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Waters Corporation Announces Stock Repurchase Program

MILFORD, Mass.--(BUSINESS WIRE)--Oct. 25, 2004--Waters Corporation (NYSE:WAT) today announced that its Board of Directors authorized the Company to repurchase up to $500 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 two completed repurchase programs, the first announced in June 2002, totaling $600 million and involving the acquisition of approximately 20 million shares. The combination of the Company's accelerating cash flow and strong balance sheet should permit Waters to execute this program while continuing to pursue opportunities to invest in the growth of the business."

CAUTIONARY STATEMENT

This release contains "forward-looking" statements regarding future results and events, including statements regarding expected financial results, future growth and customer demand that involve a number of risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed forward looking statements. Without limiting the foregoing, the words, "believes", "anticipates", "plans", "expects", "intends", "appears", "estimates", "projects", and similar expressions are intended to identify forward looking statements. The Company's actual future results may differ significantly from the results discussed in the forward-looking statements discussed in this release for a variety of reasons, including, without limitation, inability of the company to effect purchases of company stock at prices or on terms acceptable to the company, or as a result of market conditions or the restrictions, if any, placed on trading in the company's stock, shipments of new product introductions expected in the upcoming quarters such as ACQUITY UPLC(TM) and tandem quadrupole systems, 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 demands of the Company's healthcare and pharmaceutical company customers, changes in the healthcare market and the pharmaceutical industry, changes in distribution of the Company's products, service and distribution organizations, and foreign exchange fluctuations. Such factors and others are discussed more fully in the section entitled "Risk Factors" of the Company's Form 10-K for the year ended December 31, 2003, as filed with the Securities and Exchange Commission, which "Risk Factors" discussion is incorporated by reference in this press release. The forward-looking statements included in this press release represent the Company's estimates as of the date of this press release and should not be relied upon as representing the Company's estimates or views as of any date subsequent to the date of this press release. The Company specifically disclaims any obligation to update these forward-looking statements in the future.

CONTACT:
Waters Corporation
Gene Cassis, V.P. Investor Relations
508-482-2349