slightly lower than in 2011, whiledemand for platinum in otherapplications was stable.

Original Source: Johnson Matthey Platinum, May2013, (2013), 2 (Johnson Matthey PLC, PreciousMetals Marketing, Orchard Road, Royston,Hertfordshire SG8 5HE, UK. Tel: +44 (0)1763 256315;Fax: +44 (0)1763 256338. Website:http://www.platinum.matthey.com) © JohnsonMatthey plc 2013

Platinum 2013: executive summary:autocatalysts

Recycling of platinum from end-of-lifeautocatalysts fell in Europe and NorthAmerica. The price of platinumaveraged $1552 in 2012, $169 lowerthan in 2011, causing collectors ofspent autocatalysts to hoard stockawaiting better price opportunities.The decline in recovery from thissource was partly offset by greaterrecycling of platinum jewellery scrapin China.

Original Source: Johnson Matthey Platinum, May2013, (2013), 2 B (Johnson Matthey PLC, PreciousMetals Marketing, Orchard Road, Royston,Hertfordshire SG8 5HE, UK. Tel: +44 (0)1763 256315;Fax: +44 (0)1763 256338. Website:http://www.platinum.matthey.com) © JohnsonMatthey plc 2013

Platinum 2013: the components ofautocatalyst demand

Control of harmful emissions fromvehicle exhaust using catalysts is thelargest single application for pgm, in2012 accounting for 56% of grossworld demand for platinum, palladium,and rhodium combined. Use of pgmby the automotive industry hassteadily increased. Demand for newvehicles has risen and at the sametime legislation has set ever-tighterlimits on exhaust emissions.Generally, as emission controlsbecome increasingly strict, more pgmare needed per vehicle to reduce thepollutant content of the exhaust gas.Emissions standards are tightest inNorth America, Europe, and Japanwhich account for most of theautocatalyst pgm demand, with themajor emerging markets of China,Brazil, and India steadily increasingtheir global share. China is now theworld’s largest vehicle producingnation and although Chinese demandfor pgm in autocatalysts currently lagsbehind that of North America and

Europe, it will rise in importance incoming years.

Original Source: Johnson Matthey Platinum, May2013, (2013), 31-34 (Johnson Matthey PLC, PreciousMetals Marketing, Orchard Road, Royston,Hertfordshire SG8 5HE, UK. Tel: +44 (0)1763 256315;Fax: +44 (0)1763 256338. Website:http://www.platinum.matthey.com) © JohnsonMatthey plc 2013

Platinum 2013: outlook

Platinum supply is likely to be underpressure from weak margins andunstable labour relations in SouthAfrica. Demand for platinum inautocatalysts is expected to be steadyand jewellery demand may decline toan extent, but a rebound in industrialdemand will be led by higherpurchases of platinum by the glassindustry. If investment demandcontinues to be positive, the platinummarket may be slightly in deficit in2013. Palladium supply is likely todecline in 2013 as Russian stocksales dwindle and primary mineoutput is stable. Autocatalyst demandwill grow due to rising vehicle outputwhile palladium industrial andjewellery demand are expected todiminish slightly. The palladiummarket is likely to be undersuppliedagain this year. Rhodium demand willincrease but we forecast that risingsupplies and recycling will keep themarket in surplus.

Original Source: Johnson Matthey Platinum, May2013, (2013), 10 (Johnson Matthey PLC, PreciousMetals Marketing, Orchard Road, Royston,Hertfordshire SG8 5HE, UK. Tel: +44 (0)1763 256315;Fax: +44 (0)1763 256338. Website:http://www.platinum.matthey.com) © JohnsonMatthey plc 2013

Platinum 2013: outlook: other pgm

Static primary supply and risingdemand will keep the market forrhodium tight in 2013, with the rate ofgrowth in recovery from spentautocatalysts playing a major role indeciding the balance between supplyand demand. In every region ofproduction supply of rhodium isexpected to be flat in 2013.Production of rhodium in South Africawill be dependent on platinum output,which should be fairly stable. Russiansupply will be broadly at the samelevel as in 2012, elevated by furtherrecovery of rhodium from old mineconcentrates. Global production oflight duty gasoline vehicles is likely to

expand this year, requiring morerhodium for autocatalysts as a result.Buying by the glass industry shouldrecover in 2013, if not quite reachingthe 2011 level. Despite overcapacityin the world for producing flat paneldisplay glass, further LCD productionplants are scheduled to be added inChina to meet domestic self-sufficiency plans. Inventories ofrhodium in the glass industry werereduced in 2012 and will have lessimpact on demand for new metal thisyear. Primary supply of rhodium on itsown would be swamped by grossdemand but the market will be held toa tight balance by an increase inrecovery of rhodium from autocatalystscrap. Demand for ruthenium took adive last year but some recovery isanticipated in 2013. Depleted stocksin the hard disk industry may lead tohigher metal requirements, althoughdemand for ruthenium catalysts fromthe chemical industry could be weakerthan in 2012 if metal recovered fromspent catalysts is sold back to themarket. There are no immediateprospects for significant change in thelevel of iridium demand. Chemical andelectrical demand for iridium isunlikely to increase by much, andthere may be some decline in buyingfrom the electrochemical sector asChina’s upgrading of its chlorineindustry nears completion.

Original Source: Johnson Matthey Platinum, May2013, (2013), 13 (Johnson Matthey PLC, PreciousMetals Marketing, Orchard Road, Royston,Hertfordshire SG8 5HE, UK. Tel: +44 (0)1763 256315;Fax: +44 (0)1763 256338. Website:http://www.platinum.matthey.com) © JohnsonMatthey plc 2013

Platinum 2013: recycling

Recycling of platinum, palladium andrhodium in 2012 came to 4.57 M oz, ayear-on-year decline of 150,000 oz.Recovery of platinum in 2012 wasmarginally down compared to 2011,with a fall in autocatalyst scraprefining in Europe and North Americapartly offset by greater recycling ofjewellery scrap in China. Palladiumrecycling fell by 105,000 oz to 2.28 Moz in 2012, the bulk of the declinecoming from the electrical sector. Aswith platinum and palladium, refiningof rhodium from scrap autocatalysts in2012 was affected by weak pgmprices and lower collection rates, totalrecoveries falling by 6% to 259,000

2 JULY 2013

F O C U S O N C A T A LY S T S