1. Presentation of Results for the half year ended 30th September 2003
Johnson Matthey E
Presentation of Results for the half year ended 30th September 2003
27th November 2003

2. Johnson Matthey E

3. Overview Operating profit up 13% to £103.1 million
PBT up 4% to £97.5 million, EPS up 5% to 31.8p
Strong growth in Catalysts with good contribution from former Synetix businesses
Good performance from Pharmaceutical Materials
Renewed long term contracts agreed with Anglo Platinum
Group to divest Structural Ceramics and Speciality Coatings

4. Johnson Matthey E

5. Summary Results 1H 1H 2003 2002 restated £m £m %
restated
£m £m %
Turnover 2, ,247 -4
Sales excluding precious metals
Operating profit*
Interest (8.5) (4.3)
Net return on pension
Profit before tax*
Exceptional items - -
Goodwill amortisation (9.9) (4.8)
EPS * p p +5
Dividend p p +5
* Before goodwill amortisation

6. *Excluding South African rand
Operating Profit
1H 1H
restated £m £m %
Catalysts
Precious Metals
Colours & Coatings
Pharmaceutical Materials
Corporate (7.8) (7.9)
*Excluding South African rand
1H 2003 at 1H 2002
exchange rates*
£m %
(7.8)

7. Geographical Split Operating Profit
2002 restated
£91.0m 1H
2003
£103.1m
15%
16%
28% 7%
37%
12%
49%
36%
Europe
Asia
North America
Rest of the World

8. Interest 1H 1H 2003 2002 £m £m Financial (8.0) (3.7)
£m £m
Financial (8.0) (3.7)
Gold & silver leases (0.5) (0.6) (8.5) (4.3)

9. Net Return on Retirement Benefits Assets and Liabilities
1H 1H
restated
£m £m
Expected return on scheme assets
Interest on scheme liabilities (15.9) (16.3)

10. Taxation 1H 1H 2003 2002 restated £m £m Underlying tax 29.2 27.8
restated
£m £m
Underlying tax
Tax on goodwill amortisation (1.2) -
Underlying tax rate % %

11. Net Cash Flow 1H 1H 2003 2002 restated £m £m
restated
£m £m
Operating profit
Depreciation and amortisation
Working capital / other (0.4)
Cash flow from operations
Interest / tax / dividends (66.2) (60.5)
Capex (62.4) (58.3)
Acquisitions / disposals
Shares issued / (bought)
Net cash flow (0.4)

12. Capital Sep 03 Mar 03 restated £m £m Net debt 380 402
Equity and minorities
Capital employed 1,240 1,213
Gearing 44% 50%
(debt / equity + minorities)
Interest cover 12x 14x

13. Catalysts Division ECT ahead with growth in Asia and HDD
Strong performance from PCT
1 Restated for FRS 17

14. Environmental Catalysts and Technologies
US light vehicle sales 1% down, production more than 7% lower
European sales slightly up, production 2% down on last year
Car sales in China strongly ahead spearheading good growth in Asia
Excellent progress in heavy duty diesel catalysts

15. Global HDD Legislation
EU III (2000)
EU IV (2005)
EU V (2008)
US 2004
US 2007
US 2010
Japan 2003
Japan 2005
0.02
0.04
0.06
0.08
0.10
0.12
0.14
0.16
0.18
0.20
0.5 1
1.5 2
2.5 3
3.5 4
4.5 5
5.5 6
NOx emissions (g/kW-hr)
Particulate matter emissions (g/kW-hr)
JM current
technology

16. Heavy Duty Diesel Full portfolio of HDD technologies
Strong market position, proven durability
Retrofit programmes in cities around the world
Opportunities in light duty diesel markets

17. Process Catalysts and Technologies
Successful integration of Synetix
Good growth in process catalysts
PGM refining business continues to be affected by weak palladium prices
Research Chemicals business again performs well

18. Process Catalysts and Technologies
Focus on seven catalyst markets
Leading positions in each of these segments
Major strategic growth opportunity in GTL

19. Fuel Cells
Numbers of pre-commercial small stationary fuel cells almost double
Vehicle test fleets continue to expand
Growing demand for MEA products from Swindon

20. Precious Metals Fall in palladium and rhodium prices
Platinum demand remains robust
1 Restated for FRS 17

21. Platinum, Palladium and Rhodium Prices
US$

22. Precious Metals PGM basket price very similar to last year
Strong platinum price offset by much weaker palladium and rhodium
Continued decline in trading activity
Fabricated pgm businesses continue to perform well
Gold refining business down. Margins remain under pressure

23. Precious Metals Renewed Anglo Platinum contracts
Carries relationship well into next decade
Short term fall in group income
Income will grow as pgm sales increase
Underpins longer term growth of division

24. Pharmaceutical Materials
Good growth in profits
Strong performances from West Deptford and Macfarlan Smith
1 Restated for FRS 17

25. Pharmaceutical Materials
West Deptford – increased sales of controlled substances and platinum drugs
Macfarlan Smith – profits well ahead with good growth in sales of specialist opiates
Pharm-Eco – weak market in first quarter, however gained new business and market since recovered

26. Pharmaceutical Materials
New opiates facility at West Deptford completed. In production by end of fiscal year
New production capacity for specialist products at Macfarlan Smith
Significant progress on prostaglandins
New product pipeline increased to 71 compounds in development, with several new products introduced this year

27. Colours & Coatings Good progress despite mixed markets
Glass performs well
1 Restated for FRS 17

28. Colours & Coatings Good growth in Glass business
Structural Ceramics down in weak markets
Speciality Coatings benefits from lower costs

29. Colours & Coatings Strategic review by Board
Invite offers for combined Structural Ceramics and Speciality Coatings businesses
Retain businesses with close links to rest of Johnson Matthey

30. Outlook Further growth from Catalysts and Pharmaceutical Materials
PMD impacted by renewed Anglo Platinum contracts
Currency effect – impact of weak US dollar
Confident of growth in earnings and dividends

31. Longer Term Outlook
Major growth opportunities in Catalysts, Fuel Cells and Pharmaceutical Materials
Renewed Anglo Platinum contracts underpin long term growth of Precious Metals

32. Johnson Matthey E