Coppersmith Presentation to Alere Inc Stockholders

PAGE 37 | COPPERSMITH We believe management and the Board fundamentally misunderstand the consequences and opportunity cost of this enormous leverage on Alere's fundamental risk profile, its M&A program and the valuation of its common stock ▪ Nowhere is this more apparent than in Chairman and CEO Zwanziger's insufficient leverage target of 4x at the end of 2015 Alere's Leverage Plan: 4.0x by the end of 2015 > We firmly believe the leverage discount applied to Alere by equity markets will remain place at 4x Even at 4x today, Alere would be the 11th most levered healthcare company above $200mm market cap²¹ > 94th percentile for high leverage > > A three-year timeframe too lax and incommensurate with the gravity of the problem > This goal implies using less than all available free cash flow to reduce debt (according to consensus estimates) > Alere's leverage severely limits its ability to engage in truly synergist M&A in its core POC diagnostics franchises > Alere will remain in a leveraged equity M&A trap - too cheap to issue stock, too levered to add debt We believe Alere's leverage plan demands stockholders wait patiently for a mediocre result

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