Fourth Quarter and Year-End Results Millipore Conference Call, January 26, 2004

2 Forward-looking statements/risk factors In order to take advantage of the safe harbor provisions of the private securities litigation reform act of 1995, you should understand that we will be making forward-looking statements in this conference. These statements involve a number of risks and uncertainties, all of which are set forth in detail in our annual report on form 10-K, subsequent quarterly reports on form 10-Q, and our other SEC filings. We assume no obligation to update any forward-looking statement based on new information, future events or any other reason.

3 Q4, better than expected n 16% revenue growth over Q n 7% revenue growth in local currency n GAAP earnings $0.66 per share n Pro-forma earnings from operations $0.53 n Biotechnology - 7% growth n Life sciences - 11% growth n Other bioscience - 6% growth

4 Americas 44% Europe 37% Asia/Pacific 19% FY revenues (in local currencies) Biotechnology 34% Life Science 14% Other Bioscience Applications 52% FY 2003 Consumables and Services 82% Equipment 18% FY 2003

5 Q4 revenue growth - by geographic region Americas$ 89$ 7912%12% Europe867219%2% Asia/Pacific413518%7% Total U.S. dollar$216$18616%7% % Growth Local $ in millions Q4 2003Q4 2002% Growth Currency

6 Revenue growth - by market Biotechnology $69$657%6% Life Science292611%5% Other Bioscience102966%5% Total local currency %6% Foreign Exchange16(1) Total U.S. dollar$216$18616%14% Q4Full Year $ in millions Q4, 2003Q4, 2002 % Growth% Growth

7 Biotechnology - quarter to quarter variations (in local currencies) $ millions Quarterly Growth Q – Q Revenues by Quarter Q – Q ‘00 ‘01 ‘02 ‘03

8 Biotechnology - strength in consumables (in local currencies) Revenues by Quarter Biotech Consumables and Hardware: Q – Q ’02 ’03 Quarterly Growth Biotech Consumables and Hardware: Q – Q $ millions ’01 ’02 ’03

9 Volume variables n Patient population n Indications n Dosage Biotech growth/Millipore growth Other manufacturing variables n Expression level n Purity in cell harvest n Dosage form n Degree of optimization n New/retrofitted plant MAb Revenues for Millipore $15 - $55 per gram

10 Biological pipeline Over 2000 biologicals in pipeline or launched Pharmaprojects V5, from PJP Publications, NYC & London, January, 2004 Over 500 therapeutic antibodies in pipeline or launched

11 Foreca st Data Review Phase 3 Phase 2 Phase 1 Current Drug Development Phase corresponding to year of marketing approval - one scenario Source : PharmaProjects Potential drug approvals Recombinant Products

12 Life science: quarterly revenue growth and trends (in local currencies) $ millions Quarterly Growth Q – Q Revenues by Quarter Q – Q ‘00 ‘01 ‘02 ’03

13 Other bioscience – quarterly revenue and trends (in local currencies) $ millions Quarterly Growth: Q – Q Revenues by Quarter: Q – Q ‘00 ‘01 ‘02 ’03

14 Actual Dollars (In millions, except EPS) Q4, 2003Q4, 2002 Growth Sales$ 215.8$ % Gross Profit % % of Sales50.5%53.0% SG&A % % of Sales 30.1%30.1% R&D % % of Sales 7.6%7.3% Restructuring and other - 0.1N/A % of Sales0.0%0.1% Operating income (5%) % of Sales12.8%15.6% Net income$ 32.6$ % EPS$ 0.66$ % Q4 income statement – GAAP Results

15 Q Reconciliation Quarter ended December 31, 2003 Impact of Q4 Severance Costs Impact of Tax and Fixed AssetProforma (In millions, except per share data)GAAP ResultsAdjustmentWrite-OffsResults Sales$ 215.8$ - $ - $ Gross Profit % of Sales50.5%51.6% SG&A64.9(4.4)60.5 % of Sales30.1%28.0% R&D16.5(1.5)15.0 % of Sales7.6%7.0% Operating Income % of Sales12.8%16.6% Pretax Income (Benefit) provision for income taxes(8.4) Net Income$ 32.6$ (12.0)$ 5.4$ 26.0 EPS$ 0.66$ (0.24)$ 0.11$ 0.53

16 Actual Dollars (In millions, except EPS) Growth Sales$ 799.6$ % Gross Profit % % of Sales53.8%56.2% SG&A % % of Sales 30.9%31.1% R&D % % of Sales 7.3%7.4% Restructuring and other (1.4) 1.1N/A % of Sales (0.2%) 0.2% Operating income % % of Sales15.8%17.5% Net income from continuing operations$ 100.8$ % EPS from continuing operations$ 2.06$ % Full Year GAAP Results Year ended December 31,

17 Net Sales$ 799.6$ $ - $ Gross Profit % of Sales53.8%54.1% SG&A246.8(4.4)242.4 % of Sales30.9%30.3% R&D58.4(1.5)56.9 % of Sales7.3%7.1% Restructuring and Other(1.4)1.4- % of Sales(0.2%)0.0% Operating Income % of Sales15.8%16.7% Pretax Income Provision for income taxes Net Income$ 100.8$ (12.0)$ 4.3$ 93.1 EPS$ 2.06$ (0.24)$ 0.08$ 1.90 Full Year 2003 Reconciliation Impact of Q2 & Q3 Restructuring and Other and Q4 Severance Costs Impact of Tax and Fixed AssetProforma Actual Dollars (In millions, except EPS)GAAP ResultsAdjustmentWrite-OffsResults Year ended December 31, 2003

vs 2004 Margin Analysis 2003Volume Leverage 2003 Unusual Charges Mix to Higher Margin Products NH Membrane Plant Start-up Plant Rationalization Quality Process Improvements Fx % 0.4% 0.7% 0.5% -0.3% -0.4% 54.0% % -0.3%

19 Currency effects Euro/Dollar, 10/1/ /31/03 Yen/Dollar, 10/1/ /31/03

20 Guidance, 2004 n Revenue growth: n Actual dollar: 9 to 11% n Local currency: 4 to 6% n Revenue growth by market - local currency n Biotechnology:5 to 7% n Life Sciences:6 to 8% n Other Bioscience:3 to 5% n Gross Margins: averaging 54% of revenue n SG&A: averaging 30% of revenue n R&D: between 7 and 7.5% of revenue n Contribution: approximately 17% of revenue n EPS: $2.14 to $2.23 per share n Capital Expenditures $65M n Depreciation and amortization $43M n Free cash flow $125M-$130M