Why Waters Image Descriptions

A Strong, Reliable Business Model

• Deep understanding of customer unmet needs (R&D = ~9% of Revenues¹)
  1. Simplified sophisticated instruments
     • 150k+ installed base with 5-to-7-year replacement cycle
  2. Informatics designed for regulatory submission
     • Embedded within Top 50 Pharma Companies
     • #1 Chromatography Data System
  3. Customized Consumables
     • Innovator in small molecule and biologic separations
     • Leader in analytical chemistry solutions
  4. Services to maximize productivity and utilization
     • Strong technical expertise
     • Top-ranked Field Services²

Note: 1. Total R&D spending as a percentage of non-service total company sales revenue FY-21; 2. Multiple ‘Achievement in Customer Excellence’ Awards (Confirmit) for proven excellence and innovation in Customer Experience programs. Source: Waters data and estimates. All data are estimates based on internal projections and represent forward-looking statements and are subject to inherent uncertainties that could cause actual results to differ and such differences could be material. Please refer to the Company’s Cautionary Statements.

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Serving Sustainable Growth Markets

• Pharma (60%)

  • Pharma HSD Manufacturing volume; biologics and novel modalities; outsourcing
  • Clinical MSD-HSD Early disease detection; volume of testing

• Industrial and Applied (30%)

  • Food and Environment MSD Safe food, water, and environmental health; population growth
  • Materials MSD Battery testing; Sustainable polymers

• Academic & Government (10%)

  • LSD – MSD Government funding

Total Market = $70+ Billion

Note: Revenue analysis for FY-21. Growth rates here reflect our internal analysis historical market trend data, which are subject to future changes. Source: Waters data and estimates, consulting data, industry reports and market research.

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With an Innovative Portfolio

Waters Portfolio (select products shown)

1. Instruments
   • Liquid Chromatography
     • Arc HPLC
     • Acquity Premier
   • Mass Spectrometry
     • Xevo TQ Absolute
     • Select Series Cyclic IMS
   • TA Instruments
     • Discovery HR
     • Discovery TGA
2. Recurring Revenues
   • Precision Chemistry
     • MaxPeak Premier Columns
   • Service
   • Enterprise Informatics
     • Empower
     • waters_connect

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