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

2. Johnson Matthey E

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 E

5. Summary Results 2001 2000 £m £m % Turnover 5,904 3,866 +53
£m £m %
Turnover 5,904 3,
Op. Profit – Continuing
– Discontinued (0.2) (0.3)
Interest (2.4)
Profit before tax*
Exceptionals
Goodwill amortisation (0.3) (0.2)
EPS* p p +22
Dividend p p +15
* Excluding exceptionals & goodwill amortisation

6. Operating Profit 2001 2000 £m £m % Catalysts & Chemicals 98.9 84.8 +17
£m £m %
Catalysts & Chemicals
Precious Metals
Colours & Coatings
Corporate (13.3) (11.6)
2001 at exchange rates
£m %
(13.3)

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

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

9. Interest 2001 2000 £m £m Financial 6.7 (0.2) 5.3 (2.4)
£m £m
Financial (0.2)
Gold & Silver leases (1.4) (2.2)
5.3 (2.4)

10. Taxation 2001 2000 £m £m Underlying tax 52.2 40.4
£m £m
Underlying tax
Tax on exceptionals
Average tax rate % 28.8%
Underlying tax rate 29.0% 28.1%

11. Return on Investment 2001 2000 £m £m Operating profit 175 146
£m £m
Operating profit
Average assets:
Equity and minorities
Cumulative goodwill w/o
Net (cash) / borrowings (153)
Total investment
Pre-tax ROA 25.0% 18.4%
Post-tax ROA 17.8% 13.2%
Economic value added £53m £32m

12. Free Cash Flow 2001 2000 £m £m Operating profit 174.1 136.2
£m £m
Operating profit
Depreciation and amortisation
Working capital / other (58.7) (52.5)
Cash flow from operations
Interest / tax / dividends (78.8) (78.1)
Capex - gross (98.9) (63.4)
- disposals
- EMD - (11.4)
Free cash flow (17.0) (13.5)

13. Net Cash Flow 2001 2000 £m £m Free cash flow (17.0) (13.5)
£m £m
Free cash flow (17.0) (13.5)
Acquisitions (7.5) (2.9)
Disposals
Shares issued
Net cash flow (16.0) 393.3
Exchange (9.9) (5.9)
Movement in debt (25.9) 387.4

14. Capital Mar 01 Mar 00 £m £m Net (cash) / debt (140) (166)
Equity and minorities
Capital employed

15. Catalysts & Chemicals Division
Operating Profit
Sales 20 40 60 80
100
+17%
+76%
2000
2001 £m
600
900
1200
1500
300
1800
1,503
98.9
856
84.8

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. Precious Metals Division
Operating Profit
Sales
+26%
+55%
2000
2001 £m
1400
2100
2800
3500
700
4200 10 20 30 50 60 40
4,146
57.4
2,672
45.4

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

23. Platinum & Palladium Prices
Mar Mar Mar01 Jun01
US $

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

25. Colours & Coatings Division
+15%
+6%
2000
2001 £m
100
150
200
250 50
300
Operating Profit
Sales 5 10 15 25 30 20 35
255
32.2
241
27.9

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 E