Q2 ‘03 Conference Call

March 5, 2003

Forward-Looking StatementsThis presentation contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current Company expectations and are subject to risks and uncertainties which could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to: fluctuations in foreign currency exchange rates; regulatory approval and market acceptance of new technologies; changes in product mix and product pricing and in interest rates and cost of raw materials; the Company’s success in enforcing its patents and protecting its proprietary products and manufacturing techniques and in integrating the operations of FSG into the Company’s existing business; global and regional economic conditions and legislative, regulatory and political developments; and domestic and international competition in the Company’s global markets. Additional information regarding these and other factors is available on the Web at www.pall.com and is included in the Company’s reports filed with U.S. Securities and Exchange Commission. Copies of such reports can be obtained, without charge, at: www.sec.gov.

Comparative Sales, Earnings & EPS Comparative Sales, Earnings & EPS Comparative Sales, Earnings & EPS Comparative Sales, Earnings & EPS

(in millions,

except EPS data) Q2 '03 Q2 '02 Change

Sales 388.5$ 285.4$ 103.1$

Pro Forma Earnings 32.0$ 18.4$ 13.6$

Pro Forma EPS 0.26$ 0.15$ 0.11$

Q2 ‘03 Pro Forma to As Reported Numbers

(in millions,

except EPS data)

Pretax

Earnings

(Loss)

Net

Earnings

(Loss)

Diluted

EPS

Pro Forma 41.0$ 32.0$ 0.26$

Less:

Severance (0.9) (0.6) (0.01)

As Reported 40.1$ 31.4$ 0.25$

Comparative Income StatementsComparative Income StatementsComparative Income StatementsComparative Income Statements(in millions, except EPS data) Q2 '03 % Q2 '02 %

Net sales 389$ $285

Cost of sales 200 51.5 145 50.9

Gross profit 189 48.5 140 49.1

SG&A 129 33.2 101 35.4

R&D 13 3.2 13 4.4

Net interest 6 1.6 3 1.0

ROTC 1 -

EBT 40 10.3 23 8.3

Income taxes 9 22.0 * 5 22.0 *

Net Earnings (Loss) 31$ 8.1 18$ 6.4

Diluted EPS 0.25$ 0.15$

Proforma Diluted EPS 0.26$ 0.15$

* Underlying Tax Rate

Balance Sheet:Working Capital $ 515 MStockholder’s Equity $ 844 MDSO 87 Inventory Turns 2.9% of Net Debt/Net Debt + Equity 39 %Cash Flow:EBITDA $ 117 MCapex $ 28 MDividends Paid $ 22 MNet Debt Reduction $ 41 M

Balance Sheet & Cash Flow DataBalance Sheet & Cash Flow DataBalance Sheet & Cash Flow DataBalance Sheet & Cash Flow Data

Foreign Exchange Impact

Balance Sheet Compared to Q4 '02Inventories $ 9.5 MAccounts Receivable 15.9 M Net Debt (4.8) M

Income Statement Compared to 6 mos '02Sales 31.5 MSG&A 12.3 M

Sales & Operating Profit – by Geography

(in millions) Q2 '02 Q2 '03 Q2 '02

Western Hemisphere 189.7$ 153.1$ 24.7$ 13.3$

Europe 185.5 119.6 29.3 19.2

Asia 72.3 54.4 11.2 8.8

Elim (59.0) (41.7) (2.3) (0.2)

Total Pall 388.5$ * 285.4$ 62.9$ 41.1$

* Compared to proforma Q2 '02 of $354.2 M, sales have increased nearly 10%.

Operating ProfitSales

Q2 '03

Sales & Operating Profit – by BusinessSales & Operating Profit – by BusinessSales & Operating Profit – by BusinessSales & Operating Profit – by Business

Sales

Life

Sciences

41%

Industrial

59%

Operating Profit

Industrial

54%

Life

Sciences

46%

$160.8 M

$227.7 M

$34.2 M

$28.7 M

Life Sciences Sales & Operating Profit

(in millions) Q2 '03 Q2 '02

Pro Forma

Q2 '02 (2) Q2 '03 Q2 '02

Medical (1) 79.1$ 72.7$ 72.7$ 12.7$ 11.6$

BioPharmaceuticals (1) 81.7 68.4 73.6 16.0 16.3

Total Life Sciences 160.8$ 141.1$ 146.3$ 28.7$ 27.9$

Sales Operating Profit

(1) 2002 amounts restated to reflect transfer of Critical Care from

BioPharmaceuticals to Medical.

(2) Includes FSG calendar year 2001 fourth quarter sales.

Industrial Sales & Operating Profit

(in millions) Q2 '03 Q2 '02

Pro Forma

Q2 '02 (1) Q2 '03 Q2 '02

General Industrial 140.9$ 80.7$ 136.4$ 14.2$ 5.8$

Aerospace 46.0 38.7 38.7 12.8 7.3

MicroElectronics 40.8 24.9 32.8 7.2 0.1

Total Industrial 227.7$ 144.3$ 207.9$ 34.2$ 13.2$

Sales Operating Profit

(1) Includes FSG calendar year 2001 fourth quarter sales.

Outlook for FY ’03

Original Expectations Mid-Year Outlook

Total SalesOrganic Growth mid single digits Same

Other Factors

Gross margins similar to Q4 Same

F/X adds $50 million $65M - $70M

F/X adds 8¢ to EPS 9 to 10¢

FSG adds 8 to 10¢ to EPS 10 to 12¢

Integration synergies of $15 M Same

FISCAL 2003 RANGE

Original Expectation: $0.95 to $1.15

Mid-Year Outlook: $1.02 to $1.12

Earnings Outlook for 2003Earnings Outlook for 2003Earnings Outlook for 2003Earnings Outlook for 2003

Q3’03 RANGE

28 to 33 cents per share