Investor Day 2014 18 September 2014

Agenda

Investor Day 2014 – Introduction

1

Michael Roney, CEO Bunzl plc

2

Paul Budge, MD UK & Ireland

3

Frank van Zanten, MD Continental Europe

4

Juan-Pedro Barrios Uriarte, MD Juba Spain

5

Pat Larmon, President and CEO North America

6

Beth Dahlke, Vice President Sales FoodHandler

7

Rodrigo Mascarenhas, MD Latin America

8

Steven Sudre, Commercial Director Danny Brazil

9

Panel discussion 2

Key messages of the day

Organic growth through development of customer relationships

Experience in making and integrating acquisitions successfully

Businesses acquired bring additional innovation and expertise to Bunzl

Former owners stay and flourish with Bunzl

Investor Day 2014 – Introduction

3

Key competitive advantages

Choice of customer sectors

Decentralised management model

Global market leadership position Expertise in making acquisitions

Alignment of management incentives

Ex-owners stay with Bunzl

Investor Day 2014 – Introduction

Global sourcing capabilities

4

Acquisition growth

Number of acquisitions

2011

2012

2013

2014 ytd

10

13

11

12

Average annual acquisition spend over the past three years

Committed acquisition spend (£m)

185

277

295

119

Committed acquisition spend excl. earn-outs (£m)

161

267

285

118

£252m

Annualised historical acquisition revenue (£m)

204

518

281

142

Anualised historical acquisition profit* (£m)

24

36

38

17

EBITA multiple

6.7

7.4

7.5

6.9

* Before intangible amortisation and acquisition related costs

Investor Day 2014 – Introduction

5

Future acquisition potential

Significant opportunities for growth and development

Growth in existing countries

 Significant opportunities to expand into other Bunzl sectors in existing countries  Particularly in China, Germany, Spain, France, Italy, Chile and Colombia Entry into new countries

Investor Day 2014 – Introduction

Austria

Norway

Singapore

Baltic States

Poland

Turkey

Croatia

Slovenia

Finland

Sweden 6

Financial track record

Operating profit (£m)

Revenue (£bn) 04-05 continuing operations only

6.1

Before amortisation and acquisition related costs and corporate costs 04-05 continuing operations only

433

5.4 5.1 4.6

353

4.8

4.2

297

3.6

241

3.3

312

371

323

259

218

2.9 183

2.4

All CAGRs greater than 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

10%

Adjusted eps (p)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Dividend per share (p)

Restated on adoption of IAS 19 (revised 2011)

82.4

67.6

As reported

32.4 28.2

70.6

26.4 23.4

59.7 51.8 38.2

41.1

55.4

20.6

21.6

18.7

44.4

15.7

17.0

13.3

31.7

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Investor Day 2014 – Introduction

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

7

Developing business organically Paul Budge Managing Director Bunzl UK & Ireland

Key messages

Flexibility to adapt in challenging economic conditions with margins improving as growth returns

Organic growth through development of customer relationships

Meeting customers’ needs through a broad and effective service offering

Optimisation of cross-selling opportunities to existing customers

Investor Day 2014 – UK & Ireland

9

UK & Ireland recent history

Revenue† (£m)

Operating profit* (£m) 1,018 73

990

992

989

72

69 65

955 60

940

62

60

913

Significantly improved performance with operating margin for 2014 expected to exceed 7%

2007

2008

2009

2010

2011

2012

2013

2007

Operating margin* 7.5%

2008

2009

2010

2011

2012

2013

Return on average operating capital* 98.7%

7.4% 86.5%

7.0% 6.6%

6.6%

73.0%

70.1%

6.3%

65.8%

62.7%

6.1%

55.3%

2007

2008

2009

2010

2011

2012

2013

2007

2008

2009

2010

2011

2012

2013

† Excluding vending * Before intangible amortisation and acquisition related costs, excluding vending

Investor Day 2014 – UK & Ireland

10

Reduced headcount in UK & Ireland by over 600 between 2008 and 2012, excluding vending business

15% headcount reduction 2008

2009

2010

2011

2012

 Emphasis on working capital management, concentrating on the key areas of stock, debtors and creditors ROACE up from low of 55.3% to 98.7%

ROACE %

Decisive measures taken



Headcount

Actions to improve operational efficiency

2008

2009

2010

2011

2012

2013

 Reduced the number of warehouses by 36 between 2009 and 2013, excluding vending business  Reshaped the portfolio – sale of vending business in 2011 Investor Day 2014 – UK & Ireland

11

Drivers of sales growth

Developing relationships with existing customers provides the greatest opportunity for organic sales growth

Investor Day 2014 – UK & Ireland

Existing customers

New customers

 Relationship  Confidence  Expansion within organisation

   

Competitors Supplier consolidation Previously in-house Acquisitions

Market sectors

Range of products

 Resilient markets  Exposed to growing sectors

 Range and compliance  Extended portfolio  Own label

12

Our service offering

The right products at the right price at the right time

Drivers of cost Customers and Bunzl

Foodservice

Investor Day 2014 – UK & Ireland

Chosen suppliers Products and support

Grocery

Cleaning & hygiene

Category management Product choice specification and price

Non-food retail

Safety

Own label Competitive alternative

Healthcare

13

Who is Mitie?

 One of the UK’s leading integrated facility management providers  FTSE 250 listed company

A broad offering of services to help their customers be more efficient

 Buildings and facilities – Cleaning, landscaping, pest control and waste – Social housing maintenance and painting – Technical and building services – Security – Energy solutions – Catering and front of house  Services to people – High quality homecare

Investor Day 2014 – UK & Ireland

14

Mitie: A growing customer

Outsourcing trend £m 20.0

 Single services  Bundled services  Integrated FM

18.0 16.0

Growth expected to continue

14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Mitie’s spend with Bunzl Investor Day 2014 – UK & Ireland

15

Bunzl’s relationship with Mitie

 Started in 2002  Initially supporting contract cleaning – As Mitie has grown the business has developed and continued to drive efficiency

Bunzl aims to optimise crossselling opportunities across its various businesses

 Growth into catering and front of house  Introduction of supply into homecare  All inclusive five year contract signed 2013

Cleaning & hygiene Investor Day 2014 – UK & Ireland

Foodservice

Healthcare 16

What Mitie needs from Bunzl

Ability to handle complexity

Rapid and often largescale contract mobilisations

Investor Day 2014 – UK & Ireland

Listening – understanding customer needs

Dedicated account management

Trust

Strong cultural fit

Simple solutions and processes

17

Bunzl’s services to Mitie

Cleaning & hygiene supplies to Mitie  Bunzl Cleaning & Hygiene Supplies provides a broad range of products to suit specific needs of individual client contracts – 2,500 SKUs  75,000 direct deliveries annually to over 8,000 delivery points

Time and cost savings through automated processes and access to products and data

Catering supplies to Mitie  Bunzl Catering Supplies distributes 1,000 individual products with 10,000 deliveries annually to over 200 sites  Collection of outer packaging waste Healthcare supplies to Mitie  Bunzl Careshop supply MiHomecare with a range of disposables, including gloves, aprons, tissue and cleaning materials

Investor Day 2014 – UK & Ireland

18

Video: Bunzl and Mitie relationship Scott Jameson Head of Procurement Mitie

Customer development

 Bunzl provides customers with peace of mind  As confidence builds, our relationships grow

Customer relationships grow over time

Investor Day 2014 – UK & Ireland

 Relationships increase sales over time – Growth with customers who are themselves growing – Compliance to an approved range – Extension into other product areas – Expansion into other parts of customers’ businesses

20

Post acquisition integration Frank van Zanten Managing Director Bunzl Continental Europe

Frank van Zanten

 Until 1994: MD Hopa Disposables, a family business in Amsterdam  1994: Bunzl acquired Hopa – first step into Continental Europe  Transitioned to MD Bunzl Horeca Europe & Australia  For the past nine years: MD Bunzl Continental Europe

Investor Day 2014 – Continental Europe

22

Key messages

Experience in making and integrating acquisitions successfully

Entry into new countries and subsequent expansion by anchor and bolt-on acquisitions respectively

Enhanced competitive advantage by optimising synergies through best practice and purchasing scale

Bunzl provides an attractive option for owners seeking to sell their business

Investor Day 2014 – Continental Europe

23

Bunzl Continental Europe revenue growth

1,328

1,359

1,227 1,096

CAGR of

12%

1,037

1,019

2008

2009

899 801 715

453

2004

2005

2006

2007

2010

2011

2012

2013

Revenue (€m)

Investor Day 2014 – Continental Europe

24

Bunzl Continental Europe geographical markets

2013 revenue by country

Other* 18%

Significant growth potential in both new and existing countries

France

Germany 37%

5%

Denmark

10%

30%

Benelux

*Spain, Switzerland, Central & Eastern Europe

2014 Investor Day - Continental Europe

25

Acquisition process Finding the right targets

95 global acquisitions announced since 2004

Building relationships

Deal execution

…what next? Investor Day 2014 – Continental Europe

26

Types of acquisition

 Two types of businesses are acquired:

Anchor There are two types of acquisition: “Anchor” or “Bolt-on”

New country/sector

Bolt-on

or

Existing country/sector

 Detailed pre-acquisition integration plan  Assumptions from acquisition business case built into the plan  Key to success = local management buy-in Investor Day 2014 – Continental Europe

27

Anchor acquisition in Switzerland

Weita Group acquired in 2010

Active in numerous sectors

Bunzl FD appointed

Communication to staff and management team

Business shows good profitability

Key management retained

Entry into Swiss market in 2010 followed by bolton acquisition in 2012

Purchasing synergies and best practices

Bunzl policies and controls implemented Customer

Distrimondo acquired in 2012 as a bolt-on acquisition Investor Day 2014 – Continental Europe

28

Bolt-on acquisitions in Spain

2007 – Entry in Spain

 Iberlim – Entry into hygiene market (anchor acquisition)  Based near Barcelona

2008 & 2011 – Expansion

 Hicosa – In Barcelona. Acquired 2008  Appointed Bunzl MD and FD  Sudecol – In Barcelona. Acquired 2008  King – In Madrid, Valencia and Barcelona. Acquired 2011 2008 & 2010 – Entry into safety

 Marca – In Cartagena. Acquired 2008  Juba – In La Rioja. Acquired 2010 Investor Day 2014 – Continental Europe

29

Integration in Spain

Initially run as separate businesses

Implemented IT system in Iberlim, Hicosa and Sudecol

Moved Iberlim, Hicosa and Sudecol into a new 6,500m² warehouse

Subsequently moved King Catalonia into the same warehouse

Merger to create one hygiene business in Q1 2015

Investor Day 2014 – Continental Europe

30

Synergies Purchasing synergies

Own brand and import synergies

Cost synergies

Best practice synergies

 Bunzl’s scale worldwide gives purchasing advantages over local competitors  Cost synergies relating to transport costs/carriers based on higher volume  Investment in high quality financial management and controls  Easier, more competitive and reliable importing through Bunzl Shanghai, including Quality Assurance/Quality Control (QA/QC) Investor Day 2014 – Continental Europe

31

Bunzl Shanghai Global sourcing

QA/QC

Logistics

35,000 containers being shipped from Asia each year

 Centralised database of products and prices  Responsibility for sourcing specifications in local countries  Added value, converting our global size into benefits  Additional reason for targets to sell to Bunzl

Investor Day 2014 – Continental Europe

32

Success factors

27 acquisitions announced in Continental Europe since 2004

Disciplined process

People/customers

Integration strategy

 Selective approach to both countries and sectors  Evaluate many targets and acquire only good ones  Detailed due diligence

 Retain management and former owners  Decentralised approach  Keep close to customers

 Experience of integrations which lead to synergies  Improve operating platform  Focus on working capital and cash flow

Excellent track record in making and integrating acquisitions successfully

Investor Day 2014 – Continental Europe

33

Why sell to Bunzl? Juan-Pedro Barrios Uriarte Managing Director Juba Spain

Juba

 Founded in 1954 by Juan-Pedro’s father to sell workwear gloves  Became leader in the sale of leather workwear gloves. Revenue of c.€3m in 1992  Business passed on to four siblings, including Juan-Pedro

A family business

 Acquired by Bunzl in May 2010 with revenue of c.€22m in 2009  Annual revenue today of c.€25m

Investor Day 2014 – Continental Europe

35

Why sell?

Why sell the company?  Consolidating market  Markets becoming more global – size matters  Possibility for family members to spread their assets (not all of “our eggs in the Juba basket”) Why sell to Bunzl?  Bunzl made an approach and requested an introductory meeting  Bunzl seen as a professional strategic partner with aim to grow in safety sector  Decentralised business model  Global synergies  Long term investor  Fair valuation

Investor Day 2014 – Continental Europe

36

Experience with Bunzl so far

 Excellent financial and commercial controls that result in better business decisions  More focus on working capital  Budgets and strategic plans are now prepared

Decentralised model allows local management to focus on the business whilst getting the support they need

 Larger scale leads to better purchasing terms  Information sharing with other safety businesses within Bunzl  Training and support for good people to develop

Investor Day 2014 – Continental Europe

37

Why innovation is important to our future success Patrick Larmon President and CEO Bunzl North America

Key messages

Significant opportunities for further organic and acquisition growth

Businesses acquired bring additional innovation and expertise to Bunzl

Replicate innovative solutions across a range of customers and increase market share

Post-acquisition synergies lead to improved competitive position

Investor Day 2014 – North America

39

Bunzl North America today

 Headquarters in St. Louis, Missouri  2013 revenue over US$5.3 billion  Workforce of over 4,500  Standardized North American operating and IT platform

Leading supplier to the North American market

2014 Investor Day - North America

40

Bunzl North America customer markets

2013 revenue by sector

Other

C-store

Significant opportunities for growth across existing sectors

6% 4% Non-food retail

27%

13%

Redistribution

14% Processor

36%

Grocery

2014 Investor Day - North America

41

Innovation through key acquisitions since 2012

 CDW Merchants – Revenue: US$19.8m – Visual décor sales experts and custom dot com packaging solutions

 Destiny Packaging – Revenue: US$52.0m – Customized flexible packaging for produce growers

 McCordick Glove & Safety – Revenue: US$54.1m – Solution-based imported premium brands for industrial markets (e.g. WorkHorse®)

Annualised revenue on acquisition

Investor Day 2014 – North America

42

Innovation through key acquisitions since 2012

 SAS Safety – Revenue: US$48.2m – Safety-based imported premium brands for the industrial and automotive markets (e.g. BreatheMateTM)  Schwarz Supply Source – Revenue: US$363.0m – Leading packaging supplier to non-food retail sector – Innovative store fixture consolidation  FoodHandler – Revenue: US$105.2m – Exclusive brand management and product development designed for food safety (oneSAFETM, FoodTouch®, JobSelect®)

Investor Day 2014 – North America

43

Schwarz Supply Source

 Specialized provider of retail distribution and logistics programs to leading retail companies and niche/specialty retailers  Key customers include Walmart, The Limited, Gap, J.Crew

Adds unique value through innovation and synergistic sales opportunities

Innovation  Consolidation and logistics services for signage, remodels, new stores and promotional rollouts  Customized indirect supply programs Synergistic sales opportunities  Keenpac worked together with J.Crew to replace existing importer on packaging  Worked co-operatively to win Coach and The Container Store in 2014

Investor Day 2014 – North America

44

A leading retailer’s challenge

 In 2008, a leading retailer shifted focus from building new stores to completing remodels  It lacked systems and processes in fixture distribution  350 suppliers were shipping direct

“Time is money”

 “Time is money” – deadlines were missed (opportunity cost = loss of sales of up to US$2m a week)  Cost overruns were massive – expedited freight, duplicate shipments, special runs

Investor Day 2014 – North America

45

The solution

Bunzl saves leading retailers time and money

 Schwarz created a series of value-added consolidation and logistics services – – – – –

Inventory high velocity store fixtures Merging of inventory and cross dock items Departmental sorting, staging and delivery – at the unit level Increased supply chain visibility through real time reporting Supplier management for end-to-end process

 “Time is money” – Compressed timeline by four weeks = up to US$8m sales pick up – Dramatic reduction in “less than truckload” and parcel freight

Investor Day 2014 – North America

46

Fixture consolidation

 Service greatly needed by chains in multiple sectors  Supermarkets, drug stores, c-stores and other non-food retailers

Expandable solution

 Existing suppliers provide very basic services  Market need for reverse logistics solutions

Universal shift in retail from building stores to remodeling

Investor Day 2014 – North America

 Demand for suppliers with national scope

47

FoodHandler Brand developers

Providing innovative, simplified compliance and protection to a range of customers

 Leading developer and supplier of high quality disposable products including gloves, bags, apparel and other related products under the FoodHandler®, JobSelect® and FoodTouch® brands Innovation  Providing value through hygiene/food safety leadership and proprietary products  Gloves ‒ Advanced hybrid technologies ‒ US patent and patent pending breakthroughs ‒ Improved performance and value  Active packaging ‒ Antimicrobial products ‒ Impacts supply chain costs ‒ Used by high profile chefs and restaurant chains  Exclusive distribution rights

Investor Day 2014 – North America

48

FoodTouch® antimicrobial paper

What does FoodTouch do?  Keeps food’s natural color  Protects food’s texture  Reduces odours What is FoodTouch made of?

Patented, proprietary technology that extends the life of food by two to three days

 Three components – White kraft paper – Polyethylene (plastic) – Silver ion particles

FoodTouch is a registered trademark of MicrobeGuard Corporation Investor Day 2014 – North America

49

FoodHandler

EPIC®  Launched in 2012

Hybrid technology gloves

 Sits between vinyl and polyethylene glove categories  Bunzl patent granted in 2013

Innovation improves performance and drives down costs

JobSelect® Cast Poly Hybrid  Launched in 2013  Better value and performance against current cast poly gloves  Bunzl patent pending

Investor Day 2014 – North America

50

oneSAFETM single glove dispensing system

Significant advancement in disposable glove technology exclusively distributed by FoodHandler

Investor Day 2014 – North America

 Reduces the risk of cross contamination by 96%  Improves food safety compliance with easier access to more glove cases in high-traffic, highly visible areas  Reduces in-use glove waste by 15-25% and improves speed of donning by 50%  Promotes green practices with a smaller case footprint – 30% more gloves in the same space versus traditional cases Smart. Simple. Safe.

51

FoodHandler Why Bunzl is important to our future success Beth Dahlke Vice President Sales FoodHandler, North America

Advantages of selling to Bunzl Needs  Expand presence in North America and global markets  Enhanced sourcing and Quality Assurance/Control  More efficient logistics model  Enhanced investment in product development and innovation

Solution  Long-term partner that understands the foodservice segment and the requirements of an import model

Investor Day 2014 – North America

53

Customer retention

 Focused communication strategy  Leadership and cross-functional team involvement  Creative sales and marketing efforts geared toward growth and enhanced penetration

High level of customer retention postacquisition

Investor Day 2014 – North America

54

Management retention

 Key management remain in the business  Increase in job security and confidence  Opportunity for advancement and career growth  Enhanced training and development

Investor Day 2014 – North America

55

Postacquisition synergies

Global sourcing  Reducing costs by leveraging volume, sourcing relationships  Ensuring product quality with on-site QA/QC

Reducing costs and improving competitive position

Warehousing  65% of inventory is now within Bunzl facilities  Closed Reno, Nevada warehouse and moved inventory to Bunzl US West Coast (Los Angeles)  Key management retained  Warehouse synergies provide: – Reduced landed cost of products – Shorter customer order transit times (up to 48 hours) – Improved disaster recovery plan Logistics  Savings on inbound/outbound shipping  Logistics experts on staff, private trucking fleet  Container volume increased 25%

Investor Day 2014 – North America

56

Next steps

 Expand customer base through Bunzl/R3 Redistribution  Expand into Canada using Bunzl/R3 Redistribution network  Use Bunzl relationships to sell into other market segments

Grocery

Food processing

Cross-selling opportunities lead to market share growth

Investor Day 2014 – North America

57

Building a new business area

Rodrigo Mascarenhas Managing Director Bunzl Latin America

Key messages

Ability to find the right targets in the right markets at the right time

Excellent track record in establishing a strong platform for future growth

Former owners stay and flourish with Bunzl

Improvement in performance through adoption of Bunzl’s financial discipline and controls

Investor Day 2014 – Latin America

59

Geographic selection model

Regions

• Latin America • Asia Pacific

Evaluation criteria • Macro indicators • GDP growth

Investor Day 2014 – Latin America

Countries

• Brazil • Chile • Colombia • Peru • Mexico • Argentina

Evaluation criteria • Macro indicators • Ease of business • Political risk • Business practices

New Market Expansion Model Sectors

Businesses

• Safety • Cleaning & hygiene • Healthcare

Evaluation criteria • Market maturity • Market potential • Anchor acquisition potential

Evaluation criteria • Scale • Management • Profitability • Market position • Business ethics

60

Market maturity and momentum

Distribution evolves as markets mature

Market development Immature

Manufacturing

Mature

Retail

Distribution

Bunzl entry Stage 1 • Mostly local products • Transaction costs low • Demand for imports low • Service expectations low • Price only concern

Investor Day 2014 – Latin America

Stage 2 • Growing demand for imports • Transaction costs rising • Service expectations rising

Stage 3 • Local manufacturing moving offshore • Transaction costs high • Service expectations high

61

Fine tuning the selection

 Almost always family businesses  Information not easily available and/or not public  Market leaders, profitable  Not looking for turnarounds or the cheapest possible asset  In many situations target company not for sale

Investor Day 2014 – Latin America

62

New business area

2008 to 2010 – Brazil market entry

 Protcap – Entry into safety sector  AM Supply – Expansion in safety sector COLOMBIA

First entry into Latin America by anchor acquisition in Brazil safety sector in 2008

BRAZIL BRAZIL

PERU

CHILE

2011 – Expansion in Brazil

 Ideal – Entry into cleaning & hygiene ARGENTINA

Investor Day 2014 – Latin America



sector Danny – Expansion in safety sector

63

New business area

MEXICO

2012 – Expansion outside Brazil

 Vicsa – Entry into safety sector in Chile, Colombia, Peru, Argentina and Mexico and expansion in Brazil COLOMBIA

2013 – Consolidation BRAZIL

12 anchor and bolton acquisitions since 2008

 Labor – Entry into healthcare sector in

BRAZIL

PERU

 

Brazil Espomega – Major expansion in safety sector in Mexico De Santis – Expansion in safety sector in Brazil

CHILE

ARGENTINA

2014 – Platform for future growth

 Tecno Boga – Safety shoes in Chile  JPLUS – Cleaning & hygiene in Brazil  Lamedid – Laboratory supplies in Brazil

Investor Day 2014 – Latin America

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Track record & execution

Revenue Labor Espomega ProEpta De Santis

Latin America annualised revenue now £234m with CAGR of

30%

Prot-Cap

2008

AM Supply

2010

Ideal Danny

Vicsa

2011

2012

2013

Lamedid Tecno Boga JPLUS

2014

Safety Cleaning & hygiene Foodservice Healthcare Retail

Investor Day 2014 – Latin America

65

Platform for future growth

Continued expansion both organically and by acquisition

Investor Day 2014 – Latin America

 All businesses growing with strong operating margins  Disciplined acquisition model combined with sustainable organic growth  Retained former owners as key executives

66

Reasons for selling to Bunzl

Steven Sudre Commercial Director Danny, Brazil

Danny history

A family company with a clear strategy to grow in the safety sector

Investor Day 2014 – Latin America

1988

 Danny founded in Brazil to sell safety products

1997

 Decision to introduce own brand

2004

 Decision to provide complete solution for safety products and services  Set the objective to have the fastest shipment in the market

2010

 Danny becomes leader in the market for gloves

2011

 Acquired by Bunzl

68

Danny background

Safety specialist Hand and eye protection

Innovation Product development is key

Brands 90% own brand 10% co-brand Sales 76% to distributors 24% to end users

National coverage Sales and technical support

Investor Day 2014 – Latin America

69

Products, segments and services

Products  Industrial gloves and eye protection Segments  Distributors, retailers, DIY stores  End users - car assemblers, mining, oil & gas, metal, construction and food industry customers

Leader in safety sector for gloves in Brazil

Services  Mesh glove repairs  Fastest shipment in the market  Market information via unique app

Investor Day 2014 – Latin America

70

Selling to Bunzl

Emotional decision involving the whole family

Bunzl Approachable Clear Direct Family worries Is it the right company to sell to? Is it the right time? Hard to believe “nothing will change”

Decision to sell Succession Too big to be managed by family Financial security

Investor Day 2014 – Latin America

71

Sustained sales growth

Annual revenue CAGR 13%

Danny has generated strong results for many years

2011 Investor Day 2014 – Latin America

2012

2013

2014F 72

Financial performance

2013 versus 2012 financial results

31% 2013 performance resulted from local management’s actions combined with Bunzl’s financial discipline

Investor Day 2014 – Latin America

WORKING CAPITAL Reduction PBIT Growth

13%

73

Bunzl’s impact on the business

Freedom to operate independently whilst being accountable

Most visible impact is cash generation

Business still responsible for operational results

Focus on margin and PBIT

Working capital improvement

Budgeting

Financial support

Training for executives Investor Day 2014 – Latin America

74

Panel discussion

Disclaimer

No representation or warranty (express or implied) of any nature can be given, nor is any responsibility or liability of any kind accepted, by Bunzl plc with respect to the completeness or accuracy of the content of or omissions from this presentation. This presentation is for information purposes only and does not constitute and shall not be deemed to constitute an offer document or an offer in respect of securities or an invitation to purchase or subscribe for any securities in any jurisdiction. Persons in a jurisdiction other than the United Kingdom should ensure that they inform themselves about and observe any relevant securities laws in that jurisdiction in respect of this presentation. The presentation does not constitute an offer of securities for sale in the United States. None of the securities described in the presentation have been registered under the U.S. Securities Act of 1933. Such securities may not be offered or sold in the United States except pursuant to an exemption from such registration. This presentation contains forward-looking statements. They are subject to risks and uncertainties that might cause actual results and outcomes to differ materially from the expectations expressed in them. You are cautioned not to place undue reliance on such forward-looking statements which speak only as of the date hereof. Bunzl undertakes no obligation to revise or update any such forward-looking statements. Where this presentation is being communicated as a financial promotion it will only be made to and directed at: (i) those persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); (ii) those persons falling within Article 49 of the Order; or (iii) to persons outside of the United Kingdom only where permitted by applicable law (all such persons together being referred to as “relevant persons”) and must not be acted on or relied on by persons who are not relevant persons.

Investor Day 2014

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