A three-way catalyst is disclosed. The three-way catalyst comprises a palladium component comprising palladium and a ceria-zirconia-alumina mixed or composite oxide, and also comprises a rhodium component comprising rhodium and a zirconia-containing material. The palladium component and the rhodium component are coated onto a silver-containing extruded molecular sieve substrate. The invention also includes an exhaust system comprising the three-way catalyst. The three-way catalyst results in improved hydrocarbon storage and conversion, in particular during the cold start period.