1. Presentation of Results for the year ended 31 st March 2000 8 th June 2000 Johnson Matthey

3. Overview  Continuing businesses’ profits up 17%  EMD sold for US$655 million  Profit before tax up 10% to £143.8 million  Double digit growth in all three divisions  Earnings and dividend up 7%

4. Strategy  Strategy successfully implemented  Investment for growth  Fuel Cells  Refocusing Colours & Coatings

5. Johnson Matthey

6. Summary Results 20001999 £m£m% Turnover – Continuing 3,769 2,963+27 Op. Profit – Continuing146.5 125.0 +17 – Discontinued (0.3) 22.1 Interest (2.4)(15.9) Profit before tax*143.8 131.2 +10 EPS* 47.5p 44.3p+7 EPS 51.4p 49.3p+4 Dividend 20.3p 19.0p+7 * Excluding exceptionals

7. Operating Profit Continuing 20001999 2000 at 1999 rates £m£m%£m% Catalysts & Chemicals 84.8 74.2 +14 83.6 +13 Precious Metals 45.4 37.3 +22 44.9 +20 Colours & Coatings 27.9 25.1 +11 29.2 +16 Corporate (11.6)(11.6)(11.5) 146.5 125.0 +17146.2 +17

8. Return on Sales Sales ROS 20001999Growth20001999 £m£m% % Catalysts & Chemicals856677+269.911.0 Precious Metals2,6722,041+311.71.8 Colours & Coatings241244-111.610.3 3,7692,963+273.94.2

9. Return Excl. Precious Metals Sales excl. PM’s ROS 20001999Growth20001999 £m£m% % Catalysts & Chemicals494408+2117.218.2 Precious Metals11496+1840.038.8 Colours & Coatings234240-211.910.5 841744+1317.416.8

10. 1999 £125.0m 58.1 54.1 9.2 3.6 2000 £146.5m 52.2 69.3 16.2 8.8 Europe Rest of World Asia North America Geographical Split Geographical Split Operating Profit - Continuing

11. Interest 2000200020001999 1H2H £m £m Financial (4.1) 3.9 (0.2)(14.6) Gold & Silver leases(1.1) (1.1)(2.2) (1.3) (5.2) 2.8 (2.4)(15.9) Full Year

12. Exceptional Items £m Rationalisation cost of Tableware(9.8) Profit on sale of Electronics28.5 Loss on sale of Organic Pigments(6.2) Profit on disposal of surplus properties1.1 13.6 Goodwill amortisation(0.2) 13.4

13. Taxation 20001999£m Underlying tax40.4 35.8 Tax on rationalisation costs (2.9) - Tax on sale of EMD 9.9 - Tax on sale of Org. Pigments (2.1)- ACT saving on FIDs- (3.9) 45.3 31.9 Average tax rate29%23% Underlying tax rate28%27%

14. Return on Investment 20001999£m Operating profit 146.2147.1 Average assets: Equity and minorities657521 Cumulative goodwill 109171 Net (cash) / borrowings 28223 Total investment794915 Pre-tax ROA - continuing 24.2%n/a - total 18.4% 16.1% Post-tax ROA 13.2% 11.7% Economic value added £32m£16m

15. Free Cash Flow ContinuingEMDTOTAL 200020002000 £m£m£m Operating profit136.1 0.1 136.2 Depreciation and amortisation 38.0 8.6 46.6 Working capital / other (54.5) 2.0 (52.5) Cash flow from operations119.6 10.7 130.3 Interest / tax / dividends(72.2) (5.9) (78.1) Capital expenditure (gross)(63.4)(11.4) (74.8) Sale of fixed assets 8.4 0.7 9.1 Free cash flow (7.6)(5.9) (13.5)

16. Net Cash Flow ContinuingEMDTOTAL 200020002000 £m£m£m Free cash flow(7.6) (5.9)(13.5) Acquisitions(0.1) (2.8) (2.9) Disposals 0.8 400.9 401.7 Shares issued 8.0 - 8.0 Net cash flow 1.1 392.2 393.3 Exchange (5.9) Movement in debt387.4

17. Gearing Mar 00Mar 99£m Net (cash) / debt(166)222 Equity and minorities760 559 Capital employed594 781 Gearing n/a 40% Interest cover 61x 9x

18. Catalysts & Chemicals Division Operating ProfitSales 0 20 40 60 80 100 +14%+26% 1999200019992000 677 856 74.2 84.8 £m 0 200 400 600 800 1000

19. Autocatalysts  Volumes up 11% - tighter legislation - strong car sales  Investing in capacity and technology  Well placed in developing markets  Progress with Heavy Duty Diesel

20. Major Changes in Emissions Legislation Europe USA Fed 75 and amendments to CAA Fed 75 Tier 1 Euro I Euro II Euro III (HDD) Euro IV Euro “V” (HDD) Tier 2 LEV I (CAL.) LEV II (CAL.) Tier 1 80759000958505 19702010 Fed 75 US HDD US HDD Euro IV (HDD) CAL. HDD Tier 1

21. “I am very excited about fuel cells. I believe they’re going to be a significant part of our industry a lot sooner than many people think. I think that it’s possible that they could displace the internal combustion engine as the dominant source of power for consumer vehicles within my lifetime.” William Clay Ford Jr, Chairman, Ford Motor Company

23. Fuel Cells  £12 million being invested in development and testing capability  Customer collaborations on plan  Securing supply base  Fuel Reformer developed for residential market

25. Chemicals  PGM refining strong on back of higher prices  High throughput screening adding value for customers  Expansion of process catalyst manufacturing  Smoptech acquisition

26. Pharmaceutical Materials  Methylphenidate prices hit by competition  Strong performance from carboplatin and organics  Good progress on new products  New facility under way

27. Precious Metals Division Operating ProfitSales 0 10 20 30 40 50 +22%+31% 1999200019992000 2,041 2,672 37.3 45.4 £m 0 1000 1500 2000 2500 500 3000

28. Precious Metals Division  Strong demand for pgms  50% growth in China jewellery  Robust prices  Good growth in fabricated products  Outlook strengthening further with uncertainty over palladium availability  Gold satisfactory in difficult markets

29. Platinum & Palladium Prices April 1998 $/oz 900 800 700 600 500 400 300 200 100 0 April 2000 April 1999 Palladium Platinum April 1997

30. Colours & Coatings Division Operating ProfitSales 0 5 10 15 25 30 +11%-1% 1999200019992000 244 241 25.1 27.9 £m 0 100 150 200 250 50 300 20

31. Colours & Coatings Division  Underlying sales growth  Margins up to 12%  Focus on growth businesses  Investment in Spain  Expansion of facilities at Maastricht  Exit from organic pigments complete

32. Colours & Coatings Division Rationalisation Update  Spent £5.2 million out of £10 million provision  Headcount reduced by 113  Singapore and Milan operations closed  Closure of Burslem underway  Annual savings of £2.8 million already secured  Savings of £4 million in current year and £7 million p.a. thereafter

33. e - Commerce e - Commerce  Longstanding internet presence  Catalogue sales in US  Expanding into Europe this year  e-Procurement project  Developments in car industry

34. Outlook  Prospects for growth very encouraging  Investing in new technology and new facilities  Acquisition opportunities

35. Johnson Matthey