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Applied Biosystems and MDS Inc. and Waters Technologies Corporation Resolve Outstanding Litigation

MILFORD, Mass.--(BUSINESS WIRE)--March 15, 2004--Waters Corporation (NYSE:WAT) reported that Applied Biosystems Group, an Applera Corporation business, and MDS Inc. and Waters Technologies Corporation announced today that they had entered into a settlement agreement resolving outstanding litigation between them.

The settlement provides for the resolution of patent infringement claims made by certain of the parties against the other in the United States and of international cases brought by Applied Biosystems and MDS against Waters Technologies in the United Kingdom, Canada and Japan. In connection with the settlement, Applied Biosystems and MDS and Waters Technologies have entered into royalty paying license agreements cross licensing the use of the technology described in the parties' respective patents at issue. In addition, Waters Technologies Corporation has agreed to make a one time payment to Applied Biosystems and MDS of $18.1 million. Additional terms of the settlement were not disclosed.

Waters Corporation holds worldwide leading positions in three complementary analytical technologies - high performance liquid chromatography (HPLC), mass spectrometry (MS) and thermal analysis (TA). These markets account for $4.4 billion of the overall $20 billion analytical instrument market.

Certain statements contained herein are forward looking. Many factors could cause actual results to differ from these statements, including loss of market share through competition, introduction of competing products by other companies, pressures on prices from competitors and/or customers, regulatory obstacles to new product introductions, lack of acceptance of new products, changes in the healthcare market and the pharmaceutical industry, changes in distribution of the Company's products, and foreign exchange fluctuations. Such factors are discussed in detail in the Company's filings with the Securities and Exchange Commission.

CONTACT:
Waters Corporation
Gene Cassis
508-482-2349