1. 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

2. Johnson Matthey E 2

3. 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

4. E
Johnson Matthey

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

6. *Excluding South African rand
Operating Profit
*Excluding South African rand
1H 2002 at 1H 2001
exchange rates £m %
49.9* +11
(6.7) -
101.9* +8
/ Currency Effect
1H 1H
£m £m %
Catalysts & Chemicals
Precious Metals
Colours & Coatings
Pharmaceutical Materials
Corporate (6.7) (7.1)
Discontinued (0.5) 7

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

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

9. Taxation 1H 1H 2002 2001 £m £m Underlying tax 28.2 27.2
£m £m
Underlying tax
Tax on exceptionals
Underlying tax rate % %

10. Net Cash Flow 1H 1H 2002 2001 £m £m Operating profit 94.5 99.1
£m £m
Operating profit
Depreciation and amortisation
Working capital / other (8.7) (10.1)
Cash flow from operations
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)

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

12. Divisional Performance
Sales Profits
1H H
£m % £m %
Catalysts & Chemicals
Precious Metals 1,
Colours & Coatings
Pharmaceutical Materials

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

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

15. 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

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

17. Growth Opportunities
Gas to liquids (GTL)
Chiral catalysis

18. Fuel Cells
Business making excellent progress
Swindon Phase 1 complete

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

20. Platinum & Palladium Prices
US $/oz

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

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

23. Pharmaceutical Materials New Products
Pre-clinical
Phase I
Phase II
Phase III
Patent
Protected
Generic
New products in development
Nov
Jun 32

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

25. E
Johnson Matthey