Coppersmith Presentation to Alere Inc Stockholders

PAGE 29 | COPPERSMITH For over a year, Alere has been seeking to create a joint venture for the worst-performing 40% of Health Management. We consider this to be poor strategy designed to obfuscate the failings of the Health Management division: Management has presented no strategic or value accretion rationale for this plan, publicly or privately to Coppersmith > To the contrary, management acknowledged to Coppersmith that the purpose is removing bad performance from view Ownership remains 80% effectively, while Alere becomes more entrenched in an increasingly complex ownership structure Despite this optical illusion, the HM division would continue to dilute the growth and margin of Alere's core diagnostics ▪ The HM overhang will remain, harming valuation and absorbing disproportionate IR as Alere struggles to regain credibility Alere's HM Plan, Part 1: Joint Venture 40% ■ ■ ■ We believe Alere's inability to consummate this joint venture thus far may indicate the lack of merit of such a strategy: Began over a year ago as "sell or joint venture" by end of 2012; now joint venture with no deadline Industry sources indicate there is virtually no one interested in the joint venture or a purchase at a positive cash price we wonder if the proposed JV would require future cash infusion? ▪ HM 2012 cash flow was essentially zero in total²2 ▪ Alere has been seeking a JV in HM unsuccessfully since announcing the Matria acquisition in January, 200823 ■ I - We believe this strategy was designed to placate frustrated stockholders by hiding past mistakes off-balance sheet, while further entrenching the connected health strategy

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