1. Presentation of Results for the year ended 31 st March 2003 5 th June 2003 Johnson Matthey 

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3.  Overview  Operating profit up 6% to £205.7 million  Catalysts performs well led by good growth in ECT  Acquisition of Synetix  Strong growth in Pharmaceutical Materials  PBT up 3% at £192.5 million

4.  Johnson Matthey 

5.  Summary Results 20032002 £m£m% Turnover 4,324 4,830 -10 Sales excluding 1,1591,093+6 precious metals Operating profit* 205.7 193.3 +6 Interest (13.2) (6.1) Profit before tax* 192.5 187.2 +3 Exceptional items (2.7) (23.7) Goodwill amortisation (13.7) (6.8) EPS* 62.6p 60.4p +4 Dividend 25.5p 24.6p +4 * Before exceptional items and goodwill amortisation

6.  20032002 £m£m% Catalysts 104.494.7+10 Precious Metals50.155.9 -10 Colours & Coatings28.525.5+12 Pharmaceutical Materials36.931.3+18 Corporate (14.2) (13.6) Discontinued - (0.5) 205.7193.3+6 2003 at 2002 exchange rates £m% 111.7+18 51.2-8 28.2+11 38.8+24 (14.2) - 215.7+12 Operating Profit

7.  ROS 20032002 % 16.015.9 38.039.1 11.310.2 30.330.9n/m17.7 Sales excl. PM’s 20032002Growth £m£m% Catalysts 652597+9 Precious Metals132143 -8 Colours & Coatings253251+1 Pharmaceutical Materials122101+20 Discontinued -1 1,1591,093 +6 Return on Sales Return on Sales Excluding Precious Metals

8.  2002 £193.3m 2003 £205.7m Europe Rest of World Asia North America Geographical Split Geographical Split Operating Profit

9.  Interest 20032002 £m Financial (12.0) (2.6) Gold & silver leases(1.2) (3.5) (13.2) (6.1) Interest Cover15.6x31.7x

10.  Exceptional Items 2003 £m Synetix integration(6.5) Sale of unhedged palladium 5.1 Rationalisation of Australia (1.4) Other rationalisation costs (4.8) Formation of AGR Matthey(6.0) Anglo Platinum stake in Fuel Cells 10.9 Total(2.7) Taxation thereon 2.0 Impact on earnings(0.7)

11.  Taxation 20032002£m Underlying tax 57.2 56.0 Tax on exceptionals (2.0) (5.8) Tax on goodwill amortisation (0.7) - 54.550.2 Underlying tax rate29.7%29.9%

12.  Return on Investment 20032002£m Operating profit206 193 Average assets: Equity and minorities 862 814 Cumulative goodwill w/o 43 46 Net borrowings 281 10 Total investment1,186 870 Pre-tax ROA17.3%22.2% Return on invested capital12.2%15.6% WACC 8%9%

13.  Pro forma Current AdjustmentsFRS17 £m£m£m Catalysts 104.4(9.1)95.3 Precious Metals 50.1(2.1) 48.0 Colours & Coatings28.5(3.2)25.3 Pharmaceutical Materials36.9(0.2)36.7 Corporate (14.2) (1.9) (16.1) 205.7 (16.5) 189.2 Net interest (13.2) - (13.2) Net return on pension - 13.9 13.9 192.5 (2.6)189.9 Estimated net return on pension 2003/04 £6.7m Impact of FRS17 on Profit 2002/03

14.  Free Cash Flow 20032002£m Operating profit184 169 Depreciation and amortisation 68 55 Working capital / other (22) - Cash flow from operations230 224 Interest / tax / dividends (110) (113) Capex (125) (131) Free cash flow (5) (20)

15.  Net Cash Flow 20032002£m Free cash flow (5) (20) Acquisitions / disposals(249) (145) Shares issued / (bought) 3 (44) Net cash flow (251)(209) Debt acquired with subs.-(47) Loan notes issued(7)(41) Finance leases-(4) Exchange 14 2 Movement in debt(244)(299)

16.  Capital Mar 03Mar 02£m Net debt 402 159 Shareholders’ funds896 814 Minority interests11 4 Capital employed1,309 977 Gearing44%19% (debt / equity + minorities)

17.  Johnson Matthey 

18.  Catalysts Division

19.   Good growth led by autocatalysts  Synetix performing well

20.  Environmental Catalysts and Technologies  Global car sales 1% up in our fiscal year  Our volumes flat on last year

21.  Environmental Catalysts and Technologies Current Standards Data interpolated where standards progressively change

22.   China plant operating profitably  Expansion in South Africa and Malaysia  GM business in Europe  Big increase in heavy duty diesel sales Environmental Catalysts and Technologies

23.   Good sales of pgm catalysts  PGM refining impacted by lower metal prices  Strong growth in Research Chemicals  Synetix now fully integrated into PCT Process Catalysts and Technologies

24.  Ammonia (#2) 22% share Food for the world Hydrogen (#2) 35% share Upgrading the refinery Oleochemicals (#2) 30% share Speciality and natural Inks (#1) 50% share For premier packaging Edible Oils (#1) 40% share Margarine, mayonnaise, chocolate Methanol (#1) 50% share Fuel of the future Alcohols (#2) 25% share Asian growth market A Leading Position in Each Sector

25.  Fuel Cells

26.   Phased expansion of Swindon MEA plant progressing to plan  Johnson Matthey selected as MEA supply partner by industry leaders  Growing number of fuel cell collaborations and demonstrations

27.  Fuel Cell Cars

28.  Madrid Demonstration Bus

29.  Precious Metals

30.   Weak palladium and rhodium prices  Sales and profits below last year Precious Metals

31.  Platinum and Palladium Prices US$

32.   Outlook for platinum remains robust  Noble Metals continues to perform well  Difficult trading conditions in Gold & Silver Precious Metals

33. Colours & Coatings

34.  Good profit growth, margins up  Rationalisation successfully completed Colours & Coatings

35.  Good growth in Glass  New frit capacity in Spain and Brazil  Speciality Coatings benefits from cost reduction  Cash generator Colours & Coatings

36.  Pharmaceutical Materials

37.   Sales and profits well ahead  Good results in all three businesses Pharmaceutical Materials

38.   Good results from new products  Poppy straw extraction  Expansion at Pharm-Eco  Cascade Biochem Pharmaceutical Materials

39.  Nov 02 19 13 3 9 24 Mar 03 15 14 3 11 27 Pharmaceutical Materials Pharmaceutical Materials New Product Pipeline

40.  Pharmaceutical Materials  Macfarlan Smith sales into US  Development agreement for Cascade products  Manufacture of morphine & codeine in US  Manufacture of prostaglandin intermediates

41.  Outlook  Good growth in operating profit  Increased interest charge  Future growth initiatives

42.  Johnson Matthey 