1. Presentation of Results for the year ended 31 st March 2001 7 th June 2001 Johnson Matthey

3. 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

4. Johnson Matthey

5. Summary Results 20012000 £m£m% Turnover 5,904 3,866+53 Op. Profit – Continuing175.2 146.5 +20 – Discontinued (0.2) (0.3) Interest 5.3 (2.4) Profit before tax*180.3 143.8 +25 Exceptionals0.5 13.6 Goodwill amortisation(0.3)(0.2) EPS* 58.1p 47.5p+22 Dividend 23.3p 20.3p+15 * Excluding exceptionals & goodwill amortisation

6. Operating Profit 20012000 £m£m% Catalysts & Chemicals 98.9 84.8 +17 Precious Metals 57.4 45.4 +26 Colours & Coatings 32.2 27.9 +15 Corporate (13.3)(11.6) 175.2 146.5 +20 2001 at 2000 exchange rates £m% 93.5 +10 56.0 +23 32.6 +17 (13.3) 168.8 +15

7. ROS 20012000 % 17.517.2 35.540.0 12.911.9 17.917.4 Return on Sales Excluding Precious Metals Sales excl. PM’s 20012000Growth £m£m% Catalysts & Chemicals565494+14 Precious Metals162114 +42 Colours & Coatings250234+7 977841+16

8. 2000 £146.5m 2001 £175.2m Europe Rest of World Asia North America Geographical Split Geographical Split Operating Profit

9. Interest 20012000 £m Financial 6.7 (0.2) Gold & Silver leases(1.4) (2.2) 5.3 (2.4)

10. Taxation 20012000£m Underlying tax52.2 40.4 Tax on exceptionals 0.1 4.9 52.3 45.3 Average tax rate 29.0%28.8% Underlying tax rate29.0%28.1%

11. Return on Investment 20012000£m Operating profit175 146 Average assets: Equity and minorities 808 659 Cumulative goodwill w/o 46 109 Net (cash) / borrowings (153) 28 Total investment701 796 Pre-tax ROA25.0%18.4% Post-tax ROA17.8%13.2% Economic value added£53m£32m

12. Free Cash Flow 20012000£m Operating profit174.1 136.2 Depreciation and amortisation 41.1 46.6 Working capital / other (58.7) (52.5) Cash flow from operations156.5 130.3 Interest / tax / dividends(78.8) (78.1) Capex - gross(98.9)(63.4) - disposals 4.2 9.1 - EMD- (11.4) Free cash flow (17.0)(13.5)

13. Net Cash Flow 20012000£m Free cash flow(17.0) (13.5) Acquisitions(7.5) (2.9) Disposals 0.6 401.7 Shares issued 7.9 8.0 Net cash flow (16.0)393.3 Exchange (9.9) (5.9) Movement in debt(25.9)387.4

14. Capital Mar 01Mar 00£m Net (cash) / debt (140)(166) Equity and minorities856 760 Capital employed716 594

15. Operating ProfitSales 0 20 40 60 80 100 +17%+76% 2000200120002001 £m 0 600 900 1200 1500 300 1800 Catalysts & Chemicals Division 856 84.8 1,503 98.9

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

18. 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

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

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

21. Operating ProfitSales +26%+55% 2000200120002001 £m 0 1400 2100 2800 3500 700 4200 0 10 20 30 50 60 40 Precious Metals Division 2,672 45.4 4,146 57.4

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

23. Mar99 Mar00 Mar01 Jun01 US $ Platinum & Palladium Prices

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

25. +15%+6% 2000200120002001 £m 0 100 150 200 250 50 300 Operating ProfitSales 0 5 10 15 25 30 20 35 Colours & Coatings Division 241 27.9 255 32.2

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

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

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

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

30. Johnson Matthey