March 18, 2008

Cowen and Company Health Care Conference

Patients Growth People

»

»Safe Harbor Disclaimer

A copy of this presentation is available on our website at www.questdiagnostics.com

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.

Patients Growth People

»

»Who is Quest Diagnostics?

Leader in Providing Healthcare Insights and SolutionsComprehensive Diagnostic Testing

Routine ——» Esoteric• Diagnose• Monitor• Predict• Prevent

Advanced Information Technology SolutionsImprove Care and Efficiency

Facilitate Introduction of New TherapeuticsClinical Trials Testing

Innovative Diagnostic ProductsEnable Care Closer to the Patient

Risk Assessment Solutions to Life Insurance Industry

Touching Patients ~150 Million Times Each Year

Patients Growth People

»

»The Leader in Diagnostic Testing

US Diagnostic Testing Market: >$45 B

Source: Washington G-2 Reports and company information

$ in millions

Patients Growth People

»

»Consistently Strong Growth

Dol

lars

in B

illio

ns Revenue1999-2007

10 yr CAGR 18%

0$1$2$3$4$5$6$7

$8

1999 2000 2001 2002 2003 2004 2005 2006 2007

#11 Fortune 500 Ranking: 10-year Total Shareholder Return

EPS1999-2007

10 yr CAGR 25%

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

1999 2000 2001 2002 2003 2004 2005 2006 2007

Fortune Ranking based on years 1997-2006

Patients Growth People

»

»Favorable Industry Trends

Growing and Aging Population

Innovations in Science & Medicine

Personal Interest in Health

Convergence of Information• Genetic Predisposition• Diagnostic Testing• Diagnostic Imaging • Information Technology

Essential Healthcare Service

Influences >70% of Healthcare Decisions

Patients Growth People

»

»

Moving to Higher Growth,Higher Margin Segments

2007 Pro Forma Revenue2000 Revenue

Total Pro Forma Revenue: $7.0 BillionTotal Revenue: $3.4 Billion

Patients Growth People

»

»Expanding Market Leadership

Clinical TestingGene-based & Esoteric TestingEmployer ServicesAnatomic Pathology TestingRisk Assessment Services Healthcare Information TechnologyPoint of Care (Near Patient) TestingClinical Trials TestingInternational Market

P---P-

PP

2000 2008

Overall Market Leader/Niche LeadershipP Market Participant

Patients Growth People

»

»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

»

»Strategy to Drive Profitable Growth

Deliver Superior Patient Experience

Continuously Drive Six Sigma Quality

Lead in Medical Innovation/Information

Leverage Unparalleled Assets & Capabilities

Expand Diagnostic Scope

Expand Geographic Reach

Sustainable Competitive Advantage

Patients Growth People

»

» Patient Gold StandardsPrompt, Caring, Courteous Service

PSC Appointment SchedulingOnly Laboratory with Appointment Scheduling at PSC’sReduces Patient Wait TimeImproves Patient Convenience

Google Health CollaborationFacilitate Patient-Physician CommunicationsSecure Electronic Access to Lab Results

Providing Superior Patient Experience

Patients Growth People

»

»Leading Medical Innovator

Unmatched Medical & Technical Expertise

Multiple Channels to Access New TechnologyInternal Development – Nichols InstituteJoint Development RelationshipsLicensing/Distribution Relationships

Most Comprehensive Test MenuLeader in Cancer, CVD & Infectious Disease TestingPioneer in Molecular Diagnostics, LC-MS/MS & Micro-array

Leading Experts for Medical Consultation900 MDs & PhDs>30 Academic Associates

Broadest Product and Service Offering

Patients Growth People

»

»Most Comprehensive Test Menu

CancerLeumetaTM

H/I Breast RecurrenceCancer of Unknown Primary

Cardiovascular Disease

Infectious DiseaseHepaScoreTM

PhenoscriptTM

Chikungunya

Epstein Barr Virus

Transplantation / CoagHLA FDA-registered lab

Coag consultations

New TechnologyXSenseTM

ClarisureTM

Amino Acids by LC/MS

LC-MS/MS

Personalized Medicine

Patients Growth People

»

» Improving Patient Care

Enabling Personalized & Targeted Medicine

Enables More Appropriate Drug TherapyRituxan® Rituxan® Sensitivity (CD20)Herceptin® Her2Campath® Campath Sensitivity (CD2)Irinotecan UGT1A1Warfarin CYP450 2C9Carbamazephine HLA - screens out certain Asian patientsAbacavir HLA - predisposition to hypersensitivityAspirin Monitor personal resistance levelsTysabri Tysabri Antibody testing

Improves Disease ManagementLeumeta™ CellSearchHepascore™

Reducing Medical Costs

Patients Growth People

»

»Unparalleled Assets and Capabilities

Patients Physicians Hospitals Health Plans Employers Pharma Life

Insurers Serving ½ US Physicians & Hospitals

Broadest Services Offering

Leading Esoteric Labs

POC Products

Connectivity with 125,000 Physicians

4,000 Logistics Vehicles & 25 Aircraft

2,100 Patient Service Centers

Nationwide Appointment Scheduling

1,000 Person Sales Force

800 Pathologists & Dermatopathologists

13,500 Phlebotomists & Paramedical Professionals

Patients Growth People

»

»

Expanding Diagnostic ScopeNear Patient Testing

Attractive Benefits For Hospitals, Physician Offices & International Markets

Enables More Timely And Effective Decisions

Expanding Product Menu

Platform Technology

Results Integrated into Care360

Opportunity to Improve Patient Care

Reducing Medical Costs

Patients Growth People

»

»Expanding Geographic Reach

Clear Leadership in US….with Room to Grow

Leverage Existing Labs in Puerto Rico, Mexico, and UK

Increase Foreign Testing Sent to Nichols Institute

Exploit Point of Care Distribution Network in 130 Countries

Entering India – Serving Multiple Markets

Broadening Our Geographical Coverage

Increasing Market Opportunity

Patients Growth People

»

»India. . .An Untapped Opportunity

1 Billion People and Emerging Economic Power300 Million People in Middle ClassExpanding Consumerism

Increased Incidence of Chronic DiseaseDiabetes: 17% (among the highest in the world)Hypertension: 51% of adultsHyperlipidemiaCancer: ~1 million new cases each yearInfectious diseases: 1000 deaths/day from Tuberculosis

Expanding Interest in Early Detection, Prevention & Treatment

Highly Fragmented Diagnostic Testing Market

Patients Growth People

»

»

Leverage Strong Brands andExpertise in India Market

• Physicians• Hospitals

• Pharmaceutical Companies

• Life Insurers

Medical/Scientific Expertise and Operational Excellence• World renowned scientists,

pathologists and testing methods

• Six Sigma• Laboratory best practices

Patients Growth People

»

»India: Tailored Solutions

Global Brand + Local Conditions

Patients Growth People

»

»Reducing Costs by $500 Million

Streamline Lab Operations

Optimize Logistics Routes and PSC Resources

Improve Billing and Call Center Operations

Leverage Purchasing Capabilities

Maintain Service Levels

Leverage Lean Six Sigma to Improve Efficiency

Patients Growth People

»

»2007 Full Year Results

Revenues $6.7 billion

Operating Income 16.3%

EPS $2.84

Cash from Operations $927 million

Positioned for Sustained Revenue & Earnings Growth

Decisive Actions and Bold Moves Restored Momentum

Patients Growth People

»

»2008 / 2009 Focus

Drive Top-Line Growth

Integrate AmeriPath

Reduce Costs by $500 Million

Expand International and Products Businesses

Excellence in Execution

Margin Expansion and Earnings Growth

Patients Growth People

»

»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

Patients Growth People

»

»