AGM Statement

Johnson,Matthey PLC
20 July 2004



                                For release at 12 noon on Tuesday 20th July 2004

                              Chairman's Statement

                            At Johnson Matthey's AGM


Commenting on current trading at today's Annual General Meeting, Michael Miles,
Chairman of Johnson Matthey, said:


'Johnson Matthey has made an encouraging start to the new financial year with
first quarter earnings before exceptional items and goodwill amortisation ahead
of last year despite the impact of the much weaker US dollar.  At constant
exchange rates all four divisions were ahead of last year.


Catalysts Division continues to make good progress with Environmental Catalysts
and Technologies benefiting from strong autocatalyst demand in Asia and
increasing sales of catalysts for diesel cars in Europe.  Sales of heavy duty
diesel (HDD) catalysts to the retrofit market were below last year when we
benefited from a major fitment programme in Japan.  Expenditure on R & D for the
HDD business has been stepped up reflecting the increasing number of programmes
the group is working on with original equipment manufacturers.  Process
Catalysts and Technologies also had an encouraging first quarter with a good
contribution from AMC which was acquired in March 2004.


Precious Metals Division's profits were ahead of last year despite the impact of
the lower commission rates on the renewed contracts with Anglo Platinum.
Trading conditions in the platinum group metal markets have improved with higher
prices and increased volumes.  The division's platinum fabrication businesses
have also started well with good demand for precision machined parts for medical
applications.


Pharmaceutical Materials Division benefited from good demand for opiate products
and better market conditions for contract manufacturing and research compared
with the first quarter of last year.  Sales of platinum anticancer products have
also continued to be good.


Colours and Coatings Division was well up on the first quarter of last year with
continued growth in sales to the glass industry and an encouraging recovery in
the Structural Ceramics business which serves the tile industry.  We expect to
make an announcement on the progress of offers for parts of this division in the
next few weeks.


Looking forward to the half year, we expect to see continued growth in profit
before tax, exceptional items and goodwill amortisation despite the impact of
adverse exchange translation.


As you all know, Chris Clark is retiring after this AGM.  Chris has worked for
Johnson Matthey for 42 years, including 14 years as a main board director and
the last six as Chief Executive.  Through his strong leadership, Chris has
steered the company, in partnership with your board, through a successful period
of strategic change and growth.  On behalf of all of us at Johnson Matthey, I
would like to thank Chris for the key role that he has played in the development
and success of the group and wish him all the best for a well deserved and very
happy retirement.


As we announced last year, Chris Clark will be succeeded as Chief Executive by
Neil Carson.  Neil has 23 years of experience working at Johnson Matthey and
will be an excellent successor to Chris.'


Enquiries:


John Sheldrick          Group Finance Director                     020 7269 8438

Howard Lee              The Headland Consultancy                   020 7036 0369

Laura Anderson          Gavin Anderson & Co                        020 7554 1400


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