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

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 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

 Johnson Matthey 

 Summary Results £m£m% Turnover 4,324 4, Sales excluding 1,1591,093+6 precious metals Operating profit* Interest (13.2) (6.1) Profit before tax* 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

 £m£m% Catalysts Precious Metals Colours & Coatings Pharmaceutical Materials Corporate (14.2) (13.6) Discontinued - (0.5) at 2002 exchange rates £m% (14.2) Operating Profit

 ROS % n/m17.7 Sales excl. PM’s Growth £m£m% Catalysts Precious Metals Colours & Coatings Pharmaceutical Materials Discontinued -1 1,1591, Return on Sales Return on Sales Excluding Precious Metals

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

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

 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)

 Taxation £m Underlying tax Tax on exceptionals (2.0) (5.8) Tax on goodwill amortisation (0.7) Underlying tax rate29.7%29.9%

 Return on Investment £m Operating profit Average assets: Equity and minorities Cumulative goodwill w/o Net borrowings Total investment1, Pre-tax ROA17.3%22.2% Return on invested capital12.2%15.6% WACC 8%9%

 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) (16.5) Net interest (13.2) - (13.2) Net return on pension (2.6)189.9 Estimated net return on pension 2003/04 £6.7m Impact of FRS17 on Profit 2002/03

 Free Cash Flow £m Operating profit Depreciation and amortisation Working capital / other (22) - Cash flow from operations Interest / tax / dividends (110) (113) Capex (125) (131) Free cash flow (5) (20)

 Net Cash Flow £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)

 Capital Mar 03Mar 02£m Net debt Shareholders’ funds Minority interests11 4 Capital employed1, Gearing44%19% (debt / equity + minorities)

 Johnson Matthey 

 Catalysts Division

  Good growth led by autocatalysts  Synetix performing well

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

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

  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

  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

 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

 Fuel Cells

  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

 Fuel Cell Cars

 Madrid Demonstration Bus

 Precious Metals

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

 Platinum and Palladium Prices US$

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

Colours & Coatings

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

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

 Pharmaceutical Materials

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

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

 Nov Mar Pharmaceutical Materials Pharmaceutical Materials New Product Pipeline

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

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

 Johnson Matthey 