First Quarter 2005Millipore Conference Call, April 21, 2005

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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.

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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 Millipore’s 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.

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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

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Q1 revenue growth - by market

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%

Q1

$ in millions Q1 2005 Q1 2004 % Growth

6

-3%

0%

3%

6%

9%

12%

15%

18%

21%

24%

27%

30%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

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

$40

$30

$20

$10

$0

’03 ’04

$50

’05

7

-5%

0%

5%

10%

15%

20%

25%

30%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

Other bioscience – quarterly revenue growth and trends (in constant currencies)

$120

$80

$60

$40

$20

$0

$100

Quarterly Growth Q1 2003 – Q1 2005 Revenues by Quarter Q1 2003 – Q1 2005 - $ Millions

’03 ’04 ’05

8

Life science – quarterly revenue growth and trends (in constant currencies)

-5%

0%

5%

10%

15%

20%

25%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

Quarterly Growth Q1 2003 – Q1 2005 Revenues by Quarter Q1 2003 – Q1 2005 - $ Millions$120

$80

$60

$40

$20

$0

$100

’03 ’04 ’05

29%

9

Americas46%

Europe36%

Asia/Pacific18%

By Geography

Q1 2005 revenues (in constant currencies)

Biotechnology37%

Life science

14%

Otherbioscience applications

49%

By Market

Consumables and services

84%

Equipment16%

By Product

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Revenue growth - by geographic region

Americas $ 103 $ 89 16% 16%

Europe 103 90 13% 7%

Asia/Pacific 44 43 3% 1%

Total U.S. dollar $250 $222 12% 10%

% Growth%Growth Constant

$ in millions Q1 2005 Q1 2004 U.S. Dollars Currency

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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%

SG&A 77.4 67.8 14%% of sales 31.0% 30.5%

R&D 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%

Q1 GAAP results

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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%

SG&A* 69.2 67.8 2%% of sales 27.6% 30.5%

R&D 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

Q1 pro forma results*

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Currency effects – Q1 2005

Euro/Dollar 1/1/05 - 4/2/05Yen/Dollar 1/1/05 - 4/2/05

0.7

0.75

0.8

1/3

/20

05

1/9

/20

05

1/1

5/2

00

5

1/2

1/2

00

5

1/2

7/2

00

5

2/2

/20

05

2/8

/20

05

2/1

4/2

00

5

2/2

0/2

00

5

2/2

6/2

00

5

3/4

/20

05

3/1

0/2

00

5

3/1

6/2

00

5

3/2

2/2

00

5

3/2

8/2

00

5

100

105

110

1/3

/20

05

1/9

/20

05

1/1

5/2

005

1/2

1/2

005

1/2

7/2

005

2/2

/20

05

2/8

/20

05

2/1

4/2

005

2/2

0/2

005

2/2

6/2

005

3/4

/20

05

3/1

0/2

005

3/1

6/2

005

3/2

2/2

005

3/2

8/2

005

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Updated Financial Guidance 2005

Revenue growth: Actual dollar: 8 to 10% Constant currency: 6 to 8%

Gross margins: averaging 53.5% of revenue

SG&A: 29.5% of revenue

R&D: 7% of revenue

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

*Excludes CEO transition costs and employee severance related costs

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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

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New platform and product: Pod filters

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Millipore’s disposable Pod filters improve biotech manufacturing productivity

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Q1 2005 and next steps

Q1 2005

Bioscience Division

Progress - Growth strategy Operational improvements:

Manufacturing R&D

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