This document provides an overview of Quest Diagnostics and its strategy for growth. It discusses Quest's leadership position in the diagnostic testing industry, its focus on higher-growth business segments, goals of expanding market leadership and international operations, and strategy to drive profitable growth through innovation, operational excellence, and cost reductions. The presentation outlines Quest's plans to integrate recent acquisitions and reduce costs by $500 million in 2008-2009 to fuel margin expansion and earnings growth.

1. Jefferies Healthcare Conference
June 24, 2008

2. Safe Harbor Disclaimer
•This presentation may contain forward-looking statements. Readers are cautioned
not to place undue reliance on forward-looking statements, which speak only as of
the date that they are made and which reflect management's current estimates,
projections, expectations or beliefs and which involve risks and uncertainties that
could cause actual results and outcomes to be materially different. Risks and
uncertainties that may affect the future results of the Company include, but are not
limited to, the competitive environment, changes in government regulations, changing
relationships with customers, payers, suppliers and strategic partners and other
factors discussed in “Business” in Part I, Item 1, “Risk Factors” and “Cautionary
Statement for Purposes of the ‘Safe Harbor’ Provisions of the Private Securities
Litigation Reform Act of 1995” in Item I, Part 1A, “Legal Proceedings” in Part I, Item
3, “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” in Part II, Item 7 and “Quantitative and Qualitative Disclosures About
Market Risk” in Part II, Item 7A in the Quest Diagnostics 2007 Annual Report on
Form 10-K and “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and “Quantitative and Qualitative Disclosures About Market
Risk” in the Company’s 2008 Quarterly Reports on Form 10-Q and other items
throughout the Form 10-K and the Company’s 2008 Quarterly Reports on Form 10-Q
and Current Reports on Form 8-K.
A copy of this presentation is available on
Patients | Growth | People
our website at www.questdiagnostics.com
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3. Who is Quest Diagnostics?
•Leader in Providing Healthcare Insights and Solutions
• Comprehensive Diagnostic Testing
• Routine ——» Esoteric
Diagnose
•
Monitor
•
Predict
•
Prevent
•
–Advanced Information Technology Solutions
• Improve Care and Efficiency
–Facilitate Introduction of New Therapeutics
• Clinical Trials Testing
–Innovative Diagnostic Products
• Enable Care Closer to the Patient
–Risk Assessment Solutions to Life Insurance Industry
Touching Patients ~150 Million Times Each Year
Patients | Growth | People
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4. The Leader in Diagnostic Testing
• U.S. Diagnostic Testing Market: >$45 B
$ in millions
Patients | Growth | People
Source: Washington G-2 Reports and company information
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5. Consistently Strong Growth
• #11 Fortune 500 Ranking: 10-year Total Shareholder Return
18%
Revenue 1999-2007
10-year CAGR 18%
25%
EPS 1999-2007
10-year CAGR 25%
Patients | Growth | People
Fortune Ranking based on years 1997-2006
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6. Favorable Industry Trends
Essential Healthcare Service
• Growing and Aging Population
• Scientific & Medical Innovations
• Personal Interest in Health
• Convergence of Information
Influences >70% of Healthcare Decisions
Patients | Growth | People
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7. Moving to Higher Growth,
Higher Margin Segments
2000 Revenue 2007 Pro Forma Revenue
Total Revenue: $3.4 Billion Total Pro Forma Revenue: $7.0 Billion
Patients | Growth | People
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8. Expanding Market Leadership
2008
2000
• Clinical Testing • •
• Gene-based & Esoteric Testing • •
• Employer Services • •
• Anatomic Pathology Testing •P •
• Risk Assessment Services •- •
• Healthcare Information Technology •- •
• Point of Care (Near Patient) Testing •- •
• Clinical Trials Testing •P •P
• International Market •- •P
Overall Market Leader/Niche Leadership
P Market Participant Patients | Growth | People
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9. Our Goals
•Undisputed World Leader in Diagnostic Testing,
Information and Services
•Profitably Grow > Industry Rate
•Expand Operating Income to 20%
•Expand International Operations to ~10% of Revenues
Patients | Growth | People
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10. Strategy to Drive Profitable Growth
Sustainable Competitive Advantage
Deliver Superior Patient Experience
Continuously Drive Six Sigma Quality
Lead in Medical Innovation/Information
Leverage Unparalleled Assets & Capabilities
Expand Diagnostic Scope
Expand Geographic Reach
Patients | Growth | People
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11. Leading Medical Innovator
Broadest Product and Service Offering
Multiple Channels to Access New Technology
Internal Development – Nichols Institute
Joint Development Relationships
Licensing/Distribution Relationships
Most Comprehensive Test Menu
Leader in Cancer, CVD & Infectious Disease Testing
Pioneer in Molecular Diagnostics, LC-MS/MS & Micro-array
Leading Experts for Medical Consultation
900 MDs & PhDs
>30 Academic Associates
Unmatched Medical & Technical Expertise
Patients | Growth | People
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12. Unparalleled Assets and Capabilities
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13. Reducing Costs by $500 Million
Leverage Lean Six Sigma to Improve Efficiency
Streamline Lab Operations
Optimize Logistics Routes
and PSC Resources
Improve Billing and Call
Center Operations
Leverage Purchasing
Capabilities
Maintain Service Levels & Stimulate Growth
Patients | Growth | People
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14. 2008 / 2009 Focus
Margin Expansion and Earnings Growth
• Drive Top-Line Growth
• Integrate AmeriPath
• Reduce Costs by $500 Million
• Expand International and Products Businesses
Excellence in Execution
Patients | Growth | People
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15. Building on Strength
Industry Leader in a Vital and Growing Industry
A History of Disciplined Growth
Track Record of Successfully Integrating Acquisitions
Strong Cash Generator
Proven Management Team
Uniquely Positioned with Unparalleled Assets &
Capabilities
Focused on Execution
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16. Patients | Growth | People
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