Commenting on the Offer, Peter Savage, Chairman of Meconic, said:

"The board has every confidence in the Company's future and last year's results again demonstrated the strong earnings growth in Meconic's business. However, even with such growth, in the view of the board, it would probably take several years for Meconic's share price to match that currently represented by the Offer and the board has therefore concluded that the Offer represents fair value for Meconic shareholders."

Commenting on the Offer, Chris Clark, Chief Executive of Johnson Matthey, said:

"The combination of Meconic with our pharmaceutical materials business makes great commercial sense on a variety of levels. It will expand our product portfolio while extending our geographic reach and presenting broader market opportunities. The acquisition of Meconic is firmly in line with our strategy of developing our business both organically and by targeted acquisition."

*This statement should not be interpreted to mean that future earnings per share of Johnson Matthey following the acquisition of Meconic will be higher than historical earnings per share.

This summary should be read in conjunction with the full text of the following announcement.

Close Brothers Corporate Finance Limited, which is regulated in the United Kingdom by The Securities and Futures Authority Limited, is acting exclusively for Meconic and no one else in connection with the Offer and will not be responsible to anyone other than Meconic for providing the protections afforded to its customers or for providing advice in relation to the Offer.

The Offer will not be made, directly or indirectly, in or into or by the use of the mails or any means of instrumentality of interstate or foreign commerce of, or any facilities of a national securities exchange of, the USA, or in or into Canada, Australia or Japan. Accordingly, copies of this announcement are not being, and must not be, mailed or otherwise distributed or sent in or into or from the USA, Canada, Australia or Japan.

The Loan Notes to be issued pursuant to the Loan Note Alternative have not been, and will not be, registered under the United States Securities Act of 1933 (as amended) or under any relevant securities laws of any state or other jurisdiction of the United States, nor have clearances been, nor will they be, obtained from the securities commission or similar authority of any province or territory of Canada and no prospectus has been or will be filed, or registration made, under any securities law of any province or territory of Canada, nor has a prospectus in relation to the Loan Notes been, nor will one be, lodged with or registered by the Australian Securities and Investments Commission nor have any steps been taken, nor will any steps be taken, to enable the Loan Notes to be offered in compliance with applicable securities laws of Japan. Accordingly, unless an exemption under such Act or securities laws is available, Loan Notes may not be offered, sold, re-sold or delivered, directly or indirectly, in, into or from the United States, Canada, Australia or Japan or any other jurisdiction in which an offer of Loan Notes would constitute a violation of relevant laws or require registration thereof, or to or for the account or benefit of any US Person or resident of Canada, Australia or Japan.