Fourth Quarter and Year-End ResultsMillipore 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, 2003 - better than expected

16% revenue growth over Q4 2002

7% revenue growth in local currency

GAAP earnings $0.66 per share

Pro-forma earnings from operations $0.53

Biotechnology - 7% growth

Life sciences - 11% growth

Other bioscience - 6% growth

4

Americas44%

Europe37%

Asia/Pacific19%

FY 2003

2003 revenues (in local currencies)

Biotechnology34%

Life Science

14%

OtherBioscience Applications

52%

FY 2003

Consumables and Services

82%

Equipment18%

FY 2003

5

Q4 revenue growth - by geographic region

Americas $ 89 $ 79 12% 12%

Europe 86 72 19% 2%

Asia/Pacific 41 35 18% 7%

Total U.S. dollar $216 $186 16% 7%

% Growth Local

$ in millions Q4 2003 Q4 2002 % Growth Currency

6

Revenue growth - by market

Biotechnology $69 $65 7% 6%

Life Science 29 26 11% 5%

Other Bioscience 102 96 6% 5%

Total local currency 200 187 7% 6%

Foreign Exchange 16 (1)

Total U.S. dollar $216 $186 16% 14%

Q4 Full Year

$ in millions Q4, 2003 Q4, 2002 % Growth % Growth

7

Biotechnology - quarter to quarter variations (in local currencies)

$ millions

Quarterly Growth Q1 2000 – Q4 2003

$0

$10

$20

$30

$40

$50

$60

$70

$80

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

0%

3%

6%

9%

12%

15%

18%

21%

24%

27%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Revenues by Quarter Q1 2000 – Q4 2003

‘00 ‘01 ‘02 ‘03 ‘00 ‘01 ‘02 ‘03

8

Biotechnology - strength in consumables (in local currencies)

Revenues by Quarter Biotech Consumables and Hardware: Q1 2001 – Q4 2003

’02 ’03

Quarterly Growth Biotech Consumables and Hardware: Q1 2002 – Q4 2003

-10%

-5%

0%

5%

10%

15%

20%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Biotech ConsumablesBiotech Hardware

$ millions

$0

$10

$20

$30

$40

$50

$60

$70

$80

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Biotech ConsumablesBiotech Hardware

’01 ’02 ’03

9

Volume variables Patient population Indications Dosage

Biotech growth/Millipore growth

Other manufacturing variables Expression level Purity in cell harvest Dosage form Degree of optimization New/retrofitted plant

MAb Revenues for Millipore$15 - $55 per gram

10

Biological pipeline

Over 2000 biologicals in pipeline or launched

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

Pre-clinical Phase 1 Phase 2 Phase 3 AwaitingApproval orApproved

1194

227

357

84

374

Pharmaprojects V5, from PJP Publications, NYC & London, January, 2004

0

100

200

300

400

500

600

700

800

900

1000

Pre-clinical Phase 1 Phase 2 Phase 3 AwaitingApproval orApproved

Over 500 therapeutic antibodies in pipeline or launched

4579

20 22

339

11

Forecast

Data

Review

Phase 3

Phase 2

Phase 1

Recombinant Products

-

50

100

150

200250

300

350

400

450

500

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Num

ber

of d

rugs

vaccine

other

hormone

gene therapy

cytokine

Ab

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)

$ millionsQuarterly Growth Q1 2000 – Q4 2003

$0

$5

$10

$15

$20

$25

$30

$35

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4-5%

0%

5%

10%

15%

20%

25%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Revenues by Quarter Q1 2000 – Q4 2003

‘00 ‘01 ‘02 ’03 ‘00 ‘01 ‘02 ’03

13

Other bioscience – quarterly revenue and trends (in local currencies)

$ millionsQuarterly Growth: Q1 2000 – Q4 2003

$0

$20

$40

$60

$80

$100

$120

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

-5%

0%

5%

10%

15%

20%

25%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Revenues by Quarter: Q1 2000 – Q4 2003

‘00 ‘01 ‘02 ’03 ‘00 ‘01 ‘02 ’03

14

Actual Dollars (In millions, except EPS) Q4, 2003 Q4, 2002 Growth

Sales $ 215.8 $ 185.9 16%

Gross Profit 109.0 98.6 11%% of Sales 50.5% 53.0%

SG&A 64.9 56.0 16%% of Sales 30.1% 30.1%

R&D 16.5 13.5 22%% of Sales 7.6% 7.3%

Restructuring and other - 0.1 N/A% of Sales 0.0% 0.1%

Operating income 27.6 29.0 (5%)% of Sales 12.8% 15.6%

Net income $ 32.6 $ 19.9 64%

EPS $ 0.66 $ 0.41 61%

Q4 income statement – GAAP Results

15

Q4 2003 Reconciliation

Quarter ended December 31, 2003

Impact of Q4Severance Costs

Impact of Tax and Fixed Asset Proforma(In millions, except per share data) GAAP Results Adjustment Write-Offs Results

Sales $ 215.8 $ - $ - $ 215.8

Gross Profit 109.0 2.4 111.4% of Sales 50.5% 51.6%

SG&A 64.9 (4.4) 60.5% of Sales 30.1% 28.0%

R&D 16.5 (1.5) 15.0% of Sales 7.6% 7.0%

Operating Income 27.6 - 8.3 35.9% of Sales 12.8% 16.6%

Pretax Income 24.2 8.3 32.5

(Benefit) provision for income taxes (8.4) 12.0 2.9 6.5

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) 2003 2002 Growth

Sales $ 799.6 $ 704.3 14%

Gross Profit 430.4 396.1 9%% of Sales 53.8% 56.2%

SG&A 246.8 219.1 13%% of Sales 30.9% 31.1%

R&D 58.4 52.3 12%% of Sales 7.3% 7.4%

Restructuring and other (1.4) 1.1 N/A% of Sales (0.2%) 0.2%

Operating income 126.6 123.6 2%% of Sales 15.8% 17.5%

Net income from continuing operations $ 100.8 $ 80.8 25%

EPS from continuing operations $ 2.06 $ 1.67 23%

Full Year GAAP Results

Year ended December 31,

17

Net Sales $ 799.6 $ $ - $ 799.6

Gross Profit 430.4 2.4 432.8% of Sales 53.8% 54.1%

SG&A 246.8 (4.4) 242.4% of Sales 30.9% 30.3%

R&D 58.4 (1.5) 56.9% of Sales 7.3% 7.1%

Restructuring and Other (1.4) 1.4 -% of Sales (0.2%) 0.0%

Operating Income 126.6 - 6.9 133.5% of Sales 15.8% 16.7%

Pretax Income 112.2 6.9 119.1

Provision for income taxes 11.4 12.0 2.6 26.0

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 & Q3Restructuring and

Other and Q4Severance Costs

Impact of Tax and Fixed Asset ProformaActual Dollars (In millions, except EPS) GAAP Results Adjustment Write-Offs Results

Year ended December 31, 2003

18

50.0

50.5

51.0

51.5

52.0

52.5

53.0

53.5

54.0

54.5

55.0

55.5

56.0

2003 vs 2004 Margin Analysis

2003 Volume Leverage

2003 Unusual Charges

Mix to Higher Margin

Products

NHMembrane

Plant Start-up

Plant Rationalization

Quality Process

Improvements

Fx 2004

53.8%0.4%

0.7%

0.5%

-0.3%-0.4% 54.0%

2003 2004

-0.4%

-0.3%

19

Currency effects

Euro/Dollar, 10/1/03 - 12/31/03Yen/Dollar, 10/1/03 - 12/31/03

0.78

0.8

0.82

0.84

0.86

0.88

0.9

10/1

/200

3

10/8

/200

3

10/1

5/20

03

10/2

2/20

03

10/2

9/20

03

11/5

/200

3

11/1

2/20

03

11/1

9/20

03

11/2

6/20

03

12/3

/200

3

12/1

0/20

03

12/1

7/20

03

12/2

4/20

03

12/3

1/20

03

104

106

108

110

112

114

10/1

/200

3

10/8

/200

3

10/1

5/20

03

10/2

2/20

03

10/2

9/20

03

11/5

/200

3

11/1

2/20

03

11/1

9/20

03

11/2

6/20

03

12/3

/200

3

12/1

0/20

03

12/1

7/20

03

12/2

4/20

03

12/3

1/20

03

20

Guidance, 2004

Revenue growth: Actual dollar: 9 to 11% Local currency: 4 to 6%

Revenue growth by market - local currency Biotechnology: 5 to 7% Life Sciences: 6 to 8% Other Bioscience: 3

to 5%

Gross Margins: averaging 54% of revenue

SG&A: averaging 30% of revenue

R&D: between 7 and 7.5% of revenue

Contribution: approximately 17% of revenue

EPS: $2.14 to $2.23 per share

Capital Expenditures $65M

Depreciation and amortization $43M

Free cash flow $125M-$130M