Coppersmith Presentation to Alere Inc Stockholders

PAGE 35 | Alere's Leverage & Market Capitalization: Heading in Inverse Directions Over the last three fiscal years debt increased over $1.7B while market capitalization has declined nearly $2B During this time Alere's leverage ratio rose from 3.3x to 6.0x (as of the first quarter of 2013) ▪ Alere compares poorly with diagnostic peers $4,000 specifically, the healthcare industry generally and the stock market broadly ■ ■ - ▪ Alere's leverage is more in-line with LBO transactions than a healthy, thriving public company, especially in a high-growth industry such as medical devices Immucor ~7x leverage in sale to TPG, 7/11 Industry sources indicate Life Technologies sale process had staple financing of 7x leverage ■ 2nd highest leverage in healthcare above $200mm market cap²1 Median is 0.3x21 ■ $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 2009 2010 Market Cap COPPERSMITH Year End 2011 ---Net Debt (ex. Preferred) 2012 This excessive leverage subjects Alere to undue risk and crowds out the potential for value- creating M&A, causing public markets to impart a leverage discount to Alere's stock valuation

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