Corporate Presentation

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Fourth Quarter 2017

November 2017

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," “goal,” "estimate," "anticipate" or other comparable terms. All statements other than statements of historical facts included in this presentation regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results, anticipated results of our sales and marketing efforts, expectations concerning payor reimbursement and the anticipated results of our product development efforts. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully and profitably market our products and services; the acceptance of our products and services by patients and healthcare providers; the willingness of health insurance companies and other payors to cover Cologuard and reimburse us for our performance of the Cologuard test; the amount and nature of competition from other cancer screening products and services; the effects of any healthcare reforms, including the Affordable Care Act, or changes in healthcare pricing, coverage and reimbursement; recommendations, guidelines and/or quality metrics issued by various organizations such as the U.S. Preventive Services Task Force, the American Cancer Society and the National Committee for Quality Assurance regarding cancer screening or our products and services; our ability to successfully develop new products and services; our success establishing and maintaining collaborative licensing and supplier arrangements; our ability to maintain regulatory approvals and comply with applicable regulations; and the other risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Report(s) on Form 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

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Safe harbor statement

Our Mission

To partner with patients, healthcare

providers, payers & advocacy groups

to help eradicate colon cancer

3

4Source: American Cancer Society, Cancer Facts & Figures 2017; all figures annual

Colon cancer: America’s second deadliest cancerSource: American Cancer Society, Cancer Facts & Figures 2017; all figures annual

15,69026,730

41,070 43,09050,260

155,870

Esophageal Prostate Breast Pancreas Colorectal Lung

new diagnoses

135,430

deaths

50,260Annual Cancer Deaths

Sources: J Natl Cancer Inst. 2009; 101:1225-1227 (Itzkowitz)

Gastro 1997;112:594-692 (Winawer) 5

“The most preventable, yet least prevented form of cancer”– Journal of the National Cancer Institute

10+ years

Pre-cancerous polyp Cancer

6Sources: SEER 18 2004-2010

American Cancer Society, Cancer Facts & Figures 2017; all figures annual

Detecting colorectal cancer early is critical

Diagnosed in Stages I or II

survive 5 years

9 of 10

Diagnosed in Stage IV

survive 5 years

1 of 10

7Sources: CDC NHIS survey results as published in the CDC’s MMWR

between 2006 and 2017

America’s stagnant colon cancer screening rate

50% 52%

59% 58%62%

80% goal

Actual colon cancer screening rates

2005 2008 2010 2013 2015 2018

8Source: Imperiale TF et al., N Engl J Med (2014)

Cologuard: Addressing the colon cancer challenge

94% early stage cancer sensitivity

developed with

of addressable population with insurance

coverage (80M+ people), including Medicare87%

Easy-to-do & non-invasive with no preparation,

sedation, or time off

FDA approved & included in major guidelines

Source: Mayo Clinic poster presentation Su1044, Digestive Disease Week 2016 9

Knowledge of positive Cologuard improves colonoscopy performanceMayo clinic study compares results of unblinded, blinded colonoscopies

46%more time spent

on colonoscopy

2x

32%

4x

Polyps discovered

Increase in pre-cancer detection

Higher flat right sided lesion

detection

10Cologuard’s compliance rate is derived from the number of completed tests reported divided by the number of collection

kits shipped to patients during the 12-month period ending 60 days prior to Sep. 30, 2017, excluding program orders

Driving patient compliance with colon cancer screening

66%Patient compliance

Welcome call 24/7 patient

support lineCologuard delivered to home Reminder calls Reminder letter

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Impact of patient navigation service on compliance

FOBT* colonoscopy**

14%

38%

66%

***

Sources: *Patient adherence over 3 years’ Liang PS., et al., Am J Gastroenterol. 2016, **Patient compliance within 1 year; Arch Intern Med

2012; 172(7):575-582 (Inadomi), ***Cologuard’s compliance rate is derived from the number of completed tests reported divided by the

number of collection kits shipped to patients during the 12-month period ending 60 days prior to Sep. 30, 2017, excluding program orders

American Association of Cancer Research Annual meeting 2016, New Orleans LA

USA, LB-296, Proceedings of the American Association of Cancer Research, in press 12

Cologuard increases patient complianceUSMD study highlights opportunity to expand screening & detect curable-stage cancer

Non-compliant Medicare patients

393Cologuard compliance88%

Cancers detected in curable stage4Advanced adenoma detected21

13Sources: ZS survey conducted for Exact Sciences Oct-Dec 2016, n=300

Exact Sciences Laboratories patient satisfaction survey Jan-Sep 2017; n = 4,328

Strong customer satisfaction with Cologuard

Physicians’ expectations

met or exceeded

Patients rated Cologuard

experience very positive

88%96%

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Commercial strategy engages key audiences

Market access team and

clinical & health publications

Payers

Primary care sales force

and collateral materials

Providers & Systems

National TV campaign

and digital marketing

Patients

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National TV campaign increasing ordering & adoption

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Exact Sciences nationwide sales forceEstablishing a new standard for colon cancer screening

Primary care sales force• Focus on top potential physician offices

• Educate physicians & office staff

• Improve repeat ordering of Cologuard

• Extend reach of sales force coverage

• Support field in education efforts

• New physician outreach and pull through

Inside sales force

$1.5$4.3

$8.1$12.6 $14.4

$14.8$21.2

$28.1

$35.2

$48.4

$57.6

$72.6

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Cologuard revenue growth increasing

2015 2016

Quarterly Cologuard revenue ($ Millions)

Launch of national

TV campaign

2017

$383$386

$393

$405

$418

$423$428

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Time-lagged average revenue per test improving

2016 2017

Note: average Cologuard reimbursement from all sources on a trailing 12 month

basis for tests that were completed at least 6 months ago

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A multi-billion dollar U.S. market opportunity

*80 million average-risk, asymptomatic people ages 50-85, **Assumes ASP of $500-525 and 3-year

interval for Cologuard, ***(161,000 completed tests * 4 to annualize * 3 to account for interval) / 80M

80M+

2%

Potential U.S. screening

market for Cologuard*

$14BTotal Addressable Market**

market share***

4,0008,000

15,00021,000

27,000

32,000

41,000

50,000

60,000

70,000

81,000

91,000

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Cologuard’s growing provider penetration

2015 2017

Cumulative Cologuard ordering providers

Launch of national

TV campaign

2016

21Source: US Census data, AIS Directory of Health Plans: 2016, Exact Sciences Analysis

Coverage accelerated following Cologuard inclusion in USPSTF recommendations

2015 2016 2017

239M

USPSTF87%of Cologuard addressable

market covered

Total covered lives

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Cologuard becoming standard of careAdditional coverage driven by data, guidelines, and quality measures

>85%

insurance

coverage

2009-2013 2014 2015 2017

10,000 patient

DeeP-C trial guidelines

HEDIS quality

measures

Medicare Star

Ratings

coverage

approval

&

2016

guidelinesreconfirmed

performance

recommended by

USPSTFtrial results

published

developed

with Mayo

Clinic

23Source: NCQA Health Insurance Plan Ratings 2017

Improving HEDIS scores through colorectal cancer screening

<1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0

50%Screening rate

73%Screening rate

HEDIS Score

Exact Sciences Laboratories data, Patient Satisfaction Survey, May-Sep 2017; n = 2,40524

Cologuard: Increasing America’s screening populationScreening history of Cologuard users

39% screened with colonoscopy

12% screened only with FIT/FOBT

49%never screened before

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Exact Sciences is a data-driven company

Improve quality measures and

outcomes

PayersImprove quality measures and

reporting capabilities

Providers

Increase compliance and

repeat screening

Patients

Patients

>750,000

Health care providers

>91,000

Building a pipeline on Cologuard platform

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Source: World Health Organization and Centers for Disease Control and Prevention 27

Cancer’s annual impact globally, nationallyExpected 70% increase in new cases within 20 years

1.6Mnew cancer cases

600kdeaths

14Mnew cancer cases

8.8Mdeaths

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Exact Sciences’ advantages provide a unique position in liquid biopsy

Collaboration

with Mayo

Clinic

Exact Sciences’

proven experience

Proprietary

technology &

platform

Multi-marker

approach

Cost advantages

over sequencing

5+ years of

development

Source: Analyst estimates 29

Liquid biopsy: A growth area for cancer diagnosticsExact Sciences focusing on early detection & recurrence

Projected

liquid biopsy market>$13B

$200M

Screening

Minimum residual disease

Recurrence monitoring

Response monitoring

Targeted therapy selection

Clinical applications

Diagnostic aid

Response profiling2015 2030

30*Gould et al., Am J Respir Crit Care Med (2015), **Total Addressable Market assumes ASP of $500

A need and opportunity in diagnosing lung cancer

1.5-3M lung nodules

discovered annually*

Invasive, expensive,

and harmful

Biopsy

SurgeryCT

scans

The Problem Current Options

$750M-$1.5B

Blood-based biomarker test

Potential Opportunity

**

31Source: Allawi et al., abstract presented at AACR (2017)

Blood validation results for lung cancerHigh accuracy achieved with four methylation markers in blood

>90%Sensitivity & Specificity

87cancers

311controls

398sample size

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Third-quarter 2017 financials

Q3 2017

Revenue $72.6 million $57.6 million

Gross margin 71% 69%

Operating expense $80.3 million $71.1 million

Cash utilization $21.7 million $43.9 million

Ending cash balance $462.5 million $484.3 million

Q2 2017

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