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Waters Corporation Announces Stock Repurchase Program

MILFORD, Mass.--(BUSINESS WIRE)--May 7, 2003--Waters Corporation (NYSE:WAT) announced today that its Board of Directors authorized the Company to repurchase up to $400 million of its outstanding common shares over the next 24 months. Purchases will be made through open market transactions, subject to market conditions and trading restrictions. Douglas Berthiaume, Chairman, President and Chief Executive Officer, said, "This share repurchase plan follows a well received and recently completed $200 million repurchase program that was initiated in July, 2002. The combination of the Company's continued strong cash flow and ample borrowing capacity ensures that Waters can execute this program while continuing to pursue opportunities to invest in the growth of the business."

CAUTIONARY STATEMENT

Certain statements contained herein are forward looking. Many factors could cause actual results to differ from these statements, including fluctuations in the price of the Company's stock and changes in its liquidity or planned expenditures. 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