A catalyst system for use with an internal combustion engine to provide emissions reductions under lean and stoichiometric operating conditions. The catalyst system comprises a first catalyst comprised of a newly developed Perovskite-based formulation having an ABO.sub.3 crystal structure designed to bring the precious metal and NOx trapping elements close together. The first catalyst acts primarily to maximize the reduction of emissions under lean operating conditions. The catalyst system also comprises a second catalyst comprised of precious metals which acts primarily to maximize the reduction of emissions under stoichiometric conditions.