First Quarter 2005

1
First Quarter 2005

• Millipore Conference Call, April 21, 2005

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
Regulation G Use of non-GAAP financial measures

• In addition to analyzing U.S. GAAP financial
  results, management also analyzes non-GAAP and
  pro forma financial measures as we believe
  these measures may allow for a better
  understanding of the underlying business trends.
  
• Constant currency is a non-GAAP measure whereby
  foreign currency balances are translated, in all
  periods presented, at Millipores predetermined
  budgeted exchange rates for 2005, thus excluding
  the impact of fluctuations in the actual foreign
  currency rates.
• Pro forma basis financial results reflect U.S.
  GAAP results, translated at actual rates of
  exchange and adjusted for unusual or
  non-operating items.

4
Q1 2005 summary

• 12 revenue growth over Q1, 2004
• 10 revenue growth in constant currency
• GAAP earnings per share of 0.64
• Pro forma earnings per share of 0.77
• Biotechnology 18 growth in constant currency
• Life science flat compared to Q1, 2004
• Other bioscience 7 growth in constant currency

5
Q1 revenue growth - by market
Q1 in millions Q1 2005 Q1 2004
Growth
Biotechnology 83 70 18 Life
science 30 30 - Other bioscience 109 103
7 Total constant currency 222 203 10 Foreign
exchange 28 19 Total U.S. dollar 250 222 12
6
Biotechnology quarterly revenue growth and
trends (in constant currencies)
Quarterly Growth Q1 2003 Q1 2005
Revenues by Quarter Q1 2003 Q1 2005 - Millions
90
80
70
60
50
40
30
20
10
0
03
04
05
7
Other bioscience quarterly revenue growth and
trends (in constant currencies)
Quarterly Growth Q1 2003 Q1 2005
Revenues by Quarter Q1 2003 Q1 2005 - Millions
120
100
80
60
40
20
0
03
04
05
8
Life science quarterly revenue growth and
trends (in constant currencies)
Quarterly Growth Q1 2003 Q1 2005
Revenues by Quarter Q1 2003 Q1 2005 - Millions
120
29
100
80
60
40
20
0
03
04
05
9
Q1 2005 revenues (in constant currencies)
Equipment 16
Asia/Pacific 18
Biotechnology 37
Other bioscience applications 49
Americas 46
Consumables and services 84
Europe 36
Life science 14
By Market
By Product
By Geography
10
Revenue growth - by geographic region
Growth Growth Constant in
millions Q1 2005 Q1 2004 U.S. Dollars
Currency
Americas 103 89 16 16 Europe 103 90 13 7
Asia/Pacific 44 43 3 1 Total U.S.
dollar 250 222 12 10
11
Q1 GAAP results

Actual dollars (In millions, except per
share data) Q1 2005 Q1 2004 Growth Sales
250.2 222.5 12 Gross profit 136.1 121.6 12
of sales 54.4 54.6 SGA 77.4 67.8 14 of
sales 31.0 30.5 RD 16.1 16.0 -- of sales
6.4 7.2 Operating income
42.6 37.8 13 of
sales 17.0 17.0 Net income 32.3
27.2 19 EPS 0.64 0.55 16
12
Q1 pro forma results

Actual Dollars (In millions, except per
share data) Q1 2005 Q1 2004 Growth Sales
250.2 222.5 12 Gross profit 136.1 121.6 12
of sales 54.4 54.6 SGA 69.2 67.8 2 of
sales 27.6 30.5 RD 16.1 16.0 -- of sales
6.4 7.2 Operating income
50.8 37.8 35 of
sales 20.3 17.0 Net income 38.8
27.2 43 EPS 0.77 0.55 40 In Q1,
2005, pro forma results exclude pretax 4.5M
expense related to CEO transition costs and 3.8M
related to employee severance costs
13
Currency effects Q1 2005
Yen/Dollar 1/1/05 - 4/2/05
Euro/Dollar 1/1/05 - 4/2/05
14
Updated Financial Guidance 2005

• Contribution approximately 17 of revenue
• Pro forma EPS 2.45 to 2.50 per
  share
• Capital expenditures 85M
• Depreciation and amortization 46M
• Cash from operations 165M to 175M

• Revenue growth
• Actual dollar 8 to 10
• Constant currency 6 to 8
• Gross margins averaging 53.5 of revenue
• SGA 29.5 of revenue
• RD 7 of revenue

Excludes CEO transition costs and employee
severance related costs
15
New platform and product Direct-Q 3 system for
lab water

• Every lab needs purified water
• Addresses specific need for pure and ultrapure
  water from single point of use
• Very positive customer response at Pittcon launch
• Saves time, improves productivity

16
New platform and product Pod filters
17
Millipores disposable Pod filters improve
biotech manufacturing productivity
18
Q1 2005 and next steps

• Q1 2005
• Bioscience Division
• Progress -
• Growth strategy
• Operational improvements
• Manufacturing
• RD
• Top 100 Best Corporate Citizens (Business Ethics
  magazine)

• Next steps
• June 29 analyst and investor meeting in New York
  City
• New growth strategies
• Long-term outlook
• Organization
• New transparency

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