Notes on the Accounts.

for the year ended 31st March 2011

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