43 Principal Subsidiaries

The group’s principal subsidiaries at 31st March 2011 are set out below. Those held directly by the parent company are marked with an asterisk (*). All the companies are wholly owned unless otherwise stated. All the subsidiaries are involved in the principal activities of the group. A full list of the group’s subsidiaries will be attached to the parent company’s annual return to be filed with the Registrar of Companies.

			Country of incorporation						Country of incorporation
	Europe						Asia
	S.A. Johnson Matthey N.V.		Belgium				Johnson Matthey (Shanghai) Chemicals Limited		China
*	Avocado Research Chemicals Limited		England				Johnson Matthey Hong Kong Limited		Hong Kong
*	Davy Process Technology Limited		England				Johnson Matthey India Private Limited		India
*	Johnson Matthey Fuel Cells Limited (82.5%)		England				Johnson Matthey Chemicals India Private Limited		India
*	Tracerco Limited		England				Johnson Matthey Japan, Inc.		USA
	Johnson Matthey SAS		France		*		Johnson Matthey Sdn. Bhd. (92%)		Malaysia
	Alfa Aesar GmbH & Co KG		Germany				Johnson Matthey Catalysts Korea Limited		South Korea
	Johnson Matthey Catalysts (Germany) GmbH		Germany
	Johnson Matthey GmbH		Germany
	Johnson Matthey BV		Netherlands
	Macfarlan Smith Limited		Scotland
	Johnson Matthey AB		Sweden				Africa
	Johnson Matthey & Brandenberger AG		Switzerland				Johnson Matthey (Pty) Limited		South Africa
							Australasia
							Johnson Matthey (Aust) Ltd		Australia
	North America						South America
	The Argent Insurance Co. Limited		Bermuda		*		Johnson Matthey Argentina S.A.		Argentina
	Johnson Matthey Limited		Canada
	Johnson Matthey de Mexico, S.A. de C.V.		Mexico
	Johnson Matthey Inc.		USA
	Johnson Matthey Catalog Company Inc.		USA
	Johnson Matthey Fuel Cells, Inc. (82.5%)		USA
	Johnson Matthey Pharmaceutical Materials, Inc.		USA
	Intercat, Inc.		USA