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DISCLAIMER Johnson Matthey PLC endeavours to ensure the accuracy of the information and materials

contained within this presentation, but makes no warranty as to accuracy, completeness or

suitability for any particular purpose. Johnson Matthey PLC accepts no liability whatsoever in

respect of reliance placed by the user on information and materials contained in this

presentation, which are utilised expressly at the user’s own risk. In particular, this

presentation and the information and materials in this presentation are not, and should not be

construed as, an offer to buy or sell or solicitation of an offer to buy or sell, any regulated

precious metal related products or any other regulated products, securities or investments, or

making any recommendation or providing any investment or other advice with respect to the

purchase, sale or other disposition of, any regulated precious metal related products or any

other regulated products, securities or investments including, without limitation, any advice to

the effect that any precious metal related transaction is appropriate or suitable for any

investment objective or financial situation of a prospective investor. A decision to invest in any

regulated precious metal related products or any other regulated products, securities or

investments should not be made in reliance on any of the information or materials in this

presentation. Before making any investment decision, prospective investors should seek

advice from their financial, legal, tax and accounting advisers, take into account their

individual financial needs and circumstances and carefully consider the risks associated with

such investment decisions. This presentation does not, and should not be construed as acting

to, sponsor, advocate, endorse or promote any regulated precious metal related products or

any other regulated products, securities or investments.


Platinum


Platinum in 2012

• Platinum market in deficit of 375,000 oz

• Lowest primary supply for 12 years

• Marginal increase in autocatalyst demand

• Glass and electrical demand sharply down

• Strongly rising jewellery demand from China

• Lower prices retard autocatalyst recycling


Platinum supplies

0

1

2

3

4

5

6

7

2008 2009 2010 2011 2012

South Africa Russia North America Others

million oz


Platinum supplies

‘000 oz 2011 2012 % change

South Africa

Russia

North America

Zimbabwe

Others

Total

4,860

835

350

340

100

6,485

4,095

800

295

340

110

5,640

(15.7)

-4.2

-15.7

0.0

10.0

-13.0


South African net supply change 2011-2012

4,860 + 100

- 500

- 175 - 55

- 135

4,095

3,500

4,000

4,500

5,000

5,500

2011 supply Safetystoppages

Strikes Stockmovements

Mineclosures

Other 2012 supply

‘000 oz


Platinum supplies

‘000 oz 2011 2012 % change

South Africa

Russia

North America

Zimbabwe

Others

Total

4,860

835

350

340

100

6,485

4,095

800

295

340

110

5,640

(15.7)

(4.2)

(15.7)

0.0

10.0

(13.0)


Platinum demand

‘000 oz 2011 2012 % change

Supplies

Autocatalyst

Industrial

Jewellery

Investment

Gross Demand

Recycling

Stock Movement

6,050

3,185

1,755

2,420

655

7,905

(1,830)

(25)

6,480

3,240

2,050

2,480

460

8.905

(2,045)

430

7.1

1.7

16.8

2.5

(29.8)

2.4

11.7


Gross platinum autocatalyst demand

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2008 2009 2010 2011 2012

Europe Japan North America China ROW

million oz


0

2

4

6

8

10

Europe Japan N. Am China Rest

World light duty diesel vehicle production

2011 2012

million units

0

1

2

3

4

5

2008 2009 2010 2011 2012

Pt demand in emissions control catalysts

NRMM HDV LDD LDG

million oz


Platinum demand

‘000 oz 2011 2012 % change

Supplies

Autocatalyst

Industrial

Investment

Gross Demand

Recycling

Stock Movement

6,050

3,185

1,975

2,420

655

7,905

(1,830)

(25)

6,480

3,240

1,570

2,480

460

8.905

(2,045)

430

7.1

1.7

(20.5)

2.5

(29.8)

2.4

11.7


Platinum industrial demand

0.0

0.5

1.0

1.5

2.0

2008 2009 2010 2011 2012

Chemical Electrical Glass Petroleum Medical & other

million oz


Platinum demand

‘000 oz 2011 2012 % change

Supplies

Autocatalyst

Industrial

Jewellery

Investment

Gross Demand

Recycling

Stock Movement

6,050

3,185

1,975

2,475

655

7,905

(1,830)

(25)

6,480

3,240

1,570

2,780

460

8.905

(2,045)

430

7.1

1.7

(20.5)

12.3

(29.8)

2.4

11.7


Gross platinum jewellery demand

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2008 2009 2010 2011 2012


million oz


Platinum demand

‘000 oz 2011 2012 % change

Supplies

Autocatalyst

Industrial

Jewellery

Investment

Gross Demand

Recycling

Stock Movement

6,050

3,185

1,975

2,475

460

7,905

(1,830)

(25)

6,480

3,240

1,570

2,780

455

8.905

(2,045)

430

7.1

1.7

(20.5)

12.3

(1.1)

2.4

11.7


0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

2008 2009 2010 2011 2012

Small bars & coins ETFs Large bars Other

million oz

Platinum investment demand


Platinum ETF investment demand

1,200

1,400

1,600

1,800

2,000

1.0

1.2

1.4

1.6

1.8

Platinum ETF holdings Platinum price

million oz $/oz

2011 2012


Platinum supply and demand

‘000 oz 2011 2012 % change

Supplies

Gross demand

Recycling

Stock Movement

6,485

8,095

(2,060)

(25)

5,640

8,045

(2,030)

430

(13.0)

(0.6)

(1.5)


Platinum recycling

0

400

800

1,200

1,600

2,000

0.0

0.5

1.0

1.5

2.0

2.5

2008 2009 2010 2011 2012

Autocatalyst Electrical Jewellery Pt average price

million oz $/oz


Platinum supply and demand

‘000 oz 2011 2012 % change

Supplies

Gross demand

Recycling

Net demand

Stock movement

6,485

8,095

(2,060)

6,035

450

5,640

8,045

(2,030)

6,015

(375)

(13.0)

(0.6)

(1.5)

(0.3)


Palladium


Palladium in 2012

• Palladium swung into deficit of 1.07 million oz

• Lower primary and secondary supplies

• Russian state stock sales down by two-thirds

• Autocatalyst demand at an all-time high

• Weaker industrial and jewellery demand

• Net investment changed by over 1 million oz


Palladium supplies

0

1

2

3

4

5

6

7

8

2008 2009 2010 2011 2012

South Africa Russia North America Others

million oz


Palladium supplies

‘000 oz 2011 2012 % change

South Africa

Russia primary

Russia stocks

North America

Zimbabwe

Others

Total

2,560

2,705

775

900

265

155

7,360

2,330

2,630

250

905

265

165

6,545

(9.0)

(2.8)

(67.7)

0.6

0.0

6.5

(11.1)


Palladium demand

‘000 oz 2011 2012 % change

Supplies

Autocatalyst

Industrial

Jewellery

Investment

Gross Demand

Recycling

Stock Movement

7,355

6,155

2,465

595

1,095

9,735

(1,850)

(530)

7,360

6,615

2,480

505

(565)

8,450

(2,345)

1,255

0.1

7.5

(0.6)

(15.1)

(151.6)

(13.2)

26.8


Gross palladium autocatalyst demand

0

1

2

3

4

5

6

7

2008 2009 2010 2011 2012


million oz


Palladium demand

‘000 oz 2011 2012 % change

Supplies

Autocatalyst

Industrial

Jewellery

Investment

Gross Demand

Recycling

Stock Movement

7,355

6,155

2,465

595

1,095

9,735

(1,850)

(530)

7,360

6,615

2,365

505

(565)

8,450

(2,345)

1,255

0.1

7.5

(4.1)

(15.1)

(151.6)

(13.2)

26.8


Palladium demand

‘000 oz 2011 2012 % change

Supplies

Autocatalyst

Industrial

Jewellery

Investment

Gross Demand

Recycling

Stock Movement

7,355

6,155

2,465

505

1,095

9,735

(1,850)

(530)

7,360

6,615

2,365

445

(565)

8,450

(2,345)

1,255

0.1

7.5

((4.1)

(11.9)

(151.6)

(13.2)

26.8


Gross palladium jewellery demand

0.0

0.2

0.4

0.6

0.8

1.0

1.2

2008 2009 2010 2011 2012


million oz


Palladium demand

‘000 oz 2011 2012 % change

Supplies

Autocatalyst

Industrial

Jewellery

Investment

Gross Demand

Recycling

Stock Movement

7,355

6,155

2,465

505

(565)

9,735

(1,850)

(530)

7,360

6,615

2,365

445

470

8,450

(2,345)

1,255

0.1

7.5

(4.1)(((4.1)

(11.9)

-

(13.2)

26.8


Palladium ETF investment demand

400

500

600

700

800

900

1.6

1.8

2.0

2.2

2.4

2.6

Palladium ETF holdings Palladium price

million oz $/oz

2011 2012


Palladium supply and demand

‘000 oz 2011 2012 % change

Supplies

Gross demand

Recycling

Stock Movement

7,360

8,560

(2,385)

(530)

6,545

9,895

(2,280)

1,255

(11.1)

15.6

(4.4)


Palladium recycling

0

200

400

600

800

0.0

0.8

1.6

2.4

3.2

2008 2009 2010 2011 2012

Autocatalyst Electrical Jewellery Pd average price

million oz $/oz


Palladium supply and demand

‘000 oz 2011 2012 % change

Supplies

Gross demand

Recycling

Net demand

Stock movement

7,360

8,560

(2,385)

(6,175

1,185

6,545

9,895

(2,280)

7,615

(1,070)

(11.1)

15.6

(4.4)

23.3


Rhodium


Rhodium supply and demand

‘000 oz 2011 2012 % change

Supplies

Gross demand

Recycling

Net demand

Stock movement

765

908

(277)

(631

134

722

966

(259)

707

15

(5.6)

6.4

(6.5)

12.0


Outlook


Platinum outlook

• Primary supply may be a little higher this year

• Gross autocatalyst demand unlikely to grow in 2013

• Jewellery demand not quite as strong as last year

• Industrial demand expected to rebound

• Autocatalyst recycling is likely to increase

• Market balance sensitive to investment demand


1,200

1,300

1,400

1,500

1,600

1,700

1,800

1,900

2,000

$/oz

2011 2012 2013

High: $1,710

Avg: $1,570

Low: $1,415

Platinum price forecast:

the next six months


Palladium outlook

• Supplies are likely to fall again in 2013

• Russian state stock sales to diminish further

• Autocat demand to grow with higher vehicle output

• Industrial demand to be no more than stable

• Market undersupply to persist, supports investment


400

500

600

700

800

900

1,000

$/oz

2011 2012 2013

High: $830

Avg: $740

Low: $635

Palladium price forecast:

the next six months


#Platinum2013

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· PDF filerespect of reliance placed by the user on information and materials contained in this presentation ... •Strongly rising jewellery demand from China