Analyst & Investor Day

2022 Analyst & Investor Day May 19, 2022 watersTM

Caspar Tudor Head of Investor Relations watersTM waters

watersTM Cautionary Statements This estimates. presentation For this contains purpose, forward-looking any statements statements that

are not regarding statements future of historical results and fact events, may be including deemed financial forward-looking and operational statements. guidance Words and such projected as may, conditions

will, expect, or circumstances) plan, anticipate, are intended estimate, to identify intend forward-looking , project and statements. similar expressions

Forward-looking (as well as statements other words are or based expressions on current referencing expectations future and events, products, assumptions and and customer currently trends. available You data should and not are

place neither undue predictions reliance nor on forward-looking guarantees of future statements, events or which performance, speak only market as of the growth, date success hereof and of our should not be update relied or

upon revise as any representing forward-looking the Company s statements estimates after they or are views made, as of whether any date as subsequent a result of new to the information, date of this future presentation. events, or We otherwise,

do not undertake except as to required by for applicable reference purposes, law. Please only, also and note has that not the been guidance updated provided or reaffirmed herein as with of respect this or any to 2022, other

which date. The was Company s first publicly actual disclosed future on results May 3, may 2022, differ is included risks significantly related from to the the effects results of discussed the ongoing in COVID-19 the forward-looking pandemic statements on our business, within this financial presentation condition, for results a variety of operations of reasons, and including prospects, and without including:

limitation, portions of other our reasons global workforce related to being the pandemic, unable to increased work fully and/or risks of effectively cyber-attacks due resulting to working from remotely, our temporary illness,

quarantines, remote working government model, disruptions actions, facility in our closures or manufacturing unable to make capabilities timely payments or to our for supply purchases chain, and volatility volatility and in

uncertainty demand for in our global products; capital foreign markets exchange limiting rate our ability fluctuations to access potentially capital, affecting customers translation being companies; of the Company s environmental future non-U. and logistical S. operating obstacles results; affecting fluctuations the distribution in expenditures of products by the Company s and risks associated customers, with in particular lawsuits and large

other pharmaceutical legal actions, sections particularly entitled involving Forward-Looking claims for infringement Statements of patents and Risk and Factors other intellectual of the Company s

property rights. annual Such report factors on Form and 10-K others for are the discussed year ended more December fully in 31, the 2021 as filed Company s with the Quarterly Securities Reports and

Exchange on Form Commission 10-Q, as well on as February the Company s 24, 2022, 2021 as Annual updated Report. by the Company s subsequent filings with the SEC, including the This These presentation

measures should contains always certain be non-GAAP considered measures, in conjunction which with are the provided appropriate to assist GAAP in an measure. understanding Reconciliations of the Company s

of non-GAAP business amounts and to its the performance. GAAP amounts filings with are the included SEC. in the Appendix to this presentation, available on the Company s website at:

https://ir.waters.com/, and in the Company s Form 8-K filings with the SEC. 2022 Waters Corporation 2

Today s Agenda watersTM Dr. Udit Batra President & Chief Executive Officer Appointed September 2020; previously CEO

of life science business of Merck KGaA B.S. and Ph.D. in Chemical Engineering 1 Waters Value Creation Model 10:00am ET 20 mins Jon Pratt SVP, Waters Division Appointed 2019; previously President of Beckman Coulter Life Sciences B.S. in Chemistry;

MBA Jianqing Bennett SVP, TA Instruments Division and Clinical Business Appointed 2021; previously SVP of High Growth Markets, Beckman Coulter Diagnostics B.S. in Biomed. Eng.; MBA Amol Chaubal SVP, Chief Financial Officer Appointed 2021; previously

CFO at Quanterix and CFO of Global Ops, Smith & Nephew Masters in Chem. Eng.; MBA Q&A Panel 2 Transformation & Growth 10:20am ET 40 mins 3 Delivering Strong, Consistent Results 11:00am ET 20 mins 4 Q&A Session 11:20am ET 40

mins 2022 Waters Corporation 3

watersTM Dr. Udit Batra President & Chief Executive Officer

watersTM Key Messages Attractive and Resilient Base Waters Back on Track Executing Growth Plan 2022 Waters Corporation 5

Waters at a Glance watersTM $2.8B 2021 Revenue 30.2%1 2021 Operating Margin 7,800+ Employees Worldwide 35+ Countries with Operations

Member of Dow jones sustainability indices powered by the s&p global CSA MSCI AAA ESG RATINGS CCC B BBB A AA AAA BIOTECH BREAKTHROUGH Note: https://ir 1. .Operating waters.com/ margin . Source: is adjusted Waters non Corporation -GAAP operating

information margin and percentage data . See reconciliation of the non-GAAP measures to the most directly comparable GAAP measures in the Appendix of this presentation and available on the Company s

website at: 2022 Waters Corporation 6

WatersTM Large and Growing End Markets Pharma PHARMA HSD Manufacturing biologics and novel

volume; modalities; outsourcing CLINICAL MSD-HSD Early volume disease of testing detection; Industrial & Applied FOOD & ENVIRONMENT MSD health; Safe

food, population water, and growth environmental MATERIAL S MSD Battery testing; Sustainable polymers Academic & Government LSD MSD Government funding WATERS 2021 REVENUES $2.8B % OF TOTAL 60% 30% 10% TOTAL MARKET = $70

BILLION Note: Growth rates here reflect our internal analysis of historical market trend data, which are subject to future changes. Source: Waters data and estimates, consulting data, industry reports and market research. 2022 Waters

Leadership Positions Across Whole Portfolio #1 #3 waterTM Waters Portfolio (select products shown) Chromatography Liquid ArcTM

HPLC Acquitytm Premier Spectrometry Mass XevoTM TQ ABSOLUTE selectTM series cyclic ims waters advanced mass spectrometry Instruments TA DISCOVERY HR DISCOVERY TGA Chemistry Precision maxpeakTM premier Service Informatics Enterprise empowerTM

waters_connectTM INSTRUMENTS RECURRING REVENUES 2022 Waters Corporation 8

A Simple and Repeatable Business Model watersTM 150K+ installed base 5-to-7-year replacement cycle 1 Deep understanding of customer unmet needs R&D = ~9% of revenues1 Embedded within Top 50 Pharma Companies #1 Chromatography Data System 2 Innovator in small molecule

and biologic separations Leader in analytical chemistry solutions Strong technical expertise Top-ranked Field Services2 4 Simplified sophisticated instruments services to maximize productivity and utilization

customized consumables informatics designed for regulatory submission simple compliant efficient for high volume applications Source: Note: 1. Waters Total R&D data spending and estimates as a percentage . All data are of estimates non-service based total on company internal revenue projections FY- 21 and 2 represent . Multiple forward Achievement -looking in statements Customer Excellence

and are subject Awards to inherent (Confirmit) uncertainties for proven that excellence could cause and innovation actual results in Customer to differ and Experience such differences programs could . be material. Please refer to the Company s

Cautionary Statements. 2022 Waters Corporation 9

Enables Excellent Financials watersTM Organic Sales Growth1 2-yr CAGR FY20-21 5% Peer Average 7% waters Operating Margin2 FY-21 23% Peer Average 30% waters ROIC3 Avg FY19-21 12% Peer Average 40% waters

Note: most relevant 1. Based comparison on calculations to Waters comparing business), Waters excluding FY20-FY21 COVID-19 2-yr CAGR impacts. constant 2. Based

currency on calculations organic growth comparing rate with Waters that of FY-21 peers, non-GAAP based on operating their publicly margin reported percentage total

performance with that of or peers, analytical based instrument on their publicly segment reported performance total performance (depending or on analytical which is the Return instrument on Invested segment Capital, performance calculated (depending

as: ROIC on which = (Non-GAAP is the most EBIT relevant *(1 t))/invested comparison capital; to Waters Invested business) capital . 3. = Based equity + on long calculation term debt.

comparing See reconciliations Waters 3-year of the average non-GAAP ROIC measures with that of to peers, the most based directly on their comparable publicly GAAP

reported measures total performance. included in ROIC the is Appendix of this presentation and available on the Company s website at: https://ir.waters.com/. Source: FactSet; Company public releases; Waters data, analysis, and estimates

2022 Waters Corporation 10

Key Messages watersTM Attractive and Resilient Base Waters Back on Track Executing Growth Plan 2022 Waters Corporation 11

Transformation on Track WATERSTM Regained Commercial Momentum Built a Strong Team Growth Plan on Track 2022 Waters Corporation 12

Specific Commercial Initiatives Market+ Growth Drivers 1 Instrument Replacement 2 Service Attachment 3 Contract Organizations 4

eCommerce Adoption 5 Launch Excellence +~100bps average growth 2022 24 2022 Waters Corporation 13

Regained Commercial Momentum watersTM Organic Revenue Growth In Constant Currency 6% 4% Market Growth Range 2017 2018 1% 2019 7% 2020

21 (2-yr stacked) 7.5 9% FY 2022 Guidance year Note: 2022 Showing guidance, Waters as year-over-year communicated growth during our rate 1Q22 from 2017 earnings through call on 2019 May

then 3, 2022. two year All growth stacked rates analysis organic for years in constant 2020 and currency. 2021 to See adjust reconciliation for the distorting of the non-GAAP effects of the measures Covid-19 to the pandemic, most directly followed comparable by our current GAAP full- measures included in the Appendix of this presentation and available on the Company s website at: https://ir.waters.com/.

Source: Company public releases, Waters Analysis 2022 Waters Corporation 14

Continuing Strength Q1 2022 Q1 2022 Waters Constant Currency Revenue Growth: +16% Y/Y watersTM Portfolio Instruments +26% Service +9%

Chemistry +8% TA +18% Geography Americas +26% Europe +9% China +17% APAC (ex-China) +12% Customer Pharmaceutical +19% Industrial +17% Academic & Govt. +4% Note: https://ir A .reconciliation

waters.com/. of APAC these (ex non -China) -GAAP sales measures growth to as the reported most directly was 5% comparable and China GAAP sales growth measures as reported is included was in 18% the Appendix of this presentation and in the

Company s press release dated May 3, 2022, available on the Company s website at: 2022 Waters Corporation 15

New Leadership Capabilities in Place watersTM Dr. Udit Batra CEO Jon Pratt Waters Division Jianqing Bennett TA Instruments

Division & Clinical Business Dan Welch Operations Amol Chaubal CFO & IT Dr. Dan Rush Strategy & Transformation Kristen Garvey Communications Dr. Belinda Hyde HR Keeley Aleman Legal LOVE FOR FOCUS ON EXPERIENCED

WITH SCIENCE EXECUTION TRANSFORMATION 2022 Waters Corporation 16

Innovation Contributing Strongly (1/2) WATERSTM ARCTM HPLC AcquityTM PREMIER MAXPEAKTM PREMIER Note: *1Q22 Unit sales of Arc HPLC and

Acquity Premier were over 3x 1Q21 levels Launched June 2020 Launched February 2021 Launched October 2020 Demand grew 3x Y/Y* Fastest column launch in Waters history 2022 Waters Corporation 17

Innovation Contributing Strongly (2/2) watersTM 50% faster analysis time waters_connectTM waters_connect for quantitation efficiency

like never before 15x More sensitive 50% reduction in environmental footprint 50% smaller size xevoTM tq absolute Source: spectrometry Waters -systems/xevo TQ Absolute -tqabsolute product specifications .html . For waters versus _connect those

published for quantitation, for a competitor s more details leading at https://www high-performance .waters.com/nextgen/us/en/products/informatics TQ MS system, -and-software/waters_connect-for-quantitative-analysis.html ass- 2022 Waters Corporation 18

Attractive and Resilient Base

Waters Back on Track

Executing Growth Plan

2022 Waters Corporation

Waters of the Future

Problems That Matter

2022 Waters Corporation

Simple Business Model Applied to Problems That Matter Core Pharma QA/QC, Food and Environmental Safety, Clinical Diagnostics, Materials

Testing Bio-separations Bioprocess Characterization Battery Testing Contract Research Contract Manufacturing Evaluation of Problems That Matter 1 UNMET NEEDS 2 PROOF OF CONCEPT 2022 Waters

Access to High-Growth Adjacencies

Bio-separations Separating and purifying newer modalities ~$1.2BN HSD DD

Bioprocess Decoupling the process from the product for

Characterization ~$0.5BN DD+

manufacturing of large molecules

LC-MS in An unbiased, multiplexed, multiomic, and ultra-

Diagnostics high sensitivity diagnostic solution ~$1.2BN HSD DD

Battery Testing meet

Developing evolving end safety -to-end standards testing capabilities to ~$0.8BN DD

Sustainable Enabling the formulation of more sustainable

uncertainties Source: IMS/IQVIA that could Clinical cause

Market actual Data; results M&M to differ Report; and Kalorama; such differences BBC Market could Report; be material Waters . Please Corporation refer to information the Company s and analysis Cautionary . Note: Statements data represents

. Market forward growth rates looking estimated statements from and Waters are subject internal to estimates, inherent comprised from consulting data, industry reports and market research.

2022 Waters Corporation

A Problem Worth Solving

Separating the Process

2022 Waters Corporation

Collaborations Accelerate Progress

2022 Waters Corporation

Commitment to Leave the World a Better Place

ENVIRONMENTAL Reduce our environmental footprint >50% of direct procurement spend with suppliers with sustainability goals or environmental KPIs* SOCIAL Grow