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2010 Shareholder Meeting

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This presentation contains forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Terms such as "will,“ "should," “could”, "plan," "intend," "expect," "continue," "forecast," "believe," "anticipate" and "seek," as well as similar comments, are forward-looking in nature. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Examples of forward-looking statements include, but are not limited to, statements made regarding the Company’s guidance for 2010 earnings (or adjusted earnings) or earnings (or adjusted earnings) per share. Actual results and events may differ significantly from those expressed or anticipated as a result of risks and uncertainties which include, but are not limited to, the following: adverse changes in government and other third-party payor reimbursement levels and practices (such as, for example, the Medicare bidding program covering nine metropolitan areas beginning in 2011 and an additional 91 metropolitan areas beginning in 2013), impacts of the U.S. health care reform legislation that was recently enacted (such as, for example, the excise tax beginning in 2013 on medical devices in the recently enacted health care reform legislation together with further regulations to be promulgated by the U.S. Secretary of Treasury, if adopted, could have an adverse impact on the Company); the uncertain impact on the Company’s providers, on the Company’s suppliers and on the demand for the Company’s products of the current global economic downturn and general volatility in the credit and stock markets; loss of key health care providers; exchange rate and tax rate fluctuations; inability to design, manufacture, distribute and achieve market acceptance of new products with higher functionality and lower costs; consolidation of health care providers and the Company’s competitors; lower cost imports; uncollectible accounts receivable; difficulties in implementing/upgrading Enterprise Resource Planning systems, risks inherent in managing and operating businesses in many different foreign jurisdictions; ineffective cost reduction and restructuring efforts; potential product recalls; legal actions or regulatory proceedings and governmental investigations; product liability claims; possible adverse effects of being leveraged, which could impact the Company’s ability to raise capital, limit its ability to react to changes in the economy or the health care industry or expose the Company to interest rate or event of default risks; increased freight costs; inadequate patents or other intellectual property protection; extensive government regulation of the Company’s products; failure to comply with regulatory requirements of receive regulatory clearance or approval for the Company’s products or operations in the United States or abroad; incorrect assumptions concerning demographic trends that impact the market for the Company’s products; decreased availability or increased costs of materials which could increase the Company’s costs of producing or acquiring the Company’s products; the loss of the services of the Company’s key management and personnel; inability to acquire strategic acquisition candidates because of limited financing alternatives; increased security concerns and potential business interruption risks associated with political and/or social unrest in foreign countries where the Company’s facilities or assets are located; provisions of Ohio law or in the Company’s debt agreements, shareholder rights plan or charter documents that may prevent or delay a change in control, as well as the risks described from time to time in Invacare’s reports as filed with the Securities and Exchange Commission. Except to the extent required by law, we do not undertake and specifically decline any obligation to review or update any forward-looking statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments or otherwise.

Safe Harbor Statement

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IVCPurchasedfrom J&J

IPO

NYSE

Sales $ Millions

Celebrating 30 Years

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World’s Largest Manufacturer and Distributor of Home Medical Equipment

$1.7 billion company (NYSE: IVC) selling to over 25,000 home healthcare and medical equipment providers worldwide

Five primary product groups:

Rehab Products

Standard Products

Respiratory Products

Distributed Products

Continuing Care / Other Products

Equity market capitalization of approximately $850 million as of 5/4/10

Enterprise value of approximately $1.2 billion

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Geographically DiverseSales & Earnings Before Taxes by Geography - (12/31/09)

Europe30% of Sales40% of EBT

Asia / Pacific4% of Sales2% of EBT

North America66% of Sales 58% of EBT

Based on 2009 segment data as reported in 2009 Form 10-K. EBT excludes unallocated corporate SG&A and intercompany profits

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One-Stop Shopping

Continuing Care / Other8%

Standard34%

Respiratory9%

Rehab32%

Distributed17%

Sales by Product – (12/31/09)

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Industry Leading Worldwide Market Positions We are the #1 player in most product lines

Invacare Sunrise* DeVilbiss* Pride* Drive* Medline*Handi- care* Meyra*

Resp- ironics

Power Wheelchairs #1 #2

Custom Manual WCs #1 #1

Standard WCs #1

Patient Aids #1

Beds #1

Concentrators #1

Oxygen TransfillingSystems

#1

Scooters #1

Medical Supplies

#1 Market Leader Second Tier Small Share* Private Company

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Global Product Innovator

HomeFill® Oxygen System with Perfecto2® Oxygen Concentrator

and M2 Cylinder

XPO2™ Portable Concentrator

Invacare® FDX™Power Wheelchair

Solo2™ Transportable Oxygen Concentrator

Carroll Series® CS9 Series Bed

Invacare® Action™Manual Wheelchair

(Sold in Europe Only)

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New Opportunities -

Services

Invacare Corporation now offers services to help U.S. home medical equipment providers respond to the challenges associated with accreditation, escalating operating costs and changes in Medicare reimbursement.

Accreditation consulting and driving operational efficiencies

Nationwide network of technicians focused on repair of consumer power

wheelchairs today (Roadrunner) Wide range of replacement parts for

most OEMs’ equipment

An integrated suite of online solutions that automate how providers run and

manage their business

Full range of OEM replacement parts plus Rebuild Service for

high-dollar items such as joysticks

Patient management services including billing and collection

support on the copay

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Focus –

Near Term

Improve profitability and report adjusted EPS in 2010 of $1.70 - $1.80

In 2010, 0 -1% organic sales growth

Reduce cost by continuing to rationalize the supply chain

Manage for cash and reduce leverage

*All comments are as of the date of the last press release discussing quarterly earnings.

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Organic Growth

Adjusted EPS: Target / Actual% Incr. vs Prior Year

2007 Result

2.9%

$1.12

2008 Result

7%

$1.3521%

2009 Result

-0.2%

$1.5817%

2010 Guidance

0 - 1%

$1.70 - $1.808 - 14%

Free Cash Flow $72.5 million $60 million $142 million $65 - $75 million

Historic Results & 2010 Financial Objectives

*All comments are as of the date of the last press release discussing quarterly earnings.

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Turn Around and Adjusted EBITDA (Trailing 12 months As Calculated For Bank Covenants)

$100

$105

$110

$115

$120

$125

$130

$135

$140

$145

$150

-

1.00

2.00

3.00

4.00

5.00

6.00

EBITDA 137 128 115 121 116 116 117 133 137 142 146 146 143 142 143 145 147

Funded Debt 444 427 396 573 605 575 574 540 541 529 511 482 468 447 377 325 310

Leverage Ratio 3.24 3.34 3.46 4.76 5.22 4.96 4.92 4.07 3.95 3.73 3.51 3.31 3.26 3.15 2.64 2.24 2.11

Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10

|------------------------------------ $296 mm debt reduction ----------------------------------|

Calculations of Debt and EBITDA are per the Credit Agreement

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Focus -

Long Term

Return to 4 – 5% Sales Growth

Expand our core business – Maximize existing product categories within existing geographies. Increase spending in research and development through glocalization reinvestment

Explore new business opportunities beyond our traditional product mix, such as clinical therapies that are moving and have moved into the home

Move into new geographies like Latin America and China

Return to acquisitions and diversify from U.S. Medicare equipment dependence

Return to historical profitability

Organic sales growth of 4 - 5% will allow the company to leverage its existing SG&A

Glocalization benefits of annualized $100 million over five years will drive gross margin expansion while allowing for increased R&D and offsetting any pricing/reimbursement pressure over time. The company will target to double R&D spending over this time period

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Glocalization

Opportunities

Glocalize the product offering – Take advantage of global footprint, but maintain local requirements and value-added elements

Globalize supply chain management with regional fulfillment, Asian aggregation and direct container shipment

Improve integrated systems platform

Explore ongoing sourcing opportunities

2004 $88 million

2008 $275 million

2010 $300 million - projected

Evolve from national integrated manufacturing facilities to regional assembly sites

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Investment HighlightsInvacare is a well positioned company …

Industry leading market positions

Strong brand reputation with superior products

Complete range of home healthcare products

Strong sales and marketing coverage without major exposure to single customer

Geographically diversified revenue base

Experienced management team with significant ownership

Flexible sourcing capability

Named to the 2010 Fortune 1000

393rd largest manufacturer in the U.S. and the 39th largest in Ohio – Source: Industry Week

… in an industry with strong underlying fundamentals

Positive demographic trends

Compelling benefits of home care as opposed to institutional care