BUNZL INVESTOR DAY 25 MARCH 2009

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2009 Investor Day Presentation

Agenda

1. Michael Roney, CEO: Welcome 2. Pat Larmon, CEO Bunzl North America 3. Break 4. James Cunningham, MD Bunzl UK & Ireland 5. Frank van Zanten, MD Bunzl Continental Europe 6. Close 7. Lunch -1-

2009 Investor Day Presentation

Where we come from Moritz Bunzl registers haberdashery business in Bratislava. HQ to Vienna. Paper manufacturing begins. HQ to London. Bunzl lists on LSE. Bunzl diversifies into fine paper distribution and manufacturing. Acquisition of first consumables distribution business in USA. First European consumables distribution business acquired. Sale of fine paper distribution business. Demerger of Filtrona. Bunzl re-enters the FTSE100.

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Overview

1883

1938

1957

1980s

1981

1993

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2002

2005

2008

2009 Investor Day Presentation

Track Record Revenue (£m)

Operating profit (£m) Before amortisation and corporate costs

300

4,500 4,000

CAGR 14%

CAGR 15%

250

3,500

200

3,000 2,500

150 2,000 1,500

100

1,000

50 500 0

0 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08

'91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08

Discontinued operations

Note: 1991 – 2003 under UK GAAP as reported in each year; 2004 onwards under IFRS

Consistent growth Overview

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2009 Investor Day Presentation

Geographic Expansion

23 countries 18 countries

12 countries 7 countries 2 countries

1991*

1997*

2003*

2005*

2009

* continuing operations only

Expanding global footprint Overview

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2009 Investor Day Presentation

Our Supply Chain

Global sourcing & procurement

International warehousing & distribution infrastructure

Consolidation of consumables

Range of delivery options

Customer

Supported by integrated I.T.

Overview

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2009 Investor Day Presentation

Customer Benefits

Bunzl Offering • One stop shop

Customer Benefits

• One point of contact • One invoice

• Lower cost of doing business

• Globally sourced products

• Reduced working capital

• Management information • Lower customer inventories • Flexible delivery options

Financial benefits for customers Overview

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2009 Investor Day Presentation

Competitive Advantage • Geographic footprint • National footprints • Relative strength vs. national competitors • Fragmented markets • Relatively small percent of customer spend • High cash generation • Financially strong, stable business Bunzl is well positioned Overview

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2009 Investor Day Presentation

Agenda

1. Michael Roney, CEO: Welcome 2. Pat Larmon, CEO Bunzl North America 3. Break 4. James Cunningham, MD Bunzl UK & Ireland 5. Frank van Zanten, MD Bunzl Continental Europe 6. Close 7. Lunch -8-

2009 Investor Day Presentation

Evolution and Sales Growth

Non-Food Retail C-Store

Food Processor

*Bunzl North America entered the Grocery and Redistribution markets prior to 1993

US$3.8bn

Canada

08 20

07 20

06 20

05 20

04 20

03 20

02 20

01 20

00 20

99 19

98 19

97 19

96 19

95 19

94 19

19

93

US$0.9bn

Long term organic and acquisition growth Bunzl North America

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2009 Investor Day Presentation

Value Proposition

Product cost is just one component of what our customers incur when they self-distribute operating supplies

Product Cost

Self-distribution is costly Bunzl North America

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2009 Investor Day Presentation

Value Proposition

• Bunzl applies its resources and expertise to reduce or eliminate many of the “hidden” costs of self-distribution

• This benefit is even more pertinent to our customers in a recessionary environment

Impacts income statement and balance sheet Bunzl North America

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2009 Investor Day Presentation

Why Customers Value Bunzl Warehouse Operations

• 89 warehouse shipping locations • Occupying over 6 million sq. ft. of space

• Single IT platform • 42 facilities have implemented our eWarehousing system

• Many facilities acquired and integrated

Coast-to-coast coverage across North America Bunzl North America

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2009 Investor Day Presentation

Why Customers Value Bunzl Strategic Sourcing

Private labels:

Leveraging our purchasing power Bunzl North America

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2009 Investor Day Presentation

Why Customers Value Bunzl Low Cost Sourcing Imports

• Directly import largely from Asia • Product imported under the Prime Source and Hi-Valu private labels

• Imported over 2,300 containers in 2008 Asian Consolidation Center Fengxian District, Shanghai City, China

• On-site staff provide optimal sourcing • Bulk storage and container mixing areas – Reduces lead times – Minimizes shipping cost per unit – Economic order quantities to NA

• On-site quality control – Ensures quality export products

Uniquely positioned to provide quality imports Bunzl North America

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2009 Investor Day Presentation

Why Customers Value Bunzl Green Initiatives

• Connects customers to the widest array of green products in the industry – Work with vendors to develop and introduce green products – Including a compostable foodservice solution

• Developed green resources – Green product catalogs – Green website pages – Green brochures

• Cedar Grove composting program – Brown products

Going green – good business, good stewardship Bunzl North America

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2009 Investor Day Presentation

Markets We Serve 2008

Grocery 36%

Redistribution 30%

Food Processor 12%

Other 9%

Convenience Store 7%

Non-Food Retail 6%

Predominantly resilient markets Bunzl North America

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2009 Investor Day Presentation

Grocery Grocery

Bunzl is North America’s leading provider of “Goods Not for Resale” outsourcing solutions

36% of sales

Customers Include

Types of Programs

Typical Products

– Warehouse replenishment – Cross dock – Direct store delivery Bunzl North America

– Deli, meat, bakery and produce packaging – Sanitation and cleaning supplies -17-

2009 Investor Day Presentation

Grocery - A Typical Case Typical customer prior to a Bunzl program Self-distributing supplies from a multi-vendor base

• Maintained higher inventory – Minimum vendor order requirements – Stock out coverage due to longer lead times

Store operating supplies (GNFR) Typically 150 to 200 different vendors Vendor

• Higher operational costs

– Purchasing time expended sourcing supplies – Multiple orders to process and pay – Multiple deliveries to receive and stock – Time expended selecting store orders – Store order discrepancy resolution – Inventory administration costs – Inventory damage, shrink and obsolescence

Vendor

Vendor

Vendor

Vendor

Vendor

Vendor

Vendor

Vendor

Customer DC

Receiving Storage Selection

• Lower DC asset utilization – Space occupied by expense items rather than revenue generating product

Bunzl North America

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Store

Store

Store

Store

Store

2009 Investor Day Presentation

Grocery - A Cross Dock Solution

Typical customer after a Bunzl program

Store operating supplies (GNFR)

• Store orders transmitted to Bunzl via EDI • Bunzl picks and configures the store order • Customer picks up or Bunzl delivers the orders • Customer cross docks orders for delivery

Customer DC

Unload/load Bunzl-picked store orders

• Bunzl invoices customer weekly Store

Bunzl North America

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Store

Store

Store

Store

2009 Investor Day Presentation

Grocery - The Bunzl Advantage

Customer benefits from a Bunzl program

Store operating supplies (GNFR)

• Reduced working capital • Receives product sourcing expertise – Potentially achieves cost of goods reduction

• Reduced cost of doing business • Typically receives higher fill rates • Maintains delivery equipment utilization

Even more pertinent in current environment Bunzl North America

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2009 Investor Day Presentation

Redistribution Redistribution

Bunzl, under its R3® brand, is a leading provider of outsourcing solutions to distributors of paper and plastic disposables

30% of sales

Customers Include

Types of Programs

Typical Products – Paper tissue, towels & napkins – Foodservice disposables – Sanitation and cleaning supplies

– Warehouse replenishment – Cross dock

Bunzl North America

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2009 Investor Day Presentation

Why Redistribution? Customers

Vendors

• Reduced capital employed • Improved cash flow • Product line extension by redeploying freed up space

• Act as virtual warehouse for the distributor • Provide marketing support to our customers selling to the end user

• Reduced operating costs through fewer deliveries

•

Extended national distribution channel through R3®

• • • • •

Cost effective truckload shipments

•

Reduced working capital

Consistent inbound order patterns Single source accounts receivable Consolidated ordering and invoicing Sales and marketing support through R3®

• Product sourcing expertise

Benefits across the supply chain Bunzl North America

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2009 Investor Day Presentation

Food Processor Bunzl is a leading food packaging and personal protection equipment provider to the North American food processing industry

Food Processor 12% of sales

Customers Include

Typical Products Types of Programs – Direct plant delivery – Catalog direct Bunzl North America

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– Personal protection equipment – Packaging products – Maintenance, repair & operations (MRO) items 2009 Investor Day Presentation

Summary

• Predominantly resilient markets • Provide value to our customers • Business model well positioned for current recessionary environment

Bunzl North America

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2009 Investor Day Presentation

Bunzl North America

YOUR QUESTIONS

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2009 Investor Day Presentation

Agenda

1. Michael Roney, CEO: Welcome 2. Pat Larmon, CEO Bunzl North America 3. Break 4. James Cunningham, MD Bunzl UK & Ireland 5. Frank van Zanten, MD Bunzl Continental Europe 6. Close 7. Lunch -26-

2009 Investor Day Presentation

Agenda

1. Michael Roney, CEO: Welcome 2. Pat Larmon, CEO Bunzl North America 3. Break 4. James Cunningham, MD Bunzl UK & Ireland 5. Frank van Zanten, MD Bunzl Continental Europe 6. Close 7. Lunch -27-

2009 Investor Day Presentation

Evolution and Sales Growth Healthcare Southern Syringe

£1,100m

Catering equipment Safety, Ireland & Healthcare Vending Retail Cleaning & hygiene Catering disposables

£18m 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Growth by entry into new sectors overlaid with organic growth Bunzl UK & Ireland

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2009 Investor Day Presentation

Markets We Serve 2008 Vending 10% Grocery 10%

Healthcare 17%

Non-Food Retail 12%

Foodservice 25%

Cleaning & Safety 26%

Sector diversity Bunzl UK & Ireland

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2009 Investor Day Presentation

Grocery and Non-Food Retail 16,000 SKUs Large NDCs supplying consolidated deliveries of Goods Not For Resale via own fleet direct to store, customer’s warehouse or cross docked Food sector resilient, non-food less resilient Focus on gaining new customers and extending categories in existing customers

Unique model consolidating all GNFR to retail Bunzl UK & Ireland

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2009 Investor Day Presentation

Foodservice 25,000 SKUs Large regional branches for disposables supported by NDCs for slow moving lines and catering equipment. Direct to unit deliveries by own fleet and carrier. Cross docking via 3rd parties Disposables more resilient than equipment Focus on winning new customers given competitor weakness to offset reduced demand

NDCs

Leading distributor of catering disposables and equipment Bunzl UK & Ireland

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2009 Investor Day Presentation

Foodservice - Recent Acquisitions • Weaker demand impacts competitors • King UK, major supplier of disposables, entered administration on 18 March 2009 impacting profitable associated companies

• Acquired business and assets of WK Thomas, foodservice supplier giving Bunzl a position in the travel sector

• Acquired business and assets of Industrial Supplies, cleaning and hygiene supplier in East of England

Weak economy provides opportunities Bunzl UK & Ireland

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2009 Investor Day Presentation

Cleaning & Safety 35,000 SKUs Local depots including trade shops for customer collection Delivery direct to sites by own vehicles Hygiene sector more resilient, continuing to review resource levels Safety customer sectors’ performance mixed, managing cost structure within branch network

Cleaning & hygiene Safety

Leading distributor of safety and cleaning & hygiene supplies Bunzl UK & Ireland

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2009 Investor Day Presentation

Vending 1,800 SKUs Local depots for replenishing operators’ vans National call centre to co-ordinate field based service engineers Scheduled replenishment by operators Less resilient market with higher operational leverage

Largest hot beverage vending company in the UK Bunzl UK & Ireland

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2009 Investor Day Presentation

Healthcare 30,000 SKUs Large regional warehouses with central NDC Direct to hospitals using own fleet, direct to care homes via carrier Resilient sector with favourable demographics

NDCs

Leading independent distributor to all healthcare sectors Bunzl UK & Ireland

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2009 Investor Day Presentation

Acquiring and Turning Around an Underperformer

Bunzl UK & Ireland

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2009 Investor Day Presentation

Southern Syringe Services • Family owned business incorporated in 1959 • Acquired HM&S in 2004 – stretching resources and service levels

• Largest healthcare consumables distributor after NHS Logistics

• Customer of Shermond, Bunzl’s own label medical consumables business

• Acquired by Bunzl in July 2006 – sales of £182 million in 2005 – loss making – modern warehouse infrastructure

Turnaround was needed Bunzl UK & Ireland

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2009 Investor Day Presentation

Southern Syringe Services - Key Actions • Eliminated lower margin business • Introduced Bunzl IT, systems and processes to improve controls and increase efficiencies

• Exploited economies of scale with existing healthcare business Headcount Reduction

- 28%

July 2006

January 2009

• Rebranded as Bunzl Healthcare Improved efficiency and utilised scale Bunzl UK & Ireland

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2009 Investor Day Presentation

Southern Syringe Services - Results

• Three year goals achieved in two

• Reduced working capital • Platform for growth – nursing homes – private hospitals – NHS

Ahead of plan, platform for growth Bunzl UK & Ireland

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2009 Investor Day Presentation

Competitive Position

•

Leading position in broad range of market sectors

•

Serving major national accounts and local regional customers

•

Consolidating a wide range of consumables to provide a one stop shop

•

Through national infrastructures offering supply chain services tailored for customers’ needs

•

With capability to acquire and integrate businesses, including underperformers

Leading one stop shop for business consumables Bunzl UK & Ireland

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2009 Investor Day Presentation

Summary

•

Resilient sectors approximately 60 - 65% of sales

•

Weaker market provides opportunities for acquisitions and adding customers

•

Focusing on winning new customers and extending business with existing customers

•

Managing the cost structure where volumes lower

•

Platform for long term growth

Bunzl UK & Ireland

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2009 Investor Day Presentation

Bunzl UK & Ireland

YOUR QUESTIONS

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2009 Investor Day Presentation

Agenda

1. Michael Roney, CEO: Welcome 2. Pat Larmon, CEO Bunzl North America 3. Break 4. James Cunningham, MD Bunzl UK & Ireland 5. Frank van Zanten, MD Bunzl Continental Europe 6. Close 7. Lunch -43-

2009 Investor Day Presentation

Introduction Key Facts

• • • •

HQ in Amsterdam 2008 revenue £823m (20% of Group) 35+ distribution centres 11 countries

Good geographical spread of activities Bunzl Continental Europe

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2009 Investor Day Presentation

Management Team Key Attributes

• • • • •

Bunzl Continental Europe

Small HQ with flat structure

Frank van Zanten Managing Director

Uniform financial reporting Finance

Purchasing Director Continental Europe Benefits from central purchasing Louis Mooijman

Countries with full P&L responsibility

Purchasing

Decentralised philosophy

Benelux

Denmark

Central Europe

Iberia

France

Germany

Geographic focus Bunzl Continental Europe

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2009 Investor Day Presentation

Evolution and Sales Growth Non-Food Retail 7%

Healthcare 5%

Other 11%

Spain €1,037m Belgium

Slovakia Czech Poland

Grocery 12% France Hungary Romania

Cleaning & Safety 38% Foodservice 27%

Denmark Germany

Netherlands €9m 1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

50% CAGR since 2003 Bunzl Continental Europe

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2009 Investor Day Presentation

France France 47% of sales

Markets: • Cleaning & hygiene • Safety • Healthcare • Foodservice Strong position in each market Investment in IT Streamlining of business continues

Safety Cleaning & hygiene

Leading position in the marketplace Bunzl Continental Europe

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2009 Investor Day Presentation

Benelux Benelux 24% of sales

Markets: • Foodservice • Grocery • Non-food retail • Healthcare • Cleaning & hygiene Strong market positions in chosen sectors

Warehouses

Recent entry into Belgium Continued expansion in Netherlands Bunzl Continental Europe

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2009 Investor Day Presentation

Other Countries Other Countries 29% of sales

Germany: • Foodservice • Strengthened by acquisition of GGS Denmark: • Foodservice • Grocery • Safety • Warehouse rationalisation in MultiLine Central Europe: • Grocery • Safety • Cleaning & hygiene • New IT system

Warehouses

Spain: • Safety • Cleaning & hygiene • Fragmented market

Opportunities for growth Bunzl Continental Europe

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2009 Investor Day Presentation

Case Study: Benelux Expansion 1994 – Market Entry 1994

• First move into continental Europe • Acquisition of Hopa, now Bunzl Almere • Entry into Dutch horeca market

2005

2005 - Gelpa

• • • •

Warehouses

Bunzl Continental Europe

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Acquisition of Gelpa, now Bunzl Arnhem Entry into Dutch grocery market Integrated business by mid 2005 Achieved synergies through: – common suppliers – eliminating management overlaps – cooperation with other Bunzl companies in Europe

2009 Investor Day Presentation

Case Study: Benelux Expansion 2007 – King Benelux

• Entry into Cleaning & hygiene and 1994 2008 2007

2005

healthcare markets. • Entry into Belgian market • Expansion of retail (grocery and non-food) • Achieved synergies through: – overlaps with Bunzl Almere – overlaps with Bunzl Arnhem

2007

2008 - Worldpack

2007

• Expansion in Dutch non-food retail market. • Achieved synergies through: – overlaps with Bunzl Arnhem – overlaps with other Bunzl businesses Warehouses

Bunzl Continental Europe

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2009 Investor Day Presentation

Case Study: Benelux Expansion Worldpack

Benelux sales

Summary

King Benelux

• Good penetration in target customer sectors

Gelpa

• Compound annual sales growth of 27%

Hopa

• Acquisitions integrated 1994

2004

2005

2006

2007

quickly and re-branded where appropriate

2008

Horeca

• Synergies achieved from

Retail

best practice and purchasing

Cleaning Healthcare

• Efficiency gains from common IT system

Safety

A model for future growth Bunzl Continental Europe

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2009 Investor Day Presentation

Continental Europe Opportunity Matrix Existing presence

Horeca

Retail

Cleaning

Healthcare

Safety

Germany France Spain Netherlands Belgium Poland Denmark Czech Romania Hungary Slovakia Others Scandinavia, Italy, Austria, Switzerland, Portugal

Significant potential for further growth Bunzl Continental Europe

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2009 Investor Day Presentation

Summary • Resilience from geographic and sector diversity • Good track record of organic and acquisition growth • Responsive decentralised management team • Experienced at acquisitions and integration • Numerous opportunities for long term growth: – new sectors in existing countries – new geographies – bolt-ons

Bunzl Continental Europe

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2009 Investor Day Presentation

Bunzl Continental Europe

YOUR QUESTIONS

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2009 Investor Day Presentation

Agenda

1. Michael Roney, CEO: Welcome 2. Pat Larmon, CEO Bunzl North America 3. Break 4. James Cunningham, MD Bunzl UK & Ireland 5. Frank van Zanten, MD Bunzl Continental Europe 6. Close 7. Lunch -56-

2009 Investor Day Presentation

Conclusion North America

• More resilient • Leading position in market sectors • New customer wins and more business with existing customers

UK & Ireland

• Less resilient • Leading position in market sectors • New customer wins

Continental Europe

Group

• Significant opportunities • Leading position in several countries • Growth opportunities in ROW • Recessionary markets should present additional opportunities • Strong financial position and cash generation

Strengthening our position in the marketplace -57-

2009 Investor Day Presentation

THANK YOU Please join us for lunch

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2009 Investor Day Presentation

Appendices

1. Glossary 2. North America – Convenience Store 3. North America – Non-Food Retail

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2009 Investor Day Presentation

Glossary

CAGR C-Store DC EDI Horeca GNFR NDC R3® ROW

Compound annual growth rate Convenience store Distribution centre Electronic data interchange Hotels, restaurants and catering Goods not for resale National distribution centre Reliable Redistribution Resource Rest of the world, consisting of Australia, New Zealand and Brazil

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2009 Investor Day Presentation

Convenience Store Bunzl is a leading provider of operating supplies and retail goods to the convenience store industry

Convenience Store 7% of sales

Customers include

Typical Products – – – –

Types of Programs – Warehouse replenishment

Bunzl North America

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Foodservice disposables Retail carry-out bags Sanitation and cleaning supplies Shelf-stable food 2009 Investor Day Presentation

Non-Food Retail Bunzl provides packaging supplies and outsourcing services to some of North America’s leading non-food retailers

Non-Food Retail 6% of sales

Customers include

Typical Products Types of Programs

– Store operating supplies (boxes, wrap) – Retail carry-out bags – Jan/San items

– Warehouse replenishment – Cross dock – Direct store delivery Bunzl North America

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2009 Investor Day Presentation