EDIT TED D TR RANS SCR RIPT T - Johnson Matthey

THO © 2015prohibitThoms

T

J

MSON REUTER

5 Thomson Reuters. Alted without the prior wron Reuters and its affil

THOMS

EDITJMAT.L

EVENT

RS STREETEV

l rights reserved. Repuritten consent of Thomsiated companies.

SON R

TEDL - John

T DATE

ENTS | www.s

ublication or redistributioson Reuters. 'Thomson

EUTER

D TRnson M

E/TIME:

streetevents.com

on of Thomson Reutersn Reuters' and the Thom

RS STR

RANSMatthey

JANUA

m | Contact Us

s content, including by mson Reuters logo are

REETEV

SCRPLC In

ARY 29

framing or similar meae registered trademarks

VENTS

RIPTnvestor

9, 2015

ans, is s of

T Day

/ 10:300AM GMMT

1

JA


C O R

Robe

John

Alan

Nick

Geof

John

Liz R

C O N

Andr

Thom

Joe D

Andr

Adam

Mart

Peter

Simo

Bill C

Rake

Olive

Neil T

P R

Robe

Good

Sonni This, f

explai- was

And itthat btechno

So whbut th

We'veand as

ANUARY 29

MSON REUTER


R P O R A T E P

ert MacLeod Joh

n Fowler Johnson

Myers Johnson M

Garner Johnson

ff Otterman John

n Walker Johnson

Rowsell Johnson M

N F E R E N C E

rew Benson Citi -

mas Gilbert UBS

Dewhurst UBS - A

rew Stott Bank of

m Collins Liberum

tin Evans JP Mor

r Cartwright Fisk

on Fickling Exane

Cross Eaton Vanc

esh Patel Goldma

er Reiff Deutsche

Tyler Redburn - A

E S E N T A T I O

ert MacLeod - J

d morning to ever

ng, and then for d

for me, is my firs

in the strength of founded in 1817,

t's great for me, abut also how the ology.

hat is the programen we'll go throug

e got plenty of JMsk any questions t

9, 2015 / 1

RS STREETEV


P A R T I C I P A N

hnson Matthey - C

n Matthey - Divisio

Matthey - Divisio

n Matthey - Divisi

nson Matthey - Di

n Matthey - Execu

Matthey - R&D D

C A L L P A R

- Analyst

S - Analyst

Analyst

f America - Analy

m - Analyst

rgan - Analyst

ke

e BNP Paribas - A

ce

an Sachs - Analys

e Bank - Analyst

Analyst

O N

Johnson Matthey

ry one of you. Th

dinner tonight.

st venture as a Ch

the company and, so we're just nea

as I say, to be hertechnology make

m for today? This gh each one of the

Mers here. Some --that you have.

0:30AM G

ENTS | www.s


N T S

CEO

on Director - Fin

on Director - Prec

ion Director - New

ivision Director -

utive Director - E

Director - Technol

T I C I P A N T S

yst

Analyst

t

- CEO

hank you very m

ief Executive doi

d some of the -- anarly are 200th year

re to share with yes a difference. A

is it. We're goinge divisions. Hope

- the presenters, a

GMT, JMAT

streetevents.com


ne Chemicals

cious Metal Produ

w Businesses and

Process Technol

Emission Control T

logy Centre

S

much indeed for c

ng this sort of pre

nd our strategy asrs old, so we're st

you the future butAnd that's why w

g to go through evefully, plenty of ti

a few others who

T.L - Johns

m | Contact Us


ucts

d Corporate Devel

logies

Technologies

coming here, com

esentation. And I'

s we build -- as it tarting to think ab

t also with the teawe're here and par

very one of the bume to ask questio

are specialists and

son Matthe


lopment

ming to Reading,

m delighted to be

says in the slide -bout how we go in

am around me, thrticularly to go to

usinesses. I'm goinons. I know that's

d have particular

ey PLC Inve

ans, is s of

and for many of

e able to stand up

-- into our third cnto our third centu

he great quality teo Sonning to sho

ng to do an overvone of the reason

knowledge on so

estor Day

f you for coming

in front of you an

entury. As you knury.

eam. And I'm sureow you and help

view upfront of thns why you like be

ome topics. So ple

on to see us hop

nd give this oppo

now, Johnson Ma

e you'll see todayyou understand a

he strategy of the eing here.

ease make use of t

2

pefully in

ortunity to

atthey in -

y some of about the

company

their time

JA


Why a

that w So the

about I'll lin

of that I want

from ahow w

This islides

And wwhat wgives

Three ago, w

of the So I ju

imporemplo

(Video

Unide

At Jo

questi As a b

solutiofuture

But hocould contin There Invest

Collabcore s

Focus

ANUARY 29

MSON REUTER


are we here in So

we get through our

e purpose of the d

the short-term th

ne up some of the

t has evolved. No

t to explain a littl

all the division diwell we are positio

is a strategy slide. But really the va

what we've done owe thought we wus confidence tha

things here I'd liwe couldn't -- we

group sales in R&

ust want to talk a

rtant that our staffoyees.

o Playing)

entified Speaker

ohnson Matthey, w

ion. Let's start by

business, we alwa

ons that are valuee.

ow did we get hertrust. In our sec

nues to this day. F

are nine buildingt in our products a

borate more than strengths in advan

s on our customer

9, 2015 / 1

RS STREETEV


onning? Or here in

r technology and h

day really is to pro

at we kind of cov

fundamentals and

one of it is a revol

le bit about how t

irectors about howoned for the long-

e that we put up iast majority of wh

over those four ywould. And so I that we understand h

ke to sort of drawdidn't predict the

&D. But I think w

little about or stra

f understand wher

we have a vision

looking at what w

ays aim to delive

ed by our custom

re? In our first ceond century, we

For our third centu

g blocks within oand technology to

ever before for smnced materials and

s. Target those wh

0:30AM G

ENTS | www.s


n Reading to go to

help you understa

ovide you an upda

vered yesterday. R

d some of the dev

lution, it's just a li

technology is a fu

w technology is an-term, and also on

in 2011, and vast hat we said back i

ears, since we sphink that gives ushow the group ca

w out is some of te loss of the Angl

we're going to con

ategy then today.

re we're going. An

of building our th

we do.

er what we promi

mers, optimize the

ntury, we built a developed our ex

ury, we have deve

our strategy pyramoo. In doing this, w

marter and closerd technology to de

ho value technolo

GMT, JMAT

streetevents.com


o Sonning? We re

and them.

ate on the group's

Really, today is all

velopments since

ittle bit of evoluti

undamental under

an underpin and a n the investment c

majority of this in 2011 still holds

oke to you about s some degree of an continue to pro

the progress we'veo contract who st

ntinue doing that g

And this -- I wan

nd this is a little s

hird century throu

ise. We work tog

use of natural re

reputation not jusxpertise in the eneloped a business

mid that will helpwe can differentia

r working with evevelop the next ge

ogy, and ensure w

T.L - Johns

m | Contact Us


eally wanted to sh

s strategy and the

l about 5, 10 year

January 2011, wh

on in some areas.

rpin of the group.

strength of the cocase fundamental

holds true today.s true.

the group strategconfidence that w

ogress in the next

e made on expandtill managed to en

going forward.

nt to share with yo

short video that w

ugh value-adding

gether, applying o

esources and enha

st for expertise inngineering and restrategy that will

us to achieve ouate ourselves from

ven greater flexibieneration of susta

we select attractive

son Matthe


hare with you som

long-term strateg

rs away and the lo

hich is the last tim

.

. And hopefully b

ompany. And realy of JM.

. There's a little b

gy, is we have delwe understand ourfew years.

ding our margins nhance the group'

ou first of all a vi

we used -- that we

sustainable techn

our expertise in a

ance the quality o

n precious metals befining of metals.l drive our next ce

ur vision. Invest inm our competitors

ility so we can beainable technolog

e markets with str

ey PLC Inve

ans, is s of

me of the technolo

gy. I'm not really g

ong-term future of

me we talked to yo

by the end of toda

ally, fundamentall

bit, as I said, of e

livered, I think, ar businesses, we u

despite the loss o's margins. And a

deo that we've ma

launched about s

nologies. How are

advanced material

of life for the peo

but for real integr. We also began entury of growth.

n our people to ds.

tter leverage our ies.

rong external driv

estor Day

ogy and demonstr

going to spend to

f the group.

ou about the grou

ay, you'll hear abo

ly, in the end, hop

evolution and I'll

a strong consistenunderstand our m

of the Anglo contalso we continue t

ade for our staff,

ix months ago to

e we going to get

ls and technology

ople of the world

rity and for beingour environment

develop the best ta

expertise across t

vers.

rate some of the r

oo much time toda

up's strategy and h

out it not just from

pefully give you a

cover that in the

nt performance in markets, and hope

tract. Of course, fto invest around a

because of course

explain the strate

t there? That's a v

y to innovate and

both for today an

g a company our ctal journey, a jou

alents across our

the company. Bui

3

real value

ay talking

how some

m me but

an idea of

next few

line with efully that

four years about 5%

e it's very

egy to our

very good

d improve

nd for the

customers urney that

business.

ild on our

JA


Devel

operatworld

Createuniquewe can

And hwill tu

Robe

Well,more

So whvision

Now, one of

very p Value

And thyou'll

will st Our p

valuesintern

And thwant.

Workiaroundworks

Applybit of Now, forwa

advan To inn

to impthat w

ANUARY 29

MSON REUTER


lop new business

tional excellence d around us.

e value from strate in the past to thn be both nimble

here's the best biturn our third centu

ert MacLeod - J

, that's the internadetail to some of

hat is our vision?n is to build our th

why those wordsf the things that i

proud of the streng

e adding -- critical

hen sustainable tehear from the div

tart to lead the cu

urpose -- what do

s as a company inally to ourselves b

hat's one of the thAnd if something

ing together -- yod having a singles much more effec

ying our expertiseevolution. Last ti

we're not saying ard, keeping to ou

nced materials and

novate and impro

prove products, mwe're very familiar

9, 2015 / 1

RS STREETEV


ses that fit our te

and sustainable b

tegic investments he challenges of to

and competitive

, we can all live tury vision into a t

Johnson Matthey

al video that we uthose.

? I mean, today Jhird century throu

s? I guess plenty is unique about JM

gth, the long-term

lly important. Not

echnologies -- wevision directors ab

stomers, lead them

o we do? Well, th

s integrity, delivebut also to our cu

hings that enablesg goes wrong, the

ou saw on the slide skill, it's very mctively, you can c

e in advanced matime, we did talk to

that PGMs and cur core strengths,

d technologies.

ove. Of course it's

make yesterday's pr with doing. And

0:30AM G

ENTS | www.s


echnology compe

business practices

that accelerate anoday's complex aas we continue to

this strategy everthird century reali

- CEO

used to share our

ohnson Matthey ugh value-adding s

of companies coM and one of the

m vision, the long-

t only value addin

e're already a globbout how their str

m into where they

here are 58 words

ering what we prustomers.

s us to keep the pen we work really

des, we talked abomuch how do youcollaborate in an e

terials and technoo you about PGM

atalysis are no lon, keeping to whe

not all about just

product better tomd that's what we do

GMT, JMAT

streetevents.com


etencies and can

to enhance our o

nd enhance our grand global marketo grow.

ryday by concentrity.

strategy. And I w

is a global leadersustainable techn

ould talk about bue things that partic

-term strategy of

ng for ourselves b

bal leader but werategy is and how

y -- where we bel

s on this slide and

romise. So that's r

positions we have hard to fix it and

out collaboration.u bind those skillseffective way to sh

ology -- and I talkMs and catalysis.

nger important. Oere the technology

t guys in white co

morrow and makeo all the time arou

T.L - Johns

m | Contact Us


provide the nex

operations. Keep o

rowth. Evolve outplace. Marry our

rating on our thre

want to just touch

r in sustainable tologies.

uilding value-addicularly gives prid

the group. And th

but in particular fo

e're going to contiw they're moving

ieve we can take

d we spent quite

really quite impo

. We're very strond to make sure we

It's very importas together that mahare the ideas and

ked a little bit abo

Of course they're sy we can differen

oats coming out w

e it better the dayund the world and

son Matthe


t material growth

our people safe. P

ur culture through small company f

ee Cs -- collabora

h on a few of thos

echnologies. I thi

ing sustainable tede to all our empl

hat's something th

or our customers

inue to focus upoforward. But mos

the organization a

a lot of time thin

ortant within the c

ng customer relat deliver what we

ant in JM and I'll takes us a stronged get -- spark idea

out some of the ev

still important, ventiate, but broade

with great new inn

y after. And that'sd around -- for ou

ey PLC Inve

ans, is s of

h engines for the

Protect our reputat

living our valuesflexibility with ou

ate, customer focu

se points in the ne

ink we'd say that

echnology but noloyees within the

hat really makes u

and ultimately for

on that. It's an arest -- the vast majo

and make this pla

nking about these

company. And ai

tionship driven, anpromise.

talk a little bit in er organization. Aas off each other.

volution of the co

ery important in then it a little bit t

novations and new

s that constant drur customers.

estor Day

e group. Be the

tion and make a p

s by applying whaur large company

us, and create val

ext few slides as I

t without a doubt

t many can talk acompany. Very p

us, to some extent

r you, the shareho

a that we -- whenority is in sustaina

ace a better world

words, about wh

iming to deliver w

nd very much del

a minute about teAnd as technology

ompany and this is

he main. But actuto encompass a w

w ideas, it's also a

ive to continual i

best we can be,

positive contributi

at has made succeglobal strengths

lue. And if we do

I go through, exp

t and we believe.

about third centurproud of the com

t, unique.

olders, too.

n we talk throughable technologies

d.

hat we do. One of

what we promise

livering to them w

echnology. But it'y happens and te

s one that's perha

ually we think, as whole -- a wider

about how do we

improvement is so

4

pursuing

ion to the

essful and to ensure

o that, we

plain a bit

And our

ry. That's mpany and

h it today, s. And we

f our core

e, not just

what they

's not just chnology

aps a little

we move range of

continue

omething

JA


But im

underwhat t

In somcheapdiffere

Optima little

resour And l

that. A Last t

superi If we

China Longe

near fu Natura

coal inof the

Recycour curaw m

But go

EnviroJohn W

But interm.

Thesethe for

And fopporcontin

And th

So thethose

ANUARY 29

MSON REUTER


mportantly, our v

stand how we canthey want and how

me instances it's er, better productent people and tha

mize the use of nate bit more later on

rces in a more eff

ast but not least,

And we need to co

time we talked ab

ior growth. And I

look at the first o

a. We've got about

er term -- potentia

future. I don't exac

al resource constr

n China, and natushort-term challe

cling of PGMs -- iustomers. But also

material is really im

oing forward, I th

onmental concernWalker will tell y

ndustrial emissionAnd in the long-t

e regulations, theyrefront of that leg

finally, health anrtunities. Our biggnue to provide us

hen longer-term,

e drivers fundame-- if we go into m

9, 2015 / 1

RS STREETEV


value by our custo

n use our technow the technology

using the best tet. Other companieat's fine.

tural resources, sun about the PGM

ficient way.

enhance the qual

ontinue to make s

bout the four ma

just wanted to go

one, population gr

t 11% of the grou

ally, South Amer

ctly know when y

raints -- energy se

ural gas. As we alenges of that in a

it is a strategic seo PGMs are a keymportant.

hink buying renew

ns are clearly one you more about th

ns continue to getterm, I think we'll

y're all continuinggislation because w

nd nutrition. Thegest customer in opportunity.

the drive for enzy

entally haven't chamore detail by the

0:30AM G

ENTS | www.s


omers. It's really

logy to make a dcan add value to

echnology to makes are prepared to

ustainable technoworld, PGM refin

lity of life for the

sure we develop th

cro drivers affect

o through what th

rowth, well, that's

up sales in China,

rica and other eme

yet, but I think rel

ecurity remains a

ll know, the shaleminute.

rvice not just for y raw material for

wables, alternative

of the biggest driat later on today.

t more challenginl go further as we

g to happen. And we provide produ

e ongoing pressuthe healthcare ma

ymatic catalysis. D

ange and provide divisions, you'll u

GMT, JMAT

streetevents.com


important that th

difference for themthem.

ke a cheaper prodo pay a very high

logies. That's absning for example

e planet. And that

hat as we go forw

ting JM. And the

hose are and wher

s really about, in m

and we continue

erging markets pr

latively soon we'l

key concern for a

e gas revolution p

Johnson Mattheyr our largest busin

e energy sources,

ivers today. And

ng and tighter. Antalk about the ele

in many ways, thucts to those mark

ure on healthcarearket is the gener

Does provide, pla

us good opportununderstand how w

T.L - Johns

m | Contact Us


he customers that

m. And that's the

duct. Some custoh value for the be

solutely what we d, which is all abou

t's something that

ward.

ey haven't really

e we are today.

many ways, incre

to grow and deve

rovide other oppo

l start investing p

a number of coun

provides opportun

y but also for our cness, our ECT and

does provide opp

it's not just about

nd fuel quality reqectrification of the

hey're our friends.kets and to enable

e costs hasn't storic space. It conti

ays to our core str

nities for the futurwe can give ourse

son Matthe


we deal with val

e key thing we ne

omers want cheapest. And in many

do and it's a core ut optimizing reso

t is really importa

changed. They're

easing wealth. It's

elop in that marke

ortunities. And I t

perhaps in Brazil s

ntries, particularly

nities with Johnso

customers. It's read having that refin

portunities for Pro

t vehicles, but of c

quirements contine power train and

. That tighter legie the regulators to

opped and contininues to be, and I

rengths and provid

re. And hopefullyelves confidence in

ey PLC Inve

ans, is s of

lue technology. A

eed to make sure.

p, that's fine as locases, the best, it

part of what Johnources. And argu

ant for us and for

e still there, they

s about the emerg

et. And we're pret

think we'll start in

some time, as I sa

y China and the U

on Matthey in tho

ally important thaning cycle and be

ocess Technologie

course vehicle leg

nue as well. And d further tighter re

islation helps Johnput those legislat

nues to get tighteI think that pressu

des us significant

y, as I said, througn those.

estor Day

And they value --

. We're the best f

ong as this needst just means some

nson Matthey is. Aably, catalysis is

r Johnson Matthe

still provide us

ging markets. And

tty well-positione

nvesting in South

ay, fairly soon.

US. That provides

se two areas. I'll

at we can continueeing able to have s

es and perhaps oth

gislation continue

those provide opegulations.

nson Matthey. Butions -- the necess

er and tighter. Aure on cost for th

opportunities.

gh today you'll ge

- but at the same

for them by unde

s technology to mething slightly di

And some of you all about using th

ey. And we're pro

the opportunity t

d we're very well-

d across our divis

h America in the r

us opportunities

talk a little bit ab

e to provide that ssecurity supply of

her areas too.

es to enhance and

pportunities in the

ut often we're ablsary legislations i

And that does prhe healthcare indu

et an understandin

5

time, we

rstanding

make it a fferent to

will hear he world's

oud about

to deliver

-placed in

sions.

relatively

for using

bout some

service to f that key

d develop.

e medium

le to be at n place.

rovide us ustry will

ng of how

JA


So wh

are thMatth

For thoperat

So statoday.

And wtogeth

We dostream

But wthat's

It's allproduthat ch

The chreally

As I sbarrie

where In the

want t Havin

some That a

when And if

say, "Aand re

So thait's rig

We aroppor

So wehopingexit.

ANUARY 29

MSON REUTER


hat is our strategy

he customer focushey, understanding

he four -- what artional excellence.

arting off with tec. We have a very

why do we show her. You've got to

o complex, we dom of new products

what's most importabout how we cre

l very well havingucts, then you canhemistry knowled

hemistry has to bthat's fundament

aid, complexity mrs to entry. In the

e we make our mo

vast majority of

to have the design

ng that, having tho

of them legislativ

allows us to have

look at things int

f we go to a stage

Actually is this soelationship with th

at's why with thisght but it feels righ

re going to continrtunity to have hig

e'll exit areas thatg complete it by

9, 2015 / 1

RS STREETEV


y for superior grow

s, collaboration ang our customers a

eas I like particul. And I'll go throu

chnology, how wstrong set of tech

them as cogs? Go find a way to ma

o difficult. That is and new technol

tant is not so muceate chemistry, ho

g a chemical known't be successful. dge and the applic

be cutting-edge. Ially what it's all a

matters. And if yoe main, we are a

oney and that's wh

cases, we hold th

n ourselves, we w

ose chemistry ski

ve, but there are --

complex product

ternally we often a

e where we're look

omething for us? he customers that

s chemistry skills,ht, it feels about t

nue to build on ourgh margins. And a

t we don't believethe end of this ye

0:30AM G

ENTS | www.s


wth? This is it. T

nd the best of bigand collaborating

larly to talk abouugh those in a few

we differentiate ouhnology skills. We

Going back to myake them work tog

is what makes Jologies.

ch just having theow that chemistry

wledge and underSo having those tcation knowledge

f it's not cutting-eabout, the ability t

ou work here in cobusiness-to-busin

here our products

he IP and that's ab

want to have the IP

lls, having that ap

- some of them ju

ts that are difficul

ask ourselves, "C

king at products a

Does that work ft allows us to add

, the application sthe right level. 5%

r core strengths. Sas I said before, th

e are cutting-edgeear. But that's no

GMT, JMAT

streetevents.com


This is basically w

g and small. Nowacross the group

ut today are these w minutes as I go t

urselves. I mean,e showed some of

y point about collgether in an effec

ohnson Matthey a

e cogs and havingy skill is married t

rstanding the scietwo together is ab is so absolutely f

edge, it doesn't ento understand tho

omplexity you canness company and

are used.

bsolutely crucial. W

P intellectual know

pplication knowle

ust because of the

lt to emulate. And

Can we do this bet

and we can't do th

for Johnson Matthreal value to them

skills it's really im% of sales we'll co

So we will activelhey give us the op

e for us, and henco longer the cuttin

T.L - Johns

m | Contact Us


what went through

w arguably, that'sdoes enable us to

four, the best of through it now.

this is really whf them here in the

laboration, is theytive way to come

able to have high

g them together. Bto the application

ence. If you don't bsolutely fundamfundamental to ev

nable us to createse two things tog

n be the forefrontd we're going to

We don't want to

wledge within Joh

edge, having that

knowledge and a

d more importantl

tter?"

hem any better an

hey?" And if we m and their needs

mportant that we continue to have as

ly manage our popportunity to cont

ce the reason whyng-edge of our tec

son Matthe


h on the video. Th

s a little bit more o deliver more val

big and small, in

hat binds the grouese cogs here.

y all interrelate. Ie up with better so

margins, high ba

But it's around howknowledge.

understand how imental. And you'llverything we do.

e those barriers toether that makes a

t of science, you cstay a business-to

be building a pro

hnson Matthey.

IP allows you to

applications exper

ly, we can contin

nd there's no oppo

can do all those w.

continue to invests we grow the bus

ortfolio as we go ftinue to advance t

y we sold our golchnology. Or som

ey PLC Inve

ans, is s of

he three things th

internal focus ralue.

nvestments in our

up together and th

It's no good haviolutions, better pro

arriers to entry an

w we actually und

its application is l hear as we go th

o entry and createa difference.

can have a lower ro-business compa

oduct or making a

have barriers to e

rtise that we have

nually improve the

rtunity to move th

we can then maxi

t in R&D. And thsiness to maintain

forward. We needthe technology so

ld and silver refinmetimes areas tha

estor Day

hat are different an

ather than externa

people, building

hat's -- I want to

ing one set of skioducts for our cus

nd gives us oppo

derstand and brin

in it with the custhrough the presen

e the opportunity

risk business but any. We're like --

a product using so

entry. All right, so

e create those barr

em. And one of th

hem forward, then

imize value with

hat 5% of group sn and extend our te

d to stay focused oo we continue to p

ning business. Weat don't fit with ou

nd changed from

al, but clearly for

on our core stren

just talk a little

ills. So they all instomers.

ortunity to have a

g them both toget

tomer, with the cuntations today how

for Johnson Mat

higher margins an- that is what we

omebody else's de

ome of them are t

riers.

he challenges we

n we look at ours

the strong custom

sales is -- we don'echnology advant

on markets that giprogress.

e haven't sold it yur business mode

6

m last time

r Johnson

ngths and

bit about

nterrelate

a constant

ther. And

ustomer's w having

tthey. But

nd higher do, that's

esign. We

technical,

have and

elves and

mer focus

't know if tage.

ive us the

yet, we're el we will

JA


And o

absolu It's fun

group How d

-- acrobecom

So hesafety

But wof comand th

Manupartly

And wsomet

at leas Sustai

how wmake

The bif we r

That'ssounda big-

We nethe thi

on todspread

So whsumm

So ECgoing

They'rkeep fcontin

We'redifficu

ANUARY 29

MSON REUTER


one of the things

utely, yes, it is.

ndamentally unde

as much, but in p

do we position ou

oss Johnson Mattme better and bette

alth and safety isy because it really

within, it's not justmpliance becominhat's an area that w

ufacturing excelleny driven by manuf

we're going to ketimes means that y

st maintain if not

inability, you hea

we use our internasure we are lever

est of big and smroll forward and l

s quite a difficult ds very easy and -small one? A lot

eed to think aboutings we need to d

day. And also hod, larger and large

hat does this all mmary of what you'r

CT in the next thrto continue to de

re going to continfocusing on as thnues to grow.

going to talk todult for PT to grow

9, 2015 / 1

RS STREETEV


many of you hav

erpinned by that

particular, within

urselves for growt

they but we needer as a group.

s really importantdoes matter to ou

t about how we dong a much biggerwe'd keep looking

nce is something facturing excellen

eep focusing on you don't focus en

grow our margins

ard me talk about.

al resources as wraging our produc

mall -- I mean, I thlook to the future

challenge as we m- no disrespect toof difference to h

t how we capturedo is we need to u

ow we manage Her organization.

mean as our medire going to hear to

ree to five years wevelop and they ca

nue to develop they keep deliverin

day, as I said alreaw next year. But in

0:30AM G

ENTS | www.s


ve asked us in th

chemistry skill, th

fine chemicals, th

th? Well, we've g

d to continue to w

t. Our performanurselves and the v

o business. And ir issue across the g at.

we started a few nce, not solely. Bu

manufacturing exnough attention o

s into the future.

It is a sweet spot

we go forward, as ct portfolio but as

hink when I joinedit will be maybe

migrate from bein people in the roo

how you run the b

e the benefits of bupgrade our mana

HR and how you m

ium-term targets oday through all t

we see a high sinan maintain their

e products. But inng for our custom

ady, about the lonn the longer-term,

GMT, JMAT

streetevents.com


e past is, "What

hat application kn

he API manufactu

got to continually

work to be better.

nce is good but it values of the comp

internally, health world, and it's an

w years ago and it'ut that played a ke

xcellence to becoon the manufactur

t for JM. It's an ar

we move outsidesustainable produ

d Johnson Matthe15,000 to 20,000

ng -- the way I woom -- it's actually business.

eing a big compaagement informat

manage talents a

and priorities to the individual bus

gle-digit growth market position o

n particular there mers and continue

ng-term. Now we, on average , this

T.L - Johns

m | Contact Us


about fine chemi

nowledge. And y

uring and catalyst

improve the way

. And we can alw

could be better. pany. As one of o

and safety is alson area of continu

's getting real tracey part in our con

ome world class.ring processes. Bu

rea that we've -- y

e of the 2017, it wucts for our custom

ey five years ago 0 people in 5, 10 y

ould describe it isquite hard when y

any at the same timtion systems and o

across the organiz

the future? The msinesses and the b

in sales. They've over the next few

are opportunitiesto advance their

talked yesterday s is mid to high si

son Matthe


icals? Is that core

you'll hear some o

t businesses are re

we do business. B

ways be better, it'

And we've launcour core values, h

o -- the whole areued focus for us. A

ction now. You santinued advancem

We have to becut that's an area th

you've heard of ou

will be much mormers.

we were about 8years time.

s a big-small comyou're operating a

me as maintainingour business syste

zation, easily said

medium term, I'musiness directors

got very well-poyears.

s to drive operatiomarket position

about some of thingle-digit growth

ey PLC Inve

ans, is s of

e to Johnson Mat

of that today, abo

eally important as

But every compan

s a never ending

ched a program nealth and safety i

a of how we dealAnd we need to m

aw it in the half-yent of our margin

come a world clahat is getting more

ur 2017 sustainab

re focused on the

,000 people. We'r

mpany and how wea business. How d

g the agility and fems and that's the

d but actually qui

m still talking threas they go throug

ositioned in many

onal improvemenas they continue

he short-term hiath business into the

estor Day

tthey?" And I'm g

ut how that deliv

s part of the group

ny has to do this.

challenge for an

now to continue ts our priority.

l with our custommake sure we do

year results, they ns in that business

ass operator. We e and more focus

bility initiative. Th

e customers and n

re now getting tow

e changed to beindo you run a smal

flexibility of a sme process that we'

ite difficult to do

ee to five years. Bgh the presentation

of their markets.

nts, and that's the to grow and the w

tus within PT, whe future.

going to say to yo

vers the synergy a

p.

We're pretty goo

ny company to co

to improve our h

mers, and the wholbusiness in the ri

increase marginss.

have high margas we continue to

hat's very much in

new products, and

wards 13,000 peo

ng a small-big comll-big company ra

mall company. Bu've gotten on -- em

o when you are a

But if I look at --ns.

. We believe the

thing that they'rewhole market, as

hich will make it a

7

ou today,

across the

od at what

ontinue to

health and

le of area ight way,

s in ECT,

gins. That o drive to

nternal as

d how we

ople. And

mpany. It ather than

t some of mbarking

a globally

- this is a

market is

e going to a whole,

a little bit

JA


We ar

portfothings

Precioabout

This bhavennow s

On thparticu

next y Fine c

produenorm

We'reoppor

Our Nmakinall the

Now aoppor

But a scale M

to mar What

a littlearound

Migradivisioas that

Capitato get

I've sabut I d

And oof tim

approp So, rewith swe're

ANUARY 29

MSON REUTER


re very -- we are s

olio. And try and s are still there, th

ous Metal Productit. And this was a

business -- for man't been managingstarting to invest m

he refining side, ularly ECT. But h

years. In fact we a

chemicals -- I've

ucts, you'll hear mmous and we play

going to enhancrtunities here in Eu

New Businesses yong to date. This yee necessary buildi

all of these numbrtunity for us if we

vast majority of M&A. But the va

rket for different

does it mean for

e bit. And part ofd about GBP100

ate a bit away froons into the futuret market continue

al efficiency is abto 20% return of

aid many times bedon't think that wo

on the balance sheme, but if we see o

priate time.

ally what I was trsome takeaways owell-placed for th

9, 2015 / 1

RS STREETEV


still confident in P

leverage and makhey are still real an

ts division is an aalso very profitab

any years we've ig it for growth. Anmore to create opp

it remains absoluhaving said that,

already started tha

already said it c

more about that frowell in that and i

ce our offering inurope.

ou'll hear a bit moear [if we lose] --ing blocks to be at

bers and all of the see the opportun

M&A that Johnsast majority of the

businesses.

our balance sheet

f that has to do wmillion of investm

om growth in ECe. But ECT -- it ses to grow.

bsolutely embeddef capital. We're alr

efore, I don't thinould be right for t

eet side 1.5 to 2 tourselves being o

rying to give you of what I believe he future.

0:30AM G

ENTS | www.s


PT albeit, as I said

ke sure we got thnd Jeff will explai

area which in manble and it's now go

invested very mund so there's less portunities to grow

utely core. I've awe need to conti

at process already

reates good oppo

om John. But realit creates good opp

n Europe too. Mo

ore about it later f- as you know, wet least GBP30 mi

ese targets here anities or the attrac

son Matthey will e opportunities to

ts or the investme

with the investmenment to improve t

CT CapEx. We'vetill does need som

ed in what we do.ready at 20% retu

nk this is a 25% rethe long run. I thi

times net debt to Eoutside that range

is an overview oin about the com

GMT, JMAT

streetevents.com


d already, a little

he right share fromin in a little more

ny ways has been one away.

uch in making surinvestment put inw that business p

already said on tinue to invest in m

y. And so at the m

ortunities for the

lly it's about inveportunities for us

ost of the busines

from Nick. It's eae're investing mayllion of operating

are both -- with active opportunitie

want to do will boday are relatively

ent requirements?

nt I've already methe internal proce

e invested a lot, ame growth. I've al

. We have and weurn on capital acro

eturn on capital bink around about 2

EBITDA seems re for a longer peri

f the business. Yompany in the futur

T.L - Johns

m | Contact Us


bit of a short-term

m the US shale g detail later how w

focused on -- for

re we run this bun that business ovarticularly on the

the pgm side, it'smaking a better r

moment I think we

group. I think it'

estment for the me.

ss today is in No

arly days in this arybe up to nearly Gg profit with furth

a little bit of M&es out there to use

be relatively smaly small bolt on ty

? We've been runn

entioned in business of the managem

as you know, ovelready mentioned

e remain to have toss the group. We

business. I don't th20% is the right l

right too. Again, wiod of time, parti

ou're going to getre. I think we hav

son Matthe


m hiatus. But we'r

gas opportunity, wwe can leverage t

r many years has b

usiness in an effever the last few ymanufacturing si

s very important efinery process. B

e'll see this divisio

's a mid to high

edium term grow

rth America, part

rea but it's well anGBP20 million. Ber growth beyond

&A, not very much M&A to grow fu

ll. But it doesn't mype acquisitions to

ning about 1.5, 1.

ness systems. Andment information

er the last 5, 10 South America a

that very strong tae want to maintain

hink we can get tlevel for us to be.

we could be outsiicularly on the low

t much more detave a robust strateg

ey PLC Inve

ans, is s of

re going to contin

which remains thethat opportunity.

been focused on t

ctive way, managears to create oppide.

that we have acBut that's an area

on being mid sing

single-digit grow

wth. And I think th

ticularly on the n

nd truly on track. But when we get td that.

h -- most of this urther and faster.

mean we won't ifo broaden the por

.6 times depreciat

d that maybe overn and business sys

years. So it's moand continued req

arget and making n it there or therea

there. We could b

ide of that range w end, then we'll

ail as we go througgy. I think, as I sa

estor Day

nue to broaden ou

ere, and the Chin

the Anglo contrac

ging metal, manaportunity to grow

ccess to pgms foa we're going to s

gle-digit growth ra

wth business. We'

he opportunity is

non-opiate side an

We're very pleasto year five we th

is organic growth

f there's opportunrtfolio or create m

tion in CapEx. Th

r the next five yestems across the g

ore investment in quirement of grow

sure every investabout.

by cutting spendin

for a period of timl deal with that as

gh the day, but reaid, the market dr

ur offering and bro

na coal opportunit

ct and you always

aging return on asw into the future. S

or our product bupend a little time

ate.

're going to inves

real, the pharma

nd then we do ha

sed with the progrhink this has absol

h. So obviously t

nity -- exists to domarket offerings a

hings are going to

ears and so, maybgroup.

the other areas, wth and expansion

tment we make ha

ng and cutting inv

me, relatively shos we've done befo

eally I wanted to lrivers are pretty g

8

oaden our

ty. Those

s asked us

ssets. We So we are

usinesses, e over the

st in new

market is

ave more

ress we're lutely got

there's an

o a larger and routes

o increase

be require

the other n in China

as a route

vestment,

ort period ore at the

leave you good, and

JA


Our foour pr

What to con

We'll differeand ne

And thwe be

Operanot ju

way w So it's

nitty-gprodu

And ifback tprima

going Now,

on Fin Q U

Robe

If youyour -

Andr

Yes, investration

Robe

I can get mo

But reWaterlater, b

ANUARY 29

MSON REUTER


ocus is and will croducts and they a

underpins Johnsontinue to invest to

also keep investient business 10 yew opportunities.

hat's something thelieve, to make sur

ational excellenceust about cutting c

we can.

s about health and

gritty behind the ucts for our custom

f we do all that toto the previous sl

arily organic grow

to keep doing an

that's all I was go

ne Chemicals andE S T I O N A N

ert MacLeod - J

u could, there are-- say your name a

rew Benson - Cit

thanks very muchtment per annum

nalize and just exp

ert MacLeod - J

absolutely for yoore of that from N

emember we've ar purification provbut the GBP5 mil

9, 2015 / 1

RS STREETEV


continue to be on add value. They li

on Matthey is che move the busine

ing in for new buyears ago than we

hat we're very were we're a strong

e is something thacost. Yes, cutting

d safety. It's about

scenes but absomers.

ogether and we're lide, maybe you'lwth. We get ourse

nd I'm confident th

oing to say, I'm g

d then Alan MyersN D A N S W E R

Johnson Matthey

e some microphonand where you're

ti - Analyst

h. Andrew Bensoto generate GBP3

plain that a little b

Johnson Matthey

ou. Thank you forNick later on toda

already invested svides opportunitillion to GBP7 mil

0:30AM G

ENTS | www.s


sustainable technike our technolog

emistry and its appss forward, and w

usiness areas for ge are today. And w

ell used to. We're robust growing b

at is absolutely intcost is good, bei

t how we run the

lutely fundament

successful, we bll say -- well, theelves to the doub

hat we can deliver

going to give you

s on Precious MetR

- CEO

nes, I think we gofrom just for the

on from Citi. The30 million of ope

bit more?

- CEO

r your question, Aay and hopefully s

some money in ouies. Atmospheric llion is the ongoin

GMT, JMAT

streetevents.com


nologies. We're wgy and how it help

plications. That iswe will keep doing

growth in the longwe go forward an

very happy to keusiness into the lo

trinsic in what weing more efficient

business from co

tal to make ourse

elieve that we canse don't add up to

ble-digit through

r that.

an opportunity, i

tal Products, but I

ot mics. And if --purposes of the r

e one area that loorating profit in fiv

Andrew. Just to besome of your ques

ur battery technolcontrol technolog

ng running cost o

T.L - Johns

m | Contact Us


well-placed, it playps them be more s

s the core elemeng that.

g run. I mentionenother 10 years, w

eep doing that. Buong run.

e do. We have to t is good, but it's

ompliance. It's abo

elves as -- make

n deliver double-do a double-digit. an element of M

if you wish to ask

I'm very happy to

- when you ask arecording.

oks a little bit anove years' time, tha

e clear the GBP5 stions will be answ

logies business. Wgies provides, whf currently lookin

son Matthe


ys to our strengthsustainable too.

nt that underpins th

ed we're going intwe'll probably be

ut creating those o

be the best at whalso about makin

out how we run th

us a sustainable

digit growth in eaWell that, as I sa

M&A, through ele

k me questions be

o take any question

a question, as nor

omalous is the neat seems like a fa

million to GBP7 wered as we go th

We've got an estahich is what we ang at new opportu

ey PLC Inve

ans, is s of

hs. Our customers

he group. And tha

to our third centudifferent again th

opportunities for

hat we do. Operating sure the way w

he business from H

e business not jus

arnings per share aid already, that i

ement of driving

efore we then han

ns that any of you

mal, we want to

ew business deveantastic return on

million is the onhrough the day.

ablished business are renaming pacunities and new id

estor Day

need our produc

at requires us to c

ury. We look backhrough investmen

growth in the futu

ing performance we run the busine

HR. All sorts of t

st having busines

over the foreseeais probably the hfurther performan

nd over to -- I thin

u may have.

hear from -- And

lopment GBP5 mcapital invested.

ngoing investment

as we talk a littlckaging. Again, ydeas for the longer

cts. Our customers

continue to invest

k 10 years ago, wnts in these new b

ure is absolutely

is really critical, aess is as the most

things that really

ss that creates su

able future. Now, high single-digits, nce, and that's w

nk the first is Joh

drew, if you can j

million to GBP7 mSo, it looks high.

t for new ideas. A

e bit about it in fyou'll hear more ar term.

9

s demand

t in R&D,

we were a usinesses

essential,

and that's effective

are in the

ustainable

if you go which is

what we're

hn Fowler

just name

million of . Can you

And you'll

fuel cells. about this

JA


We habattery

Thom

Thom

Thom

crop pbetwe

Robe

I thin

Thom

And tthe str

Robe

No. Tdrivin

Do yo

Andr

Andrcomm

Whenthe EC

that st

Robe

We're

becauwe've

The omakindidn't

I think

ANUARY 29

MSON REUTER


aven't given up ony technologies are

mas? No, no, it's ju

mas Gilbert - UB

mas Gilbert, UBS.

protection, pharmeen growth and m

ert MacLeod - J

nk the answer to th

mas Gilbert - UB

the second questirategy?

ert MacLeod - J

The long term incng earning -- grow

ou want to put it fo

rew Stott - Bank

ew Stott from Bament for the group

n you think about CT margin? There

table margin com

ert MacLeod - J

e now getting qui

use what I'm talkindone very well in

other businesses inng business we'll bwant you to go a

k there's some, bu

9, 2015 / 1

RS STREETEV


n the pipeline of nea part of it.

ust here.

BS - Analyst

. I got two questio

ma -- I mean the raintenance R&D

Johnson Matthey

hat is no. I think w

BS - Analyst

ion, you said you

Johnson Matthey

entive plan remaiwth and underlying

forward to Andrew

k of America - An

ank of America. Itp average.

how the divisione's obviously som

ment?

Johnson Matthey

ite granular, Andr

ng about is the bin ECT margins ov

n the long run wbe able to mainta

away and put into

ut relatively stable

0:30AM G

ENTS | www.s


new ideas, it's a c

ons. You said R&

regulator on -- fois the same going

- CEO

we see it continue

're adapting today

- CEO

ins in place that wg earnings per sha

w?

nalyst

t was just -- Robe

ns look now and eme risk now to the

- CEO

rew. And we were

ig group, the entiver the last few ye

will be relatively sain that. What I di

your models and

e margins for the

GMT, JMAT

streetevents.com


continued investm

&D sales 5%. The

or your chemistryg forward? Is ther

e to evolve in a re

y the strategy to g

was to do with earare, which fits ent

ert, the slide on m

especially given ce process tech and

e trying to not to

irety of the groupears, I think -- is t

stable. And obvioidn't want you to gyour thoughts ab

group as a whole

T.L - Johns

m | Contact Us


ment. So, we've --

ere are many area

y gets more stringre any regulatory p

latively consisten

give an update. H

rnings per share gtirely with what w

midterm guidance,

omments yesterdd fine chems and P

be too granular to

p. But I think -- athere a little bit m

ously, if we are sget the impression

bout the future, the

. But it is granula

son Matthe


and part of that G

s in the chemical

gent. Do you see pressure on your

nt way. That's not

Has there been any

growth. It's the sawe think that driv

so very clear on

day on process tecPM products are s

oday, but that's no

sk John the questmore to go? Mayb

successful in drivn was to say that ere's a lot of marg

ar by division.

ey PLC Inve

ans, is s of

GBP30 million is

industry where c

any change or dkind of chemistry

going to dramati

y changes to the i

ame as it was threes shareholder req

the sale side but i

ch, am I right in thsteady. Is that the

ot a reason not to

tion when John We, but it's a little b

ving New Busines-- because we're

gin accretion ahea

estor Day

from what we've

compliance cost fo

do you think that y? That's the first

cally change anyt

incentive -- mana

ee to five years agquirements.

it says stable mar

hinking you still right way of thin

o answer your que

Walker -- when hebit.

ss from a loss-maalready a relative

ad of Johnson Ma

e already got alrea

for the chemistry g

is growth -- thatone.

time soon.

agement incentive

go, it continues to

rgins. Now, I gues

think it's a bit of nking of the contri

estion. The short a

e talks about ECT

aking business toely high margin batthey.

10

ady in the

go up, on

t the split

es around

o be about

ss that's a

upside in ibutors to

answer is

T. I think

o a profit-usiness, I

JA


Andr

Okaythe sp

Robe

Well,

to themthey'd

Do yo

Adam

It's A

talkingdigits

Robe

Now,

Adam

I mea

Robe

I thouimpaca refle

On theabout

Mart

Thank

do wiindepe

Robe

I'm sulast fe So, thstage n

ANUARY 29

MSON REUTER


rew Stott - Bank

y. And can I just fpecial dividend a c

ert MacLeod - J

, it'll depend upon

m -- have said, ifd rather us do thos

ou want it back a c

m Collins - Liber

Adam Collins from

g about mid to higrowth that didn'

ert MacLeod - J

, you said fuel cel

m Collins - Liber

ant fine chemical.

ert MacLeod - J

ught you did. I thct the ability to deection of if we hav

e fine chemical simid to high -- I th

tin Evans - JP M

ks. Martin Evans

ith the response endent issue?

ert MacLeod - J

urprised it has takew years in Maced

he future investmenow where we've

9, 2015 / 1

RS STREETEV


k of America - An

follow-up on the bcouple years ago a

Johnson Matthey

n the number of b

f we can find andse than return in c

couple of rows to

rum - Analyst

m Liberum. I'm ju

igh single digits. I't stipulate in the p

Johnson Matthey

lls, did you mean

rum - Analyst

Johnson Matthey

hink PT is a pointeliver in the mediuve a hiatus for a p

ide, I thought we'hink he's going to

Morgan - Analyst

, JP Morgan. Just

to the negative d

Johnson Matthey

ken this long to gedonia, in [Royston

ents are likely to be got enough capa

0:30AM G

ENTS | www.s


nalyst

balance sheet comand bolt-on. So, i

- CEO

bolt-ons that are a

d there are attracticapital. However,

o [Adam] there?

ust sticking on tha

I just wanted to upast whether that

- CEO

fuel cells?

- CEO

t that is -- taking aum term, and hereperiod of time tha

d always, always o talk about mid to

t on the ECT com

diesel discussion

- CEO

et to the question n] -- John will tal

be more in Asia aacity, principally

GMT, JMAT

streetevents.com


mment? You saidis that how to thin

available and the

ive opportunities if we still -- if we

at slide about the

understand is thatwas a profit grow

account of realitye I'm saying three

at will impact our

said mid to high o high in the next

mment about goin

ns versus gasoline

on diesel, but no,lk a little bit abou

and potentially inenough capacity i

T.L - Johns

m | Contact Us


inefficiency equank about it or com

opportunities ava

that give us an ope believe that for

midterm targets a

t a change from wwth number or rev

y, we talked yestee to five years. Loability to deliver

single digit growt five years, but th

ng forward, slightl

e and you were

, it's nothing to dout that later -- and

n South America. in -- let's call it, I

son Matthe


als we're preparedmbination of both?

ailable to us. Mos

pportunity to get a period of time t

and from the top l

what you were indvenue number?

erday about the hiong run we still befor that -- in that

wth. And I think when going to high

ly less investmen

anticipating incr

o with that at all. we've got plenty

So, it's more a faI don't like using t

ey PLC Inve

ans, is s of

d to do what we've?

st shareholders --

to 20% return onthat the balance sh

line side. For both

dicating previousl

iatus in China in elieve we can gettimeframe.

when you hear Joher levels beyond t

nt in that division

reased pressure in

I mean, you've goof capacity in Eu

act of just the natthis word, but the

estor Day

e done before. Ob

and we've all ran

n capital on thoseheet is getting too

h the fuel cells an

ly? You were talk

particular and thet to the high singl

hn later on in the nthat.

as a proportion, R

n market share s

ot now -- we've inurope today and in

ture of the investme developed mark

bviously that inclu

ng shareholders a

e acquisition oppoo strong, then we'l

nd the PT side, yo

king for about hig

e oil price, that ise-digit growth, bu

next presentation,

Robert. Is that an

shift on that or i

nvested quite a lotn North America t

ment cycle. We'vekets, we've got the

11

udes both

and talked

ortunities, ll do it.

ou're now

gh single-

s going to ut it's just

, he'll talk

nything to

is that an

t over the today.

e got to a e capacity

JA


we ne

that la Can y

Unide

I'm soemplo

questi

Robe

I thinable to

takes chain,

So, allyou excapita

Unide

The f

Robe

Well,

ratherpowerbalanc

We'rea chal

before

Thom

Can Ithe HD

Robe

We'vutiliza

We haway, w

ANUARY 29

MSON REUTER


eed. Nothing to do

ater on today.

you wait for the m

entified Audienc

orry. If I had askoyed in the worki

ion is, what chang

ert MacLeod - J

nk what's fundamo take out more c

out working capi, how you manage

l part of operationxpand your utiliz

al, that whole retu

entified Audienc

follow-up is, if we

ert MacLeod - J

, I'm glad to have

r than me? He's norful, but we're alsce.

very visible nowllenge with our c

e, but I just want t

mas Gilbert - UB

I follow-up on thiDD isn't that the r

ert MacLeod - J

e always thoughtation because you

ave done well in we built a capacit

9, 2015 / 1

RS STREETEV


o with any issue a

mic? Just to make s

e Member

ked you five yearng capital with th

ged in your favor

Johnson Matthey

entally changed icost than we mig

tal because what e your work in pr

nal excellence in zation and get the

urn target too.

e Member

e're looking at in

Johnson Matthey

e a glass-half-full

ot - I can't see Johso delivering grea

w with you about oustomers. So, I th

to hand it over to

BS - Analyst

is question and asreason?

Johnson Matthey

t that the competiu build a capacity

particular HDD tty as a result to en

0:30AM G

ENTS | www.s


about diesel or ga

sure we can --

rs ago about ECThe substrates, the

that allowed you

- CEO

in our business inght have expected

you're doing is yrogress to make it

manufacturing exem up to more a

five years and yo

- CEO

person asking m

hn, but he is here at products, great

our returns. That'hink we're pretty

Thomas again.

sk you, isn't one o

- CEO

ition would be toufor what you plan

this is where we'vnable that. So som

GMT, JMAT

streetevents.com


asoline. And we,

T and can you gecar makers put p

to get to that 20%

n the last few yead. And at the sam

ou're getting muct as efficient as yo

xcellence that cleaappropriate levels

u're not 25 but yo

me questions. I me

today. I think thet technology -- g

s both a good thiny much where we

of the reasons that

ugh. The competn -- what you are

ve extended our mme of it, that's not

T.L - Johns

m | Contact Us


by the way, don't

et to 20% ROIC,pressure on us. No

% and sustain it th

ars is the performme time we have d

ch more just in --ou possibly can.

arly back in the das that allows you

ou're higher than y

ean what could ca

ere is always consgreat partnerships

ng for you, you c can get to, I don

t you thought the

ition remains tougoing to sell and

market position, pa factor to do wit

son Matthe


t believe in the de

, it probably wouow, you're clearly

hat you wouldn't h

mance that we've mdriven -- manufac

not quite just in t

ay a few years agto grow your bu

you thought again

ause us going mor

tant pressures witwith them. It's a

can get to understan't think we can g

competition wou

ugh and I think whwhat you believe

perhaps higher thath margins.

ey PLC Inve

ans, is s of

eath of the diesel

uld have been -- y at 20% even tho

have expected thr

made on the mancturing excellence

time, but much m

go the factories weusiness into your

n, what would be

re -- I'll tell you w

th the OEMs theyabout getting that

and what drives oget a whole lot h

uld get tougher? D

hat's changed -- ae you're going to s

an we thought we

estor Day

engine, and John

it's going to be hough you did lots

ree, five years ago

nufacturing excelle program doesn'

more focus on how

ere relatively undassets, which ha

the most likely ca

what, why don't y

y are -- we are -- wt balance right an

our business, but higher. Mind you,

Didn't you expect

and to some extensell. And so is the

e would have don

n will talk a little

hard. There's mors of CapEx. So I

o?"

ence program, wt just take out co

w you manage you

derutilized, as youas help grow that

ause?

you ask John that

we're big customend I think the cha

it does create a li, you'll say that I

more market sha

nt that's all aboute utilization point

ne five years ago.

12

bit about

re capital guess the

e've been ost, it also

ur supply

u grow, as t working

t question

ers, really allenge is

ittle bit of said that

are loss in

t capacity .

. But in a

JA


What' Q U

Joe D

It's Jo

identifpotent

Robe

Yes, Johnsolevera

Our centiret

we be A part

now a We're

sites aorgani

So onBut asset, an So whoppor

got m I got o

were a

Peter

Peter bullet

financ

Robe

Well,

If youfinancquicke

ANUARY 29

MSON REUTER


s wrong with thisE S T I O N A N

Dewhurst - UBS

oe Dewhurst from

fy that as an issutially, maybe, mig

ert MacLeod - J

yes. Look, any oon Matthey today

age scale that we m

ustomers are becty of the group. S

elieve are availabl

t of it is an inves

a sort of catch up i

not going to do a

across Johnson Mization.

ne of these things, s you get used to nd that enables yo

hat we're going trtunities to take co

ore access to info

one more questio

asleep.

r Cartwright - F

Cartwright, Fiskpoint is earning

cial engineering?

ert MacLeod - J

, now I thought I

u go to slide 18, thcial engineering. er than just the un

9, 2015 / 1

RS STREETEV


s side? You guys nN D A N S W E R

S - Analyst

m UBS. On just t

ue? And also, howght that'd be disru

Johnson Matthey

organization needy which don't reamight be able to g

coming more globSo part of this is

le to take cost out

tment you just ha

in getting back in

a big bang. No w

Matthey. So we're

you'll start doingit and you start ro

ou to be a better o

to do is we -- thost out through --

ormation. So you w

on and then we'll p

Fiske

ke plc. You spents in double digit

Johnson Matthey

said what -- if you

hose are the mediIt's just about ma

nderlying organic

0:30AM G

ENTS | www.s


not got any questR

the business syste

w extensive is it?uptive while you'r

- CEO

ds to have, as it gally talk to each oget through procu

bal, particularly ian investment req

t of the business.

ave to have. We'v

nto the right system

ay we're going to

not going to do a

g. It'll be relativelyolling it out as -- rganization.

his is a requireme- linked to the ma

won't see savings

probably have to

t a good few mins. So there's a sl

- CEO

u look closely at

ium term targets aybe a little bit o growth of the gro

GMT, JMAT

streetevents.com


ions?

ems investment t

? Are you planninre doing it, but do

grows, needs to hother effectively. urement, through w

in the OEM side,quirement to mee

ve, to some exten

ms for today.

o do that. It's one

all 53 together. It'

y inefficient for thit's not going to b

ent. It's necessaryanufacturing exce

s in one particular

-- sorry, this side

nutes explaining wight disconnect t

the first slide, wh

of mainly organicof accelerated furoup.

T.L - Johns

m | Contact Us


that you're highlig

ng right across tho you see a lot of o

have the right busSo we're not thenworking with our

with the car comet our customer de

nt, our systems, w

of these things th

'll be very much a

the first one or twbe a cookie-cutter

y to do for the gellence element b

r place. You shoul

e has woken up.

why turnover is othere. There's eith

hatever number it

c growth. And thrther M&A which

son Matthe


ghting. So there a

he organization, aopportunities, say

siness systems ton able to leverager customers.

mpanies. And theemand. Part of it

we evolve them, b

hat will rollout by

a phased process

wo because you're r, but because it's

group. I think thebecause then, you

ld see it sort of sp

So now I've got s

only in mid to higher a big load on

is. I can't see. I ne

at gets to sort of h allow us -- and

ey PLC Inve

ans, is s of

are a couple of q

a whole kind of sy, on SG&A and o

run it. We've ine the opportunity

ey want a demandis an investment

ut some of them

site. We've got, I

which is why we

setting up the tems easier as you sta

ere are opportuniu can work much

pread across the g

some questions, b

gh single digits ann new business, w

eed my glasses.

high-ish single did that's our ambit

estor Day

questions. First of

sort of the ERP tyother things afterw

nvested in a wholand strength of b

d to understand wt requirement to m

, we haven't evol

I think I heard ye

e'll take five plus

mplates, you're seart rolling it forwa

ities to take cost closer with your

group.

but go on. Sorry,

nd why margins which I guess we

igit growth. To gtion. Our ambitio

f all, why did you

ype implementatiwards?

e series of systembeing a bigger com

what's going on ameet the opportun

lved for some tim

esterday, 53 manu

years to rollout a

etting up the infraard, you build out

out of SG&A. Tsupply chain bec

I don't want to im

won't go up, yet e'll hear about, or

et to double digiton is to grow the

13

u kind of

ion? And

ms across mpany to

across the nities that

me. So it's

ufacturing

across the

structure. t the skill

There are cause you

mply you

your last r a bit of

ts, It's not business

JA


We beget us

And thwe'll g P R E

John

Thankgoal h

group Increa

try to say, y

So firactivitcataly

And ifpharm

versio And o

therap The b

where So, ye

And ifthan it

The U And cyou soSouth

So yodevelo

And fit's cer

And hfermevery h

ANUARY 29

MSON REUTER


elieve there are ps into the double d

here's plenty of ogo in now into muE S E N T A T I O

n Fowler - Johns

k you, Robert. Mhere is to give yo

.

asingly, the divisi

keep it simple. Ayou can always ref

rst, let me describties in active pha

yst for chemical re

f you look at the cma clients into tw

ons of those brand

our leading API p

peutic area and tho

usiness has high

e we can leverage

es, moving down,

f you look at the t is -- or in the US

US has a portfolio

capacity has also bo far. At some poi

hwest Scotland, An

ou've heard us talkoping the formula

finally, our plan isrtainly a key driv

here's some detail ntation processes

high regulatory ba

9, 2015 / 1

RS STREETEV


lenty of opportundigit growth territ

opportunities to auch more detail inO N

son Matthey - Div

My name is John Fou a much better i

ion is focusing on

And you've got glference it in the b

be what we are toarmaceutical ingreactions that go in

chart, on your rigwo buckets -- inno

d drugs.

positions are atten

ose would be narc

returns, very goo

our catalyst techn

, looking ahead, w

chart on the rightS than it is in Euro

that goes well be

been a constraint int, you have to tannan.

k about the sales ated generic drug

s to continue to iner for us to maint

on our markets. s. We don't do thaarriers when you d

0:30AM G

ENTS | www.s


nities for us to broory.

sk, not just me qunto the individual

vision Director - F

Fowler and I'm reidea of what the

n pharmaceutical m

lossaries with defback or we could t

oday and then I'llredients, what wento making those

ght you'll see that ovator clients wh

ntion deficit hype

cotic APIs or API

od return on sales,

nology and our co

we're keen to exp

t, you'll see that thope.

eyond controlled s

for us in Europe.ake the plunge an

of other niche Aproducts that use

nvest in technologtain a competitive

We supply small at. The controlleddeal with controll

GMT, JMAT

streetevents.com


oaden our portfol

uestions, but everbusinesses. And

Fine Chemicals

esponsible for thedivision is all ab

markets, so I'll be

finitions at the batalk later.

get into where we call APIs and CAPIs.

CCT and our APich are those rese

ractivity disorder

Is that are derived

, approximately 2

omplex chemistry

pand our activitie

he sales are not to

substance. In Euro

. Up in Edinburghnd make capacity

APIs before it resue our APIs. And I'

gy that will give ue advantage in the

molecule APIs wd substance nicheled substance.

T.L - Johns

m | Contact Us


lio, broaden our o

rybody else questto start with, I'll h

e Fine Chemicalsout and hopefully

e using a lot of lan

ack of your packe

we are going. TheCatalysis and Ch

I businesses repreearching and dev

r you've heard tha

d from opium pop

25%. And this is b

y capabilities.

s in North Ameri

oo different, 46%

ope, it tends to be

h, they've been minvestments whic

ults, and we're loll talk more abou

us an edge in tacke Fine Chemicals

which are those the is a fraction of t

son Matthe


offering and our t

tions. What I washand over the Joh

s Division. It's bey, you'll understan

nguage that is ph

ets, I think there's

e vast majority ofhiral Technology

esent 75% of the veloping new che

at before, ADHD

ppies.

because we focus

ica or in Europe a

North America,

e very focused on

maxed out for sevech is what we did

ooking to grow mut this later in the t

ling difficult chemDivision.

hat are derived frothe overall API m

ey PLC Inve

ans, is s of

technology across

s trying to do wahn Fowler to go th

een four years sinand and appreciate

harma-specific. Ap

s like four pages w

f the division's reor what we call

division's revenumical entities, ne

, and those are ba

s on the high-valu

as we have in No

40% in Europe. B

n opiates and narco

eral years now. Anin December whe

more in this area ttalk.

mistry. That's a ke

om chemical procmarket, but it's a s

estor Day

s a range of differ

as just give an ovehrough Fine Chem

nce I last presentee how we contrib

pologies for that.

worth. So if you

evenues are pharmCCT where we

es, 25% is researcew therapies, and

asically amphetam

ue market segmen

orth America ove

But the portfolio i

otic APIs. So we'

nd manufacturingen we bought an o

to include a highe

ey element that yo

cesses as opposedspace we like due

rent markets, and

erview for the gromicals. John.

ed at Investor Dabute growth to the

It's tough to avoi

aren't sure of som

ma facing derive develop and man

ch chemicals. Wed those engaged in

mines. Also pallia

nts, the niches -- e

r the past couple

is much broader i

re looking to exp

g excellence will old former GSK f

er level of partici

ou heard from Ro

d to biological proe to the barriers t

14

d that will

oup. And

ay. So my e broader

id, but I'll

mething I

from our nufacture

e split our n generic

ative care

especially

of years.

in Europe

and that.

only take factory in

ipation in

obert, and

ocesses or that exist,

JA


For ex

markeI've lis

And thhave aAPIs.

It's a svertica

And thcontra

And ifterms

numbe So, ye

perfor And a

can be We al

for maroyalt

So hedevelobe imp

10 to compa

And tparticu

We'rethat w

more So the

four y So exc

especi But to

bets, a So ouexchabasis.

ANUARY 29

MSON REUTER


xample, you can't

ets. I've listed somsted are key comp

hen moving to tha strong position

smaller portion, bally integrated hu

he other thing thaact manufacturers

f you look at the of catalyst supply

er 1 when it come

es, we'll supply m

rmance when they

at the bottom righ

e an arms-length t

lso sell catalyst to

aking the APIs. Aty stream element

ere's some of theopment that Robeportant to us. As w

15 years ago, theanies. It was a bal

the cost advantagularly, with our c

also seeing a drivwe're participating

selective relative

ere's a lot of adva

years, we've expan

cited about this a

ially the potential

o be sure, this is a

and we expect em

ur strategy, growthange rate basis, we

9, 2015 / 1

RS STREETEV


t import low-cost

me of our key competitors in the US

he middle of the cin chemistry deve

but an attractive onuge big pharmaceu

at we'll talk about s. Rather, focused

pie chart on the ry, our position is

es to coming up w

more of the commo

y do the chemical

t, what I've done,

transaction or it c

o generic drug com

And again, the fot to the revenues o

e macro trends iert talked about iswe look to grow o

ere was a shift tolance sheet play.

ges that existed apacity investmen

ve to reduce the eg in is creating an

to a traditional pr

antages in this, an

nded their library

area. And it's a ke

l of extending our

a long-term oppor

merging markets to

h ahead of markee've grown the di

0:30AM G

ENTS | www.s


morphine if it we

mpetitors. On theS and Europe.

hart, custom servelopment, numbe

ne, a small portioutical companies,

custom synthesison complex chem

right, you'll see thvery strong. It's n

with technical com

odity catalyst, but

l reactions.

, busy slide, but I'

can be a profit sha

mpanies. And then

ocus there is comof the division.

impacting our bus driving a lot of tour custom servic

o low-cost regionMore and more o

10 years ago, thants in the US, and

environmental impnd selling enzym

recious-metal-bas

nd we got into this

of enzyme cataly

ey driver in terms

r leading position

rtunity. It's not bu

o be a key area we

et. There was a quvision at 8%. And

GMT, JMAT

streetevents.com


ere made in China

e right, the usual

vices. The customer 3 in the US, and

on with very large, but rather the sm

s in making these mistry and going a

hat the split of revnumber 2 in the o

mplex solutions.

t we tend to focus

've tried to make

aring arrangement

n brand innovator

mplex. And as we

usiness -- aging the growth. How ces business, with

s on the contract of these companie

at gap is closingd more recently in

pact. We're usinges. These enzyme

sed catalyst, and i

s about four years

ysts. And pleased

s of sustainable ch

in narcotic APIs.

uilt-in to our near

ell into the future

uestion in terms od this is compared

T.L - Johns

m | Contact Us


a into most of the

suspects all with

m services side of d we're seeing thi

e market. And hermall to medium, m

APIs, we're not gafter the stuff that

venues for our busoverall market. Bu

s more on coming

it -- give you an i

t where we partici

rs, we first usuall

execute develop

population, you'we can react and

h innovator clients

manufacturing, ps, though, we're f

g. They're not as n Scotland.

g more sustainablee catalysts use le

if it's more selecti

s ago. We bought

to say we've got t

hemistry. Emergin

.

r-term plans over

e.

of our performancd to market grow

son Matthe


countries in Euro

very high share

our API businessis transition into a

re, we're focused omid-size pharma c

going after the comt has limited com

siness, and it's mout having said tha

g up with clever s

idea of how we m

ipate in developin

ly sell chemistry s

ing these APIs an

've heard that bed capitalize on thes.

particularly in Indfinding that they'r

significant as th

e chemistry. You'ess organic solven

ive, then your clie

t a small company

two innovator cli

ng markets are st

the next five year

ce, and if you loowth over that same

ey PLC Inve

ans, is s of

ope, and certainly

and -- I'm sorry,

s is focused on thea growing positio

on specific customompanies that va

mmodity stuff. Wmpetition.

ostly generic clienat, when customer

solutions to use, b

make money. To m

ng that generic, w

services and then

nd catalysts, ofte

efore. They requese drivers underp

dia. And a lot of re struggling with

hey were a decad

've heard a lot abonts, they have les

ents get better yie

y in Dusseldorf, G

ents that are at th

till on our radar. I

rs. But 5 to 10 ye

ok at our profit gre time period of ab

estor Day

y not in the United

customers. And t

e pharmaceutical on in manufacturin

mer segments. Welue and need our

We don't want to c

nts, 70% of our rers look to Johnson

better catalysts to

make it simple, ge

we take a little bit m

that leads to wha

n times, we gene

uire more medicipins our strategy.

f this was driven b quality, regulator

de ago. So we se

out green chemistss energy inputs,

lds and their cost

Germany called X

e cusp of launch u

I talked about tha

ears from now, w

rowth over the pabout 5%, and aga

d States as these a

then the competit

innovator clientsng more niche or

e're not looking toexpertise in chem

ompete with the b

evenues. At the bn Matthey, they v

give our custome

enerics, we supply

more risk.

at we call custom

erate patents. So t

ines. In emergin. Generics will co

by the big pharmry issues.

ee this as an opp

try. And the key aand they tend to

goes down.

X-Zyme. And ove

using our enzyme

at quite a bit back

e're certainly cov

ast five years on aain, constant exch

15

are closed

tors there

s. And we r complex

o go after mistry.

big Asian

bottom, in view us as

ers, better

y APIs. It

synthesis

there is a

g market ontinue to

maceutical

portunity,

area there be much

er the past

es.

k in 2011,

vering our

a constant hange rate

JA


And yaverag

And hAPIs. Europ

Who'rwell a

plante Also,

enablecapab

For exAnd athere's

So letfundam

patent On the

I mentechno

And wcan be

So thipoint t

And oin Songet a c

So weway, a

the plathe sk

And snimbl

In theinnova

Here, our cu

ANUARY 29

MSON REUTER


you have to undege, we've grown t

here are the key eWith our strong

pe. This will enabl

re having tremendand growing. I an

ed a lot of seeds w

extending our ge

e us to access moilities and invest

xample, enzymes,all this plays intos opportunities to

t me now talk abmental to the bus

t. And I'll give an

e innovator side,

ntioned, this leadsology advantage.

when we talk aboue done through cle

is is a, don't meanthat gets us acces

our center of excenning, we tap the chance to see it la

e differentiate ourand we have to d

ant. And when yokills that we have.

speed is the key the, agile. And the

e US, the FDA wative commercial

I'm going to talk ustomers. And the

9, 2015 / 1

RS STREETEV


erstand, that's thethis business by 8

elements of our sAPI developmenle us to increase o

dous success withnticipate that our

with these innovat

neric position by

ore value from thin new areas that

, talked about tha our manufacturido that, and we b

bout how we cansiness. This enabl

n example later on

it's helping our br

s to patents that

ut catalysts, a lot ever chemistry, it

n to get into techss to more comple

ellence in synthetivast experience t

ater in the day.

rselves from our co it in a very com

ou go on after com

hing here. For inngeneric side is the

will grant market l models on the ge

about moving upe target products h

0:30AM G

ENTS | www.s


e CAGRs, it's the8%.

strategy. We've hnt capability capacour presence on th

h new drugs to treriverside plant th

tor clients, and so

moving further u

his high-growth mwill create value

at, but also things ng excellence str

believe there are.

n differentiate anles us to apply ou

n in the presentatio

rand clients come

can extend the p

of times it's purift can be done thro

nical detail and uex molecules.

ic and analytical cthat they have in a

competitors by apmpliant way becau

mplex chemistry d

novator clients, the same thing. The

exclusivity for a eneric side that cr

p the value chain here that we're go

GMT, JMAT

streetevents.com


e average. It can

ad a lot of succecity investments bhe innovator side

eat difficult diseashat we bought ba

me of them are st

up the value chain

market segment. for our clients.

like continuous frategy. And as Ro

d be successful iur skills in solving

on.

e up with novel ap

product protection

fication science. Aough catalysis, an

use words like ch

chemistry applicaall facets of chem

pplying these skiluse the regulatory

doing difficult mo

hey're always up aere's a huge prize

period of time wreate value. And I

where we participoing after, they're

T.L - Johns

m | Contact Us


be lumpy. Some

ss in expanding oback in 2010 andof the business su

se states like mulack in the fall of

tarting to come to

n by co-investing

And also, we're g

flow reactors that obert mentioned,

in our strategic ag tricky generic p

pproaches so they

n of their drugs.

And that's our abild it can also be do

hiral. You've got y

ation is in Boston.mistry, particularly

lls and ways to gey environment in

olecules, it's not a

against the clock if you can develo

which obviously gI'll elaborate more

pate in formulatinnot typically cont

son Matthe


e years might be

our generic API pd December of lasupporting clients

ltiple sclerosis. Sof 2010 from Lonz

o fruition as we sp

and co-developin

going to continue

offers significantwe're also going

aims, critical masproblems, for exam

y can synthesize a

And our market

lity to get the chirone by using adva

your glossary at t

. Catalyst center oy, surface chemist

et our customers tpharma is very to

always straightfor

to get their produop the first generic

gives you an oppe on this on the ne

ng our APIs into trolled substances

ey PLC Inve

ans, is s of

12%, 13%, other

portfolio in the Ust year, I'm confidlike Biogen.

o we're a key partza will enable us

peak.

ng the formulated

e to advance our

t savings over a tyg to look to accele

ss in chemistry. Ymple, coming up

and commercializ

t leading capabili

ral purity of the manced manufactur

the back, but I wa

of excellence is intry. But you're go

to market more qough. And what y

rward to go from

ucts to market andc and be first to m

portunity to makeext slide.

generic drug prods. Instead, they're

estor Day

r years might be

US, both controlledent that we can d

tner with them anto get our top li

d drug products th

r development --

ypical, traditionalerate our growth

You've heard us with clever ways

ze their drug mole

ities in the area o

molecules that ourring kit that emplo

ant to highlight it

n Philadelphia, buoing to hear more

quickly. We have you create in the

the lab into the pl

d extend their patmarket.

e very high marg

ducts in collabora complex niche m

low single digits

ed substance and do more especiall

nd they've been doine growing nicel

hat use our APIs.

enhance our dev

l batch reaction chthrough targeted

talk about chems to work around

ecules. And often

of catalysis unde

r customers want.oys chromatograp

t because it's a ke

ut also in Cambridabout that later, a

to do it in a cost-lab has to be rep

lant, but those are

ent life. So you h

gins. And finally,

ation with our parmolecules.

16

s. But on

complex ly here in

oing very ly. We've

This will

elopment

hemistry. d M&A if

mistry. It's a process

times, as

rpins our

. And this phy.

ey selling

dge. Here and you'll

-effective licated in

e some of

have to be

we have

rtners and

JA


And h

formubioequ

And trecent

You'llwas dbroug

And thcan do

propo We ex

invest And a

you lo And th

- a meout by

And thgeneribrand

Now, going

So weAnd if

So thawe tra

So in engine

This spharm

innovafilings

Both tour gl

I've tathat gdifficu

ANUARY 29

MSON REUTER


here, we're bringi

ulation folks that huivalence to what

the addressable mt success story wh

l note that this isndeveloping a non-ght.

he total brand salo a very small qua

sition is pretty sig

xpect this produc

tment.

at the bottom, I've

ook at the green li

he lag between th

edicine agency, iny 2019 to have 25

hen if you look aic pipeline, they tsales. When the g

if the generic proafter those types

e don't anticipate tf we're not numbe

at $2.4 billion maanslate it to about

terms of the invee for the division,

slide highlights wmaceutical lifecyc

ator clients. Undes that I just discus

the product and selobal network. An

alked about catalyo into drugs, theyult chemistry.

9, 2015 / 1

RS STREETEV


ing our generic cl

have the necessartever the brand dr

market to us increhere we believe w

n't an amphetamin-infringing crystal

les are 150 millioantity. It's all abou

gnificant.

ct, by the way, to

e got some more c

ine over to the lef

he top line, the pip

n particularly, the products filed.

at the bottom, the talk about the bragenerics come in,

oduct is a commoof commodity ge

the same level ofer 1, certainly, we

arket wouldn't go GBP500 million

estment, we're up, and that's why I

what the divisiole. On the left un

er "Generics," wessed.

ervices market send as you can see

ysis today. And wy have to use a c

0:30AM G

ENTS | www.s


lients a fully dev

ry skills of incorprug is that they're

eases significantlywe're first to file in

ne or a narcotic, rlline form of the

on and that's only ut the difficulty, t

launch in our Fi

color on what we'

ft. And also, we've

peline that we hav

e FDA in this case

target market, thand sales that they, that value comes

odity, it's high volenerics, we're goin

f competition. Whe expect to be num

down by 90%, it. And we would a

pping it obviouslywanted to highlig

n is really all ander "Custom Se

e cover the API su

egments are enablon the right, we h

when you look at tcatalyst step. It ca

GMT, JMAT

streetevents.com


veloped dossier, o

porating our APIstrying to replicate

y when we co-invn the API. We dev

rather, it's a very drug and getting

with supplying athe cleverness of

iscal Year 2017/1

re doing in this ar

e got six more pro

ve filed in when it

e, gets through th

his can be a bit my're going after. Bs down.

lume. If it has sixng after the niche

hen we go after a mber 2.

t would go down aim to have about

y. And it's been mght it.

about and its phaervices" umbrella,

upply, which toda

led through our brhave a presence in

technology and can be chiral, it ca

T.L - Johns

m | Contact Us


or what we call a

s into the dosage e

vest in this drug veloped this and t

niche small molearound patents th

a couple of kilograbeing able to mak

18. It's filed now

rea. It's nothing n

oducts that are fil

t can actually com

hem and approves

misleading, but I uBut don't be misle

x to eight generic e stuff, the tricky s

product, we aim

by 70%, maybe 8t 25% market shar

modest in the pas

armaceutical solu, we cover all ph

ay is mostly contr

road technology cn just about every

capability, it's sucan be non-chiral,

son Matthe


an abbreviated ne

form, the pill, if

product developmthen partnered on

ecule that's used tohat were there. A

ams of API. So yke that API. And

and so about two

new. We've got tw

ed, the ANDA do

mmercially launch

s them, but usually

use the same langued. Twenty-five p

competitors, welstuff.

to be number 1, a

80%. So the addrre.

t couple of years

utions. It shows hases of clinical d

rolled substance a

capability. And wy region on the glo

h a key hook for but it needs a cat

ey PLC Inve

ans, is s of

w drug applicatio

you will, and the

ment some five t the formulation s

o treat heart arrhyAnd that's what w

you can see how yif you participate

o-and-a-half year

wo products that a

ossier's filed with

h is about two yea

y there's a lag of

uage that people roducts of 2019 g

ll then that brand

and we aim to lev

ressable market w

s, but we're going

how our businedevelopment supp

as well as higher

we can then execuobe.

the division. For talyst. And 30%'

estor Day

on, ANDA. In th

en figuring out ho

times. In the examside.

ythmia. And the ce're able to do, an

you don't have to e in getting it to m

rs out, we expect

are already creatin

the medicine age

ars on average. C

about two years.

in the space use wgoing after marke

value goes down

verage our technic

when it goes gene

g to up our game.

ss offerings or pply all the way to

value-added gene

ute development a

r example, most ms a pretty bit num

his model, we par

ow to do it in a w

mple to the right,

challenge on this nd that's the valu

high volume of Amarket, well then,

to see revenues

ng royalty streams

ency.

an't predict exactl

And our aim is f

when they talk abet of $2.4 billion,

n by about 90%. W

cal capabilities to

eric to us, that $2.

. And this is a ke

position across to commercial sca

eric solutions wit

and manufacturing

molecules being dmber. And often t

17

rtner with

way to get

, this is a

molecule ue that we

API. You the value

from that

s for us if

ly when -

four years

bout their that's the

We're not

be there.

.4 billion,

ey growth

the entire ale to the

th ANDA

g through

developed times, it's

JA


So yo

Techn So the

is aligcompe

So, ye And h

bottom Here's

contra So we

As I d And h

leveracataly

Now, solutio

So thiother them,

The mfrom t

So, tocourse

We'll formu

We wwe cathere's

And fAnnan

double So, wi

Alan

GoodInvest

ANUARY 29

MSON REUTER


ou're able to come

nologies business

e JM catalyst bran

gned with the phaetitors tend to foc

es, excited about t

here, what I'll do

m axis for pharma

s what we current

acts so retaining o

e start on the left w

described earlier, w

here are the key

aging the new capyst R&D.

what I mean by ton that includes th

is is an easy progleg is developinga small percentag

market's more fragthem.

o summarize and ce of the next deca

expand our presulated products thr

won't stray from ouan differentiate. As opportunities wi

finally, the resultsn and the US a co

e digit growth ter

ith that, thank you

Myers - Johnso

d morning. Well, tor Day. However

9, 2015 / 1

RS STREETEV


e up with a besp

being number 2,

nd carries a lot of

armaceutical lifeccus on one or the o

this because our c

is map out exactl

a. And generally s

tly do. I've talked

our customers and

with chemistry se

we are advancing

elements of our

pacity that we put

this is leveraginghe manufactured

gression. And nowg niche generic ANge were European

gmented in Europ

conclude, the funade. Our API posi

ence in Europe arough partnership

ur competencies, And this is someth

ith M&A to accel

s over the mediumouple of years ag

rritory.

u very much and

on Matthey - Divi

there's a little bir, I've been with J

0:30AM G

ENTS | www.s


poke solution that

they're number 1

f weight with our c

ycle with the neeother. But over th

capabilities are go

ly where we play

speaking as you m

about most of th

d enabling a move

ervices. Then we

g fromgeneric API

growth strategy,

up that we bough

g our market leadiintermediate or th

w that we have thNDAs in Europe. n generics.

pe, but it's still sig

damentals of our ition and niche co

and look to do mps that will increa

we'll stick to the hing that's fundamlerate that growth

m term will be mido and as the inve

I will turn it over

ision Director - P

it of the morningJohnson Matthey

GMT, JMAT

streetevents.com


t creates a tremen

when it comes to

customers. And if

eds of innovator che past 20 years, w

oing to enable us t

y and where our st

move to the right a

is, but our strong

e further along the

scale it up and we

Is into formulated

, expanding our p

ht in Annan, Scot

ing position in cahe API that that c

he capacity assetsI just focused mo

gnificant. And if w

key markets are ontrolled markets

more in Asia beyase our value captu

- our knitting whmental to us mainth we'll pursue that

d to high single destments that we'v

r to Alan Myers an

Precious Metal Pr

g left and I'm in tfor 27 years, mor

T.L - Johns

m | Contact Us


ndous amount of

o development an

f they have a tech

clients versus genwe've been able to

to benefit from th

trategy will take

and up in this cha

position in the U

e pharma lifecycle

e move in to man

d products where

portfolio in Euro

tland in addition t

atalysis and supplyatalyst is used to

s in place, we expostly on the US, a

we applied the sk

sound with a neaare strong, and w

yond just controllure.

hich is difficult chtaining our compet.

digits, you heard thve made in these

nd then we'll field

roducts

the pre-lunch spore than half of it in

son Matthe


f value. So when

d technology cap

hnical issue, they

neric clients are do develop skills se

he growth in both

us. In each part o

art, the value prop

US custom service

e.

nufacturing where

we can capture m

ope beyond just n

to getting more fr

ying a broader somanufacture.

pect to get more fand those number

kills that we have

arly $1 trillion phawe will continue w

led substances. A

hemistry and we'lletitive advantage

hat from Robert, generic ANDAs

d questions when

ot, so we'll give in the Precious Me

ey PLC Inve

ans, is s of

I talked about ou

ability.

come to us first, s

different, as their rervicing both thos

of these market s

of the value chain

position for us inc

es in clinical deve

e we make more m

more value.

narcotic APIs. An

om our R&D Cen

olution than just d

fed from our catars that you saw on

in Europe as we

arma market globwith the prospect

And where approp

l continue to innoin the marketplac

but also as the castart to launch an

he's done.

it a go. I'm Alan etal Products Div

estor Day

ur CCT business

so it's a great hoo

risk profiles are ase client sectors.

segments.

n moving up and

creases.

elopment has led t

money as we mov

nd we can accom

nter in Cambridge

developing and m

alyst business to mn the previous slid

do in the US, we

bally poised to groof emerging mark

priate, we'll mov

ovate and invest ince. Organic grow

apacity investmennd come to fruitio

Myers and this iision, so I'm hard

, our Catalysis an

ok for the business

also different. Mo

across the lifecyc

to longer term com

ve to the right on

mplish this organ

e where we do mo

manufacturing a ca

making the APIsde, there's only a

expect to see nic

ow ahead of GDPket growth down

ve up the value c

n technology to mwth strategy is sou

nts that we've madon we expect to m

is my first presendly a newcomer.

18

nd Chiral

s. All this

ost of our

cle on the

mmercial

the chart.

nically by

ost of our

atalyst. A

. And the couple of

ce growth

P over the the road.

chain into

make sure und, but if

de both in move into

ntation at

JA


So, w

diversbeen v

In theenamethat w

Septem As Ro

chart refine

As yoaccelethe co

So, wnow. A

neede Our st

mine oend-of

This wRelatesparkp

Healthwe see

So, whstreng

form t So, w

novel We al

the ustake apaste

So, leprecio

custom We en

ignitiovery d Our cuin min

ANUARY 29

MSON REUTER


we talk about Prec

se with many prodvery successful in

last decade we sels for the automo

we've changed our

mber it was 33%.

obert previously m

gold and silver rries, a 10% move

ou can see by theerate the rest of thoming slides I'll ta

when we look at oA quarter to a thi

d for pgms will c

trategic position i

outside of South Af-life autocatalyst

will provide growed to the drive foplugs.

hcare trends will e opportunities in

hen we look at ougth in chemistry, o

they want it in. In

we're investing in t

technology and m

lso see opportunit

se of more compleadvantage of whatfor automotive w

t's talk a little bitous metal chemis

mers.

ntered the ignition

on copper plug. Adifficult precious

ustomers enjoyednor pgm chemistry

9, 2015 / 1

RS STREETEV


cious Metal Produ

ducts serving mann that regard.

aw strong growthotive industry. Mr relationship with

.

mentioned we've a

represented aboutement in the baske

e lower chart ourhe decade and I'llalk about our inve

our drivers we're aird of all modern

ontinue.

in refining and pg

Africa and Russiat recycling marke

wth in refining andor clean air will a

continue to driven technical glass m

ur strategy it's aboour best in class p

ndividually any of

technology, peop

manufacturing exc

ties for bolt-on ac

ex pgm chemicalst will be a growin

windscreens will al

t about technologstry and its applic

n alloy market wh

As the demand formetals drove grow

d the benefits of thy to drive higher

0:30AM G

ENTS | www.s


ucts today. Withi

ny different mark

h in the division aMost recently we f

h Anglo and desp

announced the sal

t 10% of our saleet of pgm prices i

r strongest markel give you more oestment for growth

a very diverse bumaterials rely on

gm management w

a also puts us in aet, but also for mo

d for our productalso be the need

e our medical commaterials. From ou

out focusing on wpgm management

f these strengths w

ple, and process to

cellence. You'll se

cquisitions in are

s there, but also frng end-of-life autolso drive continue

gy. So, whether incation is a differ

hen customers nee

r high efficiency cwth above the tra

he iridium plug, bperformance at a

GMT, JMAT

streetevents.com


in PMP we have

kets and industries

as we entered marfocused in on thepite the loss of tha

le of our gold and

es. As a divisionis worth about GB

ets have traditionon that in a few mh.

usiness in PMP, sn pgms for their m

will continue to d

a good position. Tore complex pgm

s business as we for better fuel ef

mponents businesur Advanced Glas

what our customerand refining serv

will be beneficial,

o generate new an

ee some of these

eas like medical to

rom a planned invocatalyst market aed growth in Chin

n solid form, like rentiator. Here's a

eded a higher effi

continued we devditional car mark

but don't like the clower cost to the

T.L - Johns

m | Contact Us


some of the olde

s. However, like m

rkets such as med balance sheet anat contract we've

d silver business i

n our exposure to BP5 million a yea

nally been North minutes. So, the lo

o we could probamanufacture, from

drive opportunitie

The need for cleansalts used in auto

utilize our chemifficiency which c

ss. This has traditss Technologies b

rs want higher effvices, that's all abo

, but together this

nd more complex

technology relate

o expand capabili

vestment in a refinas emissions legisna.

in alloy, or a liqua good example

iciency and longe

eloped an iridiumet growth.

cost of the iridium customer and a h

son Matthe


est businesses in

most of Johnson

dical componentsnd our control of

maintained a ver

n a transaction th

precious metal par.

America and Euoss of the Anglo c

ably come up witm fertilizers to auto

s in those areas. O

n air will also drivcatalyst manufact

istry skills to collcreates opportunit

ionally come frombusiness, more on

fficiency productsout having pgms

is what outdistan

x products and dr

ed to pgm chemist

ities. And finally

nery in China. Firslation continues

uid form like a coof how we use o

er lasting sparkplu

m ignition alloy, h

m plug, so now whigher value for Jo

ey PLC Inve

ans, is s of

the group, we als

Matthey we aim

, high performancworking capital ery strong return o

hat should close by

prices has been r

urope. However, wcontract has refoc

th a lot of differeomotive catalyst,

Our recent refinin

ve the business. Tturing.

laborate with Johnties in the autom

m the pgm basedn that in a little bit

s at a lower PGM when our custom

nces Johnson Mat

rive continued eff

try for refining on

, we expect to se

rst to handle our pto mature in Chin

omplex pgm chemour skills to crea

ug. This consisted

here our expertise

we've developed nohnson Matthey,

estor Day

so have the most

to have leading m

ce ignition alloysespecially our pgm

on invested capita

y the end of the y

reduced with mos

we expect particucused the division

ent drivers, so I'll to active pharma

ng and supply con

This will drive the

nson Matthey's Eotive markets in

d business in noblt.

content. We do tmers need it, where

tthey from our com

ficiencies in our P

n our tour of Sonn

ee accelerated gro

products businessna. Our black ena

mical, our expertate value for John

d of a platinum ve

in chemistry and

ext generation allthat's a win-win.

t diverse -- we're

market positions a

s for sparkplugs, ams. You all know

al for the division

year. As you can s

st of it now fallin

ularly in China gn for a return to g

only focus on a aceuticals, so the

ntract with the lar

e continued deman

ECT business on nareas like high e

le metals, but in t

this by leveraginge they want it, an

mpetition.

PGM refineries u

ning later this afte

owth in China in p

s today, but in theamel and silver co

tise in precious mnson Matthey and

ersus the tradition

our skills in work

loys utilizing our

19

the most

and we've

and black w by now , as of 30

see by the

ng in our

growth to growth. In

few right sustained

rgest pgm

nd for the

new salts. efficiency

the future

g our core d in what

using both

ernoon.

part from

e future to onductive

metals and d for our

nal copper

king with

expertise

JA


So, tecmarkeclear d

Movinago, o

space, While

Our npartne

As yothrougcontin

Now, prices

Movindivers

contin I've ta

the neof oth

Movina CAGsee th

better We'll

the ovcomporate or

to the Now,

that Jo So, wh

as Nit Specif

acquis Sorry

In lineTechn

ANUARY 29

MSON REUTER


chnology is a diffet information to differentiator for u

ng on to PGM refour reputation for

, some of the com

e some of our bus

network of partneers. For all these r

ou can see by theghput to grow by nued enhancemen

while growing ss could impact gro

ng on to our noblsity of the marke

nued to use our PG

alked about how th

ext generation of sher areas and I hop

ng on to noble meGR for medical c

he growth rates in

increase our resp

leverage our stro

verall market. Weonents which accr rhythm of a hea

heart destroying

interestingly John

ohnson Matthey c

hy do our custom

tinol and also our

fications will con

sitions to acquire

about that. Good

e with our move nologies. We have

9, 2015 / 1

RS STREETEV


ferentiator for us aour customers anus.

fining, we are ther integrity it start

mpetitors intereste

siness is bid on a

ers is all about threasons we feel ve

e two charts the ta CAGR of 5% th

nt to our refining p

slower than our powth rates either p

le metals businesets we serve our

GM alloy chemist

this will drive gro

smaller, more intrpe to be able to sh

etals medical comomponents at 9%

n Europe, Japan, a

ponsiveness to our

ong relationships w

e're providing comount for a large p

artbeat. During ca

small areas of he

n, he talked abou

can help the health

mers use Johnson

capabilities in ter

ntinue to tighten a

these capabilities

d thing you had yo

to a functional pe a strong position

0:30AM G

ENTS | www.s


and it's valued bynd partners. Toge

e number one seced then and toda

d in secondary re

a spot basis, the v

he right feed for tery secure in our l

total demand for hrough 2023 mosprocess and our in

products business positively or nega

ss or industrial buindustrial busine

try expertise to re

owth in the ignitio

ricate componenthare those with yo

mponents, we've ta%. North America and China outpac

r customers there

with the US custo

mponents to medportion of our recatheter ablation a

art tissue where a

ut an API related t

hcare industry pro

Matthey? It's our

rms of size and co

and we will conti

s where necessary

our books.

product line whicn in this market fo

GMT, JMAT

streetevents.com


y our customers, bther these provid

ondary PGM refiay it remains a co

efining to fill capa

vast majority of o

the right refineryleading position i

PGMs will rise stly due to the endnvestment in Chin

we continue to eatively and it coul

usiness noble metess maintains lead

educe or substitute

on market already

ts that lend themsou at a future even

alked about the lotoday is over 60%

cing those in Nort

.

omers in those em

dical device compent growth is the series of catheter

abnormal heartbea

to treating arrhyth

ovide solutions fo

r strength in this m

omplexity.

inue our investme

y is an important p

ch now representor black enamels

T.L - Johns

m | Contact Us


but they also valuede a really unique

iner in the world. ore value for John

acity and others to

ur business is ba

y. This maximizesin this market.

faster than primad-of-life autocatalna we're well-plac

expect growth inld impact both vo

tals, here the oppding positions in

e PGM in our pro

y, but our work is

elves to additive nt.

ong-term mega tre% of the global mth America. To th

merging markets.

panies that are woablation catheter

rs are put into the

ats may cause an

hmia, so our cardi

or both.

market is really d

ent in ultra-high-

part of this strateg

ts 75% of the maand silver paste f

son Matthe


e our ability to me offering that is n

That didn't happnson Matthey. Th

o ensure sources o

sed on long-term

s the efficiency o

ary supply, makinlyst market growtced for the future.

n refining in the molumes and also re

ortunities for grovirtually all of o

oducts, creating va

not just limited to

layer of manufact

end in healthcare medical componenhis extent we plan

The electrophysi

orking on the forr which is used to blood vessel and

arrhythmia to star

iologist has differ

determined by our

precision equipm

gy.

arket, we've chanfor the automotive

ey PLC Inve

ans, is s of

manage our PGMs.not available from

pen by accident. Where's plenty of c

of material.

m relationships wit

of the refining pr

ng secondary refith especially in C.

mid-single digit revenue per ounce.

owth in noble metour major produc

alue for our custo

o ignition, we're a

turing. We're also

being very favorant market and it wn on adding dedic

iology market wil

refront of medicalo treat some typesd guided into your

rt.

rent treatment opt

r expertise in PGM

ment, this will exp

nged our name fre industry and exp

estor Day

. We are also bestm any other comp

We started off as ompetitors in the

th our customers

rocess and creates

fining as importanChina. With our re

range. Of course .

tals industrial remct areas. Our stra

omers and for ours

also looking at po

o working on nov

able for this businwill remain the nucated developmen

ll continue to driv

l advances. One ms of arrhythmia whr heart and then a

tions for their pat

M and our expert

pand our capabili

rom Color Technpect to grow in lin

t in class in providpany in the world

a refiner almost 2e PGM secondary

and our refining

s value for us an

nt as ever. We exefinery network of

I'll remind you t

main excellent, deategy in industria

selves.

owder metallurgy

vel technology in

ness. Through 202umber one markent cells in those r

ve growth ahead

medical device which is a problema machine sends a

tients and it's nice

tise in other mater

ties in this marke

nologies to Advanne with the marke

20

ding pgm d, another

200 years y refining

partners.

nd for our

xpect our f partners

that PGM

espite the al will be

to enable

a number

20 we see et, but we regions to

of that of

we supply m with the an energy

e to know

rials such

et bolt on

nce Glass et.

JA


In Oct

in thaindust

We'veelectro

Glass So we

use M So yo

investthere. We'll

We be Q U

Robe

Okayquesti

All rig

Adam

Hi. It

John

Sure. catalo

one in So we

busine

Adam

OkayIndian

John

ANUARY 29

MSON REUTER


tober 2014 I had

at growing marketries.

e exited the ceramonics applications

can be biocompa

e're looking at app

M&A to jump start

u've heard a lot a

tments and technoSo these togetheall do this while m

elieve though thatE S T I O N A N

ert MacLeod - J

y. I think it's betwions. So happy to

ght. Let's wait for

m Collins - Liber

t's Adam. Just for

n Fowler - Johns

Yes. It's a good ogue which they'v

n Shanghai and an

e've made the inv

ess. But I wanted

m Collins - Liber

y. Can I just follown and Chinese pla

n Fowler - Johns

9, 2015 / 1

RS STREETEV


the pleasure to of

et. Leveraging ou

mic colors busins. We're now look

atible, it can be ine

plications in area

t our entry into th

and you'll hear a l

ology and proceser with our strongmaintaining our v

t bolt-on acquisitiN D A N S W E R

Johnson Matthey

ween few questiotake any question

r the mics to come

rum - Analyst

the sake of comp

son Matthey - Div

little business. Yove done. But reall

nother one in the W

vestments there. W

to focus on the ch

rum - Analyst

w-up on a coupleayers. And what k

son Matthey - Div

0:30AM G

ENTS | www.s


fficially open our

ur expertise in sil

ness and the focuking outside of ou

ert, it can be activ

a such as bone gro

his area.

lot more today. W

ss. We maintain lg skills and chemvery strong return

ions could drive eR

- CEO

ns now if you wns. I will just be th

e out if we can no

pleteness, could y

vision Director - F

ou've heard us tally what underpinn

West Coast US.

We're not going t

hemistry a bit bec

e of things there. kind of growth can

vision Director - F

GMT, JMAT

streetevents.com


r new manufactur

lver paste we're a

us is on technicaur current market

ve, and it's one of

owth, tissue regen

What are the key t

eading positions mistry, pgm manan on invested capit

even higher growt

ant. And then wehe host really but

ow.

ou comment on th

Fine Chemicals

lk about geographned it was the inv

to do a lot more

cause that's what's

Could you commn we expect in the

Fine Chemicals

T.L - Johns

m | Contact Us


ring plant in Chin

also looking at m

al glass materialsin areas such as m

f the best material

neration, medical

things that I want

in most of our pragement will drivtal.

th for the division

e'll obviously bret primarily the que

he outlook and th

hic expansion andvestments in three

in terms of inves

s really driving th

ment on the compee mid-term from t

son Matthe


na, they will manu

more technically c

. We've already medical.

s for controlled re

l devices, wound

you to remember

roducts. We see ve high single-dig

n. Thank you. And

eak for lunch. Buestions obviously

he strategy for the

d that's been the pe new warehouses

sting. And the ma

he growth of the d

etitive situation nthat business?

ey PLC Inve

ans, is s of

ufacture enamels

challenging silver

developed fire r

elease.

care, antimicrobi

r about Precious

strong growth in git growth for ou

d we'll have a Q&

ut don't let that bey go to John and A

research chemica

primary strategy os, one in Korea th

anagement team i

division. And that

now? I know ther

estor Day

and pastes for ou

r based materials

retardant and oth

ials and drug deli

Metal Products, w

China and are mur manufacturing

&A session now.

e in any way an Alan if you have a

als business?

of that business, ahat we opened up

is focused on del

t's why I've kept it

e's been some int

ur local Chinese c

s for electronics a

her protective coa

ivery. We would

we have renewed

making further invbusinesses from

encouragement nany.

adding new produp in the spring of

livering the grow

t to APIs and CCT

tensified competit

21

customers

and other

atings for

expect to

d focus on

vestments 2016/17.

not to ask

ucts to the last year,

wth in that

T today.

tion from

JA


This

pharmexpan

Robe

Ok A

Simo

Hi. I'new e

relatedThank

John

Yes. particuthat ex

Theremanufto mai

Simo

I'm soreason

Alan

No. WWe've

Robe

Okay

Bill C

Bill Cfrom t

John

Sure.

ANUARY 29

MSON REUTER


is RC. Yes. Inte

maceutical drug dnding. So I would

ert MacLeod - J

Adam, why don't y

on Fickling - Exa

m Simon Ficklinentry or there was

d to, update us onks.

n Fowler - Johns

I think what the ular API were coxpanding beyond

's an active consufacturers at a comintain what they'v

on Fickling - Exa

orry, just one folln why that we sho

Myers - Johnso

We're making oure got some trials w

ert MacLeod - J

y. So I will just ha

Cross - Eaton Va

Cross; Eaton Vanthe fine chemicals

n Fowler - Johns

9, 2015 / 1

RS STREETEV


ensified competit

development, youexpect them to gr

Johnson Matthey

you just put the m

ane BNP Paribas

ng from Exane BNs a change in the

n where we are t

son Matthey - Div

government has oming in that shou

the one API that

ultation going onmpetitive disadvanve got. And I don'

ane BNP Paribas

low up for Alan. ouldn't expect that

on Matthey - Divi

r investments -- wwith some custom

Johnson Matthey

and it over to -- w

ance

ce. Robert made s perspective abou

son Matthey - Div

0:30AM G

ENTS | www.s


tion particularly

u see a lot of comrow mid, single-d

- CEO

mic forward here.

s - Analyst

NP Paribas. Can Icompetitive land

today? And wheth

vision Director - F

done is done. Thuldn't have. And tthey let come int

n right now. So, sntage because the't expect it to open

s - Analyst

Okay. The last ct for next years as

ision Director - P

we've made our imers. So we'll expe

- CEO

why don't you go f

a good case for wut why Johnson M

vision Director - F

GMT, JMAT

streetevents.com


in Asia and it st

mpanies like [Wdigits something l

I ask consideringdscape partly legis

her there are pote

Fine Chemicals

hey weren't followthat's under consuto the UK. And ou

steady as she goeey can't export intn up anymore tha

comment you mads well?

Precious Metal Pr

investments over ect it to be lower

first since you're f

why fine chemicaMatthey is the bes

Fine Chemicals

T.L - Johns

m | Contact Us


till a very expan

uXi] doing lots like that.

g on competitivenslation driven in t

ential risks either

wing the guidancultation. So it's beur hope is that tha

es really. We donto the US or into an it has and optim

de was a target fo

roducts

the last year or snext year and the

first.

als belong in Johnst owner for the fi

son Matthe


nding market. Th

of work there. S

ness in the fine chthe UK. I think th

r further in the U

ce in terms of hoween a long drawnat will be reversed

n't see the openinFrance or Spain.

mistic, cautiously

or high single-dig

so. It's just when en move up in '16

nson Matthey. Froine chemicals bus

ey PLC Inve

ans, is s of

here's a lot of ch

So there're opport

hemicals businesshat was the API b

K or potentially t

w they could conn out political prod.

ng up of the UK Yes. So, I think toptimistic that w

git growth in man

we see them kicand '17.

om the Johnson Msiness?

estor Day

hemical -- the ve

tunities for grow

s. I think a couplebusiness. Can you

to the US that leg

ntrol the market. cess as you migh

market. And whythere's very comp

we will be able to r

nufacturing from

king in with the

Matthey perspectiv

ery, very front en

wth because that m

e of years ago theu just remind us w

g of the business

And some imporht expect. But we

y would they? It pelling argumentsreverse that.

2016 and 2017. I

new product intr

ve maybe you cou

22

nd of the

market is

ere was a what that

s as well?

rts of one don't see

puts UK for them

Is there a

roduction.

uld speak

JA


Robe

Do yo

John

I meaexamp

differe And a

focuseJohnso

Bill C

Is thean inc

John

I thin

it's dif So hav

then umuch they d

Does t

Bill C

Yes.

Robe

We'll

Thom

Thank

One thgram bprodu

John

We ty

ANUARY 29

MSON REUTER


ert MacLeod - J

ou have a day?

n Fowler - Johns

an, yes. The fundples of chemistry

ent issues that com

also what you'll h

ed on the API sidon Matthey, so.

Cross - Eaton Va

ere some benefit tcidental feature of

n Fowler - Johns

nk that's an incide

fficult to be good

ving a specific be

us as a chemical clike the compani

do.

that answer your

Cross - Eaton Va

Thank you.

ert MacLeod - J

l come to you guy

mas Gilbert - UB

k you. I also got q

hing that happenebased output of y

uctivity improvem

n Fowler - Johns

ypically keep the

9, 2015 / 1

RS STREETEV


Johnson Matthey

son Matthey - Div

damental messagey and applying it.

me with it, so the

hear a bit from L

de. But even if yo

ance

to being outside of this?

son Matthey - Div

ental thing. And if

at every single on

ent on APIs for ex

company, focusedies engaged in the

question?

ance

Johnson Matthey

ys in a minute. Bu

BS - Analyst

question for John

ed is the contractyour customers or

ment or you give it

son Matthey - Div

benefit of produc

0:30AM G

ENTS | www.s


- CEO

vision Director - F

e that you're hearAnd the beauty

skills that we hav

Liz later today on

ou were to look at

of a healthcare bu

vision Director - F

f you're a healthca

ne of them.

xample, that's our

d on API in the he healthcare busin

- CEO

ut we'll go -- we'll

n. When in the ear

ts changed from gr per on a productt away to the cust

vision Director - F

ctivity improveme

GMT, JMAT

streetevents.com


Fine Chemicals

ring is the compaof it is you come

ve embedded with

n Sonning, a lot o

t the formulation

usiness, in other w

Fine Chemicals

are company and

r focus. And we d

healthcare industrness because we h

l skip -- give it to

rly -- late 1990s an

gram based to bation volume basistomer?

Fine Chemicals

ents. I don't really

T.L - Johns

m | Contact Us


any is all about che up with bespoke

hin the division.

of the basic resea

development side

words to being a c

you want to be a

do it better than m

ry, you didn't askhave the regulator

Thomas and then

nd early 2000s th

atch based. Can y? I.e. if you make

y know what you

son Matthe


hemistry and its ae solutions. Every

arch that we do su

e of it most of tha

hemistry compan

a be all and have a

most other compa

k this but to kind ry scrutiny that th

n we'll go to over

he Asians came in

you let's say tell ue a drug with six b

mean by gram ve

ey PLC Inve

ans, is s of

application. And y drug molecule

upports that busi

at is physical and

ny as opposed to h

all the different p

anies particularly

of reverse it, it ahey have. And eve

here.

nto the medium an

us as Johnson Mabatches rather tha

ersus batch but...

estor Day

fine chemicals isis different, it req

iness, a lot of its

d analytical chemi

having a healthca

parts that go into y

the ones that are

almost pushes us erything we do ha

nd bottom end of

atthey do you getan with eight, do y

s probably one ofquires different ch

surface chemistr

istry which is ver

are owner? Or is th

your value-added

vertically integra

to participate andas to be aligned w

the fine chemical

t incentivize paidyou keep the bene

23

f the best hemistry,

ry. So we

ry core to

hat really

d solution,

ated. And

d be very with what

ls market.

d on a per efit of the

JA


Thom

Whenkilogr

John

You c

could you ca

Robe

And, you w

Peter

Yes.

realist And th

than a

John

Okaythink

was th So if y

make As far

a big ilike th

Most India m

And c

Peter

Yes.

operat

John

ANUARY 29

MSON REUTER


mas Gilbert - UB

n a customer callram?

n Fowler - Johns

can get paid in v

deliver it under aan deliver that.

ert MacLeod - J

Thomas, the vastwant to go first? O

r Cartwright - F

Thanks, a couple

tic and would it re

hen the second qu

all the growth. Are

n Fowler - Johns

y. I'll tackle the fiabout six months

he opiatethat went

you're suffering f

it become a realit

r as China goes th

initiative becausehat.

of the doctors, a lmight be a more n

can you repeat the

r Cartwright - F

On the market in

ting in the shrinki

n Fowler - Johns

9, 2015 / 1

RS STREETEV


BS - Analyst

s and says, "We

son Matthey - Div

ery -- in several w

a certain time per

Johnson Matthey

t majority of timeOkay. Great. So we

Fiske

e for John. First o

equire plants in C

uestion on the gro

e you operating in

son Matthey - Div

irst part of your qs ago they passed

t into cough syrup

from cancer you s

ty. But we see tha

hey put the framew

e it's a matter of q

lot of the doctors near term opportu

e -- sorry, Bill -- o

Fiske

value terms the b

ing market or the

son Matthey - Div

0:30AM G

ENTS | www.s


want 5 kilogram

vision Director - F

ways. You can ge

riod that that pric

- CEO

es that extra valuee can go - keep th

off you mentioned

China or in India?

owth in the marke

n a shrinking mar

vision Director - F

question narcoticsa medicine's bill

p; they had a pret

suffered. And so t

at as certainly an o

work in for it to i

quality of life par

in China for examunity than China.

or not Bill, Peter,

biologicals is prob

growing one?

vision Director - F

GMT, JMAT

streetevents.com


of the API", do

Fine Chemicals

et paid on a volu

e is associated w

e goes to Johnsonhat one there, Mel

d narcotic used in

et. You mentioned

rket?

Fine Chemicals

s in Asia. As I sathat legislated th

tty big market for

they put laws in p

opportunity but o

ssue licenses. Bu

rticularly at the en

mple, they're educ

what was the seco

bably taking more

Fine Chemicals

T.L - Johns

m | Contact Us


you get paid on t

ume basis; you can

with, you get the b

n Matthey. No, it l, I think some gu

n Asia is quite a b

d biologicals, I m

aid that's a long-tehe use of narcotics

that, but in terms

place to make tha

one that's going to

t there hasn't been

nd-of-life. And I d

cated in the west a

ond thing?

e than all the obv

son Matthe


the 5 kilogram or

an get paid on a fi

benefit of it. You

doesn't get passeuys still got some

big step from the

mean, there's an ar

erm play. Do I ths that never existe

s of palliative care

at happen. Now th

o move around a b

n any movement

do think that it's g

and exposed to th

vious growth. So a

ey PLC Inve

ans, is s of

r on the productio

fixed contract whe

take a little bit of

ed on to the custoquestions.

death penalty so

rgument now that

hink it's realistic? ed before. In the

e, nothing.

here's a lot of stuf

bit as they do in In

in that area. But,

going to happen d

hese things. So it w

at least in the valu

estor Day

on units that it re

ere you've agreed

f the rest. So ther

mer. And I said;

it's okay for a he

t at least in value

Absolutely. If yoIndian market wa

ff that has to prom

ndia.

I mean, the Worl

despite the opium

will change but it

ue component and

equires you to get

d upon a price. A

re're all kinds of w

let's do over this,

eadache. So are y

terms, they're tak

ou look at India, as very specific to

mulgate from thos

ld Health Organiz

m war hangover a

will take time. B

d small molecules

24

t to the 5

nd if you

ways that

, Peter do

you being

king more

I mean, I o codeine

se laws to

zation has

and things

But I think

s, are you

JA


Theredrug w

And speriod

For exout lascame So I thappe

Robe

Andr

Andr

Yes.

for ge Well,

blow a The sewell-eprofits

Robe

Okay

John

Sure.to be a

But thsuppli

And thstream

generi So tha

sophisprodu

The si

ANUARY 29

MSON REUTER


e's growth in bothwhere biosimilar i

so a lot of drug cod of time. But that

xample, I think thst year, one was hup with a drug fo

think a lot of thatened. But it's been

ert MacLeod - J

ew?

rew Benson - Cit

Thanks. Andrew

eneric suppliers ju

I just want to tes

apart your growth

econd on the autoestablished busines in what could be

ert MacLeod - J

y, Andrew. Do you

n Fowler - Johns

In terms of the ca lot of competitio

here're thousands ied is going into t

he thing is we've ms from now, we

ic on the two that

at goes to if you

sticated model anucts where you can

ix filed, a lot of co

9, 2015 / 1

RS STREETEV


h, but there's a lotis the mechanism

ompanies are shift doesn't mean tha

he two -- my collehepatitis C drug; tor multiple scleros

t is just -- it's then talked about for

Johnson Matthey

ti - Analyst

Benson, Citi. [I h

ust about everyone

st why you think t

h or will you just

ocatalyst recyclingess in China, it's e a very competit

Johnson Matthey

u want to go first

son Matthey - Div

commodity natureon. And a lot of c

of drugs out therthe brand, and tha

been doing this fwere first to file

t we're getting tod

u have good prod

nd you've leveragn have a unique p

onfidence that we

0:30AM G

ENTS | www.s


t of focus on the m.

fting or trying. If at there's not rese

eagues in the auditwo companies casis, blockbusters.

e noise, its fashioa long time.

- CEO

have one] to take

e of them have sa

that a thesis in yo

get less growth?

g in China. Againnot, so do you aive environment t

- CEO

, John?

vision Director - F

e of generics -- I mcompanies could d

re. I mean thousaat's it. It's a difficu

for a while. So it'e on. I can't tell y

day.

duct selection and

ged what you brinposition.

e'll be one or two

GMT, JMAT

streetevents.com


biological side ju

they can do it witarch and developm

ience can help aname out with thatIt can be well ove

onable I've heard

two different que

aid that, "We're cl

our case is more l

So that's the first

n, it looks like theanticipate sort of to start with?

Fine Chemicals

mean if you're godo that.

ands of small molult chemistry, mul

's not a leap of fayou what they we

d you stick to di

ng to the party, an

on most of those

T.L - Johns

m | Contact Us


ust because the --

th a biological drment going into s

nswer these questi. I think Gilead wer $1 billion drug

about biologics f

estions. looking ba

ever than everybo

likely rather than

question.

ere's going to be qa fierce battle fo

oing to develop a

lecule drugs. Andltiple chiral cente

aith that we're goiere, but they were

fficult, tricky stu

nd from our persp

products.

son Matthe


it's difficult to co

rug first, they willsmall molecules.

ions when we havwas the big one ang and again, small

for a long time. T

ack in my experie

ody else and so ou

less likely that g

quite a competitivr market share be

high volume API

d if you choose thrs all that stuff, y

ing to be successfe niche small mo

uff. And I know

pective, it's API,

ey PLC Inve

ans, is s of

ome up with a ge

l because they can

ve break. But twond small moleculel molecule.

The biologics goi

ence of companie

ur generics are no

general 90% rule w

ve market. And clefore it settles do

I that's going into

he ones that don'tou can be first to

ful in this space. Tolecules that we b

you hear that fro

it's chemistry co

estor Day

eneric knockoff w

n protect it from

o of the biggest ble. The other one I

ing to replace opi

es, strategies enter

ot going to fall lik

won't apply? And

learly in Europe aown? And how d

o a massively suc

t have any compemarket.

The two productsbeat everybody el

om a lot of comp

omplexity. And yo

when you have a b

going generic for

lockbuster drugs t talked about Bio

ioid narcotics but

ring for making a

ke normal generic

d it if does apply

and America, thatdo you manage th

cessful drug, ther

etition, the only A

s that we're gettinlse. In fact, we're

panies. But if yo

ou stick to it you

25

biological

r a longer

that came ogen, they

t it hasn't

a products

s."

does that

t's quite a he growth

re's going

API being

ng royalty e the only

ou have a

u can find

JA


Robe

Okay

Alan

Yes. Ya lot o

So the

Robe

Okayautoca

There

Neil T

Thankhigh s

businesomet

Alan

No. Y

in the Our m

Neil T

Thank

Robe

Thank

Anyth

Andr

Just v So is i

ANUARY 29

MSON REUTER


ert MacLeod - J

y. Alan, do want a

Myers - Johnso

Yes. So the end oof collectors. And

ere will be a lot of

ert MacLeod - J

y. It's difficult to datalyst, it's going

're a couple of qu

Tyler - Redburn

k you. Neil Tylersingle digit growt

ess is really likelything else that I'm

Myers - Johnso

You actually had

precious metal m

manufacturing bus

Tyler - Redburn

k you.

ert MacLeod - J

k you for pointing

hing else? Maybe

rew Benson - Cit

very quick. The en

it 100% IP or are

9, 2015 / 1

RS STREETEV


Johnson Matthey

a very quick revie

on Matthey - Divi

of life autocatalysd we sit in the spac

f competition in C

Johnson Matthey

do. Initially it's goto take some time

uestions over here

n - Analyst

r, Redburn. A quth. In aggregate, y

y to grow less qum missing?

on Matthey - Divi

it. It's really relat

management space

siness is higher sin

n - Analyst

Johnson Matthey

g that out, Neil. W

we'll take one mo

ti - Analyst

nzyme side of thi

you doing this in

0:30AM G

ENTS | www.s


- CEO

w with China?

ision Director - P

st market is really ce of pgm extract

China. But I think

- CEO

oing to be -- our re before it comes

e or have you give

uestion for Alan. Lyou -have manag

uickly in the near

ision Director - P

ted to our service

e which we expec

ngle digit growth

- CEO

We're going to do

ore question if the

ngs, is that your o

n a JV with one of

GMT, JMAT

streetevents.com


Precious Metal Pr

served first by cotion. So our custo

k in the space that

refinery in China through anyway.

en up because you

Looking through ged to convince R

term? Is it becau

Precious Metal Pr

s business. It's no

ct to grow at a low

, in the aggregate

our budget proce

ere is one or -- An

own technology, J

f the big enzyme h

T.L - Johns

m | Contact Us


roducts

ollectors, like in Emers are the colle

t we're in, we'll se

is going to be for

u want to have lun

your presentationRobert that mid si

use the M&A is g

roducts

ot only our refiner

w rate as well. So

e, when you add o

ess fairly soon. An

ndrew, you did no

John? Or is that th

houses?

son Matthe


Europe and Northectors, we're not g

ee a lot of our trad

r more industrial p

nch? Neil is good

n and the compongle digit growth

going to be a bigg

ries which we exp

it's in the aggrega

our services busin

nd it reminds me

ot -- I'm good. Ok

hrough the compa

ey PLC Inve

ans, is s of

h America. So we'going out to scrap

ditional competito

products that we'r

d to go. Andrew ha

nents, I think thrh was the target fo

ger component of

pect to grow lowe

ate.

ess, mid.

the he's the past m

kay, Andrew, go o

any you bought in

estor Day

'll expect that marp yards in China a

ors.

re going with som

as given up.

ree of the four offfor the division. Is

f the high part of

er, but also a sign

master of budget n

on. And then we'l

n Germany that yo

rket to grow in Chand competing the

meone else. The e

ffered prospects fos that because the

f that equation? O

nificant part of ou

negotiations.

l go for lunch.

ou mentioned?

26

hina with ere.

end of life

for mid to e refining

Or is there

ur sales is

JA


John

No. T

Andr

Yes.

John

We dlicens

Andr

What

John

Pardo

Andr

What

John

These

Andr

Okay

John

We e So whbeauty So yo

90%. It's ve

develo

Robe

ANUARY 29

MSON REUTER


n Fowler - Johns

This is 100% JM.

rew Benson - Cit

n Fowler - Johns

don't have any licing.

rew Benson - Cit

t's the rough time

n Fowler - Johns

on?

rew Benson - Cit

t's the rough time

n Fowler - Johns

e launches are pen

rew Benson - Cit

y.

n Fowler - Johns

xpect to have this

hat we did was wy of the enzyme s

ou develop an enz

So their cost of g

ery difficult to rep

opment work.

ert MacLeod - J

9, 2015 / 1

RS STREETEV


son Matthey - Div

ti - Analyst

son Matthey - Div

censing arrangem

ti - Analyst

scale?

son Matthey - Div

ti - Analyst

scale for this?

son Matthey - Div

nding.

ti - Analyst

son Matthey - Div

s enzyme launche

we bought that smside is you can -- t

zyme for a certain

oods is significan

plicate. I don't wa

Johnson Matthey

0:30AM G

ENTS | www.s


vision Director - F

vision Director - F

ent with Codexis

vision Director - F

vision Director - F

vision Director - F

ed, supplying the a

mall company in Dthere's a lot of IPs

n type of chemist

ntly reduced. And

ant to say it's imp

- CEO

GMT, JMAT

streetevents.com


Fine Chemicals

Fine Chemicals

s and some of the

Fine Chemicals

Fine Chemicals

Fine Chemicals

active for the dru

Dusseldorf, X-Zyms associated with

try and you find t

d if they want to re

ossible, but it's v

T.L - Johns

m | Contact Us


e big names. They

gs in the next yea

me. They had a lit.

that it can work.

eplicate it, it's -- y

ery difficult. So y

son Matthe


y're focused in ot

ar.

library. And then

The value propos

you've got a paten

you get a unique

ey PLC Inve

ans, is s of

ther areas, not ne

we spent a coup

sition to the custo

nt on your enzyme

position which is

estor Day

ecessarily pharma

ple of years enhan

omer is they get 9

es and your librar

s atypical when yo

a but they've don

ncing that library.

99% yields versu

ry.

ou do a lot of tha

27

e a lot of

. And the

us 85% or

at catalyst

JA


John, Guys,

hour o (Break P R E

Nick

A num

and thto exp

So todmorni

The gprospe

But juMatth

The Joback,

It is a set ou

And tosome fundam M&Atoday.

Whenthe op

Develpotent

So hoareas.

But clthat G

broadlmarke

So tha

ANUARY 29

MSON REUTER


, a very detailed a

ladies, gents, tha

or so we can get b

k) E S E N T A T I O

Garner - Johns

mber of you have

hanking us for maplain what we do t

day, I'll be talkining. And thankful

growth for new bects. So that's gre

ust a sort of a slighey. This is not un

ohnson Matthey oit's a regular habi

fundamental builut this strategy for

oday, I'd like to ugood niche high mental drivers wh

A will come into it. We can add the

n I talk of M&A, Ipportunities down

loping a portfoliotial is of course va

ow do we get that

learly there's a higGBP5 million to G

ly divided betweeting consultant, w

at's what that mon

9, 2015 / 1

RS STREETEV


answer. Well done

anks very much f

back here for 1 o'c

O N

son Matthey - Div

e been commentin

aking this presentato interact and sor

ng around the lonlly didn't talk abou

business, creating at. We'd all like s

ght reality check hncommon. It isn't

of today is definitit of ours.

lding block, hower new business. Th

update on the procvalue, high tax, where, however, ou

t. M&A is kind oword bolt-on onto

I'm talking about n the road to do m

o of opportunitiesast. It's universal.

t? And that I think

gh attrition rate. NGBP7 million repr

een market researwe may start testin

ney is. It's an ongo

0:30AM G

ENTS | www.s


e.

for this morning.

clock then that wi

vision Director - N

ng that this is a ra

ation, what excellrt of have the cha

ng-term growth put the new busine

growth engines some of that, tick.

here I think. We'lthis sudden magi

tely not the same

ever, of our stratehe scale, where w

cess, but more pawe're going to comur technology is v

f -- we haven't goo that.

enabling M&A imore. We'll talk mo

s. I mean the sco.

k you have to sta

Now we've thougresents like an on

rch and technicang the technical f

oing spend invest

GMT, JMAT

streetevents.com


We'll have a bre

ill keep us on sche

New Businesses a

ather unnatural th

lent events they arallenge and the dis

prospects for Johness growth, so it le

for the future th. But it doesn't sou

ll take you througcal pulling rabbit

e as the Johnson M

egy. That's the wawe were looking, a

articularly, give yome back to that c

valued. Those thin

ot this enormous s

into new markets.ore on that later.

ope of developing

art at why? You h

ght of this GBP5 mngoing process co

al assessment. Befeasibility.

tigating concepts.

T.L - Johns

m | Contact Us


ak now. Lunch is

edule. Thanks ver

and Corporate D

hing to do to just

re. And I would sscussion. So thank

nson Matthey. Roeaves me to say s

ey're nothing mound that simple, i

gh the details of wts out of a hat. Thi

Matthey of 10 yea

ay it fits in. A couand how we're get

ou a good idea ofhemistry and app

ngs all have to exi

shopping list. I do

. And I think we'r

g new growth dri

have to be really b

million to GBP7 st. That's the cost

ecause as we loo

It's not the invest

son Matthe


s out in the main

ry much.

Development

go and talk to a

say quite the contrk you rather the o

obert put up the omething.

ore or simple thanis it?

what we're doing is is really an ong

ars ago. We have

uple of years ago, tting on.

f the really excitinplication again -- ist together.

on't want to sort o

re talking tens of

ivers for the busi

broad in your app

million. And justt we spend every

ok at new areas,

tment in the busin

ey PLC Inve

ans, is s of

halls you walked

bunch of people.

rary. It's a privilegother way around.

strategy pyramid

n this sort of hug

and an update togoing process.

e developed new b

we had the oppor

ng future prospectthe sweet spot of

of panic you. M&

f millions typically

iness for the futu

proach to this as

t for clarity becauyear investigating

clearly we may

nesses themselves

estor Day

d in. There's a bu

A number of peo

ge and a real hono.

d and talked you

ge reaching-for-th

oday. But this isn

businesses and 10

rtunity to explain

ts that are emergif Johnson Matthey

&A has been ment

y, so don't panic.

ure. The scope of

a starting point lo

use there was a qug very wide scale

pay for market

s. That's an additi

uffet lunch. Mayb

ople have been co

or to have this op

through that earl

he-stars long-term

n't a new thing for

0 years back, and

n what we're up to

ing. So we think wy -- into markets

tioned by everyon

However, it does

f opportunity, the

ooking for innova

uestion this morne of range of oppo

study, we may e

ion.

28

be half an

oming up

pportunity

ly on this

m growth

r Johnson

d 10 years

o. And we

we've got that have

ne I think

s open up

range of

ative new

ning on it, ortunities,

engage in

JA


There drivervalue

And ththose

the fun Clearl

when So jus

rate. And t

firsthaconce

Two ywerenaspira

have t I will,

the fit The o

some And w

dramaprospe

Movindivers

It's thinumbe

I thinktheir pMatth

And ththe ca

So moAnd I

and un But reand chthe op

ANUARY 29

MSON REUTER


is a high attritionrs can be respondto be had for the

hose start to formtargets is can this

ndamental first qu

ly, there's a casca

we go into comm

st the fact that it

to that end as we

and experience ofpts are tested then

years ago, we talkn't seeing the poteations in terms of

this rigorous asses

, however, talk ab

t is, and our plan.

ne I won't to talk

things. We've don

we have -- apart f

atically new, of sect. Beyond that w

ng on then, takinsification of the po

is changing of theer of those power

k the intriguing aperformance isn't

hey to play here?

he biggest single athode material its

oving on to batter just want to spen

nintelligible world

eally there are fivhange the performpportunity to enha

9, 2015 / 1

RS STREETEV


n rate, as I say, frded to by the kind

appropriate playe

m into concepts ws thing in a credib

uestion.

ade of milestones

mercialization stag

started commerci

e move along, as

f the market, pilon some drop by th

ked about the air ential returns and

financial returns,

ssment as we go a

bout the other thi

And hopefully gi

k about is low carb

ne a specific proje

from our ongoing

scale. There's sorwe're already wor

ng on the other owertrain.

e powertrain supprtrains. That's the

and more subtle ist good enough. N

factor -- there're self as a limitation

ry technologies ornd a few minutes

d of complexity.

ve broad classes omance of those fuance performance

0:30AM G

ENTS | www.s


rom this vast possd of technical comer.

where we start honble business plan

and things that h

ge, that we'll mark

ializing doesn't m

we enter into ne

oting, dealing withe wayside and in

purification busiscale that we cou, but it wouldn't w

along.

ings on this page.

ive you some flav

bon vehicles. Thi

ect for 12 MONT

g activities in low

rt of intriguing prking on.

elements on that

ply into a whole radriver. I won't sp

ssue here is -- theNow that's the op

a number of othen. And so that's w

r better still, cell on this. There ar

of chemistries. Wiundamental chemi

.

GMT, JMAT

streetevents.com


sibility but rapidlympetencies that Jo

ning down furthedeliver the return

have to happen to

k against and cont

mean it has to get

ew markets, I thi

th real customersndeed as you learn

ness. We have stuld achieve in thoswork for Johnson

. I'll explain brief

vor and color on w

is is an ongoing p

THS in this area.

w carbon vehicle,

roduct developm

t screen, and sta

ange of different spend a lot more on

e sort of the real pportunity. That's

er factors, clearly where we start.

chemistries, cathore five broad class

ithin those classeistries. And therei

T.L - Johns

m | Contact Us


y, you start honinohnson Matthey h

r. And each -- anns that Johnson M

confirm that. Bu

tinue to assess ag

all the way there

ink there is a tra

s, reality comes tn more and as we

topped those projse markets. I thin

n Matthey. And so

fly the drivers, the

what our aspiratio

project. We've bee

clearly we have e

ment and some re

arting with batter

solutions, and I thn that. I think you

opportunity is des what you're loo

they're relevant o

ode chemistries, tses we've put up h

es, incredible rangin that variation, t

son Matthe


ng down the thinghas. And there's a

nd in that point, thMatthey requires in

ut that remains firs

ainst.

e. We will only d

ansition. Once yo

to you in a way thave learned mor

ects. The excitingnk it's a good marko that represents h

e underlying grow

ons are in each are

en looking for ab

exposures in this

searches and som

ries. Well, the op

hink that's well-esu all are familiar o

efined by the factoking for. Good m

onto the battery sy

the lithium ions, there. This can be

ge of variants, incthe ability to twea

ey PLC Inve

ans, is s of

gs that kind of maa recognition that

here's a sort of rign terms of margin

st and foremost in

do things and will

u go from conce

that isn't achievabre.

g prospect that it ket for someone ehow we have stop

wth prospects, wh

ea.

out 12 years -- 12

market already. B

me opportunities

pportunity here,

stablished and theof that area.

t that current enermarket driver, ye

ystem. The bigge

this is the area w a baffling and in

credible range of ak, adjust and mo

estor Day

ake sense, things t those competenc

gorous ongoing ans and returns on

n the mind, and th

l focus on things

ept, theory, study

able through simp

was in terms of melse, a different plpped other projec

hy Johnson Matth

2 years! actually 2

But we haven't fo

but we haven't i

the driver here

e importance of el

rgy storage devices. But what's the

est single factor cu

e are starting on andeed was for us s

possibilities to move things around

where strong funcies deliver value

assessment. Chiefcapital investmen

hat's the assessme

that have the bes

y, second-hand re

ple research. And

market drivers, wlayer with differe

cts and we will co

hey is a good play

20 years if we thi

ound anything pa

dentified a large

is clear, I hope.

lectrification acro

es, batteries, are e opportunity for

urrently is the cat

and starting to busome years ago, a

manipulate, adjust,d within them. Th

29

ndamental e. There's

f amongst nt? That's

ent. Even

st success

esearch to

d as those

we simply ent maybe ontinue to

yer, what

ink about

articularly

business

It is the

oss a wide

simply -- r Johnson

thode and

uild from. a baffling

, enhance herein lies

JA


And thMatth

Withintoday

We arperfor

LCO i LMO,

chemi Energ

vehicl And L

degreeSomet

On thpower

LFP, pand th

Thosesituatiprovid

Familbeyon

develo And o

applic Liz w

the soI'll lea

So thichemi

I thinkso theovervi

And thWe'redevelo

ANUARY 29

MSON REUTER


hen later -- Liz whey to play.

n the chemistriesthroughout the el

re focusing on aurmance, and that's

is not used in auto

, moving across

istry. Energy, [the

gy quotes as range

le, basically, very

LMO is used and h

e, NCA. NMC ptimes, in combina

he far right, LFP, r. So if you want t

power dense is ushen release energy

e are the broad clion. However, eader needs to respo

iar cogs, hopefullnd chemistry, it's

opment of chemis

only that profound

cations and our tes

will come back to

orts of things we dave it to Liz becau

is is very, very histries. So we're w

k the business moe first step was deiew of the whole

hat's been essenti getting to spenopment.

9, 2015 / 1

RS STREETEV


will take you throu

s themselves, LCOlectronics industry

utomotive. We ares where you need

omotive due to sa

the page there, L

ere is a mixed] --

e, energy is amou

y, very important,

has recently, toda

probably we see ation so it gets mo

is not an energyto push something

sed in things like y in and out quick

lasses of chemistrach class has its oond to his class an

ly you're getting ubeyond the type

stry by really und

d understanding o

st centers look lik

this later on, but

do currently, everyuse she's got a ver

heartland territorwell advanced on

odel build is abouevelop applicationmodel, what matt

ial and continues nd time with OE

0:30AM G

ENTS | www.s


ugh some of the t

O, very well estay.

e focusing on autoto enhance.

afety concerns, an

LMO is currently

defined terms.

unt of electrons, an

so energy density

ay, it's currently g

-- giving the larore complicated b

y dense applicatiog heavy, you need

heavy vehicles, wkly.

ries. They've beeown characteristind needs in both e

used to them by ne of chemistry we

erstanding what m

of the application

ke customers' test

in batteries, the c

yday. These are thry good example

ry, this is very fathe technical side

ut developing the n understanding, aters, what's the re

to deliver good iEMs, Tier 1s, an

GMT, JMAT

streetevents.com


things we're doing

ablished, this is th

omotive as that d

nd also durability,

y being used in E

nd of energy, you

y is extremely imp

going ahead being

rger share of futubecause you mix c

on -- chemistry. Td power density, i

where you need to

en around for a locs, no one class

energy and power

now, cropping upe do. It's clearly

matters for your c

n, every successfu

centers.

chemistry, the sor

he sorts of surfaceof this coming up

familiar ground toe.

application underand that's one of

elevance of an imp

information. Nownd continue to en

T.L - Johns

m | Contact Us


g on battery mate

he original lithium

drives the cutting

but perfectly goo

EV's launched to

u can store anythin

portant in the auto

g -- increasingly re

ure prospects, buchemistry classes

This is power denif you want to go

o do a start-stop d

ong time. The latis good enough.

r, and the combina

p. But to get Johnsdriven by a fund

customer, what va

ul Johnson Matthe

rts of chemistry th

e since, the sorts p.

o Johnson Matth

rstanding from a the reasons we bprovement on a ca

w of course we arenhance that relat

son Matthe


rials, but that's th

m ion commonly

edge of technolo

od material and us

oday. Early stage,

ng, so how much

omotive world.

eplaced by enhan

ut they both have.

nse. So power dea long way, you

duty, you're up an

test is LFP, it's ovBut a good solu

ations therein. An

son Matthey, youdamental underst

alue, what improv

ey business mode

hat are needed fo

of manipulations

hey why we easil

standing start. Clought a battery syathode to the enti

e present in the btionship and that

ey PLC Inve

ans, is s of

he scope for impro

y used in the elec

ogy. That's where

sed universally th

, good cost basis

energy you can r

nced chemistries, b

e good energy ch

ense there's a lot need energy dens

nd down a lot, and

ver two decades utions provider nend that's our plan.

u have to get thesetanding of the ap

vements give valu

el has this. We ve

or good cathode d

in terms of form,

ly find ourselves

learly, this isn't a ystems company ire system, and th

battery materials bt application und

estor Day

ovement, that's th

ctronics industry,

you need to be t

hroughout the elec

s on there and a

release over time

better performanc

haracteristics and

of electrons releasity.

d you need to giv

old. So those acteeds to play acro

e. The Johnson Mpplications becaus

ue to them now an

ery much have the

development, mate

, morphology, the

s capable of deal

market we're prebecause a batteryerefore, to the cus

business through derstanding to fe

he opportunity for

so this is broadly

o be really at the

ctronics industry.

reasonably decen

gives you range,

ce, given by NMC

d they're both bei

asing one [got su

ve a lot of torque s

tually are relativess those. A good

Matthey operatingse you can only

nd in the future ind

e linkage into our

erial developmen

e way things are p

ling and manipul

esent in, haven't by systems companstomer's hands.

actual supply of eedback to our c

30

r Johnson

y applied

limits of

nt energy

range for

C and to a

ing used.

urged] it's

suddenly,

ely stable d solution

g model is drive the

deed.

r customs

nt, exactly

presented,

lating the

been. And ny has an

products. chemistry

JA


So we

Just toperfor

Back us rea

our bu Last y

March So tog

millioadvan

But thcustom

We althe ma

Just tois no o

I thinkthe ran

There winne

If youstartedmateri

Continstuff.

Consobase,

is comfact th

Goingwant tto del

numbe So I h

delive Goingdriver

ANUARY 29

MSON REUTER


e want to be more

o review of whermance.

in 2012, I mentioally good insight i

usiness plan.

year, we complete

h, we will compet

gether, those asse

on pounds, 50 milnced provider in th

hrough Clariant, wmer base who we

lso get good IP inarker up and deve

o pause because iobsession. I shall

k why we started nge delivering ch

were choices to er in power dense

u started in powerd in LFP. But theials portfolio, abs

nuing to invest hoThis is just enhan

olidating all thosesteady, solid grow

ming from materiahat we have to do

g beyond that, andto add new produliver second, third

er, and it's certain

hope you get the

er.

g through the other, diversification o

9, 2015 / 1

RS STREETEV


e than just a mater

ere we are today,

oned that we bouginto the market its

ed the purchase o

te on the purchase

ets would represen

llion pounds withhis market.

we also get a goocan start develop

n LFP, and an ongelop better produc

t's mentioned on pound that home

here in sort of simhemistries in autom

be made. And frand so it elimina

r, there was a clee intention, if I msolutely working a

owever and step oncing and deliveri

e pieces together, wth up to year thr

als. This is our bovery little further

d certainly the inucts. The work thad generation, enh

nly the intention w

impression. This

er elements of neof powertrain.

0:30AM G

ENTS | www.s


rial supplier. We w

, how we got the

ght Axeon. That bself. So that's paid

of the manufacturi

e of the Clariant b

nt production cap

h a really good qu

od order book witping this applicati

going inherited dects.

here, again, I rec again. We want a

mple words is, if ymotive.

om a standing staated some of the ri

ear, absolute answove on -- and theacross the spectru

out long term R&ing that chain of p

next year, we'll hree by then, a con

ottom-up view, byr investment in th

ntention is, soonerat we're currently hanced performin

which drives acce

s is a very excitin

ew business curre

GMT, JMAT

streetevents.com


want to be a solut

ere, the journey

bought us not onlyd back in spades i

ing assets of mate

battery material sy

pacity between Ch

uality order book

th major OEMs aon understanding

evelopment progr

ceived a lot of quea broad provider

you got back to th

art, where do we isk about where d

wer. Whereas we e roadmap going aum.

&D, and Liz will tpossible solutions

have a business thnsolidated profitab

y the way. Sales uhis area, some, but

r or later, and cerdoing -- being le

ng products, new

lerated growth be

ng prospect for u

ently in the portfo

T.L - Johns

m | Contact Us


tions provider, so

so far. And this

y this really goodin terms of that so

erials for A123 ba

ystem.

hina and North A

k. A123 clearly, w

and Tier 1s in Asg with.

ram, and developm

estions, why LFPof chemistries.

he previous slides

start, which choidid we start.

started in energyahead, today, we

talk about some os down the road. T

hat breaks even obility level. And m

up to GBP300 mit very modest, we

rtainly years 5 toed by Sonning, bu

products into th

eyond that.

us. It's a very exc

olio; fuel cells. A

son Matthe


we need to have

is quite a rapid

d application undeort of information

ased in Changzho

America of some 5

we've built a long

sia, principally Ch

ment improvemen

, what's this obse

s, they were a ran

ice did we make?

y, we would needhave this well es

of these, investigaThat's where we a

on a reasonable tumoving on to yea

illion and you coue get returns of inv

o 10, the plan wouut in the other deve portfolio. That

iting prospect tha

Again, let's focus o

ey PLC Inve

ans, is s of

that application u

journey and I'm

erstanding in auton allowing us there

ou, China. And la

5,000 tons of pow

g-term relationshi

hina, but as well

nt clearly as I've e

ession Johnson M

nge of energy dens

? In power dense,

d more informatiostablished position

ating beyond lithiare today, that's w

urnover there betwar five, sales up to

uld work out on -vestment by year

uld actually havevelopment centers

enhancement if

at I think we've d

on automotive, th

estor Day

understanding.

m very pleased w

omotive into the oefore, to refine an

ater this financial

wders, a turnover

ip into our arrang

as North Americ

emphasized here,

atthey seems to h

se chemistries, re

, there was one ch

on to make that dn materials, but w

ium ion. This is 2what we're doing.

ween systems ando GBP300 million

-- and so the returfive. So incredib

e this, we want tos around the worlit came before y

done incredibly w

his is the key driv

with this kind of

overall system, it nd better define, d

year, so within th

of somewhere be

gement with them

can. So a good es

is key. You need

have with LFP? W

emember the energ

hoice, there was

decision. So that'swe will invest in a

20 years ahead, th

d materials. And n, and most of tha

rns we would expbly quickly, of 20%

o add new chemisd in these areas, w

year five, we enh

well to set ourselv

ver here. Exactly

31

progress,

also gave de-risking

he end of

etween 40

m. A very

stablished

d to move

Well there

gy dense,

one clear

s why we a broader

heoretical

from that at growth

pect -- the %.

stries, we we'll start

hance that

ves up to

the same

JA


The fi

We docell sy

So we I think

it meaemissi

So wi So the

It takeas to w

So thecurren

vehicl If that

our polet's sathe an

Watertalking

Waterrespon

indust Johnso

that's say, se

So wegetting

Whereof mil

So whcontam

So weplay a

Now twe're

ANUARY 29

MSON REUTER


it for Johnson Ma

on't make fuel ceystem. And that's

e're well establish

k there is a chang

ans it is happeninion.

de range on futur

e question is not w

es away the markwhat the market is

e bigger questionntly working on w

les rather than pro

t happens, our int

oint. If this doesnay. We still believ

nswer. And if the a

r purification. Thig about fundamen

r scarcity, the comnse is confirmed

try is a big theme

on Matthey has c

not easy. It's easyelenium, whateve

e feel like we're wg pilot scale and d

e we are today, lollions of turnover

hat's needed here?minants and we w

e're not talking abacross the diverse

that talks about blooking at M&A,

9, 2015 / 1

RS STREETEV


atthey is our profo

ll systems, we doour intention, is t

ed, I think a worl

ge in the story of f

ng, there are laun

re prospects, expe

when, because tha

ket risk or -- certas. OEMs are putti

n and the profounwith a number of

ototype vehicles.

tention, this busin

n't happen, and theve there's good pranswer is negativ

is is a bit like bantal scarcity of wa

mpetition betweeand we're seeing

which means you

considerable expe

y to just put a filteer it might be, that

well tooled up for demonstrating tha

ooking ahead, notin about three to

? That's not to limwant to apply that

bout one solution contaminant prob

being at scale. To , I'm going to use

0:30AM G

ENTS | www.s


ound experience a

on't make fuel celto provide those in

ld class leader in M

fuel cells vehicles

nches, there have

ectations, but there

at's resolved, the m

inly crystallizes iing vehicles on th

nd strategic issuef OEMs, converti

ness and the devel

ere are alternativerospects of our so

ve, then, clearly, w

atteries, EVs -- thater. This is some

en demand by urbg it more and mo

u've got to purify

erience in a range

er and take everytt is really clever s

this market and wat our technology

thing further -- nofive years time an

mit of our ambitiorange of solution

to one market noblems of a whole

do that you needthe word again.

GMT, JMAT

streetevents.com


a lot of experience

lls stacks, we maknto the market.

MEAs, and clearl

s. I think it's alway

been launched fu

e are vehicles and

market has happen

it to a degree, thehe roads.

coming back to ing those develop

lopment of the fu

e scenarios, OEMolution, but we wiwe'll have to view

his is one of the fiething that gets pe

banization probleore. The regulator

your systems. An

e of the appropria

thing out of waterstuff and that's the

we made significa actually works. S

o further investmend that's kind of i

on at all. What's nns, range of techni

ot even one solutirange of differen

d to have a certain

T.L - Johns

m | Contact Us


e in the MEA. Th

ke the membrane

ly a long profound

ys been the when

uel cell vehicles,

d will be fuel cell

ned, that opens up

re's still kind of a

us for this one ipment programs i

uel cells, we becom

Ms could in-houseill see that -- the p

w other ways of mo

first areas we hit ueople excited, it g

ems, industry andry driver to kind

nd that's the drive

ate absorbent and

r, but to take out e kind of thing tha

ant progress throuSo good progress,

ent, working in thit.

needed here and thical solutions acro

ion to multiple mnt markets.

n scale and a cert

son Matthe


he MEA is the me

e assembly, that's

d experience in th

n, when's that goin

a number of cred

vehicles on the ro

p a rather more de

a vast range of po

is, within the nexinto volume sales

me a chemistry su

e, they could mainpoint is that, that onetizing our inve

upon in new busigets people wantin

d agriculture itselof keep the wate

er here.

chemistry applic

the thing you wanat we have in Son

ugh the key niches, nice business.

he niches we curre

his is what we deoss the whole seri

markets. We want

tain presence acro

ey PLC Inve

ans, is s of

mbrane electrode

what we do, just

his business.

ng to happen. And

dible launches co

oads in the near te

elicate question, h

otential outcomes

xt two to three yes, actually conver

upplier into that i

ntain all productiowill crystallize inestment and our t

iness, really, realng to come to wor

lf feeding those per clean and to en

cations here. The

nt, let's say parts nning, and we've b

s one of them bei

ently have access

evelop is a range oies of niches.

to have an accom

oss a number of m

estor Day

e assembly that sit

t those. We do th

d I think the CAR

oming on the road

erm, next year or

how will this mar

. So now we're de

ears, the developrting them to sale

ndustry, that wou

on in-house. Theyn the next two to ttechnology in this

lly exciting, very rk and this is a ke

populations, is genable those comp

precise selective

per billion, that pbeen working on

ng mining and so

s to, this is a reaso

of technical solut

mplishment of sev

markets. And so h

ts in the heart of f

he chemistry bit o

RB zero emission

ds in response to

two.

rket evolve?

ealing with some

pment programs tes that go into pr

uld be great. We'v

y have other tunethree years. We ws area.

strong drivers. Ay world issue.

etting so intense.pleting recycling,

removal of conta

particular contamifor a number of y

ome metal treating

onable business, s

tions addressing a

veral solutions tha

here, to achieve th

32

fuel cells.

of the fuel

mandate,

that zero

certainty

that we're roduction

ve proven

es to play, will know

And we're

And the reuse by

aminants,

inant let's years.

g areas of

some tens

a range of

at we can

hat scale,

JA


M&A

M&Areturn

So thiwe ne

AtmoThis i

Once envirogases,

Well pprogra

The ophome.

we're And th

can ap The fi

trials. the en

So thabuild

We beWhat the fac

So weaccele

Summloss in

date, I So I th

now. W So the

will co Going

good wof cap Beyonsucces

ANUARY 29

MSON REUTER


A here, I think it is

A, bolt-on still, huns that Johnson M

is business is ratheed the enabling o

spheric control, ws about the manip

something is paonment are chang, you can extend t

proven in scienceam of R&D over

pportunity I think. A lot of that is

looking about the

he other, the rath

pply these sorts of

irst objective I thi

We're well on thnabling. It gets us

at is enabling M&a wider portfolio

elieve there's reallwe're imagining ct we see this quit

e think there's a reration of growth

marizing all that, nn this area. We've

I think we're abso

hink there's really

We've got the und

e next (inaudible)

over the cost of th

g ahead to year fiv

well established Gpital within five ye

nd that, of coursess. It's about wher

9, 2015 / 1

RS STREETEV


s different, I talke

undred pluses sortMatthey aspires to.

her stuck in that poof global M&A.

we've talked aboupulation of the hea

cketed, the produging. And that affthe freshness of th

e, we already havthe last couple of

k, I hadn't dwelledin the field. And

e supply chain itse

her more attractiv

f solutions.

ink we're well adv

e road to the secothe presence and

&A to allow us to based on those ke

ly good evidence is quite a new sote clear route in te

really good prosprate potential. Th

numbers, hooray, e invested GBP15

olutely in line with

y been fantastic p

derlying pipeline

) further deliverin

he ongoing invest

ve, a well establi

GBP30 million opears of where we

e, is the ambitionre do we want to

0:30AM G

ENTS | www.s


ed about M&A b

t of areas, not ter

osition. We've ha

ut a couple of yeaad gases in a pack

uce and the envifects the decay or he product.

ve a product in thf years in this area

d on that one is rewe are principal

elf and there's ple

ve driver is the en

vanced on, we go

ond objective whithe application u

then develop furtey fundamental g

for a market herelution to the worlerms of the busin

pect for establishihere's a rollout of

a little bit of kind50 million princip

h all our stretch ta

progress in this ar

and ready to work

ng and broadening

tment in the other

shed operating pr

perating profit, reare now.

n. Why we're doigo to year 10 and

GMT, JMAT

streetevents.com


being tens of milli

rrifying and clear

ad great progress t

ars ago. We calledket, so a closed pa

ironment around the freshness how

his area and we aa.

eally about the wlly targeting the s

enty to go through

nhancement of the

ot really good pro

ich is modest, minunderstanding in th

ther understandingas manipulation t

e of some low sinld and I think tha

ness plan that we c

ing a business. Wtake up of these s

d of bringing it bapally in the batter

argets and much m

rea in the past thr

k on.

g our position and

r areas and so we

rofit. From where

elatively small fu

ing this isn't aboud beyond. This is l

T.L - Johns

m | Contact Us


ions, that's getting

rly M&A, it will

technically, enter

d it packaging theacket, head gases

it are interactingwever you want t

are continuing to

well-established insupply chain from

h there. There's pl

e value, convenie

oducts, novel prod

nor M&A, more ohis area. This is a

g and build furthetechniques into a

ngle so $2billion tat's mitigated by thcan assess against

Within about five sort of solutions, s

ack to reality, kindry's area, excellen

more than we kind

ree years. And the

d the more comm

should be a break

e we see today, th

urther investment,

ut where we wanlong term growth

son Matthe


g into one marke

bring decent pro

red a few minor n

en. And just to reand the produce

g. The produce isto place of the pr

develop further p

nefficiency of the m field to the reta

lenty of savings to

ence food, ready-c

ducts coming out

of the tens of milla foreign area to u

er product develowide range of pac

to $4 billion type he fact we see reat and make carefu

years, and after tso this is potentia

d of today, as yount progress there,

d of really hoped

e next three years

ercially advanced

keven by year thre

he prospects we're

so we're taking u

nt to get to in yeah prospect for John

ey PLC Inve

ans, is s of

et. I think here we

ofitable businesse

niches, but to reall

emind you what twithin it.

s releasing thingoduce in that pac

products and that

food supply chainail store. These so

o be made.

cut food are diffi

of the R&D, thes

lions sort of levelus. We don't have

opment pipelines. cketing solutions

market. It is, howally, really good sul stage gate judgm

that, the excitingally very high grow

u know, we're kinI want to underli

for.

s is really about a

d products, let's sa

ee with moderate

e looking at and w

up the amount up

ar five. Clearly thnson Matthey.

estor Day

e would have amb

es with it and wil

ly now, launch on

this means and w

s, absorbing thincket. By manipula

t there's been a g

n, 30% food wastolutions work at h

cult to maintain f

se are proving we

. This really gets presence in this a

And then the lonand answers on a

wever, our new arstrong fit for our ments of progress

g thing is becausewth delivery 5 to

nd of just under Gine of where we s

accelerating that d

ay the ones with s

M&A in there.

weighting some o

p to 250 mark and

hat's a good indi

bition to do sligh

ll always meet th

n and fulfill our a

why we kind of ren

ngs and the gasesating and controll

good stream and e

tage. A lot of thathome as well, bu

fresh and that's w

ell in the lab and i

us into the markearea today.

ng-term objective a global basis.

rea, this is the newtechnical solution

s.

e it's a new area t10.

GBP20 million of oset off three year

delivery. We've g

sales and profits c

of the risk in that,

d so you're coveri

icator and confirm

33

htly larger

he kind of

ambitions,

named it.

s and the ling those

enhanced

t is in the ut initially

where you

in limited

et. This is

here is to

w market. ns and by

there's an

operating s ago , to

got things

coded for

, there's a

ing a cost

mation of

JA


So yeabut rewith th

We'remateri

To geopens

Key taover th

Howebusine

done t What

resourto ens

So in sense

And th

Robe

Thank

keep g

Geof

All rioutlin

So if Iacross

We hawhich

Organhalf o

And wtwo in

Now, just a

price.

ANUARY 29

MSON REUTER


ar 10, from wherelatively modest fuhem, you've beco

not there to be aial science. We w

t there, within tha up. It opens up p

akeaways that I whe long term and

ever, and I want toess; we didn't hav

this over and over

we're doing now

rce and we're realsure that we're goi

summary, new buof that, that we're

hat, I'm done. Tha

ert MacLeod - J

ks, Nick. We're n

going Geoff. Mak

ff Otterman - Jo

ight. Well I'll divned a year ago and

I can, let me starts the chemicals an

ave to work closeh gives them adde

nized into two grof it split between

what's typical acron those markets. A

I'll start with the good reminder, t

9, 2015 / 1

RS STREETEV


e we're sitting todurther investmentome an established

an under sort of fwant to be lead po

at timeframe, we potential for inves

want to leave youI think we got a s

o sort of reflect bve that 30 years a

r again as Johnson

w is organizing it

lly focused on theing to hit the inve

usiness, new busie well on track for

ank you, I'll speak

Johnson Matthey

now over to hear a

ke sure you catch

ohnson Matthey -

ve right into it. Sod give you some u

t out with a bit ond oil and gas ind

ely with customeed value.

oups, Chemicals wNorth America an

oss most of our prAnd as noted yeste

oil price. The onthe rest of our oil

0:30AM G

ENTS | www.s


day, so knowing wts. But I think ourd player, we want

follower, we wansitions in those ni

want to view whstment, worthwhil

u with, key pointsseries of really fan

back to where I stgo. PT as it exist

n Matthey has gro

principally in on

ese issues, but alsestment criteria.

iness growth is a kr the delivery of t

k to you later.

- CEO

about PT. We're r

up.

Division Directo

o I'll pass on the updates on where

f a refresher of wdustries.

ers to help unders

which is about 60and Europe and a b

roduct lines is thaerday, business is

nly real direct impand gas business

GMT, JMAT

streetevents.com


what we know is 1r ambitions are hit to work in each

nt to be a leader, iches and that sets

hether there's possle investment in n

s, this is about lonntastic opportunit

tarted. Johnson Mtoday, very much

own and evolved

ne place. We're o

o to ensure that th

key strategic issuthat strategy.

running a little bi

or - Process Tech

-- since Nick gavwe see the busine

what PT is. Well t

stand their plans

0% of our sales, Obalance among C

at we're leaders ins certainly starting

pact on our busins really works top

T.L - Johns

m | Contact Us


100 million plus ogher than that andone of these plac

an established, a s the scale of amb

sible for other M&new areas and that

ng-term growth. Tties already.

Matthey has done h a new business

as a business.

organizing it in o

hey are adequatel

ue with Johnson M

it behind schedule

nologies

ve you a warm gess.

to start with, we

and really to help

Oil and Gas the reChina, Middle Eas

n those marketplacg to face a couple

ess has to do withpside, so the bette

son Matthe


operating profit. Rd I think it's inevies a leader in that

strong position ibition.

&A and I think ot's another area of

This is about crea

this before. We gformed principal

ne place to give

ly controlled and

Matthey, one of th

e, but it wasn't ju

greeting, I'll pass

manufacture spec

p them optimize

emaining 40% of tst, in Asia and the

ces. So if you looe of headwinds pre

h one part of our er drivers are real

ey PLC Inve

ans, is s of

Relative view agaitable. As you go t market.

in our niche, care

once you get moref unlocking where

ating engines, pot

got form in HDDlly out of M&A a

it the best oppor

reviewed appropr

he nine blocks. An

st you. So lunch w

on it. So I'll give

cialty catalysts. W

a transformation

the sales. And then the rest of the w

ok at methanol, oredominantly in oi

diagnostics businly what's going o

estor Day

ain, not wanting tointo new market

eful to say. So ou

e familiar with the we can invest fo

tential growth eng

D, new business, was it turns out. So

rtunity for succes

riately with the st

nd we believe and

was actually not b

e you a bit of an

We license techno

n of hydrocarbon

e sales are really world.

r ammonia, we're il and -- due to the

ness, so it's less thon in the refinerie

o [part] M&A's mareas and become

ur niche is about

ese markets, that or further growth.

gines for Johnson

whole fine chemiwe've done this.

ss so that we can

trict rigor that is n

d I hope you will

bad for (inaudible

update on the str

ology and provide

from one form to

balanced across t

really one in twoe oil price and Ch

han 10% of the sas not so much wi

34

mentioned e familiar

advanced

potential .

n Matthey

cals, new We have

n dedicate

necessary

get some

e). Try to

rategy we

e services

o another

the globe,

o -- one or hina.

ales. And ith the oil

JA


So thesentimaffect

Seconcontin

As yoin a lo

succes In add

A couyou're

Seconthe en

So as petroc

We be I've hi

would The im

busine Shale

gas pr This b

be ope In me

some Gulf oUS, th

So tha

The lait to a increa

So winatura

them. So wiback u

ANUARY 29

MSON REUTER


en we have also ment that people h

our business if th

ndly, in China, wenue into next year

ou know PT has reot of our technolo

ssful.

dition the coal to s

uple of reasons, I'e chosen feed stoc

ndly, we're now senvironmental conc

a result of this, wchemicals driven b

elieve the fundam

ighlighted three g

d be population gr

mpact for PT is w

ess. So the four th

gas. This is really

rice, a key feedsto

benefits our core t

erating starting in

ethanol -- one of o

other things, for of Mexico. And ahen take that meth

at's something tha

ast part of this thahigher price dies

asing demand for

ith this model, thal gas price of $3

th shale gas, we sup a bit.

9, 2015 / 1

RS STREETEV


in the downside, have in making inhose low oil price

ell as you know, tr. So there are a lo

eally benefitted quogy heart lands,

substitute natural

'll highlight a couck or maybe LNG

eeing the investmcerns such as wate

we see a lot of deby its growing po

mentals that I'll talk

global drivers and

rowth, environme

we do see opportu

hat I'd like to high

y the opportunity

ock and a big com

technologies such

n 2016, 2017.

our key technolo

example, Methananother opportunithanol and export i

at we hadn't envis

at I highlighted lassel in this case. Sodiesel, so we do s

he lower price hascompared to oil

still see this as a v

0:30AM G

ENTS | www.s


we really havennvestments and n

es are sustained an

the pace of licensiot of moving parts

uite handsomely there's over capa

gas or SNG techn

uple of reasons, oG.

ment decisions for er, water usage an

elays in the decisopulation. So over

k about a little lat

d you've seen tho

ental pressures and

unities for better

hlight, be transpor

y for our customer

mponent of the ove

h as ammonia and

gies -- we do see

nex just opened uty that we're seeinit back to China f

ioned last year. A

st year -- I'll give o the economics asee good growth e

s certainly hurt soprice of 60. So w

very good opportu

GMT, JMAT

streetevents.com


n't seen any effectnew plant in the cnd we'll continue

ing across our pros in trying to estim

over the years in acity. And a coup

nology that we ha

oil price is definit

building new pland carbon emissio

ion making. But rall, we still see a

ter, will continue

ose colored boxes

d natural resource

than GDP growth

rtation fuels, coal

rs to make invest

erall price.

d methanol. And w

e a good pipeline

up -- just commisng there is we're nfor them to use fur

And hopefully that

you a refresh runare really based ueven besides the d

ome of the econowe look to have a

tunity for us, a ve

T.L - Johns

m | Contact Us


t of that in the thchemicals marketto monitor new in

oduct portfolio hamate what's going

licensing new tecple of examples o

ave talked to you

tely part of the re

ants being slowed ons due to the coa

taking that all inta good strategy to

grow, to drive gr

s there on the left

e constraints.

h in a lot of these

based chemicals

tments in North A

we see benefits fr

of projects. And

sioned a new metnow seeing intererther on in their p

t will give us som

n -- is in gas to liqupon the arbitragedifferential on the

omics, though whdifferential of so

ry good driver fo

son Matthe


hird quarter. Howts. So we do see nvestment trends

as certainly sloweg to happen here a

chnology into Chiof that would in b

about is not deliv

eason as you mig

by the China statal gasification par

to consideration, expand. We think

owth in the long-

before. The thre

e and it also prov

in China, asset in

America -- new pl

rom this already. W

d we get that visib

thanol plant that ests from some Chpetrochemicals va

me positives as we

quids. The businese there. But if youe price.

hen we look into omething in the up

or us. But in the g

ey PLC Inve

ans, is s of

wever the lower osome nervousnesin the petrochemi

ed as we said yestand it's tough to at

ina. But as expectbutanediol and ox

vering as we expe

ht have investme

te as a really morrt of the SNG.

we still see stronk that's still sound

term for PT as I'l

e that I'll talk mo

vides us a number

ntegrity and utiliz

lant investments,

We see new amm

bility through our

it relocated from hinese firms who

alue chain.

e're going forward

ss model here is tu look at the end u

details, you can pper teens. And t

as to liquids area

estor Day

oil price does inevss from investors icals industry.

terday and we nowttribute all this to

ted there's now a xo alcohols, areas

ected and again a l

ent decisions on w

re thoroughly asse

ng drivers in Chind.

l go on next.

ostly about that im

r of opportunities

ation and I'll start

really, to take ad

monia plants going

r Davy licensing

Chile. So they h are looking to bu

d.

taking a low cost nuse -- John's going

still make good that's when you c

it would be help

vitably affect somon new plants w

w expect that slow one thing.

short-term hiatuss where we've be

lot of moving par

whether to choose

ess the impacts on

na for energy sec

mpact our busines

s to grow beyond

t the fourth on sha

dvantage of the low

g in and we expec

business. But we

have just started thuild methanol pla

natural gas and cog to talk later on

money on this ifan start making m

ful if the oil price

35

me of the which will

wdown to

s in this is een really

rts in this.

e SNG as

n some of

curity and

ss mostly

d our base

ale gas.

w natural

ct them to

e also see

hat in the ants in the

onverting about the

f there's a money on

e climbed

JA


Next,

and garunnin

So themake produ

Furtheseeing

driver Coal-b

some reserv

Two mlot alronline

And thsigned

Just a years

we see So we

What natura

China The ec

not puoveral

On asto usewhat s

Just hthem.

couple Secon

with abigger

So thathere a First ocustom

ANUARY 29

MSON REUTER


it's really transpo

as business reallyng.

e main products wclean fuels whic

ucts.

er, our products hg good -- we have

r for us.

based chemicals.

of the macro econves, then it can red

major areas for Joready in China. Ae over the next sev

he next one is cond up a few smalle

reminder, that inago. One of the p

e those projects st

e still believe that

underpins all thisal gas is delivered

a and complement

conomics. Well, w

urely an economicll, hopefully still a

set performance ae them for longer some of their need

ighlight a couple So working close

e of major oil com

ndly, another exam

a company in Chir margins. So tho

at's the four, kindand just highlight

off, maintain our mers. And I'll talk

9, 2015 / 1

RS STREETEV


ortation fuels. An

y focused on the p

we have in here arch is important es

help refiners crace good visibility

Well, I've given y

nomic factors. If duce its dependen

ohnson Matthey inAnd this is slow bu

veral years.

nverting coal to nr projects in the la

n this area, we arplants is operating

till progressing.

SNG is a sound i

s really is the oved. So using SNG

ted with any pipel

we see the econom

c play in China, tha positive for us.

and integrity. Weperiods of time.

ds are, how they w

of examples. By ely with them, we

mpanies and we ex

mple is where a c

ina to help it convse are just two ex

d of extra growth t our progress wit

leading positionk about that a little

0:30AM G

ENTS | www.s


nd this really spea

performance of re

re catalysts to makspecially if you l

ck longer chain hof new hydrogen

you a bit of -- a b

you look at this, ncy on imported fu

n coal-based chemut -- it's not dead.

natural gas, so SNast year.

re one of the markg, two are in comm

investment for JM

erall demand that , you can bring c

line gas that woul

mics of SNG wor

here are the pollu

e see a trend in theAnd so how doewant to make mo

talking to some oe've been able to d

xpect to deploy th

customer might w

vert its product frxamples in this are

opportunities thath each of those.

ns in catalysis ande bit more on the

GMT, JMAT

streetevents.com


aks to a big part o

efineries. So not

ke hydrogen, andlook at the trends

hydrocarbons inton plants going up.

bit on this just to e

energy security infuel.

micals in China, t. We just -- we di

NG. And as I ment

ket leaders in thimissioning phase

M and a sound asp

we see from Chicoal into the port

ld come. So we th

rking well against

ution issues that yo

e petrochemicals es JM get value oney going forwar

of the customers tdevelop a tool tha

hat more robustly

want to change its

rom what's a prodea where we see g

at we see in PT. A

d in technology. next slide.

T.L - Johns

m | Contact Us


of our oil and gas

so much on the e

d we also have FCs of how sour oil

o smaller chain o. Again, refinerie

expand a little bit

n China, we belie

there's a convertinid just sign a licen

tioned, there has b

s. We've signed us, and the balance

piration for us in t

ina in natural gas.tfolio of LNG, m

hink it fits well in

t LNG if the oil pr

ou have in the big

and the oil and gout of this? Well, rd.

that we have in that helps companie

y around the globe

product portfolio

duct that's in overgood growth oppo

And I'd like to rev

And key here is

son Matthe


business. And ag

exploration part. S

CC additives that gl is getting. So w

ones for which ths are running in g

t more. Overall, w

eve this is still on

ng coal to chemicnse for a 5,000 to

been a slowdown

up nine large plane are in -- or in ei

the number of yea

. And on the suppaybe its domestic

nto there.

rice gets around 7

g cities in the Eas

as markets to usea lot of it is by w

he oil and gas arees inspect subsea p

e over the coming

o using -- if it alre

rcapacity, low maortunities for us g

visit some of the

that we find way

ey PLC Inve

ans, is s of

gain, most of the

So the indicator t

go into refineries.we have -- you ne

hey can get highegood capacity. A

we do still believe

e of the key drive

cals, and this coulon per day methan

n on this front but

nts already. We'vither in constructi

ars. I'll touch on a

ply side, SNG canc sources. In the

70 or above. So w

st, and there's also

e assets -- use themworking very clos

a, we know that ppipelines. And w

g year.

eady has a chemic

argin to one that's going forward.

overall strategy p

ys to differentiate

estor Day

-- or a big chunk

to look at this is w

. Both of those preed to remove th

er value for in theAnd all those thing

in the overall dri

ers. And if China

ld be like to methnol project in Chi

we have signed a

ve signed the liceon or some phase

a couple of reason

n fit well into thelong term, there

we need that to cli

o the drive for imp

m harder, use thesely with our cus

pipeline inspectioe've just been test

cals plant. And ju

in more demand

parts of the divisi

e our offering wh

k of the products

what capacity a re

roducts can help ce sulfur from it u

e marketplace. Wgs bode quite wel

ivers for this if yo

is able to use its

anol which is donina that we expect

a few smaller proj

nses for those a ce of permitting. So

ns.

ir overall portfolimight be shale s

imb up a bit. But a

proved energy sec

m for different dustomers and unde

on is an importantt-trialing somethi

ust recently, we'v

and help them ge

on. I've listed fou

hile engaging clo

36

in our oil

efinery is

customers using our

We're also ll for this

ou look at

own coal

ne quite a t to come

jects. We

couple of o those --

io of how ources in

again, it's

curity. So

uties, and rstanding

t issue for ng with a

ve worked

et overall

ur themes

sely with

JA


Seconextendwe did

Zeolitzeolite

Againbusine

We'll we'll h

Finallfor go

And s

I notetechno

So whinventcustom

We hasafe p

And iftheir p

So exaTrinid

green VCM,

a Chin And th

saw th So tha

we bowe'll l

So I'm So if I

believwe've Yes. W

ANUARY 29

MSON REUTER


ndly, we want to dd the use of somed a couple of year

tes are a key raw e platform to get u

n, just want to reiness here.

continue to inveshave to endure so

y, I'll talk about eood opportunities

so you can see at t

d this on the prevology expertise w

hat does chemistrt and develop promers' plant. And t

ave a global preseplants for them wh

f they invest withplants with contin

amples of these thdad, it might be a

chemical out of i

, we'll talk about

na play because ri

he exciting part o

he opportunity, an

at in itself was go

ought-in the technlook to refresh the

m pretty enthused

I can, I'd like to l

ve in the long termgot to stay close

We do have some

9, 2015 / 1

RS STREETEV


develop a larger pe of our products. rs ago.

w material they usus more revenue

nforce that when

st for growth. Anme ups and down

expanding capabilto complement th

the bottom part, tr

vious slide about we have and really

ry and its applicatocesses and catalythen we apply it to

ence and a long hhich is highly imp

h us, they'll knownued services and

hings we've talkean oil platform in

it. Or -- the one I'l

here, is a buildin

ight now in China

on this is that we

nd invented a new

ood, but it wasn't

nology. Now, whae technology arou

about this both fo

leave you with a h

m in this. We belto the customers

e headwinds. We'l

0:30AM G

ENTS | www.s


presence in the oilAnd an example

se and it's also onin the future.

I talk about oil a

nd though some ons in this. It's a no

lities. We will loohe portfolio of pro

rying to pull it all

differentiation tey pulling it togethe

tion mean to me?ysts in our laborao customers' plan

heritage in this arportant for us. We

w that we'll delivercatalyst to help th

ed about before. Bn the North Sea, i

ll touch on next --

ng block for PVC

a, this product, VC

saw this opportun

w gold catalyst to r

enough for us. W

at that gives a flexund the catalyst an

or the business op

handful of messa

lieve that the fundand we have to b

ll get through thos

GMT, JMAT

streetevents.com


l and gas area. A of that is the zeol

ne that you use in

and gas, it's not ju

of the markets areormal part of the c

ok to see if there aoducts and techno

l together. Our str

chnology. And foer with a know-ho

? Well, I don't havatories. We'll thennts in designs, pro

ea that gives us ce want them to be

r. They'll get the hem optimize the

But places where it could be a refin

- could be VCM,

which is a key co

CM, is made with

nity. And Johnson

replace the mercu

What we saw is the

xibility to do is tand put it together

pportunities it will

ages on key takeaw

damental drivers be nimble in helpin

se. So, yes, we tal

T.L - Johns

m | Contact Us


couple of ways wlite that we use, th

n ECT. Liz will t

ust dependency o

e down, we want chemicals industry

are any opportuniologies that we alr

rategy really is to

or us, what does iow that we've acq

ve the spinning pn look to scale thducts, and service

credibility with cusafe, but also we

returns on the inv economics.

we merge the catnery that's in the

vinyl chloride mo

onstruction mater

h a mercury cataly

n Matthey chemis

ury one.

e big win is if we

ake this whizzy nefor a better joined

l give us as well a

ways. Hitting a b

that affect some ng to service them

lked about some i

son Matthe


we're looking to dhat we bought in

talk about zeolite

on oil price. It's th

to maintain our iy and we want to

ities for M&A. I kready have.

broaden offering

it mean? Well, it'quired over the ye

parts like they hadhem up in pilot ples.

ustomers. And the have a lot of our

vestment that they

talyst and the techMiddle East. Loo

onomer.

rial. And what we

yst that is being b

sts both ones in m

e could also bring

ew catalyst that Ld up offering in th

as the environmen

bit of a -- maybe a

of the opportunitm.

in China and a bit

ey PLC Inve

ans, is s of

do that. We'd say that expertise wit

s in a little bit. S

he performance o

investments as weinvest for the lon

know Nick didn't

g to deliver superio

s taking our catalears.

d. But what does lants or use rigs t

ey trust us with thr people on their p

y expect. And the

hnology -- it couloking longer term

e're talking about

banned.

my divisions as we

g the technology i

Liz will tell you mhe marketplace.

ntal improvement

a bit of a slowdow

ties for us are stil

t on the oil price,

estor Day

we're on track with one of our -- w

So we're seeing w

f some of the top

e do believe in thng term.

want to scare you

or growth.

lyst expertise, the

that mean to PT?that mimic what

heir money, with plants. So it's a ve

en in the long ter

ld be a 5,000 ton m, maybe it's taki

here has global im

ell as in the techn

in-house. So we d

more about, comb

t that it'll make es

wn and some hea

ll in place. And w

the indirect effec

ith that as we're lowith the Intercat ac

what we can do to

pside assets that d

he long term. So

u too much. But w

e technology -- th

? Well, for us, it'we think will hap

their investmentsery high priority fo

m, we help them

per day methanoing a biomass and

mplications but it

nology center got

did that. About a

ine it with the tec

pecially in China

adwinds, but we a

we'll -- what's key

ct of the oil price.

37

ooking to cquisition

o use that

drives our

we know

we'll look

he process

s first we ppen in a

s to build for us.

maintain

ol plant in d making

t's largely

together,

year ago,

chnology,

a.

absolutely

y to us is

JA


Confid

our cu We'll

some And w

Robe

Thank

John

Good

2013 tthere's

So I'm So I'll

have aChris to spe

So moa little

invest Our b

technoand su So ou30% o

Air qucontin

And fpropo

Drivermarke

Enviroto the later.

So findiesel

ANUARY 29

MSON REUTER


dence that we hav

ustomers and unde

continue to inves

acquisitions. And

with that, that's it

ert MacLeod - J

ks Geoff. That's i

n Walker - Johns

d afternoon. So I'm

to discuss strategys more of that to c

m also going to try

l point out to you

any detailed quesMorgan who's th

end more time on.

ost of you are fame more than 60%

t in both of those

business has bene

ology than the preustainability. And

ur market positionof our global sales

uality and its impanuous improveme

finally, there's somsals that are looki

rs that are affectiets. And this has l

onmental factors current develope

nally, there's a tren engines, and hyb

9, 2015 / 1

RS STREETEV


ve comes from ou

erstand what's hap

st. We'll look to

d finally, after get

for me.

Johnson Matthey

it. John, if John is

son Matthey - Ex

m John Walker t

y that we've execucome in the future

y and address the

u, two of my colle

tions that we canhe European Techn

miliar with ECT. Bof the heavy dut

areas.

efited both from

evious generationd we also have had

ns are stable in bos contribution, so

act on public healent story on our --

me positive signs ing pretty interest

ing ECT again, nled to tailored fit f

have continued toed market levels. A

nd towards improbrid systems to me

0:30AM G

ENTS | www.s


ur commercial of

ppening in their p

be proactive duri

tting through the s

- CEO

s still able to speak

xecutive Director

the Division Dire

uted our plan ande.

death of diesel th

eagues who I thin

n't handle in the Qnology Director.

But for those whoty market. We hav

volume growth

n. So we've had a d -- and we applie

oth light duty and that's all three of

lth remains a majunder any drive c

coming from Chiting for the future

no real big changefor market solutio

o focus on improAnd the develope

oved fuel efficienceet the corporate

GMT, JMAT

streetevents.com


ffering in the tech

plants and what's h

ing this downturn

slowdown we'll b

k to us.

- Emission Cont

ector for ECT; Em

d delivered on our

hat seems to be ev

nk are here in the

Q&A. So that's DrSo both of those

o are not. We are gve 15 manufactur

in vehicle marke

particular focus oed some of these t

d heavy duty. Andf those colored ba

or global focus. Acycle.

ina with regards te.

e here. Populatioons and volume gr

oving urban air qued market still hav

cy or CO2 reductiaverage fuel econ

T.L - Johns

m | Contact Us


hnology, in the ca

happening in the

n to see opportun

be poised for mid t

trol Technologies

mission Control T

r strategy to-date.

verywhere these d

audience who aft

r. David Prest, pleguys will be arou

global leader in ering plants and 10

ets. And from va

on operational extechniques at our

d in Europe remaiars there. And this

And we tend to ta

to addressing som

on growth urbanizrowth from increa

uality. And this isve some more stri

ion. And the currenomy and the flee

son Matthe


atalyst, and the kn

marketplace.

nities to broaden o

to upper single-di

s

Technologies Div

And hopefully, w

days in the press. U

ter this session w

ease stand up therund after the sessi

mission control c0 technology cent

alue growth from

cellence. And thiR&D area and w

ins our biggest ms will grow as legi

ake a positive spin

me of their pollutin

zation and increasased car ownershi

s affecting cities wingent testing regi

ent strategy to achet CO2 regulation

ey PLC Inve

ans, is s of

now-how that we

our portfolio as w

igit average grow

vision. So I'm hap

what I can tell you

Unfortunately I h

will be available if

re, who's the MD on if you want to

catalyst with abouters around the w

m new legislation

s has driven imprwe've increased the

market. The emergislation continues

n on this and look

ng levels in their

sing wealth are aip rates.

worldwide. Emergimes like real wor

hieve this is a mixns.

estor Day

e put together. Ag

we're hoping this

wth through the me

ppy to report sinc

u today we'll give

ave to do that in o

f you want to take

of our European o pick this up furth

ut a third of the glworld. And as you

n which generally

rovements in ECTe efficiency of a l

ging markets coms to tighten.

k at the emission l

cities. And they h

also associated wi

ging markets can rld driving which

x of smaller turbo

gain, we got to be

might be a good

edium term.

ce the last time w

e you more confid

one slide.

e a little bit more

business for ECTher, if it's a topic

obal light duty mu know we've con

y requires more a

T and EHS, manulot of our test cell

mbined now make

egislation progres

have some new le

ith trends in the e

still tighten legish we'll talk about a

ocharged gasoline

38

e close to

d time for

we met in

dence that

time and

T and Dr. you want

market and ntinued to

advanced

ufacturing ls.

up about

ssion as a

egislation

emerging

slation up a little bit

e engines,

JA


So the

the miwithou

So diethe basignifi

Stratemarke

technoreally

On theabout

So outo be a

We'vethis is

So in us to d

So wedelivein that

So thehere is

So in grease

And athem t

So todcan m

So trehelp in

produ So as

there, percen

And iEurop

ANUARY 29

MSON REUTER


ere's an increasing

ix but again, onlyut diesels in the m

esel vehicles havean diesel voice wficant changes in t

gy, again, as I saets have driven te

ology as many offor NOx legislati

e customer side wthis very much b

ur operational excable to tell you a

e continued to dels for vehicle platfo

the chemistry anddevelop the end to

e now develop thering superior mant area.

e trend towards cos actually of one o

the past, being lee, and clutter and

as I mentioned earto organize the w

day we collaboratmake these engines

ends and -- so whancrease cells espe

uction in Europe. S

you can see from

diesel actually gntage of the globa

n Europe I think pe number. And w

9, 2015 / 1

RS STREETEV


g number of hybr

y slightly. So withmix.

e higher fuel econwas successful it w

the infrastructure

aid in the openingechnology to deve

f our new catalystion as where thos

we're increasing ouut I think Johnson

ellence program clittle bit more abo

liver value aheadorms instead of ta

d its application so end system capa

he process technolnufacturing techn

omplicated multifof our test cells in

ess than probablywires, and pipes

rlier we've applieworkplace and imp

te much more clos look like a car o

at are the global tecially in the US

So there's probabl

m this graph. This

grows over the plal light duty mark

we stand by whwe also see hybrid

0:30AM G

ENTS | www.s


rid sold but this st

h no advance noti

nomy and less COwill obviously takfor those options

g, ECT strategy elop high perform

ts for these marke materials are be

ur collaboration wn Matthey also de

continues to delivout some of the w

d of the market byalking about car c

space it's no longeabilities at the sam

logy at the same nology at the sam

functional catalysn Royston.

y five or six yearsand hoses there. B

ed some of the leaprove the overall e

osely with our cusof the future.

trends in the light but also potentia

ly some pent up d

s is a death of die

an. And a lot of ket is actually decl

at we said beforeds in that picture g

GMT, JMAT

streetevents.com


till a very small n

ce it will be pract

O2 than their gasoke years for the s as well as for the

hasn't really chanmance catalyst ma

kets are using higheing used.

with customers anelivers a very high

ver value. And wwork that we've be

y positioning our ompanies.

er enough to simpme time as the cat

time as the catalyme time. And I thin

st does not necess

s ago I guess, I prBut today as you

an techniques in tequipment effecti

stomers and we c

t duty market? Onally in Europe. A

demand there.

esel chart. This is

that growth is oblining.

e, we continue --growing from arou

T.L - Johns

m | Contact Us


number in the big

tically impossible

oline counterpartsupply chain to swe vehicle power p

nged. We're basicatched to local ne

h valued non-plat

nd one way to desh quality of servic

e have a very nimeen doing in the su

sales to deliver a

ply develop new talyst innovation.

yst innovation sonk Macedonia for

sarily mean that th

robably would becan see we have a

the testing area. Siveness and the pl

can set up these te

ne positive in thisAnd I think I've sa

the global view

bviously in North

we see a graduaund 2% of the tot

son Matthe


scheme of things

e to meet the CO2

s. And the way wwitch from diesellant infrastructure

cally continuing teeds. And develop

tinum group meta

scribe this is that wce to our custome

mble supply chainupply chain space

a superior mix. A

products in isolat

o that when these r all of those of y

he production pro

e very afraid to sha very organized

So they've appliedlanning of the test

est cells to do adv

s sector is the lowaid before we stil

on a light duty ve

h America and A

al shift in the diestal to 5% of the to

ey PLC Inve

ans, is s of

s. And in Europe g

2 reduction target

we look at diesel il to petrol or diese.

to invest in our pped markets to fo

al materials to me

we've been winniers. And our custo

n that's a source oe but that will be f

And this goes back

tion. So our new p

new products coyou who have hea

ocess has to be co

how you one of tspace.

d five S in visual t cells.

vanced transient e

w oil price. So thil haven't gotten b

ehicle production

sia. And gasoline

sel to gasoline ratotal by 2020.

estor Day

gasoline powered

of 95 grams per k

is, diesel is our frsel to electricity.

people products aocus on material s

eet tighter emissi

ng with the winneomers enjoy that a

of competitive advfor a later date.

k to the win with

products introduc

ome to the manufard about that tha

omplex as well. A

these pictures that

factory technique

emission work on

is is attractive to lback to the 2007

n that came from L

e volumes grow e

tio from 50% to

d vehicles are incr

kilometer of CO2

riend not our enemAnd there will h

and technology. Escience and manu

ions legislation. A

ers. And we also as well.

vantage. And soo

the winners com

ction process now

facturing plant weat's our example o

And the picture on

t would have bee

es here which had

n the future mode

light duty marketpeak levels of au

LMC. And as you

even faster. So di

45% and that's a

39

reasing in

2 by 2020

my. So if ave to be

Emerging ufacturing

And that's

don't talk

on, I hope

mment but

w requires

e also are of success

n the right

en oil and

d allowed

ls. So we

t and they utomotive

u can see

iesel as a

a Western

JA


And o

to sommarke

And abenefi

In Chvehiclchang

filters So ver

progra And t

vehicl Now t

CO2 f So die

aheadperiod

So if yAnd wdiesel

So if yhow c

And tdispla

So, ovecono

and th So, I'm

the mafirst y

So, as2000 reduce

also b So, in

light vthe exdetails

ANUARY 29

MSON REUTER


on the legislative

me gasoline directet slide to come.

also in 2017 we ficial for Johnson

ina there's some les in China natio

ging terminology

to gasoline vehic

ry early days on t

am to begin with.

then finally in the

les but that's post

this is my one sli

fleet average targe

esel is essential to

d of the market fod. So whatever yo

you look at the mwhat you can see vehicles.

you said that youcar manufactures w

there's severe penacement and fuel c

ver the last 10 yeomy has been gett

hat's something th

m not really going

ass of vehicles hayear that vehicles a

s far as emissionsuntil 2009 when ed by 64% and th

been introduced.

n 2017 gasoline o

vehicles test procxact details of hows are going to be a

9, 2015 / 1

RS STREETEV


side I'm not going

t injection vehicle

see this real worMatthey going fo

interesting thingsonwide. And thenand call it whate

cles starting firstly

this. But before yo

But it's a very im

e United States t

2025 timeframe.

ide to talk about t

ets are dropping a

o the mix to meet

or the 2015 targetou fleet average is

middle chart these here is that these

u're going to ban twould be able to

nalties for the autconsumption.

ears the trends inting better. And d

hat you're not goin

g to talk about the

ave just been gettiactually started g

s level go, as I saiEuro 5 filters w

hen in the next fiv

or direct injection

edure both come w and when all thand something th

0:30AM G

ENTS | www.s


g to talk about all

es. And we now s

rld driving emissorward.

s happening theren Beijing what weever you want. In

y in Beijing.

ou start going cra

mportant demonstr

there's drive for s

the death of diese

as you can see on

t tighter CO2 limi

t. And then from s, you draw the fle

are the vehicles tare the vehicles t

that section unlesmeet the CO2 lim

tomakers if they

n vehicle mass andiesel by far is cle

ng to get from som

e other things, bu

ing heavier and hetting lighter agai

id we see emissiowere first added tove years when we

n vehicles are also

into effect in 20his is going to hapat is still being w

GMT, JMAT

streetevents.com


l these points I'll

see this is a more

sions come into f

e. China 5 is goine're now calling Bn any case it's goi

azy and updating y

ration program fo

storage and impro

el. So why do we

this chart here fr

its. And the actua

2015 to 2020 effeet average line a

that are availablethat can meet the

ss you could drammits.

don't meet the C

nd power have bearly the high po

me of the other alt

ut light weighting

heavier and heaviein, thats fleet aver

ons legislation aso diesel vehicles e move to Euro 6

o going to have t

17 and this will pppen, the test cycorked out.

T.L - Johns

m | Contact Us


just highlight a fe

gradual ramp up

force and this wi

ng to come into pBeijing 6, some ping to create a pa

your models with

or the future of em

ove fuel economi

believe that dies

om130 grams per

al CO2 in 2013 w

fectively all of theand then move it d

today in the UK. 2020 target right

matically change t

CO2 target. So the

been both mass awer option and I

ternatives.

I guess up until 2

er, but from 2013rage vehicles.

a story of continthere has been athe NOx levels d

o meet that partic

push emissions lecle and real world

son Matthe


few. Euro 6c come

than we did whe

ill directionally r

place around 201eople call it Beijiarticle number sp

h massive volume

mission control in

ies similar in Eu

el will not and sh

r kilometer in 201

was actually 127. S

e manufacturers hdown 27%.

And effectively yt now. So of that,

the buying prefer

e four parameters

and power have bthink this is wha

2013 over the las

the light weighti

nuing improvemena 90% reduction drop by another 5

cle number speci

evels even lower. d driving isn't 100

ey PLC Inve

ans, is s of

es into force in 20

en we portrayed th

equire a variety

8 and that will foing 5 plus, some

pecification simila

e increases I think

China.

urope. And eventu

hould not be bann

15 to 95 in 2020 to

So as far as these

have to drop their

you kind of assum more than 50% o

ences of consume

s that impacts CO

been going up, enat people like, the

t 10 years with al

ing concept has fi

nts. Diesels are cin particle matter

55% and as you n

fication. So, real

Now, I think I pu0% defined yet, b

estor Day

017 and this will

he market in 2013

of improved cata

orce filter fitmentpeople call it Chi

ar to Euro 6c and

k we want -- this i

ually we also see

ned from Europea

o -- a still undefin

levels are going,

r fleet CO2 levels

me that that's a Euof the offering in

ers, so it's kind o

O2 are vehicle m

ngine sizes has bey like the driving

ll the options that

inally started to ta

continuing to get r and in the sameow know a partic

world driving in

ut a little questionbut it is going to h

force the fitment

3. So you'll see th

alyst. So, again,

t into the light duina 5 plus. It's obd may require a f

is more of a demo

e filter fitment to

an cities? So the E

ned, possibly 75 in

they're actually t

s by 27% in that

uropean mixed of the marketplace

f a little hard to f

mass engine powe

been going downg experience of d

t are available on

ake hold and 2013

cleaner. So, frome period NOx levcle number specif

n a new world har

n mark about thahappen, just what

40

t of filters

hat on the

generally

uty diesel bviously a fitment of

onstration

o gasoline

European

n 2025.

two years

five year

f vehicles. today are

figure out

er, engine

n and fuel diesel cars

vehicles,

3 was the

m the year vels were fication is

rmonized

at because t the final

JA


So, di

particlwe're

So, ththat hathis ju

Now, uncha

will o Light

Statesadding

So in add ab

Same continargum

Europ And I

buses sector

And ainto eback t

In Chvehicl

Califoas wel

So, thmostlyaffecte

But aslegisla

have c So, wh

becomsomet

So, into be a So, inand A

ANUARY 29

MSON REUTER


iesel technology w

les and this is whthe solution to th

he final thing to poas dramatically lo

ust demonstrates t

when you put thanged from our 20

ffer opportunities

duty diesel sales

s these sales are cg diesel especially

summary in 2015bout $667 million

story on heavy dnue through 2015ment as why we're

pe right now we're

I think the big sto

that were fitted wr over the next thr

as with light duty ffect in 2019 andthe filters that we

hina we see progrles and add more

ornia around tightll.

he heavy duty mary because of the red that were the r

s you see from thation comes into

come into force.

hen China 6 com

me the largest heatimes ask about m

n summary on the about half, could

n summary key taAsia. We've create

9, 2015 / 1

RS STREETEV


would deliver low

hat we do, difficule problem.

oint out here on thowered NOx and that diesel can be

his all together ba013 view and we

s for new technolo

continue to grow

coming because oy on big trucks an

5 to 2020 we see n of growth over t

duty trends in the5, the year we're e seeing the boos

e probably a little

ory in this graph i

with Euro IV comree years or so, bu

on the legislatived this will also int

lost under the tie

ressively tightenine advanced SCR

ter NOx standards

rket slide, we've arollout of the Chinremoval of filters

he graph these all play and the Chi

mes into play post

avy duty market imarines, so yes the

heavy duty side opotentially be a li

akeaways from ECed value from dev

0:30AM G

ENTS | www.s


w NOx emissions

lt emission solutio

his graph is this pparticularly emisas clean or cleane

ased on those assue continue to show

ogies there.

w in both Asia an

of a bigger uptaknd things like that

a growth in the lithe next five years

e heavy duty marin now. LMC p

st in the US now

less optimistic ab

is that there's obv

mpliant systems anut we still expect t

e slide there's a lotroduce a particleer 4 legislation tha

ng legislation fircatalyst for NOx

s and again this is

attempted to updana legislation, bufrom non-road ve

come back at theina volumes are k

2020 this is when

in the world. Oneere is a marine ma

of things from 20ittle bit more than

CT, we see growtveloping our catal

GMT, JMAT

streetevents.com


s and we've alread

on is what Johnso

point here, there's sions than the curer than gasoline te

umptions and assw European diese

nd the United Stat

ke of diesel vehict.

ight duty market os for JM.

rket. Currently wpredicts a strong w, pent up demand

bout this LMC for

viously very large

nd now the clean that to be a relativ

ot of stuff happene number specificat we've talked ab

st in Beijing andx control to some

s all about non-att

ate this. The detaiut we see the markehicles and the slo

e end so the mathkind of pushed ou

n you start to see

e other thing that'arket, yes it does

015 to 2020 we sen that, but around

th in all of our mlyst and process te

T.L - Johns

m | Contact Us


dy dramatically r

on Matthey does.

one little red datarrent Euro 6 gasoechnology.

suming not the deel as a key value

tes. In Asia these

les because the f

of about $2 billio

we're seeing very European growthd and an aging fl

recast than what's

e growth in Asia t

fuel is available fvely long fitment

ning there, I'll jusation and that wi

bout in the past.

d then nationwidee of the other die

tainment NOx lev

ls in the middle hket size in 2015 aower uptake of he

h still kind of worut to future years

what's going to b

s very difficult toexist. But in the b

ee the market growhalf and that's ar

markets, legislativeechnology togeth

son Matthe


reduced the mass

So, as a problem

a point and that juoline vehicles that

eath of diesel we driver. The gasol

e sales are coming

fleets are strugglin

on and we should

strong demand foh forecast for healeet, and continue

s posted up there.

through this perio

from January of 2cycle.

t talk about a fewill effectively requ

e typically two yeesel vehicles in C

vels in big cities a

have changed but at $1.8 billion preveavy duty fitment

rks the same. So, s progressively, b

become a very lar

o see maybe is thbig scheme of thin

wing from $1.8 bround $600 millio

e tightening contiher and that examp

ey PLC Inve

ans, is s of

of particles and

m, if you want to lo

ust highlights thatt are available tod

end up with thisline market in As

g because of addi

ng to meet their

win about a third

or class 8 trucks avy duty from 20ed exports, but I

od. And from 201

2015. We should s

w. In Europe we euire the use of fil

ears later and thaChina. And then

and that will drive

the story is still tviously I think wet in China.

non-road filters cbut the volumes h

ge market and in

his little top sliverngs it's relatively

billion to $3 billioon of growth there

inues to deliver vple was Macedon

estor Day

now we're going

ook at this as a pr

t today in Californday, according to

s kind of market psia continues to g

ing filters to the v

corporate averag

d of that as Johnso

in the United Sta016 onwards andthink with all the

14 the story in Ch

see some growth

expect stage 5 nonlters to meet that

at will force fitmfinally in the U

e more advanced N

the same, so the se said $2.1 millio

come back in 201have increased as

fact the China he

r there that's the msmall especially d

on and JM's share e.

value and that comnia. We continue t

to go after the n

roblem, we love i

nia diesel technolthe Euro 6 legisla

position which argrow and future le

vehicles and in th

e fuel economy s

on Matthey, so th

ates and we exped this is kind of e economic unce

hina was mostly a

in the medium he

n-road legislationspecification, so

ent of filters to sSA we see discu

NOx control cata

hape is changed aon. And the two th

9 as I said when s the nationwide

eavy duty market

marine sector, a lduring this timefr

of this growth is

mment's especiallto invest ahead o

41

number of

it because

logy exist ation. So,

re largely egislation

he United

so they're

hat should

ect this to the same rtainty in

about city

eavy duty

n to come this adds

some city ussions in

alyst there

a little bit hings that

the tier 5 standards

then will

lot of you rame.

expected

ly Europe ff growth

JA


oppor

produ We al

filtersprodu

And fmaintaJohnso

Robe

Well too mu

I knowand of

think t Q U

Rake

(Inau

Robe

Can y

Rake

(Inau

Robe

So it'

Nick

NMC

licensnegoti

Robe

A few

ANUARY 29

MSON REUTER


rtunities and in C

uction line in there

lso have some sm

. And in Europe wuct mix and we'll a

finally, as I think ained our strong on Matthey does

ert MacLeod - J

thanks very muchuch, but we do ha

w we've just gonef course we're all

that's Rakesh in thE S T I O N A N

esh Patel - Goldm

udible - microphon

ert MacLeod - J

you speak a bit hi

esh Patel - Goldm

udible - microphon

ert MacLeod - J

s a question abou

Garner - Johns

C is one of our oth

e. Our chosen in-iations on just tha

ert MacLeod - J

w hands went up t

9, 2015 / 1

RS STREETEV


hina we've acqui

e and the rest of th

maller investments

we're in the procealso be in a positi

Robert alluded topositions in lighnot believe that d

Johnson Matthey

h. I said right up ave time, there is

e through three lawelcome to add a

he back there. N D A N S W E R

man Sachs - Ana

ne inaccessible)

Johnson Matthey

gher, for some re

man Sachs - Ana

ne inaccessible)

Johnson Matthey

ut NMC.

son Matthey - Div

her classes of hig

-license basic IP aat.

Johnson Matthey

together. You hav

0:30AM G

ENTS | www.s


ired the site just a

he building is read

s in filter capacity

ess of completing on to deliver som

o, we may see soht duty and heavydiesel is dead nor

- CEO

front we had plena bit of flexibility

arge and long preand you can attac

R

alyst

- CEO

ason the (inaudib

alyst

- CEO

vision Director - N

gh energy and I th

and then develop

- CEO

ven't asked any qu

GMT, JMAT

streetevents.com


adjacent to our o

dy to grow into, s

y in Asia, so as t

our Royston expme of these improv

me future investmy duty and we exdo we believe tha

nty of time for quy in the program a

sentations, but I'mck them and ask th

ble) is not working

New Businesses a

hink that would b

from there. So, t

uestions yet, so I t

T.L - Johns

m | Contact Us


riginal manufactu

so we're very, very

the legislation tig

ansion plans. Andved catalysts that

ments in South Axpect to continue at anyone should t

uestions, maybe was I've said alread

m sure there mighhem more questio

g, so we can't hea

and Corporate D

be one of our pref

that would be our

think you get to g

son Matthe


uring site in Chin

y good position a

ghtens and require

d when this is comI talked about tha

America, not on a with high single try and kill it.

we enjoyed our lundy.

ht a few questionons over coffee if

ar you.

Development

ferred targets, yes

r route and that's p

go first. Hopefully

ey PLC Inve

ans, is s of

na and we've alre

and poised for any

es filters we may

mplete we'll then at are going to be

grand scale but pdigit sales on av

nch too much and

ns, so we can takef you like. (Inaudi

s. The IP situation

pretty much the i

y the mics will wo

estor Day

eady retrofitted th

y growth that com

have to make a

be able to deliverrequired by the re

possibly somethinverage in the futu

d my colleagues e

e a few now and tible) but anybody

n is much less co

intention to go ah

ork now.

he building and in

mes in the China m

few small investm

r the balance of theal world driving

ng happen there. Sure. And last but

enjoyed their pres

then we'll break fgot any question

mplicated and yo

head and we're cu

42

nstalled a

market.

ments for

he Euro 6 g.

So, we've not least

sentations

for coffee ns? Yes? I

ou can in-

urrently in

JA


Olive

Thankand thmome

years?

Robe

John,

John

Yes. have athere's

that fo

Robe

I thinbenefi

Geof

Yes,

Unide

Susta

Robe

Yes.

Geof

Susta

kind oindireprices

So, I tlong t

Robe

ANUARY 29

MSON REUTER


er Reiff - Deutsc

ks. Oliver Reiff fhen the real worldent have. And the

? Thanks.

ert MacLeod - J

, do you want to g

n Walker - Johns

I think I explainea standard test tos an offset, that o

or the last couple

ert MacLeod - J

nk a lot of the mefits to cities that pe

ff Otterman - Jo

I think I heard yo

entified Compan

ained.

ert MacLeod - J

ff Otterman - Jo

ained, yes. Well, I

of the indirect. I mct part on new pl

s isn't the only fac

think right now Cerm.

ert MacLeod - J

9, 2015 / 1

RS STREETEV


che Bank - Analy

from Deutsche Bad testing that it p

en the second que

Johnson Matthey

go first?

son Matthey - Ex

ed our story as ono be able to showoffset will be deal

of years and there

Johnson Matthey

edia today is aboeople are asking f

ohnson Matthey -

ou. The indication

ny Representativ

Johnson Matthey

ohnson Matthey -

I guess it depend

mean the direct imlant build, well I ctor that's looked a

China is about 18%

Johnson Matthey

0:30AM G

ENTS | www.s


yst

ank. I have two quperforms quite baestion is on PT an

- CEO

xecutive Director

ne of continuous w conformity or nlt with when the E

e is a solution tha

- CEO

out the cars of yefor. Now, your se

Division Directo

n is impact to sale

e

- CEO

Division Directo

s on what lower m

mpact where it intried to note earlat. It has taken int

% of our overall s

- CEO

GMT, JMAT

streetevents.com


uestions, first is oadly. So do you snd just if you give

- Emission Cont

improvement, sonot, but as legislaEurope union com

at is just ready to b

esterday and we'recond question on

or - Process Tech

s on the long-term

or - Process Tech

means, but I gues

nvolves -- that wolier on that it's prto consideration w

sales, most of that

T.L - Johns

m | Contact Us


on diesel and I thisee the risk that, e any indication f

trol Technologies

whether there's aation has tightenemes up with the f

be introduced.

re talking about nn oil price sustaine

nologies

m on the lower oil

nologies

ss for us I would

ould be on some retty complicated with some of the e

t is in the chemica

son Matthe


ink a lot of the cothat actually offs

for the sensitivity

s

an offset in real wed we believe thafinal details of the

now the cars of toed oil price.

l price? Is that?

want to make a d

of our diagnosticequation we're lo

environmental fac

als area, so if thei

ey PLC Inve

ans, is s of

oncerns surroundisets to the CO2 bof sales to sustai

world driving, what the levels havee real world drivi

omorrow which a

distinction betwee

cs business and thooking at especiactors and some of

ir new plant build

estor Day

ng diesel have bebenefit all the vehined lower oil pric

hich clearly there e continued to coming plan. So, peo

actually in many

en the direct impa

hat part is really pally when you divf the portfolio as w

ds then that's going

een around NOx ehicles in circulatice over the next f

is, car companieme down. Yes, aple have been wo

ways actually de

act on our busine

pretty low. In termve into China whewell.

g to hurt our grow

43

emissions ion at the five or so

es have to absolutely orking on

eliver the

ess versus

ms of the en the oil

wth in the

JA


I thin

time y

Olive

Thank

Robe

Peter

Peter

I'm n

direct match

John

With

Peter

Thank

Robe

Excel

Andr

Yes, please

John

So, I'the ma

So, I tforwagoing

Of couadded

you ha

Robe

ANUARY 29

MSON REUTER


nk it's quite hard t

you are saying it's

er Reiff - Deutsc

ks very much.

ert MacLeod - J

, you got a questi

r Cartwright - F

not sure if it's a qu

injection and strahed the diesel, so i

n Walker - Johns

the way you spun

r Cartwright - F

k you very much.

ert MacLeod - J

llent. Do you wan

rew Stott - Bank

thanks. Two quice?

n Walker - Johns

ve put India on tharket potential is

think there's alwaard, hopefully this

from the Indian v

urse with what thd to Indian passen

ave to sell a lot of

ert MacLeod - J

9, 2015 / 1

RS STREETEV


to give you an abs

s low to mid singl

che Bank - Analy

Johnson Matthey

on? And then we

Fiske

uestion or a comm

atified charge muin a sense does it

son Matthey - Ex

n that argument, n

Fiske

.

Johnson Matthey

nt to pass -- can y

k of America - An

ck ones. First of a

son Matthey - Ex

he slide so I didnhuge but the mark

ays potential theres new governmentversion of Bharat

hey're doing on dinger cars on the lig

f motorcycle cata

Johnson Matthey

0:30AM G

ENTS | www.s


solute number to

le digit growth pro

yst

- CEO

'll come -- Andrew

ment but a recent

ultiple spark, but treally matter to y

xecutive Director

no.

- CEO

you pass the mic o

nalyst

all to John, what h

xecutive Director

n't talk about it in ket value that you

e. I think what net will drive things4 to Bharat 5 wh

iesel they're backight duty side. So,

alyst to make muc

- CEO

GMT, JMAT

streetevents.com


be honest. I think

obably.

w do you still got

Ricardo event th

the point they mayou whether whic

- Emission Cont

over, we'll get it to

happened to India

- Emission Cont

my words, but Inu're able to achiev

eeds to happen nes forward a little

hich will add filter

ing off on the die, that's the next bi

ch money.

T.L - Johns

m | Contact Us


k we talked about

t a question? Pete

hey were demonst

ade was that the mh way it goes?

trol Technologies

o you Andrew. Le

a? Light duty dela

trol Technologies

ndia is the great hve out of that mark

ext in India that'll bit. And what yors to Indian diesel

esel ratio there as ig thing that woul

son Matthe


t mid to high sing

er at the front ther

trating gasoline e

more you make yo

s

et's get one to And

ayed past 2017, h

s

hope. The potentiaket is right on the

drive our busineu'll see there is yl vehicles.

well, but still it'sld happen in India

ey PLC Inve

ans, is s of

gle digit growth, I

re. We only got on

ngines which me

our gasoline engin

drew. And then w

heavy duty never s

al for India, that'se low end of thing

ss is legislation. Sou'll see the prog

a good opportuna for us. There's a

estor Day

think if the oil pr

ne mic. Watch ou

et the CO2 standa

ne more diesel lik

we'll go to [Adam]

seemed to happen

s the one thing thags and it's been a d

So India's been ongression like you'r

nity for us to growalways growth in

rices stayed low f

ut.

ards. This was ach

ke, the more the e

] and then Simon

n, what's going on

at's intriguing abodisappointing stor

n the back foot inre seeing in China

w our business if fthe motorcycle m

44

for a long

hieved by

emissions

.

n in India

out India, ry.

n pushing a of India

filters are market but

JA


So, if

Andr

The s

Robe

Yes, w

Andr

Can y

Robe

I thin

Andr

GBP9

Robe

Out o

Andr

And texamp

Geof

Well,signed

Robe

Okay

Adam

Okay

GDIs was a

ANUARY 29

MSON REUTER


f that's the short q

rew Stott - Bank

second question w

ert MacLeod - J

we have.

rew Stott - Bank

you just remind m

ert MacLeod - J

nk it was GBP90 m

rew Stott - Bank

90 million and the

ert MacLeod - J

of about 565.

rew Stott - Bank

then the commenple in SNG, but an

ff Otterman - Jo

, we see it in metd a license in Indi

ert MacLeod - J

y. So, a quick coup

m Collins - Liber

y. John, question o

do you think wilpound sign going

9, 2015 / 1

RS STREETEV


question what's the

k of America - An

was the licensing i

Johnson Matthey

k of America - An

me of that number

Johnson Matthey

million.

k of America - An

en --

Johnson Matthey

k of America - An

nts about the forwny major ones at

ohnson Matthey -

thanol and we'll sia. So, it's not just

Johnson Matthey

ple more question

rum - Analyst

on 6c which will

ll have filters? Ang to a two pound s

0:30AM G

ENTS | www.s


e long question?

nalyst

income just to be

- CEO

nalyst

r?

- CEO

nalyst

- CEO

nalyst

ard looking, you'rthe moment you

Division Directo

see that in the Ut about China, Ch

- CEO

ns. [Adam], wavin

affect principally

nd then just finallsign, is that still th

GMT, JMAT

streetevents.com


clear. You've nev

re at a stage now can't see?

or - Process Tech

S and when we shina has been the b

ng your hand -- y

y GDIs, what's you

ly you showed a he value accretion

T.L - Johns

m | Contact Us


ver given a numbe

where any major

nologies

saw some in Chinbig growth area o

ou've already got

ur assumption for

chart historically n that you're expe

son Matthe


er on licensing in

r licensing income

na and we are focover the last five y

t a mic well done.

r the GDI penetra

which showed thecting?

ey PLC Inve

ans, is s of

ncome for process

e, so you talked a

cusing on other pyears, but we're lo

ation of gasoline a

he value accretion

estor Day

s?

about a number of

parts of the worldooking everywher

at that point? And

n from going 6c c

f small one you've

d as well. I meanre for it.

d what percentage

compared to prev

45

e sign for

n we have

e of those

viously, it

JA


John

Threefilters examp

times,

Robe

Simo

Simo

Yes,

Robe

Yes.

Simo

A que

some yourse

Nick

I thinhigh esupplitalking The e

supplisuch a

I don'ttaking

And snecess

Robe

Okay

just m (Break P R E

ANUARY 29

MSON REUTER


n Walker - Johns

e's been some slig on them, so thaple. The one plus

, something like th

ert MacLeod - J

on, do you have a

on Fickling - Exa

I have. Is it on?

ert MacLeod - J

on Fickling - Exa

estion for Nick o

competitors thereelf and therefore c

Garner - Johns

nk we have to distend market as youied mainly into thg to our customer

sogentsand the de

ier. And that's wha demanding perfo

t think we're uniqg this approach of

so there's some disarily the people t

ert MacLeod - J

y. If you don't min

make it 15 minutes

k) E S E N T A T I O

9, 2015 / 1

RS STREETEV


son Matthey - Ex

ght modifications,at would be abouts one example we

hat but rounded to

Johnson Matthey

mic?

ane BNP Paribas

Johnson Matthey

ane BNP Paribas

on the batteries bu

e who have beencarve out your op

son Matthey - Div

tinguish market bu can refer it to. he bulk electronicrs in the automoti

emands on perfor

hy as I emphasizinformance criteria t

que in delivering tf dealing with the

ifferentiation therthat are strong tod

Johnson Matthey

nd we'll -- since th

s. And if we get b

O N

0:30AM G

ENTS | www.s


xecutive Director

, but effectively wt 25% of the totae effectively doub

o 2 times sales va

- CEO

s - Analyst

- CEO

s - Analyst

usiness. Just can y

n operating in the pportunity?

vision Director - N

between the existiThere are a num

cs market and somve area.

rmance in automo

ng a straight forwthey need to make

that, but I will saytop end of the sup

re, but I think therday in the bulk ele

- CEO

here are no hands

back together let's

GMT, JMAT

streetevents.com


- Emission Cont

what we're sayingal gasoline markebled the sales va

alue.

you give a sense

market for quite

New Businesses a

ing supply of lithimber of players clme of them have

otive is just so mu

ward material suppe. They're looking

y amongst the matupply chain which

re's a new evolvinectronics market.

s up anyway we'll

say five to 3:00 t

T.L - Johns

m | Contact Us


trol Technologies

g is that 50% of thet would have fillue when you ad

of what the comp

e some time, sort

and Corporate D

ium ion materialsearly very, very positions into the

uch higher than th

ply is not what theg for a much more

terial or lining uph helps inform wh

ng market and the

l take a break now

then we can try an

son Matthe


s

he gasoline markelters. And from a

dded a filter. And

petition is in that

of how do you a

Development

s into the electronstrong players in e automotive. Bu

he bulk electronic

ey're looking for. e holistic relation

p the material supphere we are at the

e different player

w. We originally h

nd get closer back

ey PLC Inve

ans, is s of

et would be GDI aa value standpoin

because there's m

t area? The growt

assess competitiv

nics market and evthe lithium ion s

ut I think there're

cs market that req

The quality of ponship and that's wh

pliers today we armaterials end.

rs are lining up. T

had 20 minutes fo

k on schedule. Th

estor Day

and 50% of that innt this is when wmore than one op

th potential is obv

ve landscape and

volving, let's call space at the momkey distinctions a

quires a different

owder alone isn't here the applicatio

re unique in owni

The winners in the

or coffee. I think

hank you.

n around 2017 wowe're using a one ption, maybe that

viously huge but

how you can diff

it, automotive mment, that have hias we're learning,

sort of skill set f

enough it's actualon model comes i

ing a systems bus

e automotive mar

coffee is at the ba

46

ould have plus one

t'll be 1.8

there are

fferentiate

arket, the istorically , as we're

from your

lly there's into.

siness and

rket aren't

ack, if we

JA


Liz R

My nJohnso

Okay.how w

So, hoportfo

univer Unusu

class ahouse

Core sdirecto

So, sotalkedJohn's

be app The b

these and de

Typicnorthe

Finallthe debusine

Okay.mainta

Techn If youas youthe fas

Withinsponsoyou w

have olook a

This i

ANUARY 29

MSON REUTER


Rowsell - Johnso

name is Liz Rowson Matthey and I

. You've seen thiswe apply that to ou

ow do we structurolio of short, med

rsity collaboration

ually compared to

academic abilities, but typically we

science is an areaors today talk abo

ome of the areas td about fine chems area, those same

plied across divisi

usiness funded R

to their long-termeliver that techno

ally these areas reast about 80% of

y, on the right-haevelopment groupess needs.

. Some of those sain our current 5

nology Centres an

u look at the pie cu wouldn't be surpstest rate because

n JMTC we sponor and we do that

will see a lot of tho

one lunch and theat them and think

s a very importan

9, 2015 / 1

RS STREETEV


on Matthey - R&D

sell and I am the 'm going to tell yo

s diagram a lot anur businesses for

re our R&D to dedium and long-ter

ns. That's very mu

o other industriali

s and we use theme're looking for fu

a of Johnson Mattout their technolo

that we would hamicals, well in pree complexes migh

ions.

R&D is exactly wh

m business plans alogy.

eside within our Jf our science head

and side here is wps that feed into o

stats we've alread5% of sales on R

nd we abbreviate t

chart on the right prised to see most

e it's very importan

nsor work at about to gain access toose students doing

en they survive thabout them as po

nt part of the JMT

0:30AM G

ENTS | www.s


D Director - Tech

R&D director forou about how we

nd you noticed betheir existing pro

eliver growth? Wrm research. This

uch on the long en

ist we do not exp

m to underpin ouundamental scienc

they Technology tgies and their req

ave in core sciencecursor chemistry ht be applied in A

hat that says, that

and it's our job in

Johnson Mattheyds are funded by t

where most of the ur production gro

dy heard that RobR&D. That equate

that to JMTC.

here, in 2013/201t of that spend is nt that we suppor

ut 30 universities o expertise but alsg their industrial

he whole day on thotential employees

TC function, it's to

GMT, JMAT

streetevents.com


hnology Centre

r the Johnson Masupport our busin

ecause I'm a scienoduct improvemen

Well, it's very impos is how we struc

nd of this timelin

pect academics to

ur fundamental unce knowledge to u

that is exactly whquirements, in cor

ce would be thingwe might be loo

Alan's area to dev

t's business funde

n the R&D comm

y Technology Centhe business and a

R&D communityoups. So, this chai

bert and the divises at the momen

14 our R&D spenwith the big two

rt Nick in his effo

in 9 different coso we do it to creplacements with u

hat. But it's a fants.

o support Johnson

T.L - Johns

m | Contact Us


atthey Technologynesses in their R&

ntist I said diagrant, but also for ne

ortant that we havcture our pipeline

e to market.

invent products.

nderstanding of scunderpin what we

hat it says. It's there science we try t

gs like computer oking at coordinatvelop models for r

ed projects. So, th

munity to make sur

ntres and I would about 20% of core

y sit and that's in in provides a bala

sional directors wnt to about 1,400

nd was about GBPdivisions, so thatrts to look at the f

ountries. We workate talent for us inus, PhD students

tastic way for the

n Matthey's IP por

son Matthe


y Centers and alth&D requirements.

am, but however, ew product develo

ve a sustainable te. On the left-han

We love our col

cience. So, we so do in applying th

e core expertise thto underpin those

modeling, we wotion complexes ofrefining of PGMs

he projects will id

re that we have th

say in the Sonnine scientists and w

the businesses. Sanced portfolio of

we put a lot of imemployees and

P150 million and's John's ECT divfeasibility of som

k with lots more n the future. So aand you will see

em to understand w

rtfolio and to crea

ey PLC Inve

ans, is s of

hough it is my ow

I'm going to talk opment.

technology pipelind side here you w

laborations with

metimes perhaps hat science.

hat applies across .

ould have precursf PGMs that mighs. So, the chemist

dentify key areas t

he right expertise

ng site that you'rewe feel that's about

So, they sit in the f long-, medium-

mportance on R&Dabout 21% of th

d this is the propovision and obviou

me of these longer

academics than ta lot of those stud

them piling high

what Johnson Ma

ate that portfolio.

estor Day

wn opinion, I bel

to you about the

ne and that meanwill see that we h

universities. We

might access tec

division. You've

sor chemistry. Soht be able to be utry is core, its, tha

that they're intere

e to investigate th

e going to and in t the right balance

businesses arounand short-term R

D, we are a technhose you will find

rtion of how that usly PT. But the N

term projects for

that but those aredents if you come

their plates at lun

atthey does and it

ieve I have the b

e chemistry that w

ns that we have a have external pro

like to access the

chniques we don't

heard all of the d

o you've heard todused in chiral synat's the expertise b

ested in and they w

he feasibility in th

our Billingham se.

nd the world and R&D work that de

nology company.d in the Johnson

spend was allocaNBD division is grr his business grow

e the ones that weto Sonning in the

nch because they

t's a fantastic way

47

est job in

we do and

balanced ojects and

eir world-

t have in-

divisional

day, John thesis for but it can

will align

hose areas

site in the

they're in elivers the

. We will n Matthey

ated. And rowing at wth.

e actually e summer normally

y for us to

JA


Okay.

around50 sci

Sonnican ac

Billingalthoumakin

We haand ou

produ And it

experi At the

is a nein Asi

So weSo curthen w

The otscale a

have a So we

have asame t

We wAnd th

So it'sright ofuncti

So I'mzeolite

impor And th

can doChris

And othat wand in

ANUARY 29

MSON REUTER


. We are a growi

d Sonning this afientists in Billingh

ng tends to conceccess that analytic

gham, we concenugh we do very clng something on a

ave a site in Pretour modellers ther

uce a good active c

t's very important

imentation and m

e end here we hav

ew venture for usia particularly in S

e are building a rerrently the model

we place them bac

ther new venture and understand ho

a better understan

e have a very goo

access to it. And thing. And we're

will be accessing what's all about und

s also allows us toon the metal surfaoned in the produ

m going to talk abe based catalyst t

rtant catalyst in th

hese channels are

o some catalysis Morgan's group t

originally we dopewe made they wern real life environm

9, 2015 / 1

RS STREETEV


ing network of te

fternoon it is still ham.

entrate on catalyscal and it is a wor

ntrate a lot on the lever chemistry aa gram scale if yo

oria in South Afrie will be looking

catalyst all the wa

t because modelin

make sure that we f

ve our site in Sing

. We believe it's vSingapore around

esearch facility. Wl is that when weck in Singapore. A

that I'd like to brow they work fun

nding of how thing

d collaboration w

we are donating building up a cap

what's called the nderstanding our m

o look across the face where all the uct itself.

out some examplthat are used for

heir own right. Th

e typically the siz

on them. And whto understand the

ed them with lotsre good but they wment with high te

0:30AM G

ENTS | www.s


echnology centers

the biggest techn

st materials and wrld-class analytica

PT division, procat the lab scale, I tou can't scale up.

ica which is a site across the scales

ay up to helping J

ng is really an im

focus on the right

gapore. We are bu

very important thd materials chemis

We will have accee recruit we recruAnd we really ver

riefly mention. I sndamentally whic

gs function and h

with the synchrotro

a multi GBP1 mpability in surface

nanoprobe beam materials more fun

scales. So for ins chemistry happe

es of where R&DNOx control in d

hey're very high su

ze of the atoms th

hat we've done inchemistry at this

of different baseweren't good enouemperature.

GMT, JMAT

streetevents.com


s, traditionally we

nology center. Th

we also house theal facility.

cess catalysis, butthink John mentio

e where we incubs. So they'll be loo

JM Davy in reacti

mportant part of Jo

t experiments.

uilding this facility

at we have R&D stry.

ess to that facilityuit locally in Singry much hope that

said that characterh means that we c

ow they function

on at Harwell. I d

million electron mie science there.

which sounds vendamentally to im

stance with this teens and also to tak

D has created valudiesel engines. On

urface area, mater

at you might wan

n this area is the modeling scale a

d metals but we fugh, they weren't

T.L - Johns

m | Contact Us


e've had most of

here's about 250 p

e materials charac

t also very importoned this, it's abs

bate computationaoking at everythin

ion engineering an

ohnson Matthey's

y at the moment.

support for our b

y in the autumn ogapore. We bring t we gain a really

rization is really ican improve what

in the product the

did say yesterday t

icroscope to Harw

ry new age. But wmprove, to always

echnology we'll bke that to the mic

ue for Johnson Man the left-hand si

rials. And you can

nt to absorb. And

scientists in the rand then to try to m

found that copperfirmly durable. S

son Matthe


our technology c

people on site curr

cterization techniq

tantly engineeringolutely vital that

al modeling. We ng from modeling

nd process design

expertise. And w

I'm going to talk

businesses in Asia

of this year. And wthe scientists ovehighly talented in

mportant to Johnt we already have

ey need to be in.

this isn't our sync

well and that will

what it allows us improve current

be out to look at thcro scale where w

atthey. This is theide there you will

n see by looking a

you can either ab

research facility amake those mater

r gave us very higSo is that piece ab

ey PLC Inve

ans, is s of

centers in the UK

rently and we hav

ques for the group

g and scale up. It'we can translate

have access to sog perhaps a ligand

n on plant. So it's

what it means is th

a little bit more a

a and also that we

we'll start to popuer to the Sonningndividuals and inc

son Matthey. If we. But more impor

crotron unfortunat

l be there from S

to do is have accproducts and mak

he atomic scale wwe're actually putt

e SCR catalyst thal see a video play

at the video that th

bsorb them and ke

at Sonning workerials.

ghly selective and bout its all very w

estor Day

K and that's still t

ve a sister site in

p. So, anyone in

s very, very impothat chemistry to

ome high computid that will serve t

a massive input a

hat we can save t

about this on this

e get to access to t

ulate those labs ang and the Billinghcrease diversity.

we can understandrtantly we can de

tely. Robert is no

eptember. Oxford

cess to the higheske new products.

where the catalystting the materials

at John mentionedying of a zeolite

hey have lots of p

eep them there or

ed with the develo

active catalysts. well to make them

the case. So whe

the north of Engl

Johnson Matthey

ortant for Johnson manufacture. It's

ing power in Southe fine chemical

across the scales.

time and effort in

slide. So JMTC S

the very strong ta

nd put our scientiham sites for train

d our materials at sign new product

t that generous. B

d University are d

st spatial X-ray re

t is actually functis into products an

d earlier. These armaterial. And ze

pores and channel

r you can absorb

opment group at

And in the first gm but they've got t

48

en you go

land with

y globally

n Matthey s no good

uth Africa l area and

n practical

Singapore

alent bank

ists there. ning. And

very fine ts, we can

But we do

doing the

esolution.

ioned. So nd they've

re copper olites are

ls in.

them and

Royston,

generation to operate

JA


So we

do tha And th

use ou And s

less ofto be.

Anothdirect produ

So weof it is

We'rechemi

its got We ha

inks oknowl

And wyou ca

So firsmuch

MaterunderJohnso

They might

it of th We ha

you acrysta

How dJohnsoJohnso

So honeed t

So theEuropall of

ANUARY 29

MSON REUTER


e discovered that

at? We looked at m

hat sounds quite

ur friends at Diam

so that's quite inte

f your material buOkay. So this is a

her example that'sreplacement for

uce PVC.

e have developed s that it is a direct

currently commiistry helps solve t

t to work in. So it

ave a long history

of gold for sensorledge because act

we've developed aan see that the go

st of all our challegold but you get

rials characterizatstand their materon Matthey wheth

do different thingt think, "Well, tha

hat top surface yo

ave elemental ma

actually can undeallization and you'

do we use those on Matthey woulon Matthey would

ow can we apply oto understand elec

e R&Ds job is to pean framework pthem. And none o

9, 2015 / 1

RS STREETEV


by changing the

modeling to begin

easy but actually

mond to help us lo

eresting but what

ut you have maximan example of R&

s close to commera mercury based

a very benign prot drop in. China si

issioning the catathe problem becau

t's all very well kn

y of gold chemistr

s. And we've alsotually it's all gold

a carbon catalyst.ld is on the surfac

enge was to stabithe activity and th

tion I've said is vrials. And we do her it's from fine

gs. So in this areaat's not very much

ou can change the

apping which I've

erstand exactly w're trying to get d

in the new areas?ld be in this aread do. Okay.

our knowledge toctrolyte chemistry

help understandiprogram with a coof these materials

0:30AM G

ENTS | www.s


shape and the siz

n with. And we tr

y it was very trick

ook at X-ray diffra

does it mean. Wh

mum activity. An&D across the res

rcialization is in Gcatalyst. And in

ocess to make a gigned up to the M

alyst production puse people have k

nowing the chemi

ry in Johnson Mat

o looked at biomachemistry just ap

. And on the left-ce here. This light

lize the gold in thhe stability that y

very important. Areally have a supchem., noble met

a here this XPS loh and what's that

way that your ma

just shown you. W

what's in it and wifferent crystal fo

? So for instance a. As a chemist w

o this area? So thy because it isn't j

ing of the whole onsortium of partns are a done deal.

GMT, JMAT

streetevents.com


ze of the pore and

ried to understand

ky to do. We use

action and we dis

hat it means pract

nd you get that firmearch community

Geoff's area. AndChina they tend

gold catalyst whicMinamata Convent

plant in Shanghaknown for years t

istry I think as Ni

tthey. We've look

aterials in the pastpplied in different

-hand here you cater green color is

he right form and you need in the du

And when you goperb set of techntals, PT, ECT or N

ooks at the very sgoing to tell you

aterial behaves an

We have things c

what phase it's iorms.

we've heard a lowe're not surprised

hese we've heard aust a single catho

system. And in tners to make a anBut we need to un

T.L - Johns

m | Contact Us


d also understandi

d where these copp

reactive probe ch

covered that the s

tically is that you

m or durability bey into the division

d he's mentioned thto use acetylene

h is a much moretion last year whi

i and that shouldthat gold could do

ick said, you've go

ked to everything

t. We've looked at forms. And we a

an see what it is cwhere the gold si

then it was to jusuty.

o around the facniques that allowsNBD.

surface chemistryabout anything."

nd the way that yo

called the XRDs w

n. And that's ve

ot today about batd at all, most of u

a lot about cathodode system that m

the projects that ynode material callenderstand how th

son Matthe


ing where the me

per metal sites we

hemistry and we f

sites of interest w

u can then make t

ecause you've undns and into produc

he vinyl chloride derived from coa

e toxicologically fch is going to pha

d be producing coo this. But the cha

ot to be able to ap

from decorative e

at antimicrobials aapplied it to this p

called it's an elemits. And this is cal

st decorate the sur

ility at Sonning ys us to look at th

y of the material aBut actually a lo

ou understand it.

which look at the

ry important par

ttery technologiesus are chemists i

de chemistry todamakes a battery.

you can see on thed lithium titanat

hey behave.

ey PLC Inve

ans, is s of

etals were we cou

ere inside that zeo

found that the cop

ere actually Sites

this exactly with t

derstood where thction and this is a

monomer catalysal to make the vin

friendly catalyst tase out the use of

ommercial quantitallenge has been t

pply it to the work

effects on glass al

and we've lookedproblem.

ment map of the clled an eggshell c

rface of the carbo

you'll hear everyhe materials. All o

and in fact it onlyot of the chemistry

crystallinity and

rticularly in the f

s. And I think peoin the R&D comm

ay. But we do ne

he slide at the mote. And this is just

estor Day

uld improve those

olite.

pper could sit in

2 and 4.

the copper sitting

hey need to be andproduct that's cre

st. As he said thisnyl chloride mon

o use for the samf mercury in this a

ty this year. So tto stabilize the go

king duty.

ll the way through

d to antirheumatic

catalyst. The darkcatalyst. And it's d

on. And that mean

ybody talking aboof these are appl

y looks at the top y happens there. A

give you a finger

fine chem area w

ople were surprismunity. And it lo

ed to understand

oment on the left-t one of the possi

materials. So ho

one of four sites.

g in those sites. So

d what the pore sieating revenue tod

s is a gold catalysomer which then

me reaction. And tharea.

this is a nice storyold in the environm

h to catalysis. We

cs. And we can us

k area is of the cadesign to be that w

ns that you don't n

out how they anaied across the pr

two nanometers. And if you can un

rprint of the comp

where you are lo

sed originally to tooks really like so

anode chemistry

-hand side we woibilities for anode

49

w did we

We then

o you use

ites needs day.

st that is a n reacts to

he beauty

y of how ment that

e've made

se all that

arbon and way.

need very

alyze and oducts in

And you nderstand

pound. So

ooking at

think that omething

. And we

orked in a es. It's not

JA


And o

the lith And i

gettingimpor

Coatincathodreactio

Dispebase m

metals So all

So lonmetal

viable So we

internstrong

So whlithium

Now yperhap

We'rewhat wlook v

So all

Okay.under

So wewith th

The costate-o

Okay.first to

And Ereally We usacross

ANUARY 29

MSON REUTER


our job was to com

hium-ions have to

f you facilitate th

g very, very actirtant.

ngs are very impode with a very, vons. And also it st

rsion is very impmetal materials. S

s. And we do that

of these areas, al

nger term, where sulphur batteries

e at the moment. A

e really see this

nationally-renowng in this area.

hat do we do? Okm peroxide. And i

you can see that ps understand how

also looking at hwould happen if wvery familiar to Ja

of these are very

. So JMTC, very stand what the ac

e are the central ehe longer term ne

ore science progrof-the-art facilitie

. So I'm going to our stop -- I will j

Emma will talk abwhat that is, is a

se exactly that sams into John's busin

9, 2015 / 1

RS STREETEV


me up with nano

o move between t

he transfer, you p

ive and then runn

ortant. We use covery thin layer of tops it reacting w

portant. You don'tSo this example is

t at scale in our fa

lthough it's taken

do we want to go. Why do we wan

And the challenge

is an opportuni

ned academics in t

kay. So electrodeit's lithium peroxi

these are a very w you might bloc

how we might enhwe put a bit of PGack and Fuel Cells

y speculative but d

finally, what's it cademic communi

expertise for innoew product develo

am underpins thees. One of which,

end there. But I wjust mention -- is

bout an applicatiofunctionalized su

me understandingness. And we're re

0:30AM G

ENTS | www.s


material here. It

the anode and the

potentially have a

ning off and doin

ating chemistry insilica. And if we

with the electrolyte

t want all your mes lithium mangan

acilities already.

us to a new appli

o in batteries? Whnt to do that? Bec

e here is in the che

ity for Johnson M

this area to under

es -- lithium ion -ide that's decomp

particular shape.ck an electrode sur

hance electrodes. GM in these carbs. And can we sto

does rely on our k

t for? It really is ities are doing and

ovation and knowopment.

e R&D business pyou'll see this aft

would just like torefining research

on in refining whupport. It's got goo

g in the water cleemoving proteins

GMT, JMAT

streetevents.com


had to be highly

e cathode. And if y

a much more effi

ng lots of differe

n all of our divisie can do that, whe in the battery sy

etal active surfacenese cobalt oxide.

cation, it relies on

hat we do -- wanause these materi

emistry and the m

Matthey and this

rstand and further

-- lithium air elecposed and produce

. They're called arface and how yo

So actually this isbon electrodes, coop any undesired s

knowledge of chem

to deliver the rigd the other scienc

wledge. We suppo

projects and is appternoon at Sonnin

o say there are sixfor some of you.

here she's trying tod chemistry that

eanup business whand purifying pro

T.L - Johns

m | Contact Us


crystalline. And t

you can make tho

icient charge/disc

ent side chemistr

ional products. Inhat we can do is pystem.

e clumped in one. And that for us,

n our core experti

nted to do longer tials potentially ha

materials that are n

s is very much

r our knowledge s

ctrodes rely on thed as the battery w

a toroid, which toou might try and p

s very familiar to ould we control thside reactions?

mistry and the app

ght science at the ce institutes are do

ort Johnson Matth

plicable across divng.

x tour stops today

to remove preciougrabs the metals

here we're trying oteins for John. S

son Matthe


the reason that w

ose lithium-ions v

charge battery. Yo

ries that you don

n here, we're usingprevent the metal

e area. And batter as catalyst chem

ise and R&D.

term is understanave 10 times the e

needed to deliver

in the research p

so that we can app

he lithium electroworks.

o the rest of us mprotect that.

Johnson Mattheyhe chemistry? An

plication of our m

right time for thoing and to bring

hey's IP. We deliv

visions. And we c

y at Sonning. The

us metals from eaof choice and hol

to use functionalSame chemistry ap

ey PLC Inve

ans, is s of

we have to do that

very small nano pa

ou don't want the

n't want. So contr

g it -- this is a catl leaching from th

ries, as you heard mists, sounds like

nd metal Li-on batenergy density of

this.

phase for us. An

ply it 5, 10, 15, 2

odes here which r

means the doughn

y. We feel well wd we're trying to

material surface ch

e Johnson Matthethat in-house if w

ver the median te

collaborate, as I sa

ese are my team t

ach other in a strlds on to them.

lized supports forpplied across.

estor Day

was because in o

articulate you can

em too small bec

rol of particle siz

thode material andhe cathode and c

Nick say, are maco-precipitation p

ttery -- lithium aiexisting lithium b

nd we're working

20 says Nick, 20 y

reacts with the ox

nut. And if we can

why can't we catalypromote the oxyg

haracterization tec

ey businesses. It'we don't have it an

erm R&D into the

aid, with all the w

that are going to t

ream and she's us

r ion exchange. A

order for a battery

n facilitate that tra

ause you don't w

ze and crytallinity

d we're using it tocausing any unwa

ade up of a lot ofpreparation of lot

ir batteries, so mebatteries. But thes

g with really wo

years down the lin

xygen from air a

an understand that

yze them. Let's ungen dissociation.

chniques.

s to be outward-fnd to learn from it

e businesses and

world-leading acad

take you around.

sing chromatograp

And then we take

50

y to work

ansfer.

want them

y is very

o coat the anted side

f different ts of base

etal air or se are not

orld-class

ne and be

and forms

t, we can

nderstand This will

facing, to t.

also help

demics in

The very

phy. And

that right

JA


Okay.And p

Robe

Thankthere a

But I j What

the thi Our st

with -heard

The ch So key

I've sa New b

larger Opera

this rig But if

next f That's

Thankmake

I'd lik10 slid

And oefforts And jtechno

So thaI'm ve

Do yo

Bill C

ANUARY 29

MSON REUTER


. I won't go througplease ask my team

ert MacLeod - J

k you very much,are loads of docto

just wanted to say

I hope you've he

ird century is quit

trategy is sound, w

-- if you don't forfrom Liz, there're

hemistry and its a

y takeaways from

aid. We're going t

businesses you he

r scale growth.

ational excellence

gor to get better d

f we're successful

foreseeable future

s all I wanted to sa

k you first of all fthe opportunity to

ke to say thank yodes doesn't take a

of course, you've s in making this h

ust -- again, just ology center over

at's it. That's all I ery happy to take

ou need mic? Or -

Cross - Eaton Va

9, 2015 / 1

RS STREETEV


gh all of them. Jum as many difficu

Johnson Matthey

, Liz. We've got aors when we go ar

y a few words to c

ard today is abou

te important as I s

we believe. It's ve

rget -- if you reme a lot of applicati

application, is abs

m the day, we thin

to keep driving th

eard about. We'll

e, that continued i

day after day after

l in doing that, w

. And as we've be

ay today. And so

for coming. I knoo talk to as many

ou to my colleagua long time to do,

all met Sally andhappen too.

talking about Sinr there.

wanted to say. Wthem now. If not,

-

ance

0:30AM G

ENTS | www.s


ust to say, there arult questions as yo

- CEO

a chance -- time inround Sonning.

close and just to w

ut what our strateg

said already for o

ery similar to wha

member one thingions of how some

solutely core to Jo

nk we've got a rob

he R&D spend. It'

continue to grow

improvement and

r day in everythin

e strongly believe

een talking about,

I want to give yo

ow many of you of my team and t

ues, the division dbut trust me it do

d Katharine, and h

ngapore -- I men

We've got to get on, we'll go to the bu

GMT, JMAT

streetevents.com


re six tour stops. You like as you go

n a minute just to

wrap up, and as I

gy is and what ou

ur internal people

at it was four year

g, just remember ae of the science, th

ohnson Matthey a

bust strategy in pl

s absolutely funda

w new businesses.

d in delivering wh

ng we are doing ac

e -- and I strongly

, we're talking abo

ou the opportunity

are coming to Sothe Johnson Matth

directors. A lot of oes. Let's make su

her team. They've

ntioned Singapore

n the buses -- on tuses. Yes.

T.L - Johns

m | Contact Us


You will only seearound. Thank yo

o ask questions of

say, give an oppo

ur vision is for Jo

e but it really is pa

rs ago, a little bit

a lot about the tehe underpinning o

and absolutely cor

lace. I strongly be

amental to what w

But the growth i

hat we do on a d

cross the group.

y believe -- we c

out not just 5 year

y to ask questions.

onning. I hope yohey people who a

f work got onto thure we get the righ

e put an awful lot

e. Many of you r

the bus in the nex

son Matthe


e four because youou very much.

f Liz later on. But

ortunity right to th

ohnson Matthey g

art of sustainable

of tweaking you'v

echnology and in of the organizatio

re to what we do.

elieve we do. We

we do.

isn't just about ne

ay-to-day basis. A

can deliver to you

rs time but 10 yea

. But before I just

ou enjoy the tour are there as you ca

hose presentationsht message and ge

of work and effo

remember Godder

xt sort of 10 minut

ey PLC Inve

ans, is s of

u've got really sho

is there a doctor

he end to ask ques

going forward as w

technologies is a

ve heard about. B

answer to the quon, makes a differ

We need to keep

're going to conti

ew businesses. Bu

And that's about

u, the shareholder

ars time and beyo

t finish, I want to

there and quite aan.

s. Thank you veryet the right themes

ort to make this ha

rs, he's over in S

tes or so. So if yo

estor Day

ort time. So I real

in the house? The

stions.

we build into our

all we're about.

But fundamentally

uestion how does rence and is applic

that leading edge

inue to focus on s

ut that's just the n

continuous impro

rs, double digit gr

ond.

say a few thank y

a lot of you comi

y much for all of s.

appen. So I want

Singapore now be

ou want any more

lly do hope you en

ere are loads of th

r third century. Q

y, I hope you've go

Fine Chemicals cable across the g

e going forward.

sustainable techno

ext engine of a po

ovement. It's abou

rowth in earnings

yous.

ing for dinner. An

those. And to Liz

to thank them fo

eing part of settin

questions of Liz

51

njoy that.

hem. And

Quite an --

one away

fit - You group.

ologies as

otentially

ut having

s over the

nd please

z as well,

r all their

ng up our

or of me,

JA


No. I

Robe

You g Q U

Bill C

So in

people

Robe

Yes. We've

Most strateg

We thexpert

Then it wor

The ddivisio

Bill C

Shouwhat y

Robe

I thinBut thmain d

In Nic

Any oaway.

But, s

ANUARY 29

MSON REUTER


'm okay to go.

ert MacLeod - J

got a mic. E S T I O N A N

Cross - Eaton Va

n addition to the s

e who are busines

ert MacLeod - J

Let's be clear on e done, over the la

of the M&A ideagically. The acqui

hen have a small tise, the negotiatin

the integration prrks.

decision and the conal -- as a team,

Cross - Eaton Va

ld we think of thayou have already

ert MacLeod - J

nk that's hard to she other area is prdivisions, you've

ck's area it's much

other questions? W

eriously, thank yo

9, 2015 / 1

RS STREETEV


Johnson Matthey

N D A N S W E R

ance

scientists that we'

ss development M

Johnson Matthey

M&A. I don't wast few years, a nu

as are generated isition is a way to

group led by Nicng expertise, et ce

rocess obviously h

challenge about ias the division di

ance

at capital as goinon the other? An

Johnson Matthey

ay, really. It will robably about brogot existing busin

h more around ena

Well, look at that.

ou very much aga

0:30AM G

ENTS | www.s


- CEO

R

ll meet with at So

M&A specialists. C

- CEO

want to give you tumber of acquisit

from the busineso enable me to get

ck Garner which hetera. So relativel

happens in the bu

is it a sensible thirectors, we all re

ng with some percd if so, what are t

- CEO

depend on opporoadening portfolionesses and existin

abling and facilita

. We're bang on t

ain all of you for c

GMT, JMAT

streetevents.com


onning, it seems

Can you give us s

the impression thations, mostly sma

ses. They're the ot that growth quic

has the sort of exly small group, le

usinesses but the b

hing to do is partview it and challe

centage to enablinthose percentages

rtunity. I think tho where you'll be ng markets which

ating that access t

time then. Now I'm

coming. I hope yo

T.L - Johns

m | Contact Us


-- given the frequ

some insight into

at all of a suddenall, mostly modest

ones that come ucker. And so they'

xpertise to do the ss than a handful

businesses are be

tly done by the benge ourselves. W

ng technologies os?

here are some in badding technologare broadening a

to the market and

m not sure if that

ou found today us

son Matthe


uency with which

that piece of the p

n there's a massivt. And I would im

up with the idea. T're the ones that c

actual transactionof people.

ing a part of the d

business but partlWe're quite comfor

on the one end an

both camps. Theregy where there's a

and establishing w

that knowledge -

t's because you al

seful.

ey PLC Inve

ans, is s of

h you've talked ab

picture, how that'

ve splurge of spenmagine the modest

They're the ones come up with the i

n itself. So that's

decision-making p

ly also done by trtable to challeng

nd to businesses w

e's more about enalso probably exi

which we're buyin

-- that market kno

ll want to -- for th

estor Day

bout M&A -- that

s organized and w

nding about to hat size is going to c

who say that's anideas in the main.

the sort of legal

process to go into

the small central ge each other, and

with revenue and

nabling technologisting markets alreng revenues and pr

owledge.

hose that wanted t

t there's another s

where that's going

appen. That's not carry on.

n area where I w.

expertise, the com

o that area. And th

M&A team andd it happens all the

earnings that com

gy probably in Nieady. Because therofit stream.

to get away or wa

52

set of key

g?

the case.

want to go

mmercial

hat's how

d then the e time.

mplement

ck's area. ere in the

ant to get

JA


D I SThom In thforwlookcominco THEWHIREPRESTRAFILIN © 20

ANUARY 29

MSON REUTER


S C L A I M E R mson Reuters rese

he conference callsward-looking statem

ing statement baspanies may indicarrect and, therefor

E INFORMATION LE EFFORTS AR

PORTING OF THESPONSIBILITY FOANSCRIPT. USERNGS BEFORE MA

015 Thomson Reu

9, 2015 / 1

RS STREETEV


erves the right to m

s upon which Evements are based used on a numberate and believe thre, there can be no

CONTAINED IN RE MADE TO PRE SUBSTANCE O

OR ANY INVESTMRS ARE ADVISEAKING ANY INVE

uters. All Rights Re

0:30AM G

ENTS | www.s


make changes to d

ent Transcripts areupon current exper of important facthat the assumptiono assurance that t

EVENT TRANSCROVIDE AN ACCUOF THE CONFERMENT OR OTHERD TO REVIEW TSTMENT OR OTH

eserved.

GMT, JMAT

streetevents.com


documents, conte

e based, companiectations and involtors and risks, whns underlying the he results contem

CRIPTS IS A TEXURATE TRANSCRRENCE CALLS. INR DECISIONS MATHE APPLICABLHER DECISIONS.

T.L - Johns

m | Contact Us


ent, or other inform

es may make projve risks and uncehich are more spforward-looking splated in the forwa

XTUAL REPRESERIPTION, THEREN NO WAY DOESDE BASED UPONE COMPANY'S C.

son Matthe


mation on this web

ections or other foertainties. Actual repecifically identifiedstatements are reaard-looking statem

ENTATION OF THE MAY BE MATERS THOMSON REN THE INFORMATCONFERENCE C

ey PLC Inve

ans, is s of

site without obliga

orward-looking staesults may differ md in the companiasonable, any of t

ments will be realiz

HE APPLICABLE RIAL ERRORS, O

EUTERS OR THETION PROVIDED

CALL ITSELF AN

estor Day

ation to notify any

atements regardingmaterially from thoes' most recent Sthe assumptions c

zed.

COMPANY'S COOMISSIONS, OR APPLICABLE CO

D ON THIS WEB SND THE APPLICA

person of such ch

g a variety of itemose stated in any fSEC filings. Althocould prove inacc

ONFERENCE CALINACCURACIES OMPANY ASSUMSITE OR IN ANY ABLE COMPANY

53

hanges.

ms. Such forward-ugh the urate or

LL AND IN THE

ME ANY EVENT

Y'S SEC

EDIT TED D TR RANS SCR RIPT T - Johnson Matthey

Documents

Transcript of EDIT TED D TR RANS SCR RIPT T - Johnson Matthey