1. Presentation of Results for the half year ended 30 th September 2000 29 th November 2000 Johnson Matthey E

2. E E

3. 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

4. E Johnson Matthey E

5. E Summary Results 1H 20001999 £m£m% Turnover – Continuing 2,852 1,693+68 Op. Profit - Continuing 82.7 67.1 +23 - Discontinued- (0.3) Interest3.3 (5.2) Profit before tax*86.0 61.6 +40 Exceptionals- 28.5 Goodwill amortisation(0.1)(0.1) EPS * 27.9p 20.5p+36 Dividend 7.0p 6.1p+15 * Excluding exceptionals & goodwill amortisation

6. E Operating Profit Continuing 1H1H 1H 20001999 2000 at 1999 rates £m£m%£m% Catalysts & Chemicals 46.2 39.3 +18 44.0 +12 Precious Metals 27.3 20.2 +35 26.8 +33 Colours & Coatings 15.5 13.4 +16 16.0 +19 Corporate (6.3)(5.8)(6.2) 82.7 67.1 +2380.6 +20

7. E Return on Sales Return on Sales Excluding Precious Metals Sales excl. PM’s ROS 1H1H1H1H 20001999Growth20001999 £m£m% % Catalysts & Chemicals274231+1816.917.0 Precious Metals6155+1244.837.0 Colours & Coatings124115+812.511.7 459401+1418.016.7

8. 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%

9. E Interest 1H 20001999 £m Financial 3.7 (4.1) Gold & Silver leases(0.4) (1.1) 3.3 (5.2)

10. E Taxation 1H 20001999£m Underlying tax24.5 17.3 Tax on sale of EMD - 9.9 24.5 27.2 Average tax rate 28.5%30.2% Underlying tax rate28.5%28.1%

11. E Free Cash Flow 1H 20001999£m Operating profit82.7 66.6 Depreciation and amortisation 19.8 26.9 Working capital / other (25.4) (19.5) Cash flow from operations77.1 74.0 Interest / tax / dividends(42.7) (50.4) Capex - continuing(39.6)(23.6) - EMD - (11.4) Free cash flow (5.2)(11.4)

12. E Net Cash Flow 1H 20001999£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

13. E Capital Sep 00Mar 00£m Net (cash) / debt (161)(166) Equity and minorities815 760 Capital employed654 594

14. E Catalysts & Chemicals Division Operating ProfitSales 0 10 20 30 40 50 +18%+69% 1999200019992000 377 638 39.3 46.2 £m 0 200 400 600 800 1H

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

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

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

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

19. E Precious Metals Division Operating ProfitSales 0 10 15 20 25 +35%+74% 2000 1,198 2,087 20.2 27.3 £m 0 1000 1500 2000 500 2500 1999 2000 1H 30 5

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

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

22. E Colours & Coatings Division Operating ProfitSales 0 5 10 15 +16%+7% 119 12713.4 15.5 £m 0 100 150 200 50 20 1999200019992000 1H

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

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

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

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

27. E Prototype Fuel Cell Cars E

28. 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

29. E

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

31. 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

32. E Johnson Matthey E