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

2. 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. 3 Q4, 2003 - better than expected n 16% revenue growth over Q4 2002 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. 4 Americas 44% Europe 37% Asia/Pacific 19% FY 2003 2003 revenues (in local currencies) Biotechnology 34% Life Science 14% Other Bioscience Applications 52% FY 2003 Consumables and Services 82% Equipment 18% FY 2003

5. 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. 6 Revenue growth - by market Biotechnology $69$657%6% Life Science292611%5% Other Bioscience102966%5% Total local currency2001877%6% Foreign Exchange16(1) Total U.S. dollar$216$18616%14% Q4Full Year $ in millions Q4, 2003Q4, 2002 % Growth% Growth

7. 7 Biotechnology - quarter to quarter variations (in local currencies) $ millions Quarterly Growth Q1 2000 – Q4 2003 Revenues by Quarter Q1 2000 – Q4 2003 ‘00 ‘01 ‘02 ‘03

8. 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 $ millions ’01 ’02 ’03

9. 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. 10 Biological pipeline Over 2000 biologicals in pipeline or launched 1194 227 357 84 374 Pharmaprojects V5, from PJP Publications, NYC & London, January, 2004 Over 500 therapeutic antibodies in pipeline or launched 45 79 20 22 339

11. 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. 12 Life science: quarterly revenue growth and trends (in local currencies) $ millions Quarterly Growth Q1 2000 – Q4 2003 Revenues by Quarter Q1 2000 – Q4 2003 ‘00 ‘01 ‘02 ’03

13. 13 Other bioscience – quarterly revenue and trends (in local currencies) $ millions Quarterly Growth: Q1 2000 – Q4 2003 Revenues by Quarter: Q1 2000 – Q4 2003 ‘00 ‘01 ‘02 ’03

14. 14 Actual Dollars (In millions, except EPS) Q4, 2003Q4, 2002 Growth Sales$ 215.8$ 185.916% Gross Profit109.098.611% % of Sales50.5%53.0% SG&A64.956.016% % of Sales 30.1%30.1% R&D16.513.522% % of Sales 7.6%7.3% Restructuring and other - 0.1N/A % of Sales0.0%0.1% Operating income 27.629.0 (5%) % of Sales12.8%15.6% Net income$ 32.6$ 19.964% EPS$ 0.66$ 0.4161% Q4 income statement – GAAP Results

15. 15 Q4 2003 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$ - $ - $ 215.8 Gross Profit109.02.4111.4 % 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 Income27.6-8.335.9 % of Sales12.8%16.6% Pretax Income24.28.332.5 (Benefit) provision for income taxes(8.4)12.02.96.5 Net Income$ 32.6$ (12.0)$ 5.4$ 26.0 EPS$ 0.66$ (0.24)$ 0.11$ 0.53

16. 16 Actual Dollars (In millions, except EPS) 20032002 Growth Sales$ 799.6$ 704.314% Gross Profit430.4396.19% % of Sales53.8%56.2% SG&A246.8219.113% % of Sales 30.9%31.1% R&D58.452.312% % of Sales 7.3%7.4% Restructuring and other (1.4) 1.1N/A % of Sales (0.2%) 0.2% Operating income 126.6123.6 2% % of Sales15.8%17.5% Net income from continuing operations$ 100.8$ 80.825% EPS from continuing operations$ 2.06$ 1.6723% Full Year GAAP Results Year ended December 31,

17. 17 Net Sales$ 799.6$ $ - $ 799.6 Gross Profit430.42.4432.8 % 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 Income126.6-6.9133.5 % of Sales15.8%16.7% Pretax Income112.26.9119.1 Provision for income taxes11.412.02.626.0 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 & 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

18. 18 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 Fx2004 53.8% 0.4% 0.7% 0.5% -0.3% -0.4% 54.0% 2003 2004 -0.4% -0.3%

19. 19 Currency effects Euro/Dollar, 10/1/03 - 12/31/03 Yen/Dollar, 10/1/03 - 12/31/03

20. 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