Fuel cells generate electricity through an electrochemical reaction between hydrogen and oxygen. Proton exchange membrane fuel cells (PEMFCs) are well-suited for automotive applications due to their scalability, suitability for dynamic operations, and use of hydrogen as an energy source. Major automakers are developing fuel cell vehicles with initial market introductions planned from 2012-2015. Significant cost reductions are still needed, but mass production and materials innovations are expected to lower fuel cell costs by 75-95% by 2020-2050.

1. Key developments
in Fuel Cells
Capital Markets Event
Seoul, 23 May 2012

2. 2
What is a fuel cell?
Fuel cells generate electricity by means of a
reversible electrochemical reaction
Energy supply is hydrogen and oxygen,
by-products are water and heat
• Oxygen is taken from ambient air
• Hydrogen source can be pure H2 gas, natural gas,
methanol or other organic materials
• Hydrogen is stored outside the fuel cell in
a separate tank
Performance characteristics
• Energy is mainly determined by the size of the
storage tank
• Power is determined by the size of the fuel cell
stack

3. 3
Fuel cell types
Proton exchange Membrane Fuel Cells
(PEMFC) are dominant technology
• Mainly used today in stationary
applications in Asia and transport in
North America
Performance characteristics make it
best candidate for automotive
applications
• Uses H2 gas as energy source
• Scalable from W to MW
• Suitable for dynamic operations
(e.g.: start/stop, drive cycles,…)
Direct Methanol Fuel Cells (DMFC) is a
variant, using methanol as energy
source
Other types (PAFC, AFC, MCFC, SOFC)
have more limited applications due to their
stringent operating conditions
• Installed in small numbers for very large and
continuously operated applications
Fuel cell shipments in 2010

4. 4
Current market
Today first commercial products are
produced for slowly developing markets
• Back up power
• Off grid systems
• Specialty vehicles
• Buses
• Distributed energy generation
• Residential Combined Heat-Power (CHP)
units
Commercial applications dominated by
PEMFCs
2.30
54.8
32.9
Portable electronics
Stationary
Transport
[MW]
Fuel cell shipments in 2010
Source: Fuel Cell Today

5. 5
Early commercial/
prototype phase
(mainly mobility)
Market introduction
(mainly stationary power)
Estimated timeline of market introduction
or early commercial phase
2010-12
Source: Canadian Hydrogen & Fuel Cell Association
2012-2014
2015-2020
Backup Power
Market 2011 > 1000 units
Materials Handling
Market 2011 > 1000 units
CHP units
Market 2011 > 10,000 units
in Japan
Distributed Generation
Market 2011 < 10 units
Bus
Market 2011 > 10 units
Car
Market 2011 > 100 units

6. 6
Why do we need fuel cells in automotive?
In order to achieve the EU CO2
reduction ambition of 80% by 2050,
road transport must achieve 95%
decarbonisation
Portfolio of PHEVs, BEVs and FCEVs
is only long term solution to obtain this
decarbonisation target
In a decarbonised road transport world
FCEVs are the only solution offering
longer driving ranges
100
50
150
0
0 400 600200 800 1000 1200 1400
CO2
emission
[g/km]
Range
[km]
ICE
diesel
ICE
gasoline
PHEV
FCEV
BEV
2010
2050
2010
2050
2010
2050
2010
2050
2010
2050
EU 2015
target
EU 2020
target
ICE Internal Combustion Engine-powered vehicle
BEV Battery-powered Electric Vehicle
HEV Hybrid Electric Vehicle
PHEV Plug-in Hybrid Electric Vehicle
FCEV Fuel Cell-powered Electric Vehicle
Source:A portfolio of power-trains for Europe: A fact-based analysis (EU coalition study 2010)

7. 7
Major OEMs have fuel cells
on their development roadmap
First market introduction for FC-powered cars planned in 2012, 2013, 2014 and 2015
Fuel cell-powered buses are already sold commercially by Daimler, Toyota, Hyundai
and integrators such as Van Hool
Source: GM LBST compilation

8. 8
Current state of the automotive fuel cell market
Programmes are agreed to roll
out fuel cell cars and
infrastructure simultaneously
between
• Public authorities
• Automotive OEMs
• Infrastructure companies
Programs are in place in
• Europe
• USA
• Japan
• Korea
Source: Canadian Hydrogen & Fuel Cell Association (2009)
Steps paving the way to commercialisation
of fuel cell electric vehicles

9. 9
Current state of the automotive fuel cell market
There are satisfactory solutions to address
main technical hurdles such that the
development of commercial vehicles can
continue
• Water management
• Cold weather operation
• Performance
• Durability
• System size
Cost reduction is remaining issue, for which
OEMs identified ways to get there
• Mass production and economies of scale
• Further material and system advancement

10. 10
2010 2015 2020 2050
Lifetime
[‘000 km]
115 180 247 290
Pt use
[g/kW]
0.93 0.44 0.24 0.11
The fuel cell cost curve
Significant cost reductions to be
obtained
• Engineering technical issues
• Design and materials innovation
• Process cost reductions
• Mass production effect
Fuel cell system cost reduction
objectives*
• By 2020 -75%
• By 2050 -95%
• MEA (incl. catalyst) -90%
• Catalyst (incl. Pt) -80%
* Source: A portfolio of power-trains for Europe: A fact-based analysis (EU coalition study 2010)
Fuel cell system cost (in car)
-95%
Cost
MEA
Catalyst -75%

11. 11
Platinum availability
FCEV today needs more Pt than in an emission control catalyst
• Today some 5-10x more or ~40g per car
• Product expected to reduce this by 50% by 2050 (20g) and a further 50% by 2050 (10g)
Total availability of Pt is a concern to meet growing penetration of FCEVs
• 1 million FCEVs by 2020 would represent ~20 tons of Pt
• 20 million FCEVs by 2050 would represent ~200 tons of Pt
• Compares to today's total supply of ~240 tons (including recycling for 25%)
US department of Energy indicated this long-term trend can be met
• Mining capacity to be increased, requiring adjusted and more advanced mining technology
• Efficient recycling will be key (available today at Umicore, closed loop models are a must)
• Mobility behaviour will have to change (mix of BEVs, FCEVs, public transport)

12. 12
Hydrogen availability
Hydrogen generation/distribution is not a technical issue
• Hydrogen filling stations are existing technology
• They can be built in growing numbers in the coming years
by the industrial gas players (e.g. Linde, Air Liquide)
Hydrogen can be produced from renewable energy,
without any CO2 emissions, creating new energy and
mobility business model opportunities
• Hydrogen can be used as storage medium for electricity by
using electrolysis
• Large energy and utility companies are investigating large
scale energy storage technology by means of hydrogen
• These initiatives complement the fuel cell mobility case, for
which green hydrogen is the clear expectation of the public
Linde hydrogen filling station
Honda hydrogen filling station

13. 13
Recycling
chemistry
metallurgy
materials science
materialmaterial
Completes Umicore’s technology exposure to automotive roadmap
• Future car will be electrical, most probably hybrid, with battery and fuel cell
• Automotive industry is major driver for fuel cell technology
Fit with Umicore business model
• Precious metals containing added-value materials
• Recycling is key in the model
Close technology fit with Umicore business
• Precious metals chemistry and catalysis
Close application fit with Umicore business
• Energy products
• Automotive end user market
Why is Umicore active in fuel cells?
material
solutions
PGMs
Catalysis
PM chemistry
Recycling
Energy
Automotive
Fuel Cells

14. 14
Umicore combines efforts with Solvay
forming SolviCore
50%
50%
PM-based
catalysts
Membrane
ionomer
Membrane
Electode
Assemblies
(MEA)
Fuel cell
producer
Each player is focused on own products and technology
Umicore and Solvay can also supply other MEA producers,
while SolviCore can also source from other suppliers
The key component
of the fuel cell

15. 15
Company PM
precious metals
PMC
precious metals
chemistry
Catalyst
Membrane
ionomer
MEA
Membrane Electrode
Assembly
Recycling
of PM
Umicore /
SolviCore

(Umicore)

(Umicore)

(Umicore)

(Solvay)

(SolviCore)

(Umicore)
BASF      
Concentrating
on High
Temperature
PEM-MEAs
Johnson
Matthey
    
Gore  
3M   
Tanaka   
Umicore/SolviCore/Solvay combination ideally
placed in competitive landscape for automotive fuel cells

16. 16
H2/air
Automotive
H2/O2
Stationary
CHP, APU, UPS*
H2
generation
H2/air *combined heat and power
generation
auxiliary power unit
uninterrupted power supply
SolviCore is addressing the following MEA markets
with multiple collaborations
Ref
H2/air
PEM
electr
olysis
Collaboration with
multiple OEMs
Collaboration with
some engineering
companies
Collaboration with
some engineering
and gas companies

17. 17
Collaboration examples
Automotive drivetrain fuel cell
Umicore and SolviCore are official
partners in Volkswagen´s HyMotion 5
project
Development of
1st
German automotive fuel cell
stack for the HyMotion 5 car fleet
Introduction expected by 2015/16

18. 18
Collaboration examples
Automotive Range Extender Fuel Cell (REFC)
Michelin developed a 5kW H2/air REFC for
vehicle integration with SolviCore MEAs for
FAM auto for an electrical F-City vehicle
• Presented at Michelin Challenge Bibendum in
2011
• Michelin started commercialisation of REFC
concept in 2011
Renault is working on battery Range Extender
Fuel Cell concepts (REFC) in close
collaboration with SymbioFCell
• Goal to overcome range and recharge time
limitations of Renault’s ZE vehicle fleet
• An REFC and battery powered HyKangoo with
SolviCore MEAs will be presented by Solvay
together with Renault Tech and SymbioFCell in
June 2012 at Solvay Tavaux, France
5 kW RE

19. 19
Collaboration examples
Stationary fuel cells
Air Liquide intensified its hydrogen and fuel
cell program in the last 2 years and is now
leading the French H2E and H2 mobility
program
Air Liquide and Indian Barthi telecom (first
Indian telecom service provider) signed
MoU which should lead to the foundation of
a JV to provide electric energy to remote
telecom towers as a service based on
hydrogen and fuel cell (“Off-Grid”)
SolviCore is Axane´s long term partner for
all systems employed until today
Off-Grid
Backup

20. 20
Collaboration examples
Solvay’s Lillo plant, hydrogen stations & transports
Solvay installed a 1 MW PEM fuel cell unit in 2011 at its
plant in Lillo, Belgium with MEAs supplied by SolviCore
• Produces electricity from hydrogen by-product coming from
chemical electrolyis plant
• Plant can be used to monitor >10.000 MEAs in real life
operation
Solvay will install and operate 2 hydrogen filling stations
• Lillo (Belgium): Support hydrogen bus fleet in the port of
Antwerp
• Tavaux (France): Support local hydrogen driven vehicles
Solvay will operate 2 Renault HyKangoos at its Tavaux
plant (France) in June 2012
• In collaboration with Renault Tech, SymbioFCell and SolviCore
• In the framework of the French H2E program

21. 21

22. 2222
Forward-looking statements
This presentation contains forward-looking information that involves risks and
uncertainties, including statements about Umicore’s plans, objectives, expectations and
intentions.
Readers are cautioned that forward-looking statements include known and unknown
risks and are subject to significant business, economic and competitive uncertainties
and contingencies, many of which are beyond the control of Umicore.
Should one or more of these risks, uncertainties or contingencies materialize, or should
any underlying assumptions prove incorrect, actual results could vary materially from
those anticipated, expected, estimated or projected.
As a result, neither Umicore nor any other person assumes any responsibility for the
accuracy of these forward-looking statements.