Presentation of Results for the half year ended 30 th September th November 2000 Johnson Matthey E

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E Overview  An excellent first half  Profit before tax up 40% to £86.0 million  Strong operating performance  Double digit growth in all three divisions  Investment for continued growth

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E Summary Results 1H £m£m% Turnover – Continuing 2,852 1, Op. Profit - Continuing Discontinued- (0.3) Interest3.3 (5.2) Profit before tax* Exceptionals Goodwill amortisation(0.1)(0.1) EPS * 27.9p 20.5p+36 Dividend 7.0p 6.1p+15 * Excluding exceptionals & goodwill amortisation

E Operating Profit Continuing 1H1H 1H at 1999 rates £m£m%£m% Catalysts & Chemicals Precious Metals Colours & Coatings Corporate (6.3)(5.8)(6.2)

E Return on Sales Return on Sales Excluding Precious Metals Sales excl. PM’s ROS 1H1H1H1H Growth £m£m% % Catalysts & Chemicals Precious Metals Colours & Coatings

E 1H 1999 £67.1m 37% 48% 10% 5% 1H 2000 £82.7m 37% 48% 7% Europe Rest of the World Asia North America Geographical Split Geographical Split Operating Profit - Continuing 8%

E Interest 1H £m Financial 3.7 (4.1) Gold & Silver leases(0.4) (1.1) 3.3 (5.2)

E Taxation 1H £m Underlying tax Tax on sale of EMD Average tax rate 28.5%30.2% Underlying tax rate28.5%28.1%

E Free Cash Flow 1H £m Operating profit Depreciation and amortisation Working capital / other (25.4) (19.5) Cash flow from operations Interest / tax / dividends(42.7) (50.4) Capex - continuing(39.6)(23.6) - EMD - (11.4) Free cash flow (5.2)(11.4)

E Net Cash Flow 1H £m Free cash flow(5.2) (11.4) Acquisitions(1.8) (2.8) Disposals (0.2)404.1 Shares issued 5.8 (2.0) Net cash flow (1.4)387.9 Exchange (3.4)6.3 Movement in debt(4.8)394.2

E Capital Sep 00Mar 00£m Net (cash) / debt (161)(166) Equity and minorities Capital employed

E Catalysts & Chemicals Division Operating ProfitSales %+69% £m H

E Autocatalysts  Sales Volume up 10%  Driven by tighter standards  Legislation in developing countries  Growth in heavy duty diesel

E Fuel Cells  Activity steps up  Developing manufacturing processes  Created as stand-alone business

E Chemicals  Strong performance from PGM refining activities  Good sales of chemical products  Process catalysts benefit from investment in manufacturing facilities

E Pharmaceutical Materials  Growth in platinum based products  Growth in hydromorphone  Decline in generic methylphenidate  New products - chiral methylphenidate

E Precious Metals Division Operating ProfitSales %+74% ,198 2, £m H 30 5

E Precious Metals Division  Platinum business performs very well  Good growth in fabricated products  Gold business improves

E Platinum & Palladium Prices Sept 1998 $/oz Sept 2000 Sept 1999 Palladium Platinum Sept 1997

E Colours & Coatings Division Operating ProfitSales %+7% £m H

E Colours & Coatings Division  Excellent results in Tile  Glass also performing well  Tableware markets remain difficult  Benefits of restructuring coming through

E Investment in Autocatalyst  New Royston facility  India facility opened  China facility open in spring  Heavy duty diesel

E Investment in Chemicals  Expansion of PGM refining  New process catalyst plant

E Strategy for Colours & Coatings  Focus on growth markets  Investment in Tile in Spain and Brazil  Investment in Glass in Holland

E Prototype Fuel Cell Cars E

E Fuel Cells Fuel Cells Market developments  California Fuel Cell Partnership launched  Small scale stationary applications first to market  JM well positioned to benefit  Potential for significant revenues even in early stages

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E Fuel Cells  Good progress in collaborations  Commitment of over 18 years of R&D  Strong patent position

E Outlook  Continued strong growth in Autocatalyst  Robust outlook for the PGMs  Continued improvement in Colours & Coatings  Return to growth in Pharmaceuticals  Increased investment in core businesses  Pursuing acquisition opportunities

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