Investor Overview Presentation ADVANCING LIFE SCIENCE TOGETHER

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1 Investor Overview Presentation ADVANCING LIFE SCIENCE TOGETHER

2 Forward-Looking Statement Disclaimer 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, including those which are set forth 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. A reconciliation of non-gaap to GAAP results is available in press releases and on the company s website: 2

3 Key takeaways 1 We have a unique and differentiated business 2 We serve attractive and growing markets 3 We are executing a strategy that is driven by innovation 4 We are generating attractive financial performance 3

4 Millipore Overview

5 At a glance INDUSTRY Life Science Tools EMPLOYEES 5,800 REVENUES $1.6 Billion (90% Life Science) RECURRING REVENUES 90% Consumables & Services BIOSCIENCE DIVISION 43% revenue* BIOPROCESS DIVISION 57% revenue* PRODUCT DIVERSIFICATION CUSTOMER DIVERSIFICATION OPERATING MARGIN * ~21% ~20,000 Products 300,000 Customers * Non-GAAP, Nine months ending October 3,

6 We are a global company 67% of our revenues are outside of the U.S. 36% 40% % 19% 45% 41% % Revenues 2009 YTD Major Sites 6

7 We have leading products in a well-balanced portfolio Bioprocess Bioscience PROCESS MONITORING 11% sold into quality labs UPSTREAM BIOPROCESSING 5% cell culture supplements DOWNSTREAM BIOPROCESSING 41% most of Biotech exposure LAB WATER 17% 40% of business is instrumentation LIFE SCIENCE 26% most of academic exposure drug discovery services % 2009 YTD Revenue 7

8 We are a trusted brand with leading life science customers CUSTOMERS Bioscience Division Academic researchers Pharmaceutical companies Biotechnology companies Privately funded research Hospitals and clinical laboratories Clinical research organizations Bioprocess Division Biotechnology companies Pharmaceutical companies Contract drug manufacturers Beverage companies 8

9 Our markets are attractive and growing Bioscience Total Market: $30 billion Target Market Cell Biology Protein Research Drug Discovery General Lab Supplies Approximately 60% of targeted market is academic & government customers $7- $8 bn Grow faster than market by targeting attractive segments: Flow cytometry Stem cell research Neuroscience Bioprocess Total Market: $5 billion 50% of market is biotech Biotech Monoclonal antibodies, Classic Pharma vaccines, recombinant proteins Classic Pharmaceutical Injectable drugs Plasma Food & Beverage Beverage & Applied Markets 9

10 Key market drivers will create increased demand for our products and services Global market drivers Growth of biologics Investments into Life Science research Advances in research and scientific innovation Growth in emerging economies Need for new manufacturing technologies Pharma outsourcing Need for greater research productivity 10

11 Strategy to achieve long-term growth Capitalize on opportunities in large, core markets Target fast growing market segments Deliver innovative products and services to meet customer needs growth Execute strategic acquisitions and partnerships Invest in sales channels and global infrastructure 11

12 Divisions and Strategy

13 We help scientists research, develop and produce new drugs RESEARCH DEVELOPMENT PRODUCTION Bioscience Division We help scientists conduct their research easily, efficiently and economically. We help pharmaceutical and biotech companies discover new drugs. Bioprocess Division We help companies develop manufacturing processes to bring new drugs to market. We help companies manufacture drugs efficiently and ensure drug purity and safety. 13

14 Our Bioprocess strategy is to leverage our product breadth by delivering integrated solutions We add value to every step in the manufacturing process UPSTREAM BIOPROCESSING DOWNSTREAM BIOPROCESSING Develop the Process Express the Protein Separate & Purify the Protein Test for Contamination PROCESS MONITORING Increase Speed Minimize Risk Gain a Competitive Advantage Millipore Business Units 14

15 Driving Innovation: Downstream Bioprocessing Opportunity Disposable manufacturing can significantly reduce labor and utility costs for biotech manufacturers European Vaccine Manufacturer Millipore s FlexReady TFF System helped us switch from one vaccine process to another within one hour MILLIPORE SOLUTION FlexReady Systems Drive higher yields and productivity by integrating multiple process steps in new disposable manufacturing platform Result ~25% decrease in process preparation and set-up times 15

16 Driving Innovation: Process Monitoring Tools Opportunity Typical batch cost = $350K to $1M Routine Product Loss = 1-2% Contamination Incident = ~$50m or more Top 10 Biotech Companies Millipore was able to rapidly solve our sampling challenge at a critical juncture in our process re-engineering MILLIPORE SOLUTION Novaseptum Lower batch and product loss by eliminating risk of contamination during the sampling process Results Eliminates risk of contamination Improved utilization and throughput Reduces operator time & cost 16

17 We target franchise leadership in 4 key Life Science markets Bioscience Business Portfolio Areas CELL BIOLOGY Cell Culture Productivity Specialty Cell Systems PROTEIN RESEARCH Flow Cytometry Sample Prep & Protein Detect Multiplex/ ELISA LAB WATER Lab Point of Use OEM Antibodies & Assays Analytical Sample Prep DRUG DISCOVERY Lead Discovery Biopharma Services 17

18 Driving Innovation: Protein Research Opportunity A single experiment to screen antibodies against cancer drug markers can take 1.5 days California-Based Academic Researcher With SnapID, I was able to fast track my research and ultimately discover a new cancer oncogene MILLIPORE SOLUTION SnapID Western Blotting Enables researchers to complete 6 high sensitivity experiments in only 22 minutes leading to higher levels of discovery in less time Result Faster Time to Publish Data Consistency 18

19 Driving Innovation: Cell Biology Opportunity ~3.5 million hours are spent by labs each year manually performing cell counts to investigate diseases UC-San Diego - Regenerative Medicine If Scepter were available sooner I could have fast tracked my research by at least two years! MILLIPORE SOLUTION Scepter The world s first automated hand-held cell counter that helps researchers assess biological information in a fraction of the time and cost Results Cell counts in 90% less time Greater precision & accuracy More robust data on cells Streamlined workflow 19

20 We play a critical role in Advancing Life Science MILLIPORE ADVANTAGE + MILLIPORE = SOLUTIONS SUCCESSFUL OUTCOMES Innovation Minimize Complexity Increase Speed MILLIPORE S CUSTOMERS Increase Productivity and Yield of Research, Development & Production Collaboration Expertise Reduce Risk Gain an Edge PATIENTS Safe efficacious therapeutics are delivered into the hands of those that need them sooner 20

21 Financial Highlights

22 We have achieved above-average revenue growth Revenue 2009E $1.65b $1.60b $1.53b $1.26b 13% CAGR $991m $883m 6% Organic Growth * 2009 estimates based on sell-side analyst mean projections 22

23 We have demonstrated attractive leverage in the business Non-GAAP Operating Margin 2009E 21.0% Basis Points % * Non-GAAP, please refer to the non-gaap reconciliation tables on Millipore s website * 2009 estimates based on sell-side analyst mean projections 23

24 We have consistently delivered higher earnings and cash flow Non-GAAP EPS 2009E $3.95* 2004 $ % CAGR Free Cash Flow 2009E 2004 $104m $265m* 17% CAGR *2009 estimates based on sell-side analyst mean projections 24

25 We have strengthened our balance sheet and de-levered the company Net Debt Debt-to-EBITDA** 2009* $776m 2009E ~ $971m $1.17b $1.26b *as of October 3, 2009 **Calculated based on debt covenants 25

26 We are outperforming our peers in ORGANIC GROWTH NON-GAAP EPS GROWTH FREE CASH FLOW YIELD* MIL 13% MIL 7% MIL 8% 6% Peer Median 0-4% Peer Median -3% Peer Median Peer Group: LIFE, BIO, SIAL, BEC, SRT-FF, TMO, PLL, WAT, PKI, CRL * Free cash flow yield is TTM free cash flow as of Q divided by market capitalization 26

27 ...and we are poised for attractive performance in the future Increased R&D productivity: New Products Expansion in Asia: BRICS penetration Six Sigma driving efficiency improvement and margin expansion growth Extract value through bolt-on M&A opportunities 27

28 Why invest in Millipore? 1 We have a unique and differentiated business 2 We serve attractive and growing markets 3 We are executing a strategy that is driven by innovation 4 We are generating attractive financial performance 28

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