A three-way catalyst is disclosed. The three-way catalyst comprises a silver-containing extruded zeolite substrate and a catalyst layer disposed on the silver-containing extruded zeolite substrate. The catalyst layer comprises a supported platinum group metal catalyst comprising one or more platinum group metals and one or more inorganic oxide carriers. 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.