Rising Auto Demand and Surge in Investment to Push Platinum Market Into Deficit, Says Johnson Matthey's Latest Pgm Market Report - Seite 2

liquidity during a period of exceptional growth in automotive demand.
However, persistent market deficits have had a real impact on the
price, which reached a record high of over $1,600/oz in March 2019.
Despite these high prices, ETF selling dried up in the first quarter
of 2019, but we think there is still some potential for profit-taking
this year."

Palladium use in autocatalysts is forecast to rise by nine per
cent in 2019. China 6 emissions legislation will be enforced
nationally in 2020, but some provinces and cities will introduce the
new standards in July this year, under the 'Blue Sky Protection
Plan.' This will result in a step change in palladium loadings on
Chinese cars.

Johnson Matthey's May 2019 Pgm Market Report includes a special
feature on European emissions legislation. Under Euro 6d legislation,
emissions compliance is being extended from the laboratory to the
real world via 'real driving emissions' testing using portable
emissions measurement equipment. This is motivating additional
palladium use on European gasoline cars.

Margery Ryan, Principal Automotive Analyst at Johnson Matthey,
added: "Euro 6d legislation is having a significant impact on the
palladium market. Vehicles are being tested under a wider range of
driving conditions, making emissions control more challenging.
Exhaust aftertreatment systems are becoming more complex and
automakers are adding more palladium to meet the new requirements."

Note to editors:

Johnson Matthey plc's Pgm Market Report can be viewed and
downloaded from the website (http://www.platinum.matthey.com/services
/market-research/pgm-market-reports) and provides an overview of
demand for platinum group metals in 2018 and an outlook for 2019. You
can follow us on Twitter at @PMMJM.

Johnson Matthey's Market Research Department has undertaken
fundamental research into the Platinum Group Metals markets since the
1980s. Since 1985, Johnson Matthey has published supply and demand
data twice yearly, in the Platinum and Interim Platinum series of
reviews (1985-2013) and in the Pgm Market Report (2014-2019).
Previous reviews and reports can be downloaded from

http://www.platinum.matthey.com/services/market-research/pgm-marke
t-reports

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