Presentation of Results for the half year ended 30th September 2002 Johnson Matthey E Presentation of Results for the half year ended 30th September 2002 28th November 2002 1

Johnson Matthey E 2

Overview Profit before tax up 3% to £95.0 million Operating profit up 5% to £99.3 million Good growth from Catalysts & Chemicals and Pharmaceutical Materials Synetix acquisition provides significant new opportunities Precious Metals hit by lower average prices and subdued trading conditions First phase of Swindon MEA factory complete

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Summary Results 1H 1H 2002 2001 £m £m % Turnover 2,247 2,647 -15 2002 2001 £m £m % Turnover 2,247 2,647 -15 Operating profit* 99.3 94.4 +5 Interest (4.3) (2.2) Profit before tax* 95.0 92.2 +3 Exceptional items - 1.6 Goodwill amortisation (4.8) (2.4) EPS * 30.7p 29.5p +4 Dividend 7.8p 7.5p +4 * Before exceptional items and goodwill amortisation

*Excluding South African rand Operating Profit *Excluding South African rand 1H 2002 at 1H 2001 exchange rates £m % 49.9* +11 25.8 -12 13.3 -8 19.6 +50 (6.7) - 101.9* +8 / Currency Effect 1H 1H 2002 2001 £m £m % Catalysts & Chemicals 48.3 45.1 +7 Precious Metals 25.4 29.3 -13 Colours & Coatings 13.3 14.5 -8 Pharmaceutical Materials 19.0 13.1 +45 Corporate (6.7) (7.1) Discontinued - (0.5) 99.3 94.4 +5 7

Geographical Split Operating Profit 2002 £99.3m 1H 2001 £94.4m 10% 15% 7% 6% 35% 43% 40% 44% Europe Asia North America Rest of the World

Interest 1H 1H 2002 2001 £m £m Financial (3.7) (0.4) 2002 2001 £m £m Financial (3.7) (0.4) Gold & Silver leases (0.6) (1.8) (4.3) (2.2)

Taxation 1H 1H 2002 2001 £m £m Underlying tax 28.2 27.2 2002 2001 £m £m Underlying tax 28.2 27.2 Tax on exceptionals - 2.2 28.2 29.4 Underlying tax rate 29.7% 29.5%

Net Cash Flow 1H 1H 2002 2001 £m £m Operating profit 94.5 99.1 2002 2001 £m £m Operating profit 94.5 99.1 Depreciation and amortisation 29.9 25.4 Working capital / other (8.7) (10.1) Cash flow from operations 115.7 114.4 Interest / tax / dividends (60.5) (55.3) Capex (58.3) (67.2) Acquisitions / disposals 1.0 (141.0) Shares issued / (bought) 1.7 (39.6) Net cash flow (0.4) (188.7)

Capital Sep 02 Mar 02 £m £m Net debt 149 159 Equity and minorities 852 818 Capital employed 1,001 977 Gearing 18% 19% (debt / equity + minorities) Interest cover 23x 43x

Divisional Performance Sales Profits 1H 1H 2002 2002 £m % £m % Catalysts & Chemicals 526 -30 48.3 +7 Precious Metals 1,523 -12 25.4 -13 Colours & Coatings 132 +1 13.3 -8 Pharmaceutical Materials 66 +63 19.0 +45

Key Issues Autocatalysts and car sales Synetix Fuel Cells PGM prices Pharmaceutical Materials

Autocatalysts Global car sales flat Profits up Excellent progress in heavy duty diesel Roll out of precision coating nearing completion

Source: Automotive News Car Sales US sales slightly up in our first half Poor September and October Full year outlook flat Global car sales likely to be flat to slightly down Source: Automotive News

Synetix A global catalyst business Base metal catalysts Excellent fit Elevates JM to number two in global market Top line synergies

Growth Opportunities Gas to liquids (GTL) Chiral catalysis

Fuel Cells Business making excellent progress Swindon Phase 1 complete

Fuel Cells MEAs meeting customer performance targets Further investment at Swindon approved Strategic partnership with Anglo Platinum

Platinum & Palladium Prices US $/oz

Platinum Group Metal Prices Platinum demand strong Autocatalyst Jewellery Palladium well down Less volatile markets impact trading income

Pharmaceutical Materials New product progress Morphine and codeine manufacture in US Expansion at Pharm-Eco Poppy straw extraction Cascade Biochem

Pharmaceutical Materials New Products Pre-clinical Phase I Phase II Phase III Patent Protected Generic New products in development Nov 02 19 13 3 9 24 Jun 02 17 4 7 9 18 32

Outlook Encouraging progress in first half Expect the group to make continued progress year on year Good long term prospects

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