The Board of Johnson Matthey (JM) notes the letter from Standard Investments that it published on 7 January 2025. The Board of JM has had a dialogue with Standard Investments since it became a shareholder in 2022.

On 16th December 2024, Standard Investments published a letter to the Board. In its private response to Standard Investments on 24 December, JM stated that it had previously discussed most of the matters in the letter of 16 December with Standard Investments, and that these remain a priority for the Board. In order to discuss the governance aspects raised in Standard Investments' letter, JM proposed that Standard Investments should also meet with Barbara Jeremiah given her roles as Senior Independent Director and Chair-designate of a new Investment Committee of the Board that is to be formed. JM's response of 24 December is included below to provide all JM shareholders with the context.

The Board and management team reiterate they are resolute in their focus on improving JM's share price performance and delivering value for shareholders. JM is fully committed to driving enhanced performance, higher cash flow and stronger capital discipline. JM is making progress in a challenging market environment through delivery of a comprehensive transformation strategy which includes significant manufacturing footprint consolidation in Clean Air, a generational upgrade in our PGM refining capabilities, significant cost reduction, the implementation of a global business services model and extensive organisational changes. In addition, we have made substantial commercial progress, winning new business across all our business areas that will drive future growth. We will continue to act with a strong sense of urgency as we adapt this strategy to the evolving market situation.