Presentation of Results for the year ended 31 st March th June 2001 Johnson Matthey

Overview  An excellent year  Operating profit up 20%  All three divisions producing strong organic growth  Profit before tax up 25% to £180.3 million  Accelerated investment in growth businesses

Johnson Matthey

Summary Results £m£m% Turnover 5,904 3, Op. Profit – Continuing – Discontinued (0.2) (0.3) Interest 5.3 (2.4) Profit before tax* Exceptionals Goodwill amortisation(0.3)(0.2) EPS* 58.1p 47.5p+22 Dividend 23.3p 20.3p+15 * Excluding exceptionals & goodwill amortisation

Operating Profit £m£m% Catalysts & Chemicals Precious Metals Colours & Coatings Corporate (13.3)(11.6) at 2000 exchange rates £m% (13.3)

ROS % Return on Sales Excluding Precious Metals Sales excl. PM’s Growth £m£m% Catalysts & Chemicals Precious Metals Colours & Coatings

2000 £146.5m 2001 £175.2m Europe Rest of World Asia North America Geographical Split Geographical Split Operating Profit

Interest £m Financial 6.7 (0.2) Gold & Silver leases(1.4) (2.2) 5.3 (2.4)

Taxation £m Underlying tax Tax on exceptionals Average tax rate 29.0%28.8% Underlying tax rate29.0%28.1%

Return on Investment £m Operating profit Average assets: Equity and minorities Cumulative goodwill w/o Net (cash) / borrowings (153) 28 Total investment Pre-tax ROA25.0%18.4% Post-tax ROA17.8%13.2% Economic value added£53m£32m

Free Cash Flow £m Operating profit Depreciation and amortisation Working capital / other (58.7) (52.5) Cash flow from operations Interest / tax / dividends(78.8) (78.1) Capex - gross(98.9)(63.4) - disposals EMD- (11.4) Free cash flow (17.0)(13.5)

Net Cash Flow £m Free cash flow(17.0) (13.5) Acquisitions(7.5) (2.9) Disposals Shares issued Net cash flow (16.0)393.3 Exchange (9.9) (5.9) Movement in debt(25.9)387.4

Capital Mar 01Mar 00£m Net (cash) / debt (140)(166) Equity and minorities Capital employed

Operating ProfitSales %+76% £m Catalysts & Chemicals Division ,

Catalytic Systems  Sales volume up 9%  Growth in market share  New facilities  New process technology

Fuel Cells  Testing facility complete  Ballard co-operation expanded  Expanding existing capacity for catalyst, MEAs and fuel processors  Planning MEA manufacturing plant, UK site found

Chemicals  Buoyant market for PGM refining activities  Strong growth in process catalysts and PGM chemicals  Major investment in upgrading and expanding refining capacity

Pharmaceutical Materials  Strong growth in platinum pharmaceuticals  Good initial sales of chiral methylphenidate  Pharm-Eco acquisition

Operating ProfitSales +26%+55% £m Precious Metals Division 2, ,

Precious Metals Division  Strong growth in Platinum  Good year for fabricated products  Growth in components for medical devices  Gold business slightly down

Mar99 Mar00 Mar01 Jun01 US $ Platinum & Palladium Prices

Precious Metals Division  Strong growth in Platinum  Good year for fabricated products  Growth in components for medical devices  Gold business slightly down

+15%+6% £m Operating ProfitSales Colours & Coatings Division

Colours & Coatings Division  Improving financial performance  Strong growth in Tile  Good performance from Glass  Investment in growth markets  Tableware restructuring benefits delivered

Strategy  Focused the group  Invest in organic growth  Complementary acquisitions

Outlook - Major Projects  Autocatalyst - new process technology  PGM refining expansion  Complete new pharmaceutical facility  Tile facilities in Spain / Brazil  Fuel cells

Outlook - Prospects  Continued good growth in Catalytic Systems  Prospects for Platinum favourable  Encouraging start to the new year

Johnson Matthey