion

Represents 2% to 3% of all
health care spending

Influences /directs
approximately 80% of health
care spending

Rapidly evolving technology,
emphasis on preventative
medicine and aging of
population are all driving
growth

Has grown at a CAGR of
between 5% and 6%

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

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Profile of LabCorp

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

Offers a broad range of routine and
esoteric/genomic tests

Conducts approximately 1.1 million tests daily on
more than 380,000 specimens

Provides lab services to physicians and other
health care providers

Approximately 24,000 employees nationwide

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Primary Testing Locations

Primary LabCorp Testing Locations

Corporate Headquarters

Burlington, NC

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LabCorp’s Strategy

             To lead the industry in achieving long-
term growth and profitability by
strengthening our nationwide core
testing business and expanding our
higher-growth, higher-value esoteric and
genomic businesses.

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Strategic Focus Areas

Scientific

Leadership

Managed

Care

Customer

Focus

-Licensing/partnerships

-Cancer

-Specimen tracking

-Call center consolidation

-Report improvement

-Acquisitions

-Appropriate prices

-Reduce leakage

-Value of new lab tests

-Customer connectivity

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LabCorp’s Investment and
Performance Fundamentals

History of Strong Financial
Performance

Significant Cash Generator

Industry leading EBITDA margins

Strong Balance Sheet

Investment Grade Credit Ratings

8

Net Sales (in millions)

9

EBITDA Margin

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

(1)

10

EPS

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

(1)

11

Operating Cash Flow (in millions)

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

(1)

12

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

(1) Excludes restructuring and other special charges of  $10.0 million and $5.6 million, recorded by the Company in the third quarter of
2005 and 2006, respectively, and $5.6 million of stock compensation expense recorded by the Company for the three months ended
September 30, 2006 from the adoption of SFAS 123(R).

(2) Excludes the $0.04 and $0.03 per diluted share impact of the restructuring and other special charges recorded in the third quarters of
2005 and 2006, respectively, and the $0.02 per diluted share impact of the required change in accounting for stock based compensation
adopted in 2006.

13

Nine-Month Results (in millions, except per share data)

(1) Excludes restructuring and other special charges of  $13.1 million and $5.6 million, recorded by the Company in the first nine months
of 2005 and 2006, respectively, and $16.9 million of stock compensation expense recorded by the Company for the nine months ended
September 30, 2006 from the adoption of SFAS 123(R).

(2) Excludes the $0.07 and $0.03 per diluted share impact of the restructuring and other special charges recorded in the first nine months
of 2005 and 2006, respectively, and the $0.07 per diluted share impact of the required change in accounting for stock based
compensation adopted in 2006.

14

2006 Nine-Month Financial
Achievements

Diluted EPS of $2.53 (1)

EBITDA margin of 26.9% of sales (2)

Operating cash flow of $462.1 million

Increased revenues 7.5% (3.2% volume; 4.3% price)

Repurchased approximately $185 million of
LabCorp stock

(1)

Excludes the $0.03 per diluted share impact of the restructuring and other special charges recorded in the first nine
months of 2006, and the $0.07 per diluted share impact of the required change in accounting for stock based
compensation adopted in 2006.

(1)

Based on EBITDA of $724.9 million, excluding the $5.6 million impact of restructuring and other special charges
and the $16.9 million impact of the change in accounting for stock based compensation adopted in 2006.

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Financial Performance

Price & Volumes:  Trends by Payer Type

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Financial Performance

Revenue Analysis by Business Area

% Accns

Accns

17

Free Cash Flow Investment Strategy

Acquisitions

Stock repurchase program

Retain flexibility in utilizing remaining
cash

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2006 Financial Guidance

Excluding the impact of the required change in accounting for stock based
compensation, any share repurchase activity after September 30, 2006, any incremental
operating expenses or capital expenditures associated with the Company’s recently
announced agreement with UnitedHealthcare, any impact of the Company’s recently
announced exchange offer related to its Liquid Yield Option Notes (LYONs), and
restructuring and other special charges primarily related to the previously announced
retirement of the Company’s Chief Executive Officer effective December 31, 2006,
guidance for 2006 is as follows:

Revenue growth of approximately 6.5% to 7.2% compared to 2005.

EBITDA margins of 26.5 to 27.0% of revenues.

Diluted EPS in the range of $3.28 to $3.33.

Operating cash flow of between $610 and $630 million.

Capital expenditures of between $90 and $100 million.

Net interest expense of between $40 and $42 million.

Bad debt rate of approximately 4.8% of sales for the remainder of the year.

(continued)

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2006 Financial Guidance (cont.)

Additional factors expected to impact final 2006 EBITDA and EPS include:

Pre-tax operating expenses in the range of $14 million to $18 million, or $0.06 to $0.08 per
diluted share, associated with the Company’s previously announced agreement with
UnitedHealthcare.

Pre-tax restructuring charges of approximately $12.9 million, or $0.10 per diluted share,
primarily related to the previously announced retirement of the Company’s Chief Executive
Officer.  Approximately $5.6 million of those charges were recorded during the third quarter of
2006.

Excluding stock based compensation associated with the retirement of its Chief Executive
Officer, the Company expects that the implementation of the required change in accounting for
stock based compensation will have an EBITDA impact of approximately $22 million, or
approximately $0.10 per diluted share.

The Company estimates that its previously announced exchange offer related to its LYONs
notes will positively impact 2006 diluted EPS by approximately $0.02, at current share prices.

Additional capital expenditures in the range of $15 million to $20 million are expected to
be incurred during 2006 in association with the UnitedHealthcare agreement.

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2007 Preliminary Financial Guidance

Excluding the impact of any share repurchase
activity after September 30, 2006, and any impact
of the Company’s recently announced exchange
offer related to its LYONs notes, preliminary
guidance for 2007 is as follows:

Revenue growth of approximately 11% to 13%
compared to full-year 2006.

Diluted EPS in the range of $3.68 to $3.83.

Diluted ESP guidance excludes any impact of the exchange of the
Company’s LYONs notes.  Based on preliminary results of this
exchange offer, the Company expects that diluted EPS for 2007 will be
positively impacted by approximately $0.18, at current share prices.

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

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Supplemental Financial Information

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