#1BUNZL The difference is ESSENTIAL BUNZL Capital Markets Day 11th October 2021#2The difference is ESSENTIAL www.bunalcatering.co.uk Sustain PNG6 OZD FORS SUSTAINABLE FUTURE Making hospitality happen for a sustainable future Running on a renewable fuel that reduces greenhouse gas emissions by up to 90% BUNZL BUNZL LF#3THE BUNZL WORLD A specialist business with scale With c.150 operating companies CAPITAL MARKETS DAY 2021 Presence in 31 countries c.20,000 employees, c.6,000 are customer service specialists and sales experts k Utilising >10,000 supplier relationships globally Across 6 core market sectors Supporting c.800,000 customers with multiple locations BUNZL Providing a tailored service for individual customer needs 3#4CAPITAL MARKETS DAY 2021 03:32 SAATTE WE ARE HERE MacBook Pro REMEMPHASINT vimeo Intro film BUNZL 4#5AGENDA Part 1 VALUE-ADDED business model with Tailored SOLUTIONS for a better world CAPITAL MARKETS DAY 2021 Part 2 Compounding GROWTH strategy BUNZL K 5#6TODAY'S PRESENTING TEAM Frank van Zanten Chief Executive Officer Richard Howes Chief Financial Officer Jim McCool Business Area Head North America CAPITAL MARKETS DAY 2021 Diana Breeze Director of Group HR Alberto Grau Business Area Head Continental Europe Andrew Mooney Director of Corporate Development Andrew Tedbury Business Area Head UK & Ireland BUNZL James Pitcher Group Head of Sustainability Helen Cockerham Divisional Managing Director UK & Ireland, Food Retail, Non-Food Retail and Healthcare 6#7CAPITAL MARKETS DAY 2021 VALUE-ADDED business model BUNZL 7#8OUR VALUE-ADDED PROPOSITION HAS DRIVEN STRONG AND CONSISTENT RESULTS Customer-focused business model - - Tailored offerings and service-led model that provides customers with value-added solutions - Strong locally-led business model leveraging the benefits of global scale - Customer-focused mindset drives - continual improvement and innovation CAPITAL MARKETS DAY 2021 Consistent compounding strategy Profitable organic growth Operating model improvements Acquisition growth Use competitive advantage to support the growth of our customers and to increase our market share Daily focus on making our business more efficient Use strong balance sheet and excellent cash flow to consolidate our markets further Proven track record Revenue (£bn) 2.4 CAGR 9% Adjusted Operating Profit¹ (£m) 169 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 CAGR 10% BUNZL 10.1 Note: 1. Alternative performance measure and on an IAS 17 basis 755 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 8#9TAILORED SERVICE-LED PROPOSITION Our business is to enhance our customers' businesses INDIVIDUAL CUSTOMER NEEDS BUNZL TAILORED CUSTOMER SERVICE CAPITAL MARKETS DAY 2021 BUNZL OFFERS TAILORED SOLUTIONS THAT UTILISE VARIED RESOURCES AND CAPABILITIES SOURCE CONSOLIDATE DELIVER In BUNZL PROVIDES A CUSTOMISED SERVICE THAT OFFERS: CATEGORY EXPERTISE and advice from c.6000 CUSTOMER SERVICE SPECIALISTS AND SALES EXPERTS SUSTAINABLE SOLUTIONS that support customer objectives INNOVATIVE products and solutions - SCALE that drives competitive prices - A strong and ETHICAL SUPPLY CHAIN RELIABILITY and availability Working capital EFFICIENCIES ROBUST LOGISTICAL SUPPORT - - - - BUNZL - 9#10LOCAL EXPERTISE COMBINED WITH BENEFITS OF SCALE Unique offering drives a strong customer proposition LOCAL LOCAL relationships and expertise crucial in distribution INDIVIDUAL NEEDS AND COMPLEXITIES of customers vary significantly Bunzl's c.150 OPERATING COMPANIES ensure a locally-led service Bunzl delivers BESPOKE SOLUTIONS for customers Decentralisation and founders' mentality drives AGILE response Locally-led operations ensure a strong focus on our people, improving RETENTION and TALENT DEVELOPMENT CAPITAL MARKETS DAY 2021 GLOBAL - GLOBAL SCALE is a strong advantage Strength of SUPPLIER RELATIONSHIPS enhanced - Enables INVESTMENTS, EXPERTISE and COLLABORATION to be leveraged across the Group - Proven expertise in transitioning customers to SUSTAINABLE SOLUTIONS - ETHICAL SOURCING ASSURANCE provided by Global Supply Chain Solutions BUNZL 10#11CUSTOMER-CENTRIC The strength of the Bunzl model highlighted FOCUS EVIDENCED DURING PANDEMIC CAPITAL MARKETS DAY 2021 - - - CRITICAL SUPPLIER STATUS granted, business remaining open throughout the pandemic - Strong GLOBAL SUPPLY CHAINS allowed Bunzl to continue to source essential products despite the challenging conditions - OWN BRAND AND IMPORTED products were heavily relied upon to fulfil demand for Covid-19 related products Bunzl's Global Supply Chain Solutions operation ensured products were ETHICALLY produced and of the right QUALITY FINANCIAL STRENGTH provided reassurance to customers with prepayments often required for larger purchases Bunzl's decentralised organisation enabled local AGILITY and RESPONSIVENESS - GLOBAL COLLABORATION supported actions, with fast and proactive responses 1111 BUNZL BUNZL Covid-19 related products sales in 2020 compared to 2019: 2.6x Pandemic example 11#12ENHANCING OUR VALUE-ADDED PROPOSITION Capabilities that support growth 12:44 lot Facility Building 2020 leovation drive WANDA Cafeteria Cafetera La Serviced a new m Level 1 Unser Listen 30 shayap Level 2 ed Ju (+ 0 Imonths ago fice CAPITAL MARKETS DAY 2021 350 Nitrile SURETOUCH G 350 Key strategic focus areas DIGITAL SOLUTIONS that enhance customer experience and retention - - Continual INNOVATION that goes beyond the physical product A focus on SUSTAINABILITY to support the differing needs of our customers, from alternative products to reduced carbon emissions and assured ethical sourcing BUNZL 12#13DIGITAL SOLUTIONS WHICH ENGAGE OUR CUSTOMERS Solutions that support our customers TO Dy Ca weita WEITA wwe AG-Alles aus alter Wilkommen in untarams nusen Webshop. Der 530 ap Sete ரேண்கா( qay Wenchen Drop Te endation CAPITAL MARKETS DAY 2021 OFF/265 Ther CHARL Madbook Pre M C (0 Ca 200 Q Sute - Complex customer journeys often necessitate tailored processes By digitising ordering through bespoke solutions, we simplify ordering for our customers and enhance retention In addition, we provide tools that go beyond ordering EXAMPLES ● ● ● ● Product selector - guidance to the right products for the specific need Dynamic dashboards that are customised to provide real- time full visibility around key management information (e.g. spend per site and efficiency opportunities) Budget controls to limit spend per site Recommended replenishment being developed with Al and historical information to suggest optimal ordering patterns Group orders placed digitally in H1 2021: 67% BUNZL 13#14PRODUCT INNOVATION THAT MEETS A NEED Working with our customers to customise products for their needs Rotisserie chicken packaging innovation INDIVIDUAL CUSTOMER NEEDS BUNZL TAILORED CUSTOMER SERVICE CAPITAL MARKETS DAY 2021 Our customer wanted a more sustainable solution that continued to function well to preserve heat and hygiene CIOUS ug HHEART ding SA ASDA HOUS THUL lent Flavourful TENDER ● Chicken domes for hot chicken sales have a high plastic footprint, with black plastic being a significant contributing factor - Bunzl worked with the customer to design an alternative bag which: Removed the difficult to recycle black plastic - Reduced the weight of the packaging - - Improved the logistical efficiency as more units fit into a carton (1,000 vs.136) Was recyclable via instore collections Made carrying hot food easier - BUNZL - Bunzl continually works with its customers to improve products Introducing a solution which includes recycled content to further support the circular economy and help meet the requirements of the UK plastics tax 14#15INNOVATIVE SOLUTIONS THAT GO BEYOND THE PRODUCT Continually innovating to support our customers. WandaNEXT ● . Bunzl Canada has implemented ConfidentClean, a cleaning protocol system to ensure high cleaning standards ● ● ● The system includes the use of WandaNEXT, a digital cleaning and management system - Bunzl is the exclusive distributor - Provides real-time data and analytics on cleaning activities, consumption patterns and compliance with specific cleaning protocols Allows our customers to optimise their cleaning programmes, improve the user experience and reduce cost and waste Now being trialled by customers in Belgium and Australia WandaNEXT is an example of what can be bundled for customers as part of our value-added service CAPITAL MARKETS DAY 2021 5. Validate ConfidentClean™ 4. Optimize 1. Assess wandaNEXT™M 2. Design 3. Implement BUNZL 15#16FURTHER DIFFERENTIATING OURSELVES WITH SUSTAINABILITY Business win example: Bunzl's value-added capabilities supported Andron contract win in the UK Prior distributor Footprint Delivery Showcasing Innovation Carbon optimisation Sustainable solutions Digital Solutions One central warehouse Courier network X X X andron Facilities Management X CAPITAL MARKETS DAY 2021 Bunzl Nationwide warehouse footprint Enhanced reliability and responsiveness Bunzl own fleet and drivers Personalised drop-off support at each of Andron's c.1,000 sites (e.g. to the cupboard where required) ● ● ● ● ● . ● ● ● Quarterly showcasing of latest industry developments and innovation Site trials, evaluations and assistance Carbon optimisation plan agreed Improved ordering patterns identified and a plan for the remainder to be offset Closed loop recycling Insights and recommendations to switch to more suitable products Market leading online platform Enriched product data Online product safety info Closed loop solution provided for 5lt containers ODORBAC 100% Recycled Plastic Container enters the loop ODORBAC BCHS Containers washed, refilled and returned to the cycle Container delivered to Customer site for use NON NNN Empty Containers Collected on next OdorBac delivery and returned to 2Pure Factory BUNZL BCHS Collected from Customer sites and Returned to Bunzl Branch 16#17SUMMARY: COMPETITIVE ADVANTAGE ENHANCED CAPITAL MARKETS DAY 2021 - - Bunzl track record supported by value- added business model with tailored local service supported by the benefits of Bunzl's global scale Customer proposition is strengthened by continual innovation in services, expertise and product lines Focused on delivering engaging digital platforms, innovative solutions and an unrivalled sustainability proposition BUNZL VALUE-ADDED business model 17#18Tailored SOLUTIONS for a better world CAPITAL MARKETS DAY 2021 BUNZL 18#19SUSTAINABILITY IS CORE TO BUNZL'S STRATEGY Making responsible decisions across our operations Key themes Responsible supply chains Investing in our people Taking further acti on climate change Providing sustainable solutions CAPITAL MARKETS DAY 2021 Our contribution Respecting human rights with our industry-leading sourcing and auditing function in Shanghai Our large family of local businesses are focused on developing talent, increasing diversity and enhancing inclusivity practices Consolidating orders from a range of sources into one delivery to reduce transport emissions and taking further action to tackle climate change Using our scale and unique position at the centre of the supply chain working with customers and suppliers to lead the industry towards a sustainable approach to packaging Benefits - Supplier education - Supporting worker conditions - Supply chain resilience and comfort for customers - Acquiring & retaining talent - - Fostering a positive workplace culture Carbon efficient offer for customers - Reducing operating costs - Business resilience - Helping customers meet their targets - Attracting and retaining customers - Higher product margins - Organic growth - Competitive advantage BUNZL 19#20FURTHER DRIVING OUR EXISTING TRACK RECORD Accelerating our investment in sustainable solutions A feature of Bunzl's recent history: Ethical auditing across our Asia supply base since 2008 Carbon efficiency improved by more than 50% since 2010 Own brand Sustain and Revive packaging range launched in 2014 Track record of providing innovative new sustainable solutions that benefit people everyday CAPITAL MARKETS DAY 2021 With more progress made since the start of 2020: Ensuring that sustainability is embedded at the heart of our strategy Our first materiality assessment with 37 global customers interviewed Launch of another own brand, Verive 14 sustainability leaders and 49 sustainability ambassadors working closely with regional and local customers to help them achieve their targets BUNZL SUSTAINABLE FUTURE BUNZL Running on a renewable fuel that reduces greenhouse gas emissions by up to 90% BUNZL catering supplies WITH CASE Tel. 020 8853 7950 Fax. 020 8853 7978 Sustan Resewable and Comportable Packaging 20#21CAPITAL MARKETS DAY 2021 TAILORED SOLUTIONS FOR A BETTER WORLD MacBook Pro :: vimeo Tailored Solutions for a Better World BUNZL 21#22TAILORED SOLUTIONS FOR A BETTER WORLD CAPITAL MARKETS DAY 2021 Better packaging SOLUTIONS BUNZL 22#23LEADING THE SHIFT TO ALTERNATIVE MATERIALS The transition of packaging to alternative materials will be net positive to Bunzl CAPITAL MARKETS DAY 2021 Very limited exposure to the single-use plastic consumable products where volume reduction can be expected The transition to packaging and products made from alternative materials will be net positive for the business and we have made good progress to date Our approach is supportive to working successfully and profitably with customers who are increasingly interested in working with sustainable supply chain partners BUNZL Tailored SOLUTIONS for a better world 23#24AN UNRIVALLED RANGE OF ESSENTIAL PRODUCTS Majority of Group revenue is generated outside of packaging categories Group revenue 2019 £9.3bn £6.0bn (64%) Non-packaging products TORK RING WAT ITEM PREP DATE USE BY PLACE DAYDOT EMPLOYEE HERE TIME NYRTIL AM PM föddsafety 1 Cleonine Multi Surface Clean Wipes K Foam Dressing Non-Adhesive 1-² Note 1. Packaging refers to packaging and other products within the foodservice, grocery and retail sectors which are facing legislation or consumer pressure CAPITAL MARKETS DAY 2021 35 Dishwasher Cleaner finish Universall QUAL ACTION Universal ALCOTIP PRE-NECTION SWAS For External The On HEUNGRSY 48401 BUNZL 24#25HELPING CUSTOMERS WITH BETTER PACKAGING SOLUTIONS Being experts in products, legislation and customer requirements is essential CAPITAL MARKETS DAY 2021 Role in supporting a more circular economy Supporting smart material choices Developing new packaging strategies for customers Providing alternative products that meet customer targets and product requirements • Designing for circularity not waste ● ● - - Supporting customers to adapt to new legislation and transition products Promoting responsible packaging usage and reusable options - Working with customers to rationalise the products they use Partnering to support closed-loop solutions - Supporting our customers' circular initiatives and recycling practices Bunzl's competitive advantage Proprietary data and tools BUNZL Expert independent advice Own-brand ranges 25#26PACKAGING IN ITS VARIOUS FORMS Different choices and customer requirements create a complex environment N CAPITAL MARKETS DAY 2021 Packaging categories 1. Consumable products facing regulation 2. Consumable products likely to transition to alternative materials 3. Packaging with an important purpose 4. Packaging and products made from alternative materials BUNZL Description Single-use plastic products facing restriction in some markets where we might see some volume decline as customers transition to alternatives Single-use plastic products where usage is regulated in some markets or being voluntarily regulated by some organisations Single-use plastic products that have an important purpose, where transition is less likely in the immediate future Recyclable or compostable single-use products, reusable products and products made from renewable materials 26#27STRONG TRACK RECORD OF TRANSITIONING CUSTOMERS Within packaging, majority is recyclable, compostable, renewable or reusable £0.8bn (9%) Consumables likely to transition £0.6bn (6%) Packaging with an important purpose £1.7bn (18%) Packaging and products made from alternative materials £0.2bn (3%) Consumables facing regulation Group revenue 2019 £9.3bn £6.0bn (64%) Non-packaging products Only 3% of revenue in "consumables facing regulation" - 9% of revenue in "consumables likely to transition" - Further 6% of revenue in "packaging with an important purpose" - - BUNZL Strong track record of Bunzl transitioning customers to alternatives successfully; Bunzl is well positioned to benefit from further transition ● 51% of total packaging (18% of Group revenue) already made from alternative materials Notes 2019 revenue taken as the base reference year given 2020 data materially disrupted by pandemic Packaging refers to packaging and other products within the foodservice, grocery and retail sectors which are facing legislation or consumer pressure We have exercised our judgement to allocate the sales in 2019 to the four packaging categories shown 27#28PACKAGING CATEGORIES Proactively leading the transition to products made from alternative materials Packaging Category 2019 revenue (proportion of total) Products Transition made out of this category to date How we engage customers CAPITAL MARKETS DAY 2021 Consumable products facing regulation £0.2bn (3%) Plastic straws, stirrers, cutlery, plates, bowls 63% of sales of all products sold across UK&I and Continental Europe already transitioned to products made from alternative materials Consumable products likely to transition £0.8bn (9%) BUNZL Carrier and fresh produce bags, coffee cups 21% of all bags sold across the Bunzl Group were paper - 67% carrier bag sales across UK&I were products made from alternative materials Every consumable product has an alternative that is recyclable, compostable, reusable or made from renewable sources New own-brand ranges launched Tools used to support understanding of regulatory changes, manage packaging data and track progress against targets Dedicated product catalogues for innovative alternative materials Increasing digital strength with new webshops henhouse 28#29CONSUMABLE PRODUCTS FACING REGULATION Our historic success in leading the transition 42 19 CAPITAL MARKETS DAY 2021 mil Paper Bamboo Birch Wood Palm Leaf Bagasse Transition of Single-Use Plastics Continental Europe - 2019 vs. 2018 - We are well placed to provide customers with trusted and objective advice on alternative products Total sales increased by 2% Sales of the single-use plastic products in scope of the legislation fell by 13% ● BUNZL ● Sales of alternative materials (paper, wood, bamboo, palm leaf, bagasse) increased by 31% - Profit margin increased slightly, supported by transitioning customers to Bunzl own-brand solutions 29#30CONSUMABLE PRODUCTS LIKELY TO TRANSITION Our historic success when transitioning customers away from plastic bags Continental Europe and UK & Ireland carrier bag sales 2015-19 Sales (£) 2015 - Plastic 2016 Alternative CAPITAL MARKETS DAY 2021 2017 2018 2019 Impact of the EU Plastic Bags Directive (adopted in 2015) Between 2015 and 2019: - Directive required member states to apply measures to reduce the number of lightweight carrier bags Total sales increased by 2% Sales of the single-use plastic bags in scope of the regulations fell by 30% ● ● BUNZL Sales of bags made from alternative materials (paper, compostable, reusable bags) increased by 48% Transitioned from 58% plastic, 42% alternative in 2015, to 40% plastic and 60% alternative in 2019 Profit margin increased 30#31PACKAGING CATEGORIES Providing innovative packaging that meets customers' needs Packaging Category 2019 revenue (proportion of total) Example packaging products: Transition made out of this category to date How we engage customers CAPITAL MARKETS DAY 2021 Packaging with an important purpose £0.6bn (6%) Fresh meat, fruit, vegetable trays, films, takeaway boxes 51% of all packets and wrappers (e.g. hot deli bags and parchment paper) sold across the group were made from alternative materials - Packaging and products made from alternative materials £1.7bn (18%) BUNZL Recyclable, compostable, renewable, reusable products 51% of all packaging and consumable products sold across the group made from alternative materials - An industry leading range of alternative material options Proactive engagement to rationalise and reduce customers' use of certain products Developing alternative materials with the correct properties for the intended use to help customers meet their targets Transitioning customers to materials that support a more circular economy Assessing full lifecycle impact to ensure transitioning does not cause unintended environmental consequences 31#32PACKAGING WITH AN IMPORTANT PURPOSE Our experts help customers to navigate the trade-offs in important categories Example options for food packaging: Expanded Polystyrene (EPS) CAPITAL MARKETS DAY 2021 Recycled Polyethylene Terephthalate (rPET) Bagasse Cardboard Trade-offs: ● ● ● ● Heat and cold properties Food safety Cost Recyclable/ compostable Renewable and recyclable content Pallet wrap customer example: Working with customers to rationalise their use of plastic Pallet wrap protects goods in transit and prevents waste and costs incurred from damage - Supported a large logistics and supply chain business Our internal experts performed tests to help one of our customers identify opportunities to reduce wrap used This achieved pallet wrap material savings of 70% and reduced plastic use by 7.5 tonnes BUNZL VABASTA KATERMASTER 32 EXTERMASTER#33PACKAGING AND PRODUCTS MADE FROM ALTERNATIVE MATERIALS Bunzl ensures selected alternative products have the correct properties Example: Food containers Food containers are the largest packaging category (c.54% of total packaging sales) North America c.76% of food containers across North America are products made from alternative materials, with three quarters of these widely recyclable plastics 24% O 76% Alternative Materials CAPITAL MARKETS DAY 2021 Non-recyclable and non-compostable plastic materials Example: Independent advice when transitioning from one material to another Leading Belgian Retailer which we have worked with for >30 years 39 million EPS trays transitioned to rPET (widely recyclable in Belgium) after review of alternatives Plastic still utilised in alternative products as food contact material is heavily regulated for safety Excellent availability and manufacturing speed, important for retail - Total sales increased by 40% BUNZL 33#34DRIVING CHANGE WITH OUR INVESTMENTS AND CAPABILITIES Enabling faster transition to responsible options with Bunzl own-brand Leveraging our scale - Leveraged the strength of our supply chain to launch exclusive renewable, compostable and recycled content product ranges in Australasia 39 million products sold in 2020, replacing 31 million single-use plastic items - Australasia expect unit sales of the Sustain and Revive ranges will double over the next five years Sustain Renewable and Compostable Packaging CAPITAL MARKETS DAY 2021 Revive Recycled and Recyclable Packaging Providing customers with choice - One of our Netherlands businesses developed two different solutions to thin plastic food bags: 1. A nylon drawstring reusable bag 2. A bag made from c.90% sugar cane Between 2018 and 2020: Transitioned a key retailer to these bags Removed 14.4m single-use plastic bags over the three years with customer Turnover increased by 87% ● ● Providing more than just products In 2021 we launched a new pan-European own brand, under the banner of Verive BUNZL Extensive range of product options that meet the EU plastics directive - Digital platform that provides leading independent advice New digital webshop designed to attract smaller customers 9 34#35EXPERT ADVICE AND PRORIETARY DATA AND TOOLS Using expert advice and data to support customers meet their targets Expert independent advice Supporting customers to meet industry-leading circular economy targets with expert advice - Supported the first US-based produce company to sign Ellen MacArthur New Plastics Economy Global Commitment Transitioned berry packaging to alternative products - Started the transition 9 years ago - c.300 million clamshells supplied annually, all between 70-100% recycled content - Excellent protection for fragile produce with short shelf life Our dedicated in-house printing department provides proprietary washable labels certified recyclable by Association of Plastics Recycling CAPITAL MARKETS DAY 2021 Proprietary data and tools Using our footprint tools to support customers making the right choices - We are providing our customers with the data they need to understand their position against packaging commitments - Allows customers to measure their progress accurately and to make decisions around transitioning - Allows customers to assess the impact of legislation and track actions to mitigate - Incorporates supplier portals to ensure accurate real-time reporting even as products supplied change EXAMPLE OUTPUT RISK STATUS 2020 31% RECYCLABILITY 2020 34% 21% 30% High Medium High Medium Low Low 11% 18% 55% BUNZL Widely Recyclable Recyclable through Specialist Provision Not Recyclable M 35#36CAPITAL MARKETS DAY 2021 BUILDING PARTNERSHIPS IS ESSENTIAL MacBook Pro vimeo Customer Testimonial BUNZL 36#37TAKING FURTHER ACTION ON PACKAGING TRANSITION We will continue to drive the transition to better solutions Our new packaging commitments: TODAY We will support our customers to remove, replace and reduce single use plastics CAPITAL MARKETS DAY 2021 TOMORROW We will significantly increase the amount of recyclable, compostable or reusable packaging supplied to our customers to help them meet their targets BEYOND BUNZL Every single packaging product and disposable in our range will be offered with an alternative that is recyclable, reusable, compostable or renewable 37#38TAILORED SOLUTIONS FOR A BETTER WORLD CAPITAL MARKETS DAY 2021 Responsible SUPPLY CHAIN BUNZL 38#39GLOBAL SUPPLY CHAIN SOLUTIONS Supporting ethical supply and quality assurance BUNZL 115 CAPITAL MARKETS DAY 2021 THE DON Global Supply Chain Solutions Ethically Sourced Sustainable Quality Assured - - - - Our auditing process is our FIRST LINE OF DEFENCE to prevent defective products being shipped and to ensure products comply with our ethical standards All products supplied directly from Asia are through suppliers that are verified by our office Our IN-PERSON AUDITS cover c.98% of Bunzl spend across 13 Asian countries every 2 years We work with suppliers to improve their operations but will walk away if issues cannot be resolved The sourcing function also supports Bunzl businesses to find solutions for their customers and to proactively find better alternatives to existing product lines - The team provide REASSURANCE that products ordered are of the desired specification and quality prior to shipment RESPONSIBLE SOURCING IS ESSENTIAL 2020 STATISTICS AUDITS CONDUCTED: 680 SUPPLIERS IDENTIFIED AS NEEDING TO IMPROVE PRACTICES: 61 TERMINATED SUPPLIERS: 15 39#40A HUGE ASSET DURING THE PANDEMIC A key enabler to our businesses being able to support customers ******** ******** BUNZL Shanghai QA/QC REGUCIND RISK ACROSS OUR SUPPLY BASE CAPITAL MARKETS DAY 2021 Par VERBATI THAT VE CONTINENTAL Cop SOURCI FINDIN K & RELAND OFNA IGHT - - - Sourced an unprecedent amount of Covid-19 related products Provided innovative product solutions needed for new social distance measures and enhanced hygiene Provided customers with reassurance to place large orders with Bunzl At a time of great disruption provided the assurance that the right quality of these essential items were being shipped and had been ethically produced The team went above and beyond to support customers EXAMPLE PRODUCTS (€2834 EN 149 AGEN FFP2 NOTICE Sanitise Hands R At Prior To Entry 9 Jo Please Keep Your Distance 2m - 6ft SAVY AIR BUNZL 04 Hand Sanitiser Position hands above the line 40#41TAKING FURTHER ACTION ON OUR SUPPLY CHAIN Expanding our programming to give even more assurance over our supply chain Our responsible sourcing commitments: TODAY Our supply chain in Asia is currently covered by direct auditing and assurance practices with 680 audits completed in 2020 CAPITAL MARKETS DAY 2021 TOMORROW Expanding our programme to ensure products from all high-risk regions are sourced from assessed and compliant suppliers by 2025 BEYOND BUNZL Continuing to take a proactive, risk-based approach to responsible sourcing, identifying common issues in our supply chain and working closely with suppliers to reduce the future incidences of these 41#42TAILORED SOLUTIONS FOR A BETTER WORLD CAPITAL MARKETS DAY 2021 INVESTING in our people BUNZL 42#43PERO SAMS TUNTY BUNL INVESTING IN OUR PEOPLE A focus on engagement and leadership succession is integral to Bunzl's DNA #WeAreBunzl CAPITAL MARKETS DAY 2021 - - - Our people feel valued, with STRONG EMPLOYEE ENGAGEMENT - Planning for SUCCESSION is integral to Bunzl's business model with multiple leadership programmes established across the Group to support internal development - HEALTH AND SAFETY of employees is a key focus, with clear group-wide governance "WE BELIEVE" employment brand articulates our culture and beliefs to our people and potential recruits A focus on ENHANCING DIVERSITY driven from the top c.40% female Board and Executive committee membership Female networking groups expanding across the Group Accelerating focus on ethnic diversity ● ● & dete 2 TARALL e hora do café PAUS U UM.... CHAZNE VILLA ciculate PARA TUDO to com de babeu que #WeAreBunzl Employee "pulse survey" highlights (November 2020) BUNZL Bo YOL 92% feel personally driven to help Bunzl succeed 88% are proud of the service we give to customers 89% feel we are adapting and following procedures to keep us safe at work 43#44A LOCALLY-DRIVEN APPROACH TO SUPPORTING COLLEAGUES The pandemic example @POWER CAPITAL MARKETS DAY 2021 TINGLEY - - - - Our voluntary EMPLOYEE TURNOVER has been relatively stable over 2020/21 and remains low for our industry "PULSE SURVEY" in November 2020 conducted to understand how our employees were feeling Our people have told us that they appreciated the increased frequency and more personal tone of COMMUNICATIONS produced both globally and locally At the height of the crisis, it was the LOCAL LEADERS who created "followership" from their people - - We did not rely on government support schemes to ensure that impacted people were FINANCIALLY SECURE Local REWARDS were implemented for front-line colleagues, both monetary and non-financial BUNZL 44#45CAPITAL MARKETS DAY 2021 MacBook Pro : vimeo Diversity, Equity and Inclusion BUNZL 45#46TAKING FURTHER ACTION FOR OUR PEOPLE Expanding our diversity programme OF DIN 221 BLUT CAPITAL MARKETS DAY 2021 CFIAM 00 Our focus to drive diversity in Bunzl forward Encouraging more women into LEADERSHIP ROLES through focused and targeted activities Focusing on building a truly inclusive culture by: Achieving PARITY OF ENGAGEMENT SCORES across ethnic groups in our North American business, and other parts of the Group where data collection is possible - ● ● PROVIDING A VOICE for under-represented colleagues, and acting on their feedback to address any real or perceived barriers to engagement BUNZL Identifying the next generation of LEADERS FROM A MORE DIVERSE POOL OF TALENT, balancing broader capabilities whilst retaining entrepreneurial skills Capitalising on our COMPELLING EMPLOYMENT BRAND Building on the TECHNOLOGY-ENABLED HYBRID WORKING to create a networked, collaborative organisation that attracts more diverse talent 46#47TAILORED SOLUTIONS FOR A BETTER WORLD CAPITAL MARKETS DAY 2021 Focus on CLIMATE CHANGE BUNZL 47#48CONSOLIDATION MODEL REDUCES CARBON SIGNIFICANTLY Carbon efficiency is inherent in our business model A long-established focus on carbon intensity Consolidating products into one drop is significantly more efficient Bunzl reduced its carbon footprint relative to revenue generated by c.50% between 2010-2020 Scope 1 & 2 (Tonnes of CO₂ per £m revenue) 26.1 2010 23.0 2011 20.4 20.8 CAPITAL MARKETS DAY 2021 20.9 20.1 c.50% REDUCTION 17.1 15.0 15.0 13.9 2019 12.4 2020 Comparing Bunzl to other companies with logistics networks Global Companies - tonnes CO₂ per £m revenue¹ 2 14 BUNZL 17 22 BUNZL 31 24 UK Companies - tonnes CO₂ per £m revenue¹ 47 33 51 62 119 74 128 BUNZL Distributor Retailer with stores Online-only retailer Business services Last-mile delivery Note 1. 2019 data for Scopes 1 and 2 48#49JOINING THE LARGEST GLOBAL ALLIANCE ON CLIMATE CHANGE Committing to ambitious climate action and working towards net zero BUSINESS AMBITION FOR ONLY 1.5°C FUTURE We're in the IRACE TO ZERO CAPITAL MARKETS DAY 2021 New memberships and commitments Committed to the Business Ambition for 1.5⁰ campaign Race to Zero membership Net zero target is inclusive of Scope 3 - Initiatives to 2025 Transitioning applicable fleet to low and zero carbon solutions - Trialling alternative fuels in our larger vehicles Energy efficiency measures in warehouses Renewable energy procurement and generation WOODWAY UK BUNIL BUNZL I 49#50TAKING FURTHER ACTION ON CLIMATE CHANGE Our carbon roadmap and new targets TODAY TOMORROW BEYOND Committing to SBTi ¹ approved targets with Scope 3 emissions included 25% more efficient by 2025 and 40% by 2030² 100% Group-wide renewable energy procurement by 2030 Net zero by 2050 at the latest³ 2020 CAPITAL MARKETS DAY 2021 2025 2030 2050 Hvan Oort Transport Belgium bvba Notes: 1. SBTi = Science Based Targets initiative 2. Scope 1 and 2 emissions 3. Scope 1, 2 and 3 emissions BUNZL king FELGIUM 100% ELECTRIC ZERO EMISSION 50 TOP Think#51SUMMARY: SUSTAINABLE SOLUTIONS HAVE BECOME ESSENTIAL FOR CUSTOMERS Note: Image shows reusable tableware CAPITAL MARKETS DAY 2021 Bunzl is successfully transitioning customers to products made from alternative materials Our consolidation model is carbon efficient and we commit to being net zero by 2050 - Our supply chain is supported by our unique in- house ethical Asia auditing capabilities, with these capabilities being expanded beyond Asia - We are developing our people, supported by our locally-focused DNA Bunzl is committed to further accelerating its focus on sustainability for tomorrow and beyond BUNZL Tailored SOLUTIONS for a better world 51#52CAPITAL MARKETS DAY 2021 The difference is ESSENTIAL Break - 15 minutes BUNZL | 52#53CAPITAL MARKETS DAY 2021 RUMAI Compounding GROWTH strategy BUNZL 53#54OUR VALUE-ADDED PROPOSITION HAS DRIVEN STRONG AND CONSISTENT RESULTS Customer-focused business model - Tailored offerings and service-led model that provides customers with value-added solutions - Strong locally-led business model leveraging the benefits of global scale Customer-focused mindset drives continual improvement and innovation CAPITAL MARKETS DAY 2021 Consistent compounding strategy Profitable organic growth Operating model improvements Acquisition growth Use competitive advantage to support the growth of our customers and to increase our market share Daily focus on making our business more efficient Use strong balance sheet and excellent cash flow to consolidate our markets further Proven track record Revenue (£bn) 2.4 CAGR 9% Adjusted Operating Profit¹ (£m) 169 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 CAGR 10% BUNZL 10.1 Note: 1. Alternative performance measure and on an IAS 17 basis 755 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 54#55OUR ORGANIC GROWTH MODEL How our model drove success during pandemic Our organic growth drivers VOLUME Sell more to existing customers Expand product ranges Win new customers Market leading customers Growing sectors Trend to outsourcing CAPITAL MARKETS DAY 2021 PRICE Inflation Market dynamics FX impact MIX Own brand / imports Manufactured brands Geographies and sectors Sustainability Evidenced during 2020 Covid-19 example (2020) - – c.£1.6 billion of smaller Covid-19 related orders, generally made to existing customers across sectors - - Fulfilled c.£550 million of larger Covid-19 related orders, predominately placed by governments and healthcare organisations Supported customers with products that suited new needs, such as screens and social distance signage Growth supported by inflation on certain items - - Able to fulfil demand despite supply issues through own brand product ranges - - At a time of great disruption, provided reassurance around ethical sourcing Profitable organic growth BUNZL +4.8% underlying revenue growth in 2020 55#56TRANSITION TO NORMALISATION Expect normalisation in the near-term Absolute top 8 Covid-19 related revenue¹ (£m) 1,200 1,000 800 600 400 200 0 4,300 3,800 3,300 Note: 1. 1 2. H119 H2 19 Absolute base business² revenue (£m) H119 H H1 20 ■Smaller orders H2 19 H2 20 ■Larger orders H1 20 H121 H1 21 c.5% lower than H1 19 level .11 H2 20 H1 21 Expect sales of Covid- 19 related products to remain higher than 2019 levels from 2022 onwards Inflation trends supportive to base business recovery Hygiene products expected to be supportive across sectors, with 20% of Group sales in hygiene products in H1 21 Covid-19 related revenue refers to the revenue generated from the top 8 Covid-19 related products, being masks, sanitisers, gloves, disinfectants, coveralls, disposable wipes, face shields and eye protection Base business defined as underlying revenue excluding the top 8 Covid-19 related products CAPITAL MARKETS DAY 2021 Base business road to normalisation - varying speeds expected Y!? Foodservice Safety Wide array of end markets - slower short- term recovery impacted by inflation in raw materials and labour shortages Cleaning & Hygiene Facilities management - cautious on speed of recovery given footfall in offices Ongoing benefit from deep cleaning + Healthcare Healthcare institutions expect strong recovery in elective surgeries given backlog Grocery Grocery chains - momentum maintained with support from inflation Convenience stores - recovery will follow improved travel trends Profitable organic growth Restaurants recovering well as markets open Catering - cautious on recovery speed given return to work exposure Hotels - full recovery dependent on international travel North America food processor - strong growth BUNZL Retail Big box and mall-based retail - improved footfall will support but expected lasting shift to e-commerce E-commerce retail - strong growth providing some offset 56#57BEYOND THE PANDEMIC BASE MARKET TRENDS Organic growth is driven by activity in our markets Trends Revenue and geographic mix - 20191 BNA ■UK&I BCE ROW Revenue opportunity in the medium-term Safety Growth supported by increasing safety standards, regulation and awareness Infrastructure spend £1.2bn 26% 9% 27% 38% ↑↑ Note: 1. "Other" market sector not shown here but contributed £0.3bn in 2019. CAPITAL MARKETS DAY 2021 J ■ Cleaning & Hygiene Enhanced cleaning habits Technology to improve operational efficiency £1.1bn 4% 18% 38% 40% ↑↑ + Healthcare Growth of care at home Increased focus on preventative healthcare £0.6bn 2% 28% 35% 35% 11 Grocery Willingness to outsource non-food essentials Sustainable packaging growth with transition to alternative products Omnichannel strategy supports broadening of product range £2.4bn 7% 1% 5% 87% ↑ !! Foodservice Eating outside of home Home delivery Sustainable packaging growth with transition to alternative products £2.7bn 7% 14% 20% Food processor 59% ↑ Profitable organic growth Retail Omnichannel strategy Sustainable packaging growth with transition to alternative products £1.0bn 2% 15% BUNZL 13% 70% 57#58E-COMMERCE SHIFT - GROCERY Supporting our customers' omnichannel strategies Online orders Online orders are largely picked in-store Store footfall reduced given a single picker can pick multiple orders for customers Impact to some areas, such as cafes, hygiene and cleaning areas ● ● ● This reduced demand for in-store products is offset by increased demand for products to support online delivery to customer's home - Multi pick trolleys, packaging for delivery segmentation, delivery crates, labels, driver uniforms and vehicle cleaning and sanitation Shift from in-store orders to e-commerce orders is broadly neutral to Bunzl In-store orders ● Expected to remain very important; 80-90% of grocery sales today Footfall drivers to store include fresh food, hot food and deli counters CAPITAL MARKETS DAY 2021 Omnichannel world In-store orders 14 Online orders 14 ! Transition is broadly neutral to Bunzl Profitable organic growth BUNZL Increased grocer activity related to online orders In-store footfall reduces with online orders Product mix alters between the types of orders 58#59DIGITAL ORDERING IN FOODSERVICE AND NON-FOOD RETAIL Packaging plays a vital role Foodservice Bunzl supports traditional restaurants but also newer delivery platforms Packaging is a vital consideration for these newer delivery platforms and the restaurants that are utilising them ● ● ● From branded products through to the need for packaging with specific technical properties that enhance the takeaway experience Expect channel to grow independently of restaurant visits A new growth channel for Bunzl CAPITAL MARKETS DAY 2021 2820 → deliveroo AZ BA ● Retail Bunzl supplies packaging for use in-store and to support fulfillment of e-commerce orders ● ● ● THE WHITE C E-commerce packaging is vital to protect products during transit, ensure it delivers the customer brand experience and is simple to reuse for returns Bunzl works with customers to develop sustainable packaging alternatives and also conducts audits of packaging ranges to ensure the size and consistency of packaging is optimised and to identify any productivity improvements FRAGILE The range and sales of packaging used for online orders is typically higher than those for in-store packaging TEUTEND LONDON Profitable organic growth THE WHITE COMPANY THE WHITE COMPANY TAGILE FRAGILE BUNZL -44/11 HITE COMPANY THE WH 59#60ESSENTIAL PRODUCTS FOR E-COMMERCE BUSINESSES bol.com SE ded corrudd ated THIS BOX IS MADE OF 60% GRASS CAPITAL MARKETS DAY 2021 Bunzl is a reliable partner Length of partnership 14 years Types of products supplied Wide range of e- commerce packaging products CUSTOMER RELATIONSHIPS ARE ESSENTIAL With an unrivalled value-added offering Level of account manager interaction: Daily interaction, with monthly KPI meetings and quarterly strategic meetings focused on innovation, performance and market dynamics Monthly visits to operations Tailored delivery: On average one daily delivery to each customer warehouse Flexibility to service customers at short notice with high product availability Product innovations: Bunzl provides an "endless cardboard" solution - a computer scans the products to be packed and from zigzag cardboard prepares a precisely fitting box for the order. This reduces waste and time, and with well packed boxes, reduces carbon emissions Sustainability requirements: Working with bol.com to achieve carbon neutral packaging by the end of 2024, inclusive of Scope 3 emissions Strong focus on sustainable products, with 100% of plastic products supplied made from recycled content and widely recyclable 60#61OPERATING MODEL IMPROVEMENTS Continually and proactively targeting internal improvements Operating cost efficiencies continually assessed Consolidating warehouses 71 warehouses consolidated in the last 5 years Implementing IT systems and solutions ● ● Delivery and routing efficiencies • Staff productivity improvements ● Energy savings ● ● Digital a key enabler to driving efficiencies Supply chain efficiencies - Stock Management - Demand Planning - Rapid Product Sourcing - Data Driven Decision Making CAPITAL MARKETS DAY 2021 Optimising our operations - Analytics based operating model - Optimising Fleet & Delivery Processes - Leading Warehouse Management Systems UK grocery and non-food retail efficiencies over the last 5 years P Warehouse consolidations: 6 small warehouses into one efficient warehouse Operating model improvements Use of energy efficient lighting reducing energy usage by 70% BUNZL E Investment in workforce management systems to increase labour productively, efficient pick runs and safe systems of work Investment in Transport Management Software supporting fuel economy, reducing accidents and optimised vehicle route planning 61#62A STRONG TRACK RECORD OF ACQUISITION GROWTH Focused and disciplined approach Success of acquisition strategy 179 acquisitions since 2004 £4.3bn committed acquisition spend since 2004 ● ●. ● - Average spend over last 5 years c.£350 million per annum ¹ Self funded - Stronger, more diversified business Group average ROIC over 5 years: 16% - vs. WACC of 6-8% Note: 1. Average over 2017-2021 YTD CAPITAL MARKETS DAY 2021 Transformation of Bunzl's scale ● Three quarters of revenue growth driven by acquisitions over recent years Cumulative year 1 acquisition revenue since 2005 £4.5bn £0.3bn 2005 North America UK & Ireland £1.4bn 2010 2020 Continental Europe Rest of the World Disciplined formula supported success during pandemic ● ● ● ● Acquisition growth ● BUNZL c.£835 million of committed spend over 2020 and 2021 YTD Acquisitions completed in 2020 were largely those in motion prior to the pandemic; all 2021 acquisitions originated and completed during the pandemic Strength of balance sheet and cash generation supported capability Able to transact despite travel restrictions given strong local expertise and central team knowledge Significant financial headroom 62#63OUR APPROACH TO ACQUISITIONS Well established and consistent model Key acquisition parameters Strong discipline selecting the right businesses for Bunzl B2B Resilient and growing markets Small % of total customer spend Goods-not- for-resale Fragmented customer base Opportunity for 'own label' products Consolidated product offering ('one-stop- shop') CAPITAL MARKETS DAY 2021 Further market consolidation and synergies Strong management team Attractive financial returns (ROIC, ROACE) Growth through acquisitions ANCHOR acquisitions into new geographies and sectors BOLT-ON acquisitions into existing geographies and sectors; enables extension of product range and market consolidation - Bunzl operates in a HIGHLY FRAGMENTED INDUSTRY, largely comprised of FAMILY RUN BUSINESSES Strong GLOBAL FOOTPRINT supports bolt-on capability and ability for anchor acquisitions Growth through acquisitions an EFFECTIVE WAY TO ENTER new sub-markets and service new customer segments SELF-FUNDED through Group's strong cash generation Acquisition growth Value extracted through: Purchasing synergies - Back office integration - Warehouse & distribution efficiencies - Product range extension - Sharing best practice. - Investment infrastructure, IT & e-commerce - Sourcing and own brands - Digital tools BUNZL 63#64CAPITAL MARKETS DAY 2021 ACQUISITIONS AND INTEGRATION IS ESSENTIAL $600 74000 LUNDI MacBook Pro vimeo Acquisitions and Integration BUNZL 64#65A STRONG PROCESS SUPPORTS OUR SUCCESS Organisation and valuation discipline key to performance Organisation and process • Local origination; relationships built locally ● ● Central corporate development team responsible for execution, in addition to seeking new opportunities Current central corporate development team has completed c.120 acquisitions Strong history of new businesses joining Bunzl without impacting commercial operations - Business areas responsible for onboarding and integration Early focus on synergy delivery, cash management, financial reporting and health & safety with minimal impact to commercial operations Year 2 and beyond the focus turns to leveraging Bunzl's scale through opportunities such as sourcing, own brand introduction, digital investments and efficiency projects CAPITAL MARKETS DAY 2021 ● Returns and multiples A strong focus on ROIC, with strong discipline around multiples paid ● - Majority of EV/EBITA multiples 6-8x pre-synergies Willingness to pay multiples above range for larger higher margin and fast growing businesses, subject to returns hurdles Average EV/EBITA multiples paid¹ Acquisition strategy has significant focus on bolt on deals, with the average transaction size c.£30m over the last 5 years Little private equity interest at this level Average = 7.3x 2011-2015 Acquisition growth Average = 7.9x BUNZL 2016-2020 Note: 1. Based on historic profit and pre-synergies and tax benefits 65#66GROWING THE SAFETY VERTICAL Strong success in diversifying into this attractive sector Expansion of the safety sector 49 safety acquisitions since 2000 Attractive sector, with focus on product development and innovation Bunzl historically focused to PPE In some markets we sell to redistributors and in others we sell to end customers Diverse end markets (e.g. construction, manufacturing, energy and mining) BUNZL ● ● ● c.£1.6 billion of committed spend in the sector since 2005, accounting for c.40% of Bunzl's acquisition investment GREENHAM Protecting People Everyday R weita DANNY SANIROM JUBAⓇ B FRANCE SÉCURITÉ [6 MARCA SAFETY OR ANY PROT.CAPⓇ EQUIPAMENTOS DE SEGURANÇA VICSAⓇ SAFETY Sp EQUIPAMENTOS SOLMAQ CAPITAL MARKETS DAY 2021 Allshoes ESPOMEGAⓇ® McCORDICK A Bunzl Company MAJESTIC CORDOVA SAFETY PRODUCTS ISTANBUL TICARET HALAT SANARIAS ARPROSA ATRUCS DE FISERICEST faru Ligne T 1Sh CASA DO EPI LSH INDUSTRIAL SOLUTIONS ATACADISTA PRORISK.FR TECURITY STEINER TILLMAN™ REVCO SAS SAFETY CORP FRSNZ Tien/würzl BLYTH SAFETY WORKWEAR ML KISHIGO MCR SAFETY LGS LIBERTY GLOVE & SAFETY der the in BODYGUARD WORKWEAR TB ICM Tecno Boga MMcCue proin pinilla, s.l. - Example: MCR Acquisition (September 2020) MCR is a North America PPE business with a strong own brand portfolio Non-competitive acquisition process, with Bunzl maintaining a >10 year relationship with the company prior to acquisition 7% revenue growth in first 12 months, ahead of acquisition case Synergies achieved through back-office savings such as insurance and freight savings; currently working to deliver future synergies - www izzacadh Acquisition growth RIHL BUNZL 66#67ADJACENT SAFETY MARKETS Plenty of opportunity for Bunzl to continue to grow CAPITAL MARKETS DAY 2021 holmatro FRSA (acquired November 2019) Safety and emergency response supplies business in Australia specialising in emergency response equipment +11% REVENUE GROWTH over the last 12 months GREENFIELD EXPANSION into New Zealand post acquisition aided by Bunzl's supplier relationships and utilising Bunzl's existing infrastructure in the market Mutual customer benefit of EXPANDED PRODUCT EXPERTISE with FRSA's respirators and Bunzl's PPE and cleaning & hygiene consumables Future growth supported by a new ERP system and strengthened HR and finance capabilities ● McCue Corporation (signed September 2021) Safety and asset protection solutions, such as safety barriers, floor railings and bumpers, for use in warehouses and high footfall environments ● Acquisition growth >20% HISTORIC SALES CAGR (2018-2021F) STRONG MARGINS; above typical Group safety margins - BUNZL EXCITING GROWTH OPPORTUNITY: Growth of e-commerce based distribution activities - Increasing prevalence of higher value warehouse equipment - International growth Importance of health and safety measures in operating environments 67#68SIZEABLE GROWTH OPPORTUNITIES REMAIN Strong runway for growth in existing sectors and geographies Based on UK & Ireland penetration we have the opportunity to increase our presence across our countries meaningfully, as well as growing beyond this and entering new countries and verticals Revenue/ GDP UK & Ireland North America CAPITAL MARKETS DAY 2021 Continental Europe Rest of the World New markets Implied revenue growth opportunity based on UK & Ireland penetration Germany Italy Mexico Spain Norway Colombia Poland (potential market) Sweden (potential market) 17x today 16x today 4x today 3x today 9x today 6x today >£200m opportunity >£200m opportunity Acquisition growth BUNZL We have a presence across all sectors in only 5 of our 31 countries In most of our markets we have the opportunity to at least double in size through our core six market sectors 68#69DISCIPLINED CAPITAL ALLOCATION Potential to increase annual spend on acquisitions Illustrative cash movements £1.5bn 1 H1 21 Net debt £0.5bn FCF £0.2bn £1.0bn £1.2bn ¡¶ Dividend and Illustrative net employee share debt after a year purchases Possible deployment £2.2bn Net debt 2.5x EBITDA Note: 1. Net debt on covenant basis; H1 21 net debt adjusted for committed spend on acquisitions announced since the half year CAPITAL MARKETS DAY 2021 - - ● Group delivers STRONG AND RESILIENT CASH FLOW annually Bunzl generates c.£500m of free cash flow per annum, driving c.£300m of cash post dividend and employee share purchases Strength of cash flow has driven historic success with self-funded acquisitions OPPORTUNITY TO LEVERAGE to 2.5x Net debt/ EBITDA Would allow for c.£1.0bn capital deployment Current acquisition spend for 2021 totals c.£390m Acquisition growth Current balance sheet further supported by pandemic-driven performance ● ● BUNZL - Strength of balance sheet SUPPORTS ACTIVE PIPLINE and M&A opportunities DISCIPLINED APPROACH to capital allocation 69#70OUR VALUE-ADDED PROPOSITION HAS DRIVEN STRONG AND CONSISTENT RESULTS Customer-focused business model - - Tailored offerings and service-led model that provides customers with value-added solutions - - Strong locally-led business model leveraging the benefits of global scale Customer-focused mindset drives continual improvement and innovation CAPITAL MARKETS DAY 2021 Consistent compounding strategy Profitable organic growth Operating model improvements Acquisition growth Use competitive advantage to support the growth of our customers and to increase our market share Daily focus on making our business more efficient Use strong balance sheet and excellent cash flow to consolidate our markets further Proven track record Revenue (£bn) 2.4 CAGR 9% Adjusted Operating Profit¹ (£m) 169 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 BUNZL CAGR 10% 10.1 Note: 1. Alternative performance measure and on an IAS 17 basis 755 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 70#71BUNZL'S RESILIENCE IS A KEY ASSET Resilience in the two greatest dislocations of modern times REVENUE (£bn) CAGR: +9% ADJUSTED OPERATING PROFIT* (£m) CAGR: +10% 2.4 04 05 06 169 Financial crisis 04 05 06 07 CAPITAL MARKETS DAY 2021 08 09 10 11 Margin resilience 12 13 14 15 11 III 08 09 10 11 12 13 14 15 Covid-19 16 17 18 17 18 19 20 10.1 19 755 20 Resilient business model demonstrated again through 2020 - Strength of sector and geographic diversification BUNZL Agile response through decentralised model to changing and challenging circumstances to deliver what customers needed - Good acquisition growth even during pandemic - - Strength of supply chain evidenced - Emerging well positioned out of Covid-19 - Consistently strong cash generation; 28 year history of consecutive dividend growth 71#72CONSISTENT AND PROVEN COMPOUNDING STRATEGY Strong total shareholder returns Organic growth Operational efficiencies Strong returns and cash generation Acquisitions Dividend CAPITAL MARKETS DAY 2021 Driven by economic activity - Bunzl's drivers include exposure to growing sectors, winning new customers, own brand mix and sustainable products Proactive operational efficiency initiatives - Includes, warehouse consolidation, IT systems, delivery route efficiencies - 179 acquisitions in 17 years Attractive pipeline for acquisitions with long runway for growth Commitment to sustainable annual dividend growth Proven track record - - 98% average cash conversion since 2004 - +9% revenue CAGR since 2004 - c.2% organic revenue growth (average 2004-2020) £4.3bn invested in new acquisitions since 2004 28 years of annual dividend growth ROIC well ahead of WACC Adjusted EPS* (p) 31.7 CAGR 11% Dividend per Share (p) 13.3 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 BUNZL CAGR 9% 164.7 54.1 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 72#73SUMMARY: STRONG GROWTH OPPORTUNITY 11. 11 11- CAPITAL MARKETS DAY 2021 - Good organic growth opportunity driven by recovery in markets and supportive medium-term trends - Significant M&A opportunity remains and Bunzl's strength as a consolidator has been reinforced - Financial headroom provides opportunity to accelerate M&A investments BUNZL Compounding GROWTH strategy 73#74BLACKS ORANGE Coffee to go gracia E UU Made to Made to CAPITAL MARKETS DAY 2021 Hade to Poke Bow TORK Ciddojd proppy proppy proppy BLACKS ORANGE Concluding remarks 13-860 ĐỌC LACKS RANGE cardboard Soup clip BLACKS ORANGE BLACK ORANGE Bio cardboard soup cup Bo cardboard soup cup AUHIN BLACK ORANG H wm 99596028 Compoutable brown BLACK S ORANGE carolucard xup cup Cementy 2.COM T UU BLACK BLACK ORANGE Bio Nature Kraft Saud Bow BLACK ORANGE 471 Bosh Craft Seed Boul 6 BLACK ORANGE bo are trait Seed Boud Man BLACKS ORANGE Bio Nature Kräft Soled Bout BLACK ORANGE Bio Nature Kraft Saad Bour QTY: 300 PC ITEM: 99361471 625ml BLACK Elo Jature Kräf Salad Bout#75CONCLUSION BUNZL CAPITAL MARKETS DAY 2021 - Continual improvement in value-added solutions is enhancing Bunzl's customer proposition and competitive advantage Sustainability offering is essential for customers ● • We are transitioning products to more sustainable solutions with expert advice, data, innovation and supply chain investments ● We believe this is a growth avenue and is deepening our customer relationships Bunzl is emerging from the pandemic with a strong growth opportunity BUNZL VALUE-ADDED business model Tailored SOLUTIONS for a better world Compounding GROWTH strategy 75#76CAPITAL MARKETS DAY 2021 The difference is ESSENTIAL Q&A