#1Rentokil Initial Capital Markets Day 28 September, 2021.#2Rentokil Initial Legal Notice This presentation has been prepared to inform investors and prospective investors in the secondary markets about the Group and does not constitute an offer of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Rentokil Initial plc or any of its subsidiary companies. The presentation contains forward looking statements, beliefs or opinions, including statements with respect to the Company's business, financial condition and results of operations, which are necessarily subject to risks and uncertainties because they relate to future events. These statements, which contain the words "anticipate", "believe", "intend", "estimate", "expect" and words of similar meaning, reflect the Board and management's beliefs and expectations. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Our business and operations are subject to a variety of risks and uncertainties, many of which are beyond our control and, consequently, actual results may differ materially from those projected by any forward looking statements. Past performance of the Group cannot be relied on as a guide to future performance. Forward looking statements speak only as at the date of this presentation and each of the Group expressly disclaims any obligations or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation. No statement in this presentation is intended to be a profit forecast. As a result, you are cautioned not to place any undue reliance on such forward looking statements. Some of the factors which may adversely impact some of these forward looking statements are discussed in the Risks and Uncertainties section on pages 67 to 73 of the Group's Annual Report and Accounts for the year ended 31 December 2020. This report may be viewed on the Group's website at www.rentokil-initial.com. This presentation contains supplemental non-GAAP financial and operating information which the Group believes provides valuable insight into the performance of the business. Whilst this information is considered as important, it should be viewed as supplemental to the Group's financial results prepared in accordance with International Financial Reporting Standards and not as a substitute for them. Consideration should be given to the types of events and transactions that are excluded from the calculation of the non-GAAP information. The Non-GAAP measures are not uniformly defined by all companies, and therefore comparability may be limited. 2#3Rentokil Initial Protecting People. Enhancing Lives. Welcome and overview. Hygiene & Wellbeing: The New Pest Control. New opportunities. New targets. Andy Ransom, CEO Initial Initial 3#4Agenda 12.00 12.20 12.30 13.05 13.15 13.25 13.30 Introduction: Pest Control and Hygiene New opportunities. New targets The Pest Control Industry: An outstanding, thriving investment opportunity Leading the Digital Transition in the Pest Industry Pest Control: Past, Present, Future Our Digital Ecosystem UK Case Study NB. also on display in the coffee area Innovation to Extend our Industry Leadership Innovation pipeline to fuel future growth - our strategy and new solutions. NB also on display in the innovation room Value Creating M&A in Pest Control Pest Control Long Term Growth Engine Lunch: Displays - Digital, Innovation and ESG Andy Ransom, CEO Gary Booker, Chief Marketing, Innovation & Strategy Officer Phill Wood, Regional MD UK & ROW Region Paul Donegan, Digital Innovation Director Dave Hall, Operations Director, Pest Control, UK Lizi Jenkins, Group Innovation Director Chris Hunt, Group M&A Director Stuart Ingall-Tombs, CFO 4 Rentokil#5Agenda, continued. 14.00 14.20 14.40 15.20 15.35 16.15 16.30 16.50 Hygiene & Wellbeing: The New Pest Control Hygiene & Wellbeing A value-creating opportunity Core Washroom Hygiene Business Opportunity into Growth Core has recovered and there's plenty of opportunity Coffee break Expansion Outside the Washroom Air purification ● Specialist Hygiene Medical Waste Dental Hygiene Waste Wellbeing The New Growth Landscape Value Creating M&A in Hygiene & Wellbeing Our New Growth Engine New Targets and Growth Opportunities Q&A with the leadership team Followed by Drinks Reception with the leadership team Andy Ransom, CEO Gary Booker, Chief Marketing, Innovation & Strategy Officer Brian Lynggaard, Operations Director, UK Hygiene Jill Rodgers, Area Marketing Director, UK & ROW Displays Digital, Innovation and ESG. Alain Moffroid, Regional MD, Europe Region Including video contributions from: Greg Smith, MD, Greater China Karen Kavanagh, Marketing Director, Pacific Mike St. Clair, SVP, Sales & Marketing, North America Alain Moffroid, Regional MD, Europe Region Chris Hunt, Group M&A Director Stuart Ingall-Tombs, CFO Andy Ransom, CEO Initial Displays Digital, Innovation and ESG. 5 Initial#6Submit a question This afternoon there will be a Q&A with the leadership team. Throughout this event, if you would like to submit a question in advance please feel free to do so: If you are in the room, please visit: https://cutt.ly/8EgnNPM 1. 2. If you are joining online - the event website on which you are viewing today's meeting has a Submit a Question feature available through on the right hand side of the screen. We will attempt to answers all questions during the day or following today's event. Rentokil Initial anto you 6#7Introductions Andy Ransom Chief Executive Officer Joined Rentokil Initial in 2008 as the Executive Director of the global Pest Control business with functional responsibility for Corporate Development, M&A, Legal & Company Secretariat. Appointed as CEO in October 2013. Prior roles included various senior management positions with ICI over 20 years. Stuart Ingall-Tombs Chief Financial Officer Joined the Company in 2007 as Divisional Finance Director for Rentokil then several years as Group Financial Controller and Treasurer before four years as Regional Finance Director for Europe and CFO of North America. Fellow of the Institute of Chartered Accountants in England and Wales. Gary Booker Chief Marketing, Innovation & Strategy Officer Joined Rentokil Initial in January 2018. Prior roles included executive leadership positions in marketing, strategy and innovation at Dixons Carphone, 02 (Telefonica) in London and Madrid, Dunlop Slazenger, and at Electronic Arts in San Francisco. Phill Wood Regional Managing Director, UK & Rest of World Joined Rentokil Initial in 2006, holding various senior roles in Europe before leading the UK business in 2009 and the UK & ROW Region in 2013. Prior roles included senior management positions at Lex Services/RAC for 15 years. Alain Moffroid Regional Managing Director, Europe Joined Rentokil Initial in 2013 as MD Pacific. Moved to France in 2019 to take the role of MD Europe. Prior positions include senior roles in Asia and the Pacific for Unilever. Lizi Jenkins Group Innovation Director Joined Rentokil Initial in March 2020. Prior roles have included Head of Innovation at British Gas and product development and scientific research roles at Johnson and Johnson and 3M. 7#8Introductions, continued 6-7 107 Chris Hunt Group M&A Director Joined Rentokil Initial in 2012 as Group M&A Director. Prior roles included Corporate M&A Director at AstraZeneca plc and Director, KPMG Transaction Services Paul Donegan Digital Innovation Director Joined Rentokil Initial in 1997 and has held several senior IT management roles within the Group before becoming Digital Innovation Director in 2018. Prior to joining the Company, he held roles at Kvaerner Steel. Brian Lynggaard Operations Director, UK Hygiene Joined Rentokil Initial in 2005 as Managing Director for Rentokil in Denmark having previously worked in sales and marketing positions in the UK, Denmark and Holland. Joined the UK senior leadership team as Operations Director for Initial UK in 2010. Jill Rodgers Area Marketing Director, UK & Row Region Joined Rentokil Initial as Category Manager for Initial in 2011, before moving into her current role of Area Marketing Director in 2012. Responsible for the marketing of all businesses and brands across the UK & ROW Region, supporting Sales Colleagues. Prior experience included work in the Commercial Vehicle sector for German tyre manufacturer, Continental. Dave Hall Operations Director, Rentokil Pest Control, UK Joined Rentokil Pest Control 14 years ago as Marketing and Key Account Director, and for the last 11 years has held the position of Operations Director. Responsible for Rentokil's Pest Control business in the UK. Video contributions by: Greg Smith, MD, Greater China Karen Kavanagh, Marketing Director, Pacific Mike St.Clair, SVP, Sales & Marketing, North America 8#9PESNICIMANG Rentokil Global Leaders in Pest Control. fadi Ari HOLMENY Rentoki#10Pest Control is an outstanding growth industry. The global Pest Control market continues to thrive post crisis - an essential service protecting public health. Global market data - c. $22bn in 2020 (51% in NA, c. 20% Europe, c. 20% Asia). No let up in the core drivers e.g. growing middle classes and urbanisation. Every region is growing its per capita spend on pest control. New research - factors influencing the decision-making process of commercial customers when selecting a pest control provider – reliable service, innovation, digital and sustainability are key. Robust global market. Continuing to grow at 4.5% - 5%+ p.a. over the medium term. Antok RAV Strong market and growth drivers. Gary Booker, Chief Marketing, Innovation and Strategy Officer 10#11Rentokil is the global leader in Pest Control. A powerful platform to build on. Today we operate 87 countries with 56 market leading positions. This is our main platform for medium-term growth. Driving deeper into key markets, customer sectors and cities for future growth. Expertise that is unrivalled. Our commitment to training and career development, innovation, digital, sustainability and service excellence is unmatched. A premium service that will deliver even higher levels of customer satisfaction. 15.4% Revenue CAGR (H1 2015 - H1 2021). Driven by a combination of organic drivers and M&A. New Rentokil Pest Control organic growth target of 4.5% - 6.5% over the medium term from 2022. @ Global leaders. Gary Booker, Chief Marketing, Innovation and Strategy Officer Rent 11#12Leader in technology. We have made a long-term investment in our digital ecosystem. This is in place globally - proven, robust, scalable, secure and delivering high levels of customer satisfaction. Others will have to play catch up. Innovation, digital and sustainability will be major drivers of growth over the medium term. Areas in which we lead. Data is the next big thing - we have 10bn data records for analysis already in our system. PestConnect's time has come - a premium, commercial service. +200,000 units in the field / c. 3% commercial customers today. See demonstration area. New ambition is to reach c. 25% of commercial customers by 2026 with Pest Connect. Rentokil Leading in digital technology. Phill Wood, Regional MD, UK & ROW Region Paul Donegan, Digital Innovation Director Dave Hall, UK Operations Director Ritoli J.Schumach 12#13Unrivalled capabilities in innovation. Our innovation pipeline combines next generation pest control tools and expertise in technology. The Power Centre: No other pest control company offers this level of in-house science and innovation capability - setting new standards for pest control. First to deploy connected pest control, LED Insect Light Traps and to use CO2 in rodent control. New showcase of projects that bring to life our pipeline: 1. Future of monitoring with rich video media tracking of rodents. 2. Expansion of remote monitoring ranges - first products for flying and crawling insects. 3. Using data to lower chemical usage. Strong pipeline of innovations. +50 solutions and 17 patent applications underway. Rentoki Initial Unrivalled innovation. Lizi Jenkins, Group Innovation Director 13#14Rentokil Property Care protecting property from woodworm and rot. Property Care was our original Rentokil business, first registered in 1925. Clear linkage between Property Care and Pest Control - protecting property from woodworm, dry and wet rot. Single country operating model - single management team, shared back office functions in the UK. High quality service and expertise - Trustpilot 'Excellent' rating with c.900 reviews. Some crossover already during e.g. pest proofing installs undertaken by Property Care. Shared web presence on rentokil.co.uk in place. £12.3m Ongoing Revenues in H1 2021, growth of 59%. £22.5m Ongoing Revenues in 2019. Joining the Pest Control Category as of 1/1/2022. Rentokil Experts in Pest Control & Property Care Hoverra hotspot to Acces For Busin Call us for a quote on 0808 250 1487 or Contact Us * Come to compen PCA Local Pest Control & Property Care with UK wide expertise q Chat now 14#15Value creating global M&A programme. Since 2016 we have successfully acquired 228 businesses mostly in pest control with acquired revenues of over £850m. We have the network, know-how and proven acquisition model - with a deep understanding of density. The market is highly fragmented and we remain the buyer of choice: 40,000 pest control companies globally. North America: ~100 companies with revenues >$5m, in line with 2016. Over the last 5 years, 43 companies sold, 42 new entrants (PCT100 List). 'Cities of the Future' focus where we expect to grow at higher levels. Confidence in the sustainability of our global M&A pipeline. asseto Rentoll Sustained M&A opportunity. Chris Hunt, M&A Director asseio Rentoki Os Especialistas em Controle de Pragas 15#16The Hygiene Services market has changed with higher expectations. Core Hygiene market growth drivers are similar to Pest Control including growing middle classes, urbanisation and demand for higher standards. Post pandemic, we also anticipate more regulation eg workplace hygiene. Multiple delivery models - direct purchase, janitorial model in the US and the professional service delivery model, also sub-contracted via Facilities Managers (FM). New research - 20 markets - impact of COVID-19 on hygiene attitudes and behaviours. The benchmark of 'good' hygiene is now far higher. An outstanding industry with new levels of expectation and growth opportunities. Core Hygiene market pre-pandemic growth rates typically of around 2% -3% - broadly in line with GDP... now increasing as a result of the pandemic Initial Initial Drivers and changing attitudes. Gary Booker, Chief Marketing, Innovation and Strategy Officer 16#17Initial - the leading international Hygiene services business Unrivalled global position in core Hygiene services - 22 market leading positions (top 3 in 38) of 65 markets. Industry-leading products - best product range (hand, air and in-cubicle Hygiene) and powerful brand. Core Hygiene annual Ongoing Revenues of over £500m. Margins in Hygiene: - Post code density (as per Pest): # of customers on a route. - Product density: # products in each premise. - Shared overhead: Infrastructure, back office. - M&A: Build geographic density and revenue on shared cost 3% -4% Organic Growth delivered during 2018-2019. Core Hygiene returned in H1 2021. Initial Initial Core Washroom Hygiene business. Brian Lynggaard, Operations Director, UK Hygiene Jill Rodgers, Area Marketing Director, UK & ROW 0 17#18Hygiene & Wellbeing In response to the pandemic and increasing importance of hygiene and wellbeing services we are expanding the category - creating the right business at the right time to meet the future needs of our customers. 18#19Hygiene & Wellbeing. Wide range of services to meet the enhanced expectations for Hygiene: Core Washroom Hygiene: Using our scale, service expertise, brand, digital and innovation inside the washroom. Premises Hygiene: Leveraging our hygiene expertise outside the washroom including specialist hygiene services in air care and clinical waste management. Enhanced Environments: Improving the occupant experience including premium scenting, plants, air monitoring and green walls. Brings together Ambius plants and scenting; Dental Hygiene; and Cleanroom services - moving from Protect & Enhance as of 1/1/2022. An expanded new category meeting the needs of the world today and tomorrow. 19#20Hygiene and Wellbeing £180m Pre-pandemic Ongoing Revenue of c.£700m Rentokil Initial 2018: £692m £512m £191m 2019: £730m Core Hygiene Business Premises / Enhanced Environments - Ambius, Dental & Cleanrooms £539m, H1 2021 now back in line with 2019 c.£350m H1 2019 * Note: New Organic target excludes Disinfection. c.£325m H1 2020 Over the medium term from 2022 we will deliver 4% -6% organic growth on the enlarged Category.* c.£350m H1 2021 New Hygiene & Wellbeing Category: Combined Ongoing Revenues Note: Excludes Disinfection 20#21Hygiene and Wellbeing A compelling medium-term organic growth opportunity. Growth from core Hygiene - inside the washroom from an enhanced Hygiene offer incl. no-touch, digital and e- commerce. Expansion of our offer from activities outside the washroom (Premises and Wellbeing / Enhanced Environments) incl. air, dental hygiene and wellbeing. Plus, expansion delivered through new markets - geographic coverage. Delivering 4% - 6% Organic Growth over the medium term from 2022.* * Excludes Disinfection c.50% of our 4% -6% medium- term target. c.50% of our 4% -6% medium- term target. LINGE Members of the management team from our operations in Europe, US, Asia and Pacific. Initial Workplace Hygien 21#22Hygiene and Wellbeing Strong M&A growth opportunity - same model as Pest Control M&A creates value through city-based density economics, as per Pest Control. M&A team, expertise and systems in place. Delivering 5-6 deals p.a. on average. Proven ability to drive margins -density building. Significant global M&A pipeline is being built across the Hygiene & Wellbeing category. Momentum growing through 2022. Deal flow supported by an emerging pipeline of c. 80 targets. We will also be open to the potential for larger transactions if available. Target £25m+ revenues p.a. M&A in Hygiene & Wellbeing Chris Hunt, M&A Director Rentoki Initial 22#23Old Group Financial targets (until 31/12/2021) Medium-term Group financial targets Organic Revenue Growth Group: 3% -4% Pest Control: 4% -6% Hygiene: 2% -3% Workwear: n/a Ongoing Revenue Growth Total Growth of 5% - 8% Ongoing Operating Profit Growth Growth of c.10% Free Cash Flow Conversion rate of c.90% Rentokil Initial TWITTE New Group Financial targets (from 1/1/2022) Organic Revenue Growth Group: 4% - 5% (excl. Disinfection) Pest Control: 4.5% - 6.5% Hygiene & Wellbeing: 4% -6% (excl. Disinfection) Workwear: 3% -4% Ongoing Revenue Growth Total Growth of 6% -9% (of which M&A c.2% - 5%) Ongoing Operating Profit Growth Growth of 10%+ Free Cash Flow AM Conversion rate of c.90% FRANCISCO 23#24ESG is real & operational in Rentokil Initial. Long-term investment in our Employer of Choice programme - driving high levels of retention and recruitment. High levels of training. New diversity programme. Environment programme - net zero by the end of 2040 goal established, strategy (8 workstreams) being deployed locally. Strong local engagement. By 2025 - 10% of our fleet (c. 2,000 vehicles) will be ultra low emissions/electric. Vigeo Eiris ranks Rentokil Initial 1st out of 103 companies in Business Services. ESG rated as 'AA' by MSCI, as Prime by ISS ESG (with a decile rank of 1 indicating a high relative ESG performance) an as 'low risk' for ESG by Sustainalytics. A responsible, purpose driven organisation. 1 Dow Jones Sustainability Indices CM MSCI ESG RATINGS BROOK-E AA EURONEXT viiris EUROPE 120 00 FTSE4Good SUSTAINATICE RATED With a tested average energy saving of: 61% Innovation, Digital & ESG display areas. Please visit during breaks and drinks. 24#25Agenda 12.00 12.20 12.30 13.05 13.15 13.25 13.30 Introduction: Pest Control and Hygiene. New opportunities. New targets The Pest Control Industry: An outstanding, thriving investment opportunity Leading the Digital Transition in the Pest Industry Pest Control: Past, Present, Future Our Digital Ecosystem UK Case Study NB. also on display in the coffee area Innovation to Extend our Industry Leadership Innovation pipeline to fuel future growth - our strategy and new solutions. NB also on display in the innovation room Value Creating M&A in Pest Control Pest Control Long Term Growth Engine Lunch: Displays - Digital, Innovation and ESG Andy Ransom, CEO Gary Booker, Chief Marketing, Innovation & Strategy Officer Phill Wood, Regional MD UK & ROW Region Paul Donegan, Digital Innovation Director Dave Hall, Operations Director, Pest Control, UK Lizi Jenkins, Group Innovation Director Chris Hunt, Group M&A Director Stuart Ingall-Tombs, CFO 25 Rentokil#26Rentokil Initial Protecting People. Enhancing Lives. The Pest Control Industry: An outstanding, thriving investment opportunity Gary Booker - Chief Marketing, Innovation & Strategy Officer 26#27Global Pest Control market has grown consistently over last 5 years Estimated Market Size ($m) Rentokil Initial 22 21 20 19 18 17 $18.38 2016 $19.41 2017 $20.43 2018 $21.58 2019 Total market CAGR of 4.7% over last 5 years $22.11 2020 Pest Control industry remains an attractive growth investment opportunity Source: Allied Research, Specialty Consultants Research and internal data 27 Rentokil#28North America dominates the global pest market, with Commercial as the largest segment Market Value by Region ($bn) Rentokil Initial Continent North America Asia Europe Oceania South America Africa CAGR% 2016-2020 4.2 6.0 4.9 4.9 4.8 3.2 2020-2026 4.3 6.1 5.0 5.1 6.0 4.0 Share% 51 21 20 4 3 1 Split by Key Segment 34.7% Sources: Average from 16 different industry reports and Internal Data Forecasts from June 2021 Commercial Residential Strong overall growth of 4.5 - 5%+ with Asia set to become bigger than Europe 19.6% 45.7% Termite 28#29Growth has been driven by the 9 factors discussed in 2018 Resilient Market with Multiple Macro Growth Drivers - In both Commercial and Residential customer segments Growing Population World population growing by 80m people p.a and forecast to be 8.6bn total by 2030 creating further demand from pest proximity Urbanisation 70% of the population will live in cities by 2050 (1990 = 43%) where pest issues are most prevalent Rise of Middle Classes 160m more people join the middle class every year with increasing standards and lower pest tolerance Rentokil Initial S Climate Change By 2050 climate change is expected to cause approx. 250k additional deaths p.a. from malaria, diarrhoea and other diseases Rise of Pests "Ratpocalypse" - global rat population estimated to increase to 7bn and increasing demand for non-toxic solutions Vector-borne Diseases More that 3.9bn people in over 128 countries are at risk of contracting dengue fever, with 96m cases estimated per year Standards Increase Increasing global convergence and transparency in global standards, particularly adoption of global standards in emerging markets Increasing Business Pressure 22% of facilities across the global food chain have some record of pest activity at any one time with significant reputational risk Rise of Pest Intolerance Pest infestations cost businesses £5.8bn p.a. Many of these remain potent growth drivers for the years ahead... Sources in appendix £$€ -- 17 29#30Further climate and environmental factors drive pest growth Warmer climate In 2020, the earth's surface temperature was around 0.98 Celsius degrees warmer than the 20th-century average The number of days with an average temperature above 50C has nearly doubled: 1980-2009 = 14 days 2010-2019 = 26 days Pest growth and movement 25 scientific studies show a clear association between climate change and mosquito-borne disease risk Aedes aegypti predicted to invade an estimated 19.96m km2 by 2050, placing 49.13% of the world's population at risk of arbovirus transmission Rentokil Initial |||||||||||| 7 Impact on Pest Control Increasing temperatures means longer breeding periods, and longer pest seasons each year ● ● ● ● Insects are likely to experience one to five additional life cycles per season Climatic changes favour mosquito breeding conditions and extend the biting season This also facilitates the spread of pests into new geographies, bringing disease and an increased risk for public health Increased demand for more sustainable solutions Warmer weather = Longer pest breeding seasons and geographic spread Sources in appendix 30#31Population growth and urbanisation remain strong factors World population is forecast to increase to 9.1bn by 2050 Over the last 70 years the average for people living in urban areas in Asia has increased from 17.5% to 51.1%, and in North America has moved from 63.9% to 83.6% 68% of the population will live in urban areas by 2050 (vs. 55% in 2018) Rentokil Initial 6. www Impact on Pest Control Population growth and density breeds commensurate pest growth ● More buildings and development also mean more safe harbourage areas for 1444 pests to live and forage Increasing food production to meet demand requires high levels of pest control More people on the planet living in dense urban areas creates greater pest control need Sources in appendix FRANCISCO 31#32Growing middle class expectations and spending continue Spending amongst the middle classes is expected to grow from about $37 trillion in 2017 to $64 trillion by 2030 accounting for a third of GDP growth Increased spend in particular will be driven by the growing wealth and consuming classes in emerging economies Changing expectations drive standards and ultimately regulation Rentokil Initial $ Impact on Pest Control 160m+ more in the middle class each year demanding ever higher sanitation standards ● ● Pest Control requirements grow as global sanitation expectations rise in residential and commercial premises Higher standards driven by a growing middle class and increased transparency Sources in appendix 32#33Data accessibility and transparency from technology adoption Increased loT In 2020 there were 8.7bn active loT devices worldwide, with CAGR of 11% expected - growing to 25.4bn in 2030 By 2023, M2M connections will represent 50% of the total devices and connections in the world More data Global data creation is projected to grow from 64.2 zettabytes in 2020 to more than 180 zettabytes by 2025 Rentokil Initial 00 01 01 1.00 al Impact on Pest Control Digitisation trends are influencing the service 01 and solution demand from customers 0 00 T Information flows are more transparent and drive the need for ever tighter controls to protect business and reputation 00: Increased data provides insights that stimulate customer needs 0.1.. 0 0 0 00 0. 01.00 05 1.0 0 10 00. Customers expect more data and transparency which creates insight and drives demand Sources in appendix 0 33#34Spending on Pest Control is increasing in every market Per capita spend continues to increase driven by global trends influencing increased demand Global North America Europe Asia India China Rentokil Initial 2020 Estimates Pest Control ($bn) 22.11 11.16 4.35 4.70 0.47 1.72 Pest Control as a % of GDP 0.017% 0.042% 0.014% 0.008% 0.005% 0.007% 2018 2.41 18.02 4.56 0.62 0.16 0.24 Pest Control per Capita ($) 2020 2.86 18.89 5.23 1.04 0.34 1.20 Growth % (18=>20) 18% 4.9% 15% 68% 112% 400% Regional variances also influence the mix between Commercial, Residential, and Termites: Commercial 34%-67% Residential 13%-42% Termites 14%-25% Significant 'above market' growth opportunities exist from a targeted approach, particularly in cities located in developing and emerging markets Sources and details of revised 2018 per capita spend data in appendix 34#35Rentokil: The largest Pest Control business in the world The strongest #1 in the most countries 85% of Global GDP is serviced by the countries we operate in 10x Rentokil Initial revenue outside the USA when comparing Rentokil to Rollins and Terminix Market leader Markets No. I Markets #1 and #2 Position 100 75 50 25 0 Number 1 20 11 in 56 of the 87 countries we operate in 56 Rentokil Number 2 68 Rollins Remaining Markets 28 20 Terminix Ecolab 6 Anticimex Of top 50 priority cities we estimate RI Pest Control market share as being The key cities are expected to grow GDP (2020 - 2030) at (a higher rate than the Pest Control industry projections) 15% Forecast GDP 2020-2030 (CAGR) Country compared to City Global GDP -- Country GDP 10% = 5% 0% Bangalore Chennai Hyderabad Mumbai Rentokil has the best global platform for growth of any pest business Sources in appendix Delhi 10.6% Surat Dhaka Ahmedabad Jakarta Manila 5.8% Ho Chi Minh.... Pune Karachi City GDP Kuala Lumpur Dar es Salaam 35#36Recognised as the 'Experts in Pest Control' ● ● ● ● Innovation Innovation is in our DNA; our track record of developing award winning solutions and services is unparalleled Innovative data-driven technology Regulatory & Technical Compliance In-house regulatory team and analytical experts Extensive industry-leading global experience navigating regulatory, legislative and safety requirements Good Laboratory Practice (GLP) compliant analytical laboratory ● ● Global Centre for Science & Innovation One of the world's largest centres for innovation, science and technical training Forefront of behaviour science and observational research Ph.D. scientists developing and testing innovative solutions Training & Skills Strong culture of engagement and outstanding technical training across our 20,000+ highly qualified and experienced technicians 309k training courses undertaken in 2020 Industry leadership sustained through focus on service delivery and solution innovation Rentokil Initial 36#37Culture of constant Innovation drives our business success SCIENCE at the heart of our approach by the experts in our global innovation centre 50+ partners working with us to deliver best quality solutions at pace, from technology to academia Rentokil Initial RRAC Rodenticide Resistance Action Committee BASF We create chemistry THINK WILDLIFE Campaign for Responsible Rodenticide Use invested centrally £21m over the last 3 years complimenting regional R&D spend 100% of all pipeline solutions will have a positive impact on environmental performance AAIB IZI INTERNATIONAL. BRGS novation cepa Swansea University Prifysgol Abertawe LAIIER 3,000+ 50+ Colleagues supporting our innovation agenda globally innovations being progressed through our development pipeline at any one time VICTORIA UNIVERSITY OF WELLINGTON TE HERENGA WAKA FIRST to market with LED technology in Insect Light Traps (ILTs) and Connected Pest Control Spany c.25% The University Of Sheffield. Biogents In2 Care vodafone A LSTM VID, SUL TRONCAL MEDIC of UK job sales generated from innovations launched over the previous 5 years (2019) AUBURN UNIVERSITY. BAYER BAYER LONDO ANDA 30 37#38Rentokil's Digital Ecosystem underpins our service delivery Digital Ecosystem consists of: Detailed digital data capture and full service recording on site Granular level of pest activity detail and monitoring Suite of 24/7 always-on connected solutions Master, fully-interactive Command Centre holding all data Full visibility of all activity - searchable by all fields (location, pest, solution, sector, etc.) ● ● ● ● Interactive customer portal for full transparency and site-by-site breakdown Google Cloud Vodafone Rentokil Initial PA Qlik Q Cognizant Telit Permanent monitoring • Round-the-clock monitoring for pest activity = proactive pest control Infestation management Earlier identification and response before an infestation develops Providing clear customer benefits: Proof & automated documentation Ability to track and show improvements in pest management Ability to prove the quality of products, brand and reputation to suppliers and customers • Greater visibility of pest issues and resolution to prove compliance with audit and regulatory standards Multi-sites • Maximum transparency through data for control of customer sites Better service and pest measures Proactive replacing traditional reactive pest control Ability to determine pest trends and commission preventative measures ahead of time • Customer E-billing Unique capability delivering compelling customer benefits and servicing efficiencies 38#39Customers are clear on their needs moving forwards 76% of respondents say that reliability and speed of service is important to them when selecting a pest control provider for their business Rentokil Initial 75% of respondents say that the ability to deliver new innovations is important to them when selecting a pest control provider for their business. 75% respondents say proof of service is/would be an important feature of online pest reporting for their business 74% of commercial business say that the ability to offer remote monitoring of pests is an important deciding factor when choosing a pest control provider 81% of commercial businesses say it's important that pest control provider supports their sustainability agenda Minimising the amount of pest control chemicals being used is one of the top four ways respondents see advancements in technology helping deliver better pest control within their business Rentokil is extremely well placed to meet the important and emerging customer needs YO 39#40Rentokil set for continued growth in all markets A strong and unique position given our global footprint, our pest expertise and digital capability Scale Operating in over 85 countries covering over 80% of the world's GDP Present in 80% of the Top 250 cities globally Density across our markets that enables us to profitably deliver the most effective service Targeted M&A building further density in-fill Rentokil Initial Expertise Over 95 years of specialist Experience and learning Science based expertise from our qualified front line teams to global science centre Technology enabled colleagues armed with pest control data ● Innovation Culture of innovation right across the business Rentok Industry-leading global R&D Innovation Centre studying animal behaviour Unique and proprietary pest solutions Strongly positioned for organic growth of 4.5% - 6.5% Digital myRentokil digital platform customer portal live in 46 countries PestConnect as the world's leading integrated Pest Management solution Huge power from CommandCentre data End-to-end Digital Ecosystem for customer service delivery including monitoring payments and account management 40 0110#41Rentokil Initial Protecting People. Enhancing Lives. Leading the digital transition in the pest industry Phill Wood - Regional Managing Director, UK Rentokil 41#42Pest Control transitioning to Digital Rentokil leading the industry as it evolves with enabling technology Rentokil Initial The Experts in Pest Contr Rentokil MENT CE MK67 XKT 42#43Rentokil Initial Protecting People. Enhancing Lives. Our Digital Pest Ecosystem is industry leading and gives us a clear advantage over competitors Paul Donegan - Digital Innovation Director Rentoki 43#44#45What is Digital Pest Control? We have the platform to scale loT globally Frontline Colleague I i Customer Site Rentokil Initial Rentoid 8 Back Office Colleague IoT Cloud Platform Customers Internet Gateway How does this work Connected Pest Control Devices Proprietary Secure Network Rentokil lot Platform from Google Colleague & Customer user Apps The world's best pest control devices are now connected! 45#46How does this work? 100% customer transparency Colleagues digitally empowered Digital twin of a customer's site Does not use customer wifi Heartbeat messages Rentokil Initial Devices Internal & external devices Mouse & rat solutions Sustainable solutions Over 200,000 devices already live Scalable robust network already established 46#47Our LongReach Network Can be managed remotely Live in 26 Countries Proprietary LongReach network Not connected to customer's wifi RI Connect by Rentokil Initial How does this work Regular security audits 888 Over 10 million messages a day Largest sites have 1,000+ devices LoRa Based technology We have been investing & innovating in our technology for over 10 years T 47#48How does this work? Rapid agile development "End to End" integrated solutions Partnered with global leaders Designed for global scale We are Ready for Growth Rentokil Initial loT Platform Google Cloud vodafone Telit Rentokil Initial Qlik Q Partnered with global leaders in digital innovation & loT PA Cognizant 48#49COOK 101 101010 00011010 2009 009666111#50Colleague Apps Front line Floor Plan EXTERNAL Rentokil Initial = 0 0 GROUND LongReach PestConnect Radar Pest Location Type Barcode 38 Activity Battery system sensing Status Radar 321 Pest Connect Radar 9091900006315 Preparations How does this work? Colleague experience is everything Capture everything digitally Guide front line to issues Digital twin of a customer's site We visit over 8 million individual locations each year 50#51Colleague Apps - Command Centre Rentokil Initial How does this work? Trend Analysis Pest activity analytics for time of day, day of week, month of year. As well as weather and temperature. Mining our BIG DATA To improve our service and for converting our recommendations into jobbing revenue Using Al & Machine Learning Identify risk areas and help predict likelihood of future risks Every day we capture 10 million records in our data platform 51#52XPS How does this work? Safe, Secure platform Used by Auditors & customers 100% Transparency with customers A single digital destination for our customers allowing them to: View their service history Manage open recommendations Access trend analysis & reporting View their bills Rentokil Initial Customer Apps my Rentokil LIN myento ng Rentokil myRentokil Over 98% of Commercial customers have access to myRentokil in 46 countries 52#53Why is it important? We have the platform to scale loT globally Front line Colleague Customer Site Rentokil Initial Back Office Colleague IoT Cloud Platform 8 Customers Internet Gateway Our Digital Ecosystem We have laid the foundation & have a solution that is designed to scale. We have overcome the local network complexities We have partnered with the technology giants to create the world's best Digital Pest Control solution 53#54Rentokil Initial Protecting People. Enhancing Lives. UK Case Study Proven model to deliver a better customer experience and improve our commercial performance Dave Hall - UK Operations Director Rentokil Rentokil 54#55Targeting c.25% of commercial customer base Delivering a Global Mass Market Digital Pest Service 1. Build capability in the UK as lead market Commercialisation / Solution Pipeline / Capability ● The growth intent: Rentokil Initial 2. Global Deployment Model Export lessons / developments to regional lead markets Progress already demonstrated in key markets Dedicated Global Team to support progress c. 25% by 2026 55#56PestConnect: Revolutionising the Pest Industry ● ● ● ● UK business launched mass market Pest Connect in 2019 Connected Portfolio has grown by more than 4X since launch and is now circa 10% of portfolio The UK strategy has 3 major segments: o Key Account Customers o SME new contracts o SME renewals The commercial business model is: o Switch technician visits into 24/7/365 connected monitoring o Switch more portfolio into 3 year contracts Rentokil Initial Devices 80,000 60,000 40,000 20,000 Sites 0 01/04/20 6,000 4,000 2,000 Site Growth 0 01/04/20 Device Growth 01/07/20 01/07/20 01/10/20 01/10/20 01/01/21 01/04/21 Reporting Date 01/01/21 01/04/21 Reporting Date 01/07/21 01/07/21 56#57PestConnect: The Customer Benefits Connected 24/7 Monitoring & Control M Our Intelligent connect offering effectively monitors and control rodents 24/7, saving you time and money dealing with costly infestations Rentokil Initial Expert Technicians Rentokil With a team of expert technicians, Rentokil can provide a rapid response nationwide, through the local and consistent availability of staff PestConnect: Intelligent Pest Control that doesn't cost the earth Unique and Effective Products Rentokil Tailored to your site and your needs, Pest Connect provides a real-time, early warning system for the monitoring and control of rodents Intelligent Data OO 4|||C Intelligent data gathering, allows for greater insights into pest issues allowing for a more targeted approach, as well as providing benchmarking across your estate Sustainable Solutions 32 We use a range of sustainable solutions, to effectively control rodents without harming the environment, saving up to 40% in rodenticide use and protecting your reputation 57#58Pest Connect: Strong growth across the customer base • Twin strategy targeting New and converting Existing portfolio to PestConnect • 25%+ New Contracts sold are Pest Connect, with 70% signed up on a three year contract ● ● ● 58% of the target convertible Existing SME Portfolio upgraded to Pest Connect Contracts since the start of 2021 Progress in both Key Accounts(KA) and SME Largest sectors in KA include FM and Retail (food & non-food) Rentokil Initial Targeting & winning with Connect in a wide range of sectors: 884 I T: Restaurants Pubs FM Food Retail € Non-Food Retail Food Manufacturing Leisure 58#59"Tesco Turn to Tech for Pest Control" "Britain's favourite supermarket" decided to use PestConnect as it uses intelligent technology to monitor for pests in real-time, whilst also reducing reliance on rodenticides: ● ● ● ● ● Complements their sustainability programme as well as keeping them compliant Delivers 100% non-toxic internal monitoring & control Complies with the Campaign for Responsible Rodenticide Use (CRRU) Enabled Tesco to reduce their use of rodenticide by up to 40% Reduced pest problems since introducing Connect despite the challenges of running a retail outfit during Pandemic The Tesco: Rentokil partnership is leading the way on innovative, sustainable approaches to pest control in the retail industry Rentokil Initial (( Rentokil's intelligent pest management system provides us with a wealth of data that helps us to more effectively manage pests, ensure our premises are properly pest proofed, and that robust prevention measures are in place. Tony Donovan, Head of Pest Control, Tesco TESCO 59#60Delivering Effective & Sustainable Pest Control to Key Sectors NHS Pest Connect installed in London and Glasgow Nightingale Hospitals during the Pandemic CBRE CBRE "Innovation of the Year" Winners Rentokil Initial BARVALLS SEC Centre BARNALS NGE DELM Rentoki INTELIGENT okil Co res power for good Protecting Solar Cell Infrastructure around the UK eden project Helping to protect the Eden Project from unwanted rodent visitors, as well as reducing the use of toxic baits by up to 40%. 60#61UK standard PestConnect Offer "We'll give you 24/7 monitoring for rodents for more or less what you are currently paying for 8 visits" ● ● ● ● • Routine visits reduced to 4 from 8 Fewer but better devices unique to Rentokil 24/7 monitoring Online reporting 3 year contract Limited change to contract price Rentokil Initial PestConnect RADAR Dual AutoGate Connect This offer is then tailored by sector Rat Riddance Connect myRentokil myRentokil Reporting 61#62PestConnect: Enhanced customer reporting Activity by Detector: Front of House WER FLOOR 1810 BAKERY CONCESSION Rentokil Initial Source of activity myRentokil Trend of Sources of Activity % Store Callouts vs. Pest Connect Callouts vs. PPMS - Store Callouts Pest Cornect PPMS 80% 60%. 40% 20% 0% July Sept Nov Jan March April June August Location of activity myRentokil Your Sites Average Rolling 12 month Bact in Class Store 10.31% % of ESTATE with INTERNAL RODENT ACTIVITY 10.31% Your Sites 12.31% Average Best In Class Last 3 Months Score 8.76% 10.63% 8.52% Your Sites Average Best In Class Last Month Score 9.12% 10.93% 5.90% myRenmal Industry benchmarking 62#63Significant investment in upskilling technician capability B Rentokil Initial Learning to manage a connected system not just understand Pest Control How to maintain a connected device including battery life/management How to locate devices to maximise signal strength and pest control effectiveness Identifying first time fix and frequent problems Thinking through environmental factors, such as rainfall, fabric of the building etc 1 HOJE Q 63#64PestConnect: 'bait box checker' to 'technical expert' ● Enhanced knowledge of site Less time checking bait boxes Which means that: ● More time to focus on infestation management Increased opportunities to recommend other Rentokil services to enhance job revenue Rentokil Initial my Rentol Filter Main Avt CLEAR 3 selected Device Type: Rodent Non-Toxic Connected (90) Rodent Toxic Connected (0) Rodent Non-Toxic (5) Rodent Toxic (167) insect (36) Fly unit (29) Inspection point (21) Connected Devices: Any Issue Pest (0) Battery (5) ✓ Status (0) Device Data: Activity (78) Tasks (28) QUE LongReach PestConnect Radar Post C Battery system concing after toch test fail Location Type Barcode Activity JARRAPORELAX WA Status Radar 22 Pest Connect Rada 9091900006464 Preparations my Rentokil int Main RAM 1 *** Steed war 24/ TFF BRO 5 = 0 Ground floor non production 64#65Colleague Benefits and Summary Creating New, More Valued Roles for Technicians Rentokil Initial T Unassigned Devices MAIN, O GROUND LongReach PestConnect Radar 9092000048838 Type PestConnect Dual Autogate 9161900019303 PestConnect Dual Autogate 9162000002846 3378 Stockport Extra Tesco MAIN (GROUND) MOTO LongReach PestConnect Radar Pest Connect Radar Cancel Q Confirm ● ● Digital technology with integrated reporting systems mean technicians need to be more than just 'bait checkers' Upskilled, highly qualified & accredited technicians manage these systems on the ground In addition, less time checking baits and more time inspecting premises means better value for the customer..... And, a more interesting and challenging job for the technician 65#66For Customers: Switching From Control to Prevention ● ● ● ● ● PestConnect uses cutting-edge technology to give customers: leading the market by switching to pest prevention via 24/7 protection as it remotely monitors & protects their premises around the clock a move away from the industry "norm" of pest control via 8+ standard visits in the UK (with manual visits) per annum minimal disruption as effective & responsive treatments are carried out in a safe manner, with minimal contact with the customers' colleagues minimised risk to people, as technicians attend at an agreed time, using appropriate safety measures real time reporting on total onsite visibility, from any location, as well as details of all open recommendations, via an easy-to-access customer portal (available 24/7) a sustainable & humane approach to pest control, compliant with legislation on rodenticide use Rentokil Initial Rentol 10.5% Filter CLEAR 3 selected Device Type Ⓒ Connected vi Rod (167) 15.8% Per Deine G Cole 198 17 536 Rentoki 21.1% O 36.8% LangachPestCo A location Fik Ande 10 F M www hoorli An award-winning floor plan app enables technicians to provide an even greater level of service Customers can get activity trend analysis within a single or multiple site, as well as benchmarking across a range of sectors O Through technology customers get "easy to access" visit detail / infestation history / recommendation status & floor plans computing Cloud Excellence Awards 2019 Winner 2019 UK IT INDUSTRY AWARDS computing HIGHLY COMMENDED PROJECT OF THE YEAR 5.3% - Chillers 10.5% - Main warehouse perimeter 10.5% - Bakery 15.8%- Sevice yard perimeter 36.8% Main loading doors 21.1% Under tills 66#67PestConnect: The Economic Case 01 02 Rentokil Initial Supporting Revenue Growth of 4.5%-6.5% per annum And contributing to Margin Growth ● Customers are getting a differentiated, reliable pest service available 24/7, 365 days a year as opposed to the industry standard of 8 manual visits Rentokil can therefore offer service differentiation as well as creating a barrier to market entry Connect has also resulted in longer term customer contracts, providing greater revenue certainty as well as positively impacting customer retention It takes a significant investment in time & money to achieve a holistic & reliable solution like Connect Connect can help mitigate labour shortages but at the same time can really enhance job satisfaction And the technology brings real cost benefit, as it has enabled standardisation, at scale Margin neutral at install and over time margin accretive 67#68Rentokil Initial Protecting People. Enhancing Lives. Innovation to extend our industry leadership Lizi Jenkins Group Innovation Director TRAKY MARKK MAN 68#69Innovation pipeline to fuel future growth Technology enabled solutions at the heart of our solution pipeline Delivering better customer service, solution and service efficacy through scientific research and new technology 獸 Focused pipeline with targeted impact to maximise commercial gain Sustainability at the heart of our innovations with clear goals to lower the impact of pest control on the environment Partnering with the world's best digital, technology and chemical industry leaders Informed innovation derived from insights generated by Command Centre: the world's largest and broadest pest control data set Unique, proprietary, patented solutions providing sustained differentiation Rentokil Initial Our role as industry leaders is to continue to push the boundaries for more effective pest control 69#70Extending our market-leading position in Connected Solutions Connect: Second Generation RADAR X Second generation learning Multi-mouse catch for better efficacy and reduced servicing Non-toxic and humane Proprietary CO2 technology Remote updates Rentokil 70#71Extending our market-leading position in Connected Solutions Connect: Second Generation ERADICO GATE CONNECT Made from fully recycled polymer - Meets baiting legislation Counts the number of pest activations - Intelligently activates other Auto-gate devices when infestation occurs 71#72Extending our market-leading position in Connected Solutions New Solutions CRAWL CONNECT New crawling insect connected solution - Proprietary technology - Continuous, 24/7 monitoring Alerts based on set critical limits - Counts and captures unwanted pests - Species identification using Al/ML 72#73Extending our market-leading position in Connected Solutions New Solutions LUMNIA CONNECT Continuous monitoring provides immediate fly control Counts fly by size of species Species identification using Al/ML Alerts actions based on pest/ device activity - - (XBO 73#74Data driven, dynamic pest control reducing chemical use Leveraging proprietary data and technology for sustainable Pest Management Resistance to traditional pest chemicals causes over use of chemicals Dopong googl Rentokil Initial Our data and third party mapping provide Rentokil with unique and proprietary insights Another first for Rentokil: Our global data set provides Rentokil with a differentiated advantage to assess resistance and resolve infestations more quickly, effectively, and with lower chemical use Image source: www.rrac.info Central data and frontline expertise combine to deliver more effective treatments 450 ● 1.18k Again Dur 01:1 74 ...#75Breakthrough Rich Media video analytics arrive in the industry Revolutionising the way we monitor and diagnose pest issues Harnessing tech of the future to bring solutions to an industry that has traditionally been slow to evolve Faster infestation awareness and identification as cameras track rodent activity ***** Uncovering behaviours through data and analytics - giving us knowledge and proof that has simply not been there before Links through to proprietary Rentokil Command Centre and customer facing myRentokil Using the latest technology to provide an enhanced service with a lower cost base through a unique and differentiated solution Rentokil Initial 21 13:36:15 Can SCHIER NE.PP22 117 VAV/ZVEZIBYBL 75#76A culture of continuous innovation ● Proven track record of delivering industry leading solutions Strong pipeline with over 50 solutions at different stages ● • Partnering with the world's best to support the quality and pace of new solution delivery Rentokil Initial The goal to maintain our position as the best pest control company in the world drives our desire to deliver ever better and faster pest control solutions Rentokil Rentokil A. Scharfe 76#77Rentokil Initial Protecting People. Enhancing Lives. Value Creating M&A in Pest Control Chris Hunt, M&A Director 77#78M&A is integral to our growth strategy A strategic imperative and a core part of our DNA Delivery of profitable growth: Our model 5-year track record ● ● Areas of focus for today: North America Cities of the future ● ● Confidence in sustainability of the pipeline: Fragmented industry Quality, not quantity, becomes the challenge ● Rentokil Initial anto you 78#79Our Model In-house capability to identify, evaluate, execute and integrate acquisitions at pace M&A builds density and APBITA Impact of density on branch profitability Our model 5 year track record ● ● Branch Profitability 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% 0% · 8 • • Rentokil Initial 8 ● ** € 10% € . 25% 20% 30% 40% Local Market Share 50% 60% 70% Illustrative impact of a bolt-on Revenue ● Synergised Profit Before 2 x $500,000 2 x $50,000 10% After $1,000,000 $200,000 20% Accelerate through organic growth Invest in Commercial Sales Reps to drive base scale in B2B pest control Up-sell and cross-sell the services needed by our customers Where attractive, expand into residential market through local marketing activities - brand awareness, PR, events, sponsorships Our model for success 1. Disciplined Evaluation ● 2. Clear Integration Plan Management role ● ● Quality of the Business Quality of its Economics ● Synergy opportunities Leverage Rentokil technology 3. Strong Governance Model Accountability & Follow up Confidence in IRR delivery 79#80Strong Track Record 228 deals mostly in Pest Control, £858m of acquired revenues since 2016 M&A builds density and APBITA Revenue acquired (£m) 136 41 2016 171 39 2017 169 56 2018 139 41 2019 156 23 87 28 2020 2021 YTD * Rentokil Initial * Note: As at July 2021 including Boecker World Holding SAL, as announced at Interims, and 3 other small deals. # Acquisitions Consideration North America Growth Pest Emerging Pest Hygiene & Wellbeing 51 42 7% 11% 16% 62 73 66% 80#81Focus on North America Prices have risen but returns are ahead of target¹ and WACC 4.0x 3.5x 3.0x 2.5x 2.0x 1.5x 1.0x 0.5x NA pest industry revenue multiples 2017 Rentokil Initial 2018 Source: The Potomac Company, SA (1) NA IRR target 12% 2019 2020 Rentokil NA revenue acquired (£m) and IRRS 14% 99 2017 15% 41 2018 13% 104 2019 13% 141 2020 81#82North America Pipeline Pipeline remains robust - still ~100 companies with revenues >$5m Top 100 (excl majors) - split by revenue CAGR ~ 4.7% $2.6bn 3 3 7 13 38 32 2016 Rentokil Initial $3.1bn ● 3 7 12 33 36 2020 < $300m < $150m < $100m < $50m < $25m < $10m Characteristics of the 2020 "target list" are very similar to 2016 Threshold for entry into PCT 100 is ~$5.8m (2016: $5.6m) 43 businesses have sold and been replaced by 42 new ones Source: PCT Magazine TOP 100 Top 100 (excl. majors) - churn $2.6bn 2016 (43) ↑ 25th company 20% larger than 2016 Sold 9.7% PCT Top 100 pest control companies in NA 2020 vs 2016 42 Growth New Entrants 80th company in line with 2016 $3.1bn 95 2020 ↑ 100th company 5% larger than 2016 82#83M&A in Emerging Markets Cities of the Future 1. 2. 3. Forward looking GDP in emerging market countries is typically above those in established markets Growth in the big cities in emerging markets tends to be higher than that of the country overall The growth rate for pest control services in emerging markets is typically higher than GDP growth Actively building city market share greater than 25% will deliver optimal net margin Rentokil Initial Conclusion Developing a Rentokil presence in these cities gives us a stronger base for future growth over the next 10-20 years as we benefit from faster growth in these markets relative to more mature locations. JAARAPKOREY X WAV 83#84Cities of the Future Growing cities of the world provide a considerable opportunity Population & Urbanisation over Time Urban VS. Rural Year 1900 2020 2030 2050 Rentokil Initial Population 5.3bn 7.8bn 8.5bn 9.7bn Portfolio of growth opportunities from retention to organic growth Factors for proven growth Emerging Markets Typically grow faster than established ones 1 2 3 4 Countries with high GDP forecasts Pest Control tends to grow quicker than GDP Major Cities Higher GDP than the country 25% Market Share The magic number for optimal net margin in RI 000 000 00 000 DO DO DO Cities opportunity Where RI has presence Organic growth and additional M&A to take market share above 15% in 125 of the Top 250 cities Where RI has no presence M&A and build density in 27 of the Top 250 cities identified 84#85Cities of the Future Example: Indonesia / Jakarta Indonesia Ako 8th largest economy in the world 4th largest country by population with 266.8m people (200m more than the UK). Projected to reach 324m by 2058. 53% of the population in cities producing 74% of GDP Rentokil Initial Indonesia GDP growth rate of Jakarta region GDP growth rate of 11% 6% 1% -4% 2018 2019 2020 c.5% p.a. 2021 2022 8%+ p.a. 2023 Indonesia Jakarta -Pest Control growth (estimated) Source: Oxford Economics forecasts, PWC Cities of the Future 2016 (GDP at PPPs) Note: H1 2021 GDP for Indonesia post Covid was 7.07% 85#86Cities of the Future Indonesia / Jakarta - impact of M&A Jakarta revenue growth Rentokil Initial 2018 Rentokil Initial Aardwolf PESTKARE 2.7x Sep-18 SWAVE PT. Agricon Putra Cipta Optima 6.5x Oct-19 Revenue per FTE(¹) 2018 2.9x 2018 2021 Customers per FTE (¹) 1.4x 2021 Revenue per Branch 2018 GM improvement 2018 (1) FTE is Service Delivery Heads excluding e.g., back office 4.7x 2021 +1300 bpts 2021 86#87Pest Control M&A conclusion Successful and sustainable programme Delivery of profitable growth: Strong record of identifying and executing value creating bolt-on acquisitions Disciplined evaluation, clear integration activities and governance underpins value creation M&A contributes 2-5% of growth to the Group ● ● ● North America: ● Cities of the future: In cities where we operate - Grow our market share to ~25%+ Enter new, attractive cities ● Deals remain expensive Returns are still good and the pipeline is sustainable ● Rentokil Initial 20 ALLA TULEE lich Compty Ehrlich 87#88LA £3.99 PER KG Rentokil Initial Pest Control: Long-Term Growth Engine Stuart Ingall-Tombs, CFO (714 MI Rentokil UKDE MIKEL EFEL 88#89Cash Compounding Subscription Model Pest Control Industry leading ESG E.g. non-tox. Highly fragmented market with 40,000 businesses - significant M&A rollup opportunity. Cities of the future. Highly cash generative Route density drives margins - city focus. Rentokil Initial Capital allocation model and returns Ⓒ)) $$$ Dividend *** M&A Cash ESG Shareholder value rey nnnn Profit growth Impact on society Low-cost model People Employer Health and of choice safety Density Operational Model Profit and margins A Innovation and digital Price Great service cesta Customer retention Organic revenue growth New business Customers Additional services to customer ki 200 Growth Strong EOC programme and retention levels. 20,000+ technicians c.1.5m customer contracts. 64% contract / 36% job 5-star Trustpilot High State of Service. Necessary service - public health safety/more regulations and need for digital reporting (food etc). Global leaders in technology and digital innovation - important for organic growth. Pipeline of 50+ projects. Digital ecosystem in place. 89#90Rentokil Pest Control Global Leaders in Pest Control Cash-compounding, subscription growth business. c.64% portfolio/subscription business with high levels of customer retention at 84.4%* Annual pricing recovery - 1.7%* on Portfolio Post code density / customer penetration density drives strong operating margins at 17.7%* Organic Growth at c.5% to 2019 (4-year average) 5-year average. Highly cash generative - 90%+ FCF High return on investment Low capex intensive capex to revenue c.4.6% (4-year average) Highly fragmented market - significant M&A roll up opportunity Strongly placed to drive medium-term growth. 90#91Pest Control: Substantial Value Creation H1 2015-2021 Operating model has created substantial value Ongoing Revenue £m £1,200 £1,000 £800 £600 £400 £200 £0 £413 2015 Rentokil Initial £520 £653 £737 CAGR 15.4% £814 £822 £976 2016 2017 2018 2019 2020 2021 APBITA £m £180 £160 £140 £120 £100 £80 £60 £40 £20 £0 £71 2015 £92 £112 2016 2017 Ongoing Revenues have grown by c.88% to 2021. CAGR to 2019 (pre-pandemic) was 16.1%. Operating Profits have increased by 140%. CAGR to 2019 (pre-pandemic) was 18.0%. £121 2018 CAGR 15.6% £138 2019 £125 £170 2020 2021 91#92What have we said today? Further momentum into our compounding growth model 1. Attractive global market growing at 4.5% - 5%+ 2. New Rentokil Pest Control organic growth target of 4.5% - 6.5% over the medium term - further momentum for our compound growth model 3. Strongly positioned in innovation, digital and sustainability - driving organic growth & margins 4. Pest Connect - New ambition is to reach c. 25% of commercial customers by 2026 5. Minor changes: Property Care joins Pest on 1/1/2022 6. Confidence in the sustainability of our global M&A pipeline - in North America (IRR target 12%) and Rest of World (IRR target 13%-15%) - excited by opportunity in cities of the future Rentokil Initial Spending on Pest Control is increasing in every market Per capita spend continues to increase driven by global trends influencing increased demand Global North Arenca Europe Rentokil Initial Asia India Chine 2020 Estimates Pest Control ($an) 2211 1116 435 470 North America: 047 172 Pest Control Rentokil Initial Delivering better customer service, solution and service efficacy through scientific research and new technology 0.017% 0042% Innovation pipeline to fuel future growth Technology enabled s ations at the heart of our solution pipeline Our role as industry leaders is to continue to push the boundaries for more effective pest control 001% 0008% Focused pipeline with targeted impact to maximise commercial gain Sustainability at the heart of our innovations with clear goals to lower the impact of pest control on the environment DOCES Partnering with the world's best digital, technology and chemical industry leaders Informed innovation derived from insights generated by CommandCentre: - the world's largest and broadest pest control data set Unique, proprietary, patented solutions providing sustained differentiation 2018 Deals remain expensive • Returns are still good and the pipeline is sustainable 241 1802 456 Pest Control M&A conclusion Successful and sustainable programme 063 bi Pest Control per Capita (S) Delivery of profitable growth: Strong record of identifying and executing value creating bolt-on acquisitions Disciplined evaluation, clear integration activities and governance underpins value creation M&A contributes 2-5% of growth to the Group Cities of the future: in cities where we operate-Grow our market share to "25%+ Enter new, attractive cities + A 2020 188 18.39 5.23 404 624 120 Growth (13-201 16% 158 68% 112% 4009 Regional variances also influence the mix between Commercial, Residential, and Termites: Commercial 34% 67% Residential 13% -42% Termites 14% -25% targeted approach, ging markets 92#93Strengthening our position as the global leader in Pest Control ● ● ● Outstanding market drivers and Excellent global M&A pipeline increasing spend per capita • Growth in North America Organic Growth of 4.5% - 6.5% • Cities of the Future Innovation, digital and sustainability drives differentiation & margins 2015 Rentokil Initial 2016 2017 2018 ● 2019 2020 2021 2022 2023 2024 2025 2026 93#94Rentokil Initial Thank you for listening Lunch Break Please return by 2pm#95Sources Section - The Pest Control Industry: An outstanding, thriving investment opportunity Diverse and increasing spend across the globe Source: Allied Research, Specialty Consultants Research and internal data. Growth has been driven by the 9 factors discussed in 2018 Source: https://www.un.org/development/desa/en/news/population http://www.un.org/en/development/desa/news/population/ /world-population-prospects-2017.html world-urbanization-prospects-2014.html https://www.brookings.edu/wp- content/uploads/2017/02/global_20170228_global-middle- http://www.who.int/mediacentre/factsheets/fs266/en/ https://newrepublic.com/article/144392/america-verge- class.pdf ratpocalypse https://www.mygfsi.com/news-resources/news/news- blog/1348-how-technology-and-innovation-are-transforming- food-safety-and-sustainability.html http://www.who.int/mediacentre/factsheets/fs387/en/ https://www.rentokil.com/assets/content/files/rentokil- business-impact-report-2015.pdf Rentokil Initial Further climate and environmental factors drive pest growth Source: BBC news Population change in urban areas Vector borne disease (source 1; source 2) Population growth and urbanisation remain strong factors Sources: Population change in urban areas Growing middle class expectations and spending continue Sources: Oxford Economics GDP Data Brookings Institute - Rise of the Global Middle classes Data accessibility and transparency from technology adoption Sources: Population change in urban areas Internet connection stats (press release) Spending on Pest Control is increasing in every market Sources: United Nations Population Oxford Economics GDP Allied Research and Internal data Sources Rentokil Pest Control Oxford Economics GDP Allied Research and Internal data Sources Competitor Annual Reports#96Appendix Spending on Pest Control is increasing in every market The 2018 Pest Control per capita was previously stated as $18.36 however this has subsequently been revised due to the following reasons: a) In 2018, the estimated market size and population used for the calculation was based on 3 countries (US, Mexico and Canada) whereas this comparison now reflects North America as a continent. b) Based on recent external reports, it is believed that the 2018 estimated pest control market size for the US was understated by c.1bn. Rentokil Initial#97Submit a question This afternoon there will be a Q&A with the leadership team. Throughout this event, if you would like to submit a question in advance please feel free to do so: If you are in the room, please visit: https://cutt.ly/8EgnNPM 1. 2. If you are joining online - the event website on which you are viewing today's meeting has a Submit a Question feature available through on the right hand side of the screen. We will attempt to answers all questions during the day or following today's event. Rentokil Initial anto you 97#98Rentokil Initial Protecting People. Enhancing Lives. Hygiene & Wellbeing The New Pest Control. Andy Ransom CEO AA 2#99NITIA TOWEL SUPPLY COMPANY Heritage dating back +100 years Factories Act, 1937. Landmark legislation to boost hygiene in the workplace and made specific provision for hand washing facilities. Initial is born Initial launches in London. Stock exchange 1903-1928 Rentokil Initial The Initial Towel Supply Company floats on the stock market. | M = Innovation The first company to introduce the roller towel into the UK. 1937 INITIAL & SHOUR ST ENEGAR == MINIS YOKI Initial Scale 17,880 miles of roller towelling in circulation. European expansion. wancer ch Fund Asia Defert INITIAL Established in Asia - entry into Japan, Taiwan and the Philippines. 1960's ===== 1990's‒‒‒‒ South Africa Caribbean INITIAL Product development Initial launches Signature, Colour and no-touch. 2015 The Experts in Hygiene Initial 160145 Heritage, international scale, service quality and expertise. F Rapid>Hygiene. New innovation centre. 2021 2023 120th Anniversary Initial celebrates 120 years of service. Initial EV 100 3#100Operational focus. With growth at typically around GDP levels, our focus in core Hygiene has been around operational excellence. Committed people, respected brand & reputation. Best product ranges & lower cost service. Creating a high quality customer service culture. Shared overheads / back office with pest control. Delivering on time in full, every customer, every day. Digital technology overlay for productivity. Focused on building density. Created scale - c.1m premises. Targeted M&A to add further density. Historic core washrooms market growth typically c.2% - 3%. Initial Hygiene organic growth c.3% -4% p.a. during 2018-19. Initial 5#101пр миниев ww "84% of employees believe it is important that their employer prioritises creating a safe and hygienic workplace."(Initial 2021) "47% of people would leave a public venue if it did not appear to have good hygiene measures." (Initial 2021) COVID-19 Pandemic Attitudes to health, hygiene and wellbeing changed forever. 6#102Rentokil Initial Protecting People. Enhancing Lives. Hygiene & Wellbeing The right business at the right time to meet the future needs of our customers. 7#103Hygiene & Wellbeing Increasing the scale of the category. Washroom Hygiene Brand leadership via innovation and science ● In-cubicle ● ● Hand hygiene Air ● ● No-touch products Digital hygiene Premises Hygiene Leveraging our hygiene expertise outside of washroom Air purification Hand sanitiser Surface hygiene Specialist clinical waste management TE Rentokil Initial LIG Hygiene & Wellbeing (17) Initial ambius Enhanced Environments Improving the occupant experience in the built environment. ● ● ● Existing customer relationships. Strong brand & reputation. Added value insight, expertise and innovation. Compelling enhanced customer proposition. ● Interior planting Biophilic design Premium scenting Air quality Green walls Initial 8#104Hygiene & Wellbeing New enlarged category with a c.£700m pre-pandemic revenue platform on which to build through Organic Growth and M&A. Pre-pandemic Ongoing Revenue of c.£700m £180m 2018: £692m £512m Rentokil Initial £191m 2019: £730m Core Hygiene Business Premises / Enhanced Environments - Ambius, Dental & Cleanrooms £539m H1 2021 now back in line with 2019 * Note: New Organic target excludes Disinfection. c.£350m c.£325m H1 2019 c.£350m H1 2020 H1 2021 New Hygiene & Wellbeing Category: Combined Ongoing Revenues Note: Excludes Disinfection Over the medium term from 2022 we will deliver 4% -6% organic growth on the enlarged Category.* 9#105Hygiene & Wellbeing: The new Pest Control. 1. Consistent Market Growth Drivers Population is growing and people are choosing to live in urban environments. Global GDP has returned to growth and more people continue to move into the middle class with more disposal income. Regulations and standards are getting stricter with increasing transparency and accreditation (eg air quality). Sustainability - more environmentally-friendly commercial spaces and service provision. New attitudes to health, hygiene and wellbeing as a result of the pandemic. () * Source: European Union, Urbanisation Worldwide report Hygiene and Wellbeing market Gary Booker, Chief Marketing, Innovation & Strategy Officer In 2018, 55% of the population lived in urban areas, 68% by 2050.* 10#106Hygiene & Wellbeing: The new Pest Control. 2. Shared, Successful Operating Model Focus on people-service-profit. High barriers to operational excellence - turning up in full on time every day, with high engagement and customer satisfaction. 3.6m after-service satisfaction surveys to date - we score 4.8/5 (July, 2021). Density experts - systems and KPIs: Product (more products on site) and Post Code (more customers in a territory) density generates increased margins. Shared infrastructure and overheads. Core Hygiene operating model Brian Lynggaard, Hygiene Operations Director, UK Industry leading ESG. Increasingly important to customers. Highly fragmented market - significant M&A rollup opportunity Both categories are highly cash generative Capital allocation model and returns $$$ Dividend M&A Cash ESG Shared density expertise and focus. Shareholder value Profit growth www Inminn c.90% portfolio/subscription business with multiple growth levers. Impact on society Employer of choice li Profit and margins Shared Operational Model. Density People. Health and safety Innovation and digital Price Great service ji Organic revenue growth Now business Customers Additional services to customer Strong EOC programme and retention levels in both Pest and Hygiene & Wellbeing ele .... Growth Portfolio/ subscription businesses with high levels of customer retention. Necessary service which is required by laws / regulations - which is increasing Strong differentiators exist in customer service quality, technology and digital innovation 11#107Hygiene & Wellbeing: The new Pest Control. 3. Organic: Inside the Washroom Upsell additional solutions to satisfy 'new' needs driven by the pandemic - using our expertise. Launch new services eg air care, digital and no touch - no touch units increasing across all ranges - higher value units. Demand for new more sustainable services eg significant water saving through Rapid Digital Hygiene. UK pilot saved +150,000 litres of water annually - per tap. Cross-sell opportunity: Level of customers with both Pest & Hygiene services ranges from c.10% in Italy and Australia to c.35% in Malaysia. Core washroom growth - upsell and new services Jill Rodgers, Marketing Director, UK & ROW Region Core Hygiene - inside of the washroom: c.50% of our 4% -6% medium-term organic growth target. 12#108Shared commitment to Innovation & digital Same successful model as Pest Control. Rapid Digital Hygiene services being deployed in H2 following pilots in UK and US. Increasing customer demand for digital reporting in a post crisis world - mylnitial online platform for 24/7 customer reporting. Hygiene data now in our digital Command Centre providing a new level of business insight by service line, country, customer sector, etc. New sales channels to existing customers apps, MyInitial and e-commerce Webshop. - Rentokil Initial use of chatbots, sales Shared expertise with Pest Control in innovation and digital technology and third party partnerships. Initial SmartHygiene New Hygiene & Wellbeing innovation centre for product development and validation activities opens H2 Ju In this guide you'll learn how: your site and products are set up in the portal your products are connected to the portal ● you and your team can access the data to navigate the portal 13#109Hygiene & Wellbeing: The new Pest Control. 4. Organic: Premises / Environments Increasing global awareness of the health impact of poor indoor air quality - outstanding air care range and exploiting opportunities in air enhancement & purification. Increasing regulation and focus on sustainable waste management - leverage core expertise for fast deployment into new markets in response to the waste management requirement created by the pandemic. Demand for healthy buildings - focusing plants, biophilic and large projects expertise to enhance public spaces to capture growth associated with this shift in commercial property. 闺 517 4 $5 7 2 Premises & Wellbeing - outside the washroom: Expertise, science and service delivery providing differentiation. 10 0 Premises Hygiene & Enhanced Environments Members of the management team from Asia, Pacific, USA, Europe 14#110Hygiene & Wellbeing: The new Pest Control. 5. Organic: Extended footprint Increasing the reach and density of our footprint in existing and new markets - leveraging our brand and expertise - core washrooms and extending into premises & wellbeing. First steps in 20 markets in 2020 including re-entry into Germany and the Netherlands. Existing customer relationships in Pest Control to target. Entry into North America building on existing Ambius & Pest businesses. Platform for additional acquisitive growth - building density and adding further new markets. Extending our footprint into new markets Alain Moffroid, Regional MD, Europe Region New geographic markets: Leveraging our brand and expertise. 15#111Hygiene & Wellbeing: The new Pest Control. 6. M&A growth opportunity Strong M&A growth opportunity - same proven model as Pest Control. Hygiene deals drive better returns than Pest Control: 1.5x vs ~2 - 2.5x in Pest Control (average revenue multiples paid 2016 - 2021 YTD). Proven ability to drive margins through density building. Significant global M&A pipeline is being built across the Hygiene & Wellbeing category. Momentum growing through 2022. Emerging pipeline of c. 80 targets. Open to the potential for larger transactions if available. M&A Hygiene & Wellbeing Chris Hunt, Group M&A Director Targeting £25m+ revenues p.a. Rentok Initial 16#112Hygiene & Wellbeing: The new Pest Control. We have the operational model in place, global scale & large existing customer base, innovation and digital expertise, people and brand. ✓ V ✓ Highly cash generative - c.90% cash conversion. High return on investment - target IRR of 15-20%+. Necessary service which is required by laws / regulations - which are increasing. Industry-leading products and brand. Geographic coverage and sector focus drives national and international accounts. Strong differentiators in customer service quality, technology and digital innovation. Shared infrastructure, back office costs with Pest Control. Revenue opportunities. Opportunity to lead sustainability agenda in the industry. Summary: Compelling investment case % Contract Portfolio: Cash- compounding, global subscription business. High levels of customer retention. Post code density and customer penetration density Drives strong operating margins Low capex intensive - capex to revenue 5-year average c.13%* c.16%* c.90%* 86%* Initial 17#113Hygiene & Wellbeing: The new Pest Control. Drivers of profitable growth now in place for the extended Hygiene and Wellbeing category - creating the new Pest Control. Organic growth 1. Inside the Washroom incl. digital, no touch. 2. Outside the Washroom - premises/enhanced environments - incl. air care, wellbeing and specialist hygiene services. 3. International expansion Targeting organic growth in Hygiene & Wellbeing over the medium term of 4% -6% (excl. Disinfection). M&A 1. Emerging pipeline of c. 80 targets. 2. Emerging 'cities of the future' opportunity. 3. Open to the potential for larger transactions if available. Targeting £25m+ revenues p.a. Summary: Compelling investment case J V 18#114Agenda, continued. 14.00 14.20 14.40 15.20 15.35 16.15 16.30 16.50 Hygiene & Wellbeing: The New Pest Control Hygiene & Wellbeing A value-creating opportunity Core Washroom Hygiene Business Opportunity into Growth Core has recovered and there's plenty of opportunity Coffee break Expansion Outside the Washroom • Air purification ● ● . Specialist Hygiene Medical Waste Dental Hygiene Waste Wellbeing The New Growth Landscape Value Creating M&A in Hygiene & Wellbeing Our New Growth Engine New Targets and Growth Opportunities Q&A with Management Team Followed by Drinks Reception with management. Andy Ransom, CEO Gary Booker, Chief Marketing, Innovation & Strategy Officer Brian Lynggaard, Operations Director, UK Hygiene Jill Rodgers, Area Marketing Director, UK & ROW Displays Digital, Innovation and ESG. Alain Moffroid, Regional MD, Europe Region Including video contributions from: Greg Smith, MD, Greater China Karen Kavanagh, Marketing Director, Pacific Mike St. Clair, SVP, Sales & Marketing, North America Alain Moffroid, Regional MD, Europe Region Chris Hunt, Group M&A Director Stuart Ingall-Tombs, CFO Andy Ransom, CEO Initial Displays Digital, Innovation and ESG. 19 Initial#115Rentokil Initial Protecting People. Enhancing Lives. Hygiene & Wellbeing A value-creating opportunity Gary Booker, Chief Marketing, Innovation & Strategy Officer 20#116Initial is the Global Leader in Hygiene and Wellbeing services INITIA] TOWEL SUPPLY COMPANY ● JA PLY Over 100 years of experience delivering hygiene services Providing service to more than 280k customers and close to 1m premises across the globe Rentokil Initial Hygiene & Wellbeing operations in over 60 countries worldwide, 20 of which have been added over the last 18 months ● Of our 44 longer term markets, we are market leaders in 22 and 2nd in 13 markets We are the regional leaders in Asia, Pacific, the Caribbean and the UK ● Our business is strongly placed for continued growth Initial BUILT ENVIRONMENT] ASUSTAINABLE BREEAM BRE GLOBAL EXCELLENT New, dedicated Hygiene & Wellbeing R&D Centre for solution innovation, product testing and validation activities opening in October 2021 Science based expertise across our colleagues in our central, regional and country teams that enable development and delivery of industry leading solutions 21#117Our Hygiene & Wellbeing business continues its strong growth trajectory Rentokil Initial Total H&W Organic Revenue £m £400 £300 £200 £100 £0 £269 2017 H1 £331 2018 H1 £351 2019 H1 £324 2020 H1 £347 2021 H1 CAGR 6.6% Ongoing Revenues. CAGR 2017 to 2019 (pre-pandemic) was 14.2%. Based on H1 data Attractive and growing business pre-pandemic B 22 Initial#118Positive Hygiene & Wellbeing growth is coming from all regions and across our three target sectors Revenue split by region (£bn) Current business mix UK & ROW 29% Pacific 15% Excluding disinfection Rentokil Initial Asia 9% O North America 12% Europe & LatAm 35% Enhanced 22% Premises 13% Strong business base across markets and sectors to build from further Washroom 65% 23#119Hygiene & Wellbeing benefit from same macroeconomic drivers as Pest World population is forecast to increase to 9.1bn by 2050 Over the last 70 years the average for people living in urban areas in Asia has increased from 17.5% to 51.1%, and in North America has moved from 63.9% to 83.6% 68% of the population will live in urban areas by 2050 (vs. 55% in 2018) Rentokil Initial ALL Impact on Hygiene & Wellbeing High density of people in urban areas increases the pressure to deliver on hygiene related services (water, clean air, sanitation) ● ● Higher demand and increased spend on hygiene to improve quality of life and minimise spread of disease Opportunity for new product and service innovation to satisfy higher hygiene demand expectations from customers and compliance with hygiene standards Population growth and urbanisation both driving Hygiene & Wellbeing demand Sources In appendix 24#120Economic growth continues to drive Hygiene & Wellbeing growth Global investment will reach 115% and 121% of pre-recession levels by the end of 2021 and end of 2022 - a much faster recovery than previous downturns Businesses emerging from the Covid-19 pandemic are investing in new facilities whilst demands for cleaner environments are stimulating spending Pent up consumer spending and low interest rates are driving demand side growth Rentokil Initial M $ $ Sources In appendix Impact on Hygiene & Wellbeing Hygiene & Wellbeing demand set for further growth in demand from improving economic outlook • Expected commercial growth will deliver a stronger demand for differentiated Hygiene & Wellbeing services with room for premium branded propositions • Populations with higher disposable incomes drive growth of leisure and hospitality sectors and associated demand for higher levels of hygiene and wellbeing standards General economic growth fuels the core of Hygiene & Wellbeing 25#121Middle class growth, standards & regulation all increasing demand Rise of middle classes - increasing disposable income 160m+ more in the middle class each year demanding ever higher sanitation standards Sustainability Substantive corporate net zero commitments widely in place to maintain credibility with customers and financial community Legislation New legislation being drafted to meet demand for better hygiene standards Audit Bodies Data is increasingly available and the resulting transparency drives required standards even higher Rentokil Initial $ Impact on Hygiene & Wellbeing Increased expectation and hygiene standards requirements from middle classes for new products and services such as no-touch solutions ● Increased demand for sustainable solutions, sustainable operations and sustainable commercial spaces, to maintain accreditations and ESG commitments New regulatory focus globally responding to need for clean air and surface hygiene standards Customers demand technology enabled hygiene service lines with transparency and reporting, supported by erging monitoring technologies Strong regulatory drive and increasing customer expectations fuelling growth Sources In appendix 26#122Changing views on the importance of Hygiene & Wellbeing Corporate Market Opportunity The global corporate wellness market is set to reach $66.2bn by 2027 growing at 5.9% CAGR Shifting Exp cation Levels More than half of Gen Y and Z report that science backed health and wellness information has become more important to them. And 60% now believe that the way we take care of our health will be the most lasting societal change after the pandemic 60% of employees expect that companies they work for need to improve the office environment to prevent staff becoming ill in the future Transparency and Accreditation 70% of customers research venue's hygiene credentials pre-booking compared to 40%, pre-pandemic Rentokil Initial iti Sources In appendix Impact on Hygiene & Wellbeing Wellbeing is considered a core part of health fuelled by the search for a healthier lifestyle ● Enhanced workplaces require higher hygiene and wellbeing standards and service delivery to attract and retain talent and encourage employees back Increased requirements for data driven insight to identify and exploit commercial opportunities with the deployment of technology enabled devices Health & Wellbeing of employees and guests continues to grow in focus and importance 27#123The pandemic has had a huge impact on the whole sector Social impact changes People are experiencing fears related to health and safety in public spaces, and seek assurance on stringent measures to prevent risk 65% of office-employed Americans want reassurance about workplace cleanliness and hygiene before going back to the office Rentokil Initial Tiit Hygiene Regulation Tighter global and national guidance becoming a legal requirement Mandatory Indoor Air Quality sensors use in Belgian schools from Nov 2020 B Social | Legal | Technology I Environment | Economic O New technology New sensor technology supports real-time hygiene standards measurement with data to allow targeted intervention Technology can monitor a hand washing process with an accuracy rate of 95+% B Sources In appendix Economic growth Expected global rebound from 2 years of suppressed growth combined with increased focus on hygiene standards is expected to result in a strong burst of growth OECD revised 2021 global growth forecast up from 5.6% to 5.8% Sustainability focus Pollution costs and sustainability benefits increasingly recognised, with countries using recovery plans to push through environmental policy priorities Global air pollution-related healthcare costs projected to increase from $21bn in 2015 to $176bn in 2060, with annual number of lost working days and productivity impact projected to reach 3.7bn (up from 1.2bn) Step change in many areas creating new and enhanced growth opportunities 28#124The largest ever Hygiene Attitudinal Survey A global hygiene survey focusing on the impact of COVID-19 on hygiene attitudes and behaviours and its effect on people's wellbeing as a result of the pandemic 20,000 respondents 20 countries x 1,000 respondents each Rentokil Initial 20 questions Country / Gender / Age split analysis Austrailia USA E/W Canada UK China Indonesia Japan India Italy Germany Research took place June 2021 Carried out by independent global research agency Spain Sweden France Poland South Africa Kenya KSA UAE Chile Brazil 29#125The pandemic has profoundly changed attitudes and behaviour Over 95% of people say they have changed their hygiene behaviours as a result of the COVID-19 pandemic Rentokil Initial 71% of respondents are now more fearful of the spread of germs via the surfaces they touch, than before the COVID-19 pandemic 84% of people that work think it is important that their employer prioritises creating a safe and hygienic workplace When thinking about indoor air quality in a public venue, 72% are more concerned about the spread of germs via the air they breathe indoors in a public venue than before the COVID-19 pandemic Since the COVID-19 pandemic, 47% people would leave a public venue if it did not appear to have good hygiene measures in place, 48% would not go back there again Significant change in attitudes providing clear new growth opportunities 30#126Different countries have different attitudes and priorities when it comes to Hygiene & Wellbeing 67% of South Africans are likely to leave a venue that did not have good hygiene measures in place, compared to only 27% in Japan Rentokil Initial 68% Almost 7 in 10 respondents from China believe that a venue is responsible for ensuring it is free from potential sources of infection whereas in the UAE 38% believe that they themselves are most responsible c.75% of respondents in Germany, France, and Canada use hand sanitiser after washing their hands when using toilet facilities in a public venue, whereas this is 93% in Indonesia 71% of Americans said that they are concerned about whether a public indoor venue has adequate measures in place to stop the spread of germs 94% of Chinese and 93% Brazilian respondents express the highest concern for air quality Detailed country-specific insights enable targeted actions to respond to specific local attitudes 31#127Opportunity exists across the full range of customer sectors Manufacturing Education Hygiene reduces absenteeism Staff shortages from isolating employees mean hygiene measures critical to lowering risk of cross contamination Risk hotspots include canteens and washroom facilities Holistic hygiene measures vital including air, hand and surface Strict hygiene becomes the norm • Education regarded as a critical hygiene risk area • Pupils could be washing their hands up to 8x a day New budgets being created for hygiene • Increasingly CO2 monitors mandated On site testing as standard Rentokil Initial Logistics & Warehousing Home economy booms ● ● $15.5tn industry by 2023 (CAGR 7.5%) Retail is the 2nd largest contributor for logistics growth In 2020 Amazon alone expanded square footage by +50% Growth in "on demand warehousing" for retailers Retail / Food Retail • Nursing homes particularly vulnerable • Medical standard requirements Health and safety a new priority • 63% of consumers think retailers should actively promote healthy practices and will go elsewhere if not reassured Customers pay more for brands that are aligned with their values ● Primary Healthcare & Social Care Transport Hubs Hygiene critical for safety Hand hygiene paramount for all visitors, staff & contractors PPE requirements including sanitisers, masks, gloves & face masks Healthy, safe and local become key; touchless automation wins Passenger reassurance is key Transport demand now increasing week-by-week in the most vaccinated markets • Ongoing access to hygiene measures throughout each location / vehicle will help restore public confidence in passenger safety Hospitality & Leisure Safety protocols include virus free Generation clean demands strict hygiene standards as norm 60% of guests research hygiene measures before booking Digitalisation is key: e.g. virtual check-in, digital feedback, etc. Potential for guests to pay extra for deeper in-room air sterilisation Offices / Administrative Keeping colleagues safe Offices become multi-use • Refurbishments focus on creating healthy buildings Execs align return rate with vaccination deployment Increased ongoing demand for hygiene provision Differing needs per customer, but range of post-crisis recovery demands creating growth#128We have a full suite of solutions to capture growth in each area Market CAGR 2020-2026 3.0 - 5.5% Market CAGR 2020-2026 6.0-6.6% Rentokil Initial Washroom Hygiene Brand leadership via innovation and science ● Air ● Cubicle Deep Clean ● Digital ● Hand ● Surface Premises Hygiene Leveraging our hygiene expertise outside of washroom Air Purification Mats Hand Sanitiser Surface Hygiene Hygiene & Wellbeing ambius Initial Enhanced Environments Improving the occupant experience in the built environment ● Plants Biophilic Design Premium Scenting Air Quality Green Walls ● First Aid Significant new opportunities exist through service provision across multiple site locations Source: Various external research reports (2019&2020) combined with internal data forecasts from June 2021 Market CAGR 2020-2026 5.0 - 7.3% 33#129Very clear path ahead for targeted Hygiene & Wellbeing growth Core Washroom ● I Strong core growth for several years pre-pandemic Core business has returned Macro trends support future growth End-user attitudes have changed; expectations for better hygiene and enhanced solutions in the washroom Rentokil Initial Expansion outside the washroom ● ● ● ● RADIO 000000 VITUSKILler Our Hygiene & Wellbeing expertise extends well beyond the washroom Enhanced opportunity to meet demand for more extensive, leading- edge hygiene services Build on route-based business to increase density Wellbeing focus to support the new office needs and ongoing protection Geographic Expansion ● Organic growth opportunities from existing operations Our hygiene services can satisfy need beyond our pre- pandemic base Forward target growth of 4-6% organic, plus £25m + from M&A activity ● Density enhancing bolt-ons to existing operations M&A activity that delivers new markets 34#130Rentokil Initial Protecting People. Enhancing Lives. Opportunity into Growth Proven, repeatable, low cost operating model as Pest Control. The Density Experts. Brian Lynggaard - Washroom Hygiene Operations Director Initial 35 Initial#131********* initial Core Washrooms: What We Do Provide a range of innovative products & services for creating Safer Washrooms: Nappy Change & Units Vending Rentokil Initial Hygienic Door Handles 663 Hand Drying (dryers) Air Care (fragrancing & cleaning) Hand Washing & Sanitising Waste Disposal Hand Drying (paper towels) Urinal & WC Sanitisers Toilet Tissue Feminine Hygiene Units 36#132Core Washrooms: Who We Do It For We service a very broad range of customers, in terms of size & sector: Service and Utilities 22.9% Rentokil Initial Other 15.6% Retail and Wholesale 11.7% Facilities and property 5.2% Group 2019 Manufacturing 8.5% Government 23.7% Hospitality 12.4% • A very significant presence in ● the public sector • Personal & Professional services continue to be a big customer group, as well as the FM space ● Hotels, bars & restaurants are an important category 37#133Core Washrooms: The Operating Model The Infrastructure Rentoki Initial 21 branches across UK Diperts 20-40 Drivers per Branch THE D Service Colleagues Return Branch 1-5 Days per week (replenish stock & drop off waste) Logistics Customers Assigned to 1 Service Colleague (service area) ...e Services Pre- Planned Each Building / Visit is Bespoke Fixed Service Schedules + Customers Visited Every 1-8 Weeks (depending on the site) Deliver on time, in full, every day, to every customer. Intensity operts piene The 250 Customers per Service Area Each Driver Services Approx. 500 Units per Day 38#134Core Washroom is a strong business ● ● ● 44 Countries offered core washroom business for several years • Industry leading serviced solutions ● for the washroom ● 100 years+ in washroom hygiene delivering an unmatched experience 400 Contract business with a typical tenure of six years plus Revenues have returned to pre- crisis levels 600 Rentokil Initial 200 0 Historical Core Hygiene Revenue, APBITA and APBITA% 2015 2016 | Revenue 2017 APBITA 2018 Margin % 2019 19% 18% 17% 16% 39#135Core Washrooms: The Business Model Rentokil Initial M&A M&A hugely value creating with a model driven by density levers Product & Service Density Volume of any particular products on site, as well as the number of different service lines Optimised Margins Support Cost Density Operational support & mngt cost optimisation because of the Rl network Route Density Territories with tight postcodes minimise drive time & maximise time on site with customers 40#136The Business Model: Product & Service Density Product e ● 5 10 Share of Prem 2019 Rentokil Initial 15 20 Share of Prem 2021 25 30 Margin 19 35 Margin 21 More products on site generate better margin Clarity of our economics has enabled us to drive margin improvements across the range Significant revenue and profit opportunity remains 4% margin improvement by moving customers by one additional unit Half of that in single unit customers + Service • ● ● ● ● Product & Service Density • 2.0 1.5 1.0 0.5 0.0 1₁ Initial Cannon. Volume of any particular products on site, as well as the number of different service lines 200.0% 150.0% 100.0% 50.0% 0.0% 2018 H Value Share Sales to existing customers Increasing the service density has the same profit impact as increasing volume The post Covid customer needs more and better products in the washroom Our unique opportunity: The ex Cannon portfolio has lower service density than the Initial portfolio Initial can offer better, more complete solutions to these customers Customer demand for better solutions is higher than ever 2019 2020 41#137The Business Model: Route Density ● ● ● ● That geography matters in a route based business goes without saying Benchmarking a city branch vs a rural branch: Customer density nearly twice as strong A City driver spends an hour a day less driving - more time with customers ● And productivity therefore much higher - +16% Which flows through to significantly higher gross margin and net profit Growing in the right places is hugely value creating But unlocking the value is only possible by creating route density ● Rentokil Initial Route Density Drive time per day Time between van journeys Miles between van journeys Customers per postal district 50% 40% 30% Visits per day 20% 10% 0% Gross Margin Territories with tight postcodes minimise drive time & maximise time on site with customers City 02:58:03 41.5 00:07:38 3.1 53.7 Rural branch Rural 04:02:36 34.8 00:10:25 5.0 29.0 PBITA City branch 42#138를 The Business Model: Route Density 129 70296 Cate 2:20:00 SHUM ● Boom Route Optimisation ● G ● ti 20AM Rentokil Initial NOW 35840 T Unlocking route density whilst maintaining world class service levels: Biggest constraint is that the same person must come back to the same place - customers do not want different drivers Off the shelf routing systems do not deliver that artike SOLGA ● Mo ● ● ● Route Density ● Time at customers - % of total time % of total time 60% 40% 20% 0% Feb Territories with tight postcodes minimise drive time & maximise time on site with customers Mar Time on site up 23% (2021 vs. 2020) and total time up 6% Apr Rentokil Initial systems deliver: Highly reliable service time predictability Drive time predictor integrated in routing Routing software that is centered around one customer - one driver And highly integrated monitoring tools to ensure effectiveness May Jun Jul 43#139The Business Model: Support Cost Density Regional business unit structure: Enables growth at incremental support cost Leverages Rentokil infrastructure: ● Buildings Systems Support functions Local branch structure: Also supports growth at incremental support cost: Rent Local management Reception Local warehouse and logistics Local building cost Visito In Istenn Rentokil Initial Initial Support Cost Density Rentolil bitial Tricycle % of total time - 19% reduction in local management & warehouse -7% reduction in support cost as % of revenues since 2018 (3% margin) Admin & Support Cost - % of revenue 15% 10% 5% 0% 15% 10% 5% Initial 0% Local Management & Warehouse/Logistics % of Rev 2018 2018 Local Warehouse & Logistics % of the Rev RI UK 2019 2021 2021 8% reduction in level of admin and support cost as % of revenue Local Management % of the Rev 19% reduction in local management & warehouse/logistics as % of revenue 44#140The Business Model: Example of How M&A Works Colleagues: ● Routes: Real estate: ● ● ● ● ● All frontline colleagues transferred to Initial positions All trained to RI standard on H&S, servicing and customer service Rentokil Initial 18 original branches in the acquired company 4 integrated into the Initial network All acquisition and Initial work integrated over a 12 month period 24,000 premises added c 100 Service Areas removed M&A Revenue, Gross Profit and Net Profit Growth H1 2019 - H1 2021 Revenue Gross Profit Net Profit Underlying: 0% Revenue up 31% M&A hugely value creating with a model driven by density levers 50% Gross profit 51% 100% Net Profit up 140% 150% 45#141UK Washrooms case study: The Business Model Headlines Rentokil Initial Product & Service Density Washrooms are important post COVID, plus we've got 26k Cannon premises to grow with Support Cost Density All of the density levers can be enhanced through M&A. Cannon UK integration - rev +31%; GP +51% ● One more product gives +4% margin improvement; and 50% of all sales are into existing customers Optimised Margins ● ● ● Route Density Dense geography = +16% productivity Time on site has improved +23% since lockdown And average fuel consumption has fallen -15% vs 2019 Support Cost Density 19% reduction in local management & warehouse 7% reduction in support cost as % of revenues since 2018 (3% margin) 46#142Washrooms: What COVID did PRE COVID A range of services with minimal customer engagement: Cubicle Hygiene Waste Disposal Rentokil Initial Vending Hand Drying Air Care Hand Washing & Sanitising Infant Care Water Saving POST COVID A fundamental change in perception of hygiene has resulted in a heightened awareness of hygienic washroom spaces: Hygienic Cubicles Healthy Hands ar Clean Air 47#143Washrooms: Now a "Hot Topic" in the Media Closure of public toilets causing anxiety, distress and frustration across UK Express & Star Drastic changes needed for public toilets after pandemic, says report UK New Published: May 24, 2020 1 Last Updated: May 24, 2020 Gender neutral facilities could see men and women queuing at one door and exiting on the other side. PLEASE QUEUE HERE FOR TOILETS Rentokil Initial Hygiene fears may spell the end for urinals Everywhere you go, there is nowhere to go. The closure of many public conveniences as part of the... The Times 10d NEWS Home UK World Business Politics UK England N. Ireland Tech Science Scotland Alba Wales Guardian investigation and survey also finds situation is causing significant health risk Cymru Coronavirus-latest updates See all our coronavirus coverage The Guardian Health Family & Education Local News Coronavirus: When will public toilets be reopened? TOILETS CLOSED Coronavirus: Flushing the loo can create a cloud of virus particles which the next user might inhale, warns study A new study warns that virus particles in the faces of infected people could be ejected into the airwhen toilers are fushed Alexander Martin Technology report Ty52033 1543 K sky news METRO According to one bit of research, 69% of men don't wash their hands every time they use a toilet or urinal. Visit our live blog for the latest updates: Coronavirus news live Another study suggests that 6% of men only wash their hands after pooing, but not after doing a number one. 48#144With Washrooms Recognised as a Potentially High Risk Area The One Place Everyone Visits ↑↑ All colleagues & many visitors will use washrooms during the day Rentokil Initial You're Reliant on Behaviour of Others Did the people before you wash their hands and what did they touch before you? Its Surfaces are Ideal for Coronavirus * Coronavirus survives well on hard, smooth surfaces They don't tend to be well ventilated ap Aerosol transmission loves inadequately ventilated spaces It's crucial to minimise the spread of germs in washrooms - a washroom hygiene business plays a key role in this 49#145Recovery of the Core Business Initial Initial Initial 50#146The Core Business is Back And this is before the "office reopening" programme has really started 300 280 260 240 220 200 180 160 140 2015-2021 H1 REVENUE CAGR 7.0% £180m H1 2015 Core Hygiene Ongoing Revenue Rentokil Initial £188m 2016 £196m 2017 £250m 2018 £267m 2019 £246m 2020 Core Hygiene is back £269m 2021 ● ● Initial H1 2019 revenues of £267m - growing organically by 3-4% per year The emergency phase of the pandemic hit our washrooms business as countries went into lockdown H1 2021 revenues back in line with pre pandemic levels And we still have sectors only partially open 3% -4% organic growth delivered during 2018-2019. 51#147Colleagues Colleague absence mngt & operational retention: 900 750 SCD 500 400 250 200 110 How the UK delivered the recovery 35 30 25 20 CDR Leavers 2019,2020 & 2021 15 10 5 0 Ja al J an-20 Teb-20 Mar-23 Apr-20 May-20 Jur-20 Jul-20-Aug-20 Sept-20 Oc-20 Nov-20 Dec-20 an-21 reb-21 Mar-21 Apr-21 May-21 A-214-21 Aug-22 . Jan Feb Man Apr AX -2019 2020 ✔=2021 Rentokil Initial S May Jun 13 Jul 39 Aug Sep Oct Nov Dec Service Delivery Services done over the period 400,000 300,000 200,000 100,000 0 Jan/2019 Feb/2019 Mar/2019 Apr/2019 May/2019 6707/unt Aug/2019 Sep/2019 Oct/2019 610/MON co Feb/2020 Mar/2020 ozoz/uni Month Jul/2020 Aug/2020 Dzoz/das Nov/2020 Dec/2020 Jan/2021 Feb/2021 Mar/2021 Apr/2021 May/2021 120Z/unr 1207/100 + *** Customers Local customer retention & local customer sales 2,000,000 1,500,000 1,000,000 500.000- 0 IL.. 18/01 18/01 18/03 18/04 19/01 19/02 19/03 19/01 20/01 20/02 20/03 20/01 21/01 21/02 Customer retention, as well as regional sales are now back following the pandemic, which is before the offices reopening programme gains momentum 52#148Rentokil Initial Protecting People. Enhancing Lives. Core has recovered, and there's plenty of opportunity for growth Jill Rodgers, Area Marketing Director, UK & ROW Initial Initial The Experts w 53#149Return to the Office Both indirectly (where we handle via FMs) and directly (where the offices are a direct customer): Total - Reductions, Terms and Renegs as a % of Portfolio - Reductions -Terminations Renegotiations 20.00% 10.00% 0.00% -10.00% -20.00% Jan/2020 Feb/2020 Mar/2020 Apr/2020 May/2020 Jun/2020 Jul/2020 Aug/2020 Sep/2020 Oct/2020 Nov/2020 Dec/2020 Jan/2021 Feb/2021 Mar/2021 Apr/2021 May/2021 Jun/2021 Jul/2021 ↑ Rentokil Initial Who Office Reopening Plans "Safer" Offices Pandemic has led to reduction, NOT termination of services in this sector How Working with them to create Safer Buildings 0 1m Getting ready for the "big reopening" Upgrade to No-Touch Safer Buildings encourage Customers to Return Greater Hygiene Expectations (((( Brand New Services - AIR ♥ Returning customers create Demand for Services 0000 0000 0000 Increased Frequencies 54#150Plenty of opportunities to grow the Core Washrooms Business A much greater interest & higher expectations from washroom users Growing acceptance & demand for digital channels for customer engagement A well-established business model with proven capability means being well-placed to capitalise Greater Cubicle Hygiene Awareness Heightened Awareness of Air Quality Working with Sustainable Suppliers Rentokil Initial Bigger Focus on the Role of Healthy Hands Digital No Touch Range + For speedy, cost-effective means of handling sales enquiries Meet Your Account Manager Claire O'Connor Clase can be contacted on C41129 arawe va 000 Initial Initial For communicating with customers on a more regular basis + The Initial Business Model Heritage Setting Hyene Mandards in UK work, public & leisure Unique A range of solutions unique to us eg UltraProtect & Rapid Protection Operating safely provides protection to your colleagues customers & brand reputation Technology Use technology across our operations to help our customers achieve operational efficiencies Innovation innovative product ranges that are forward-thinking, award-winning & designed to provide safer ar visitors & Jeaners washrooms Sustainability. Already offer a range of sustainable solutions and will be Zero to Landby end of 2020 Substantiated Claims APPROVED AC All product claims made are supported by science/ independent testing Economical. £ The whole life cost of our range delivers a good RO Initial 55#151UK Data shows People are Expecting More from Businesses / Employers 74% 74% of people are now more aware of germ hotspots than before the pandemic Over 1/3 of females say school / workplace washrooms need more privacy to dispose of sanitary waste discreetly 68% of people believe businesses & employers should do more to ensure they're providing clean air in their premises Rentokil Initial of people are now more inclined to wash their hands if soap dispenser is no-touch 76% of people agree they can easily wash / sanitiser hands to prevent surface contamination, but they can't protect themselves from breathing contaminated air 62% of people believe air purification systems should be mandatory in public buildings & educational facilities 46% of women said employers could cater better for their needs ✰✰1 55% of people are now more concerned about air quality in indoor environments than prior to the pandemic 30% of people have indicated they won't go to work unless their employer assures them of the air quality inside the building Research conducted by Opinium LLP for Rentokil Initial, November 2020, sampling 2,000 adults in the UK Research conducted by Opinium LLP for Rentokil Initial, March 2021, sampling 2,000 adults in the UK Research conducted by Opinion Matters for Rentokil Initial, July 2021, sampling 2,001 females in the UK (ages 12-54) 56#152Greater Cubicle Hygiene Awareness Means more opportunities for Initial within the cubicle space: Growth in Demand for No Touch FHUS* No touch feminine hygiene unit available in this cubicle. To minimise cross contamination wave your hand over the top to automatically open the lid. #SaferWashrooms Initial Rentokil Initial Contact 0800 028 5525 No touch units now account for 40% of Initial's total FHU sales and also have a premium over manual units They're the "go to" product for new customers, with opportunity still there with existing customers + Opportunity for Additional Cubicle Products 00 Initial In volume terms there are more FHUs / hand & surface sanitiser / toilet tissue dispensers & consumables than anything else in a washroom These bring additional revenue opportunities, within existing customer base as well as new + Providing What People Actually Want 58% - FHUS 43% - hand sanitiser 36% -moist wipes (gentle to skin) 43% - disposable bags Conducted a survey**, asking people which hygiene products they'd actually want to see in a cubicle * FHUS = feminine hygiene units ** Research conducted by Opinion Matters for Rentokil Initial, July 2021, sampling 2,001 females in the UK (ages 12-54) They all tie back to basic hygiene needs and again provide opportunities within existing customer base as well as new Initial 57#153Bigger Focus on the Role of Healthy Hands Handwashing and sanitising are now taken a lot more seriously than ever before, with a particular emphasis on no touch: A definite behavioural change, with more people searching for & inclined to use no touch hand products: 10000 7500 5000 2500 0 1640 Monthly Google Search Volume Aug 2018 - Jan 2020 Feb 2020-Jul 2021 8890 Automatic Soap Dispenser [130 Rentokil Initial 7830 Automatic Hand Sanitizer Dispenser 64% of people are washing their hands more frequently when in public indoor spaces, following the pandemic 75% of people are more inclined to sanitise their hands if the dispenser supplied is no-touch (+1} { 100% 75% 50% 25% 0% Growth in sales of no touch hands range: Growth of No Touch Sales £ 2019 ● No Touch Manual No Touch sales grown from 14% to 43%. For period 2019-2021 NT accounted for 48% dispenser sales 2020 2021 Manual dispenser sales have also grown as hygiene benefits of dispensers overall are realised Additional revenue opportunities for Initial: No touch dispensers have a premium over standard dispensers More people washing hands means increased demand for hand dryers (margin improvement with 1 additional product on site) But with increase in frequency of use, people want products that are gentle on skin as well as kind to the environment: 00 Initial By WFO Initial can offer a range of electric dryers using HEPA filters, running on low energy consumption Research conducted by Opinium LLP for Rentokil Initial, November 2020, sampling 2,000 adults in the UK Research conducted by Opinium LLP for Rentokil Initial, March 2021, sampling 2,000 adults in the UK 75m Initial Initial has an alcohol-free hand sanitiser range Ultra Protect™, as well as soaps that are dermatologically tested & pH-friendly Hand Dryers with HEPA Filters HEPA In light of the ongoing Coronavirus situation, proper hand hygiene has never been more important Top poops thug the working day w Gement au sud den test drying facies-herper towe Cleaning the air is key Harcan and proves her ha Handry with all da high level af hand he My eng VME sy to cure per parties 310 Maybe Th the thing ne preth Google analytics) 99.995% of germs METE 11 Initial The Experts in Hygiene 58#154Rapid>SmartHygiene: A Brand New High End Washroom Range Rapid>Flush A device to help prevent the build- up of scale, by injecting a unique scale inhibitor into toilets & urinals A cubicle availability lighting system, indicating when cubicles are free for use Rapid>Lights All devices can be connected, therefore giving customers data insight into washroom usage mylnitial C M M 88 Rapid>Water State-of-the-art no touch taps, helping to manage water consumption Hi-tech, touch-free foam dispensers, particularly suited to high footfall areas Rapid>Foam Rapid>Sanitiser A portable, touch-free hand sanitiser (utilising alcohol-free sanitiser) is also available in the range#155Heightened Awareness of Air Quality Initial Rentokil Initial Previously customers wanted an air fresh to help mask "nasty smells" in washrooms The focus then shifted to a combination of fragrance & cleaning Initial Initial has products in all 3 categories, with further innovation planned for Q4 2021 / Q1 2022 - the stronger the product, the higher the margin, hence the major focus now on VIRUSKILLER™ Following the pandemic, the focus is now very much on products that purify & clean air in washrooms E Initial VITUSKILLer RADIC VIRUSKILLER™ - the air purifier that kills Coronavirus in the air* *When Independently tested against Coronavirus DF2 (a surrogate for Coronavirus), Adenovirus, Influenza and Polio, the unit was found to kill 99.9999% of viruses on a single air pass 60#156Incorporating Technology to the Enquiry Handling Model hitia 61#157Utilising Data, Technology & Discipline And creating an effective sales process: Customer Contact Revolution Witnessing a customer contact mix change & having the right tools in place to support & develop it Rentokil Initial + Cost Base Reduction Use of digital tools have helped reduce costs + Meeting Customer Expectations Understanding customer needs as well as their behaviour to give them what they want 62#158A Revolution in How People Are Getting in Touch 8 Customer Contact Mix Rentokil Initial A significant mix change, with digital comms channels now accounting for an average of 40% of contacts* Chat rated as the number one tool for researching suppliers in b2b space** RI internal ticketing system ** McKinsey 2020 study - how b2b sales have changed during COVID-19 *** State of the Connected Customer - salesforce.com DO Prospects & customers have a choice on how & when to get in touch, using a combination of humans & technology ? 4.5x more likely 4.8x more likely 2.4x more likely Even before lockdown, people were searching outside of "standard" office hours Real-time messaging when I need service Self-service tools leg. account portals, FAO) Custurner service that corres torne (.e. mobile service agents with the same Information and capabilities as those in a call center) 5.0x more likely 5.2x more likely 3.2x more likely Quick responses required, regardless of when people are asking** In Initial (as well as a number of RI businesses) people are continuing to use chat throughout 2021 for getting in touch, even though they're not in lockdown any more Customer Contact Revolution 63#159Combining Humans and Technology has Brought a Number of Benefits ✓ Enquiry sales conversions in line with overall figs Similar average sales value ✓ Combining digital & humans gives the best outputs New customer "enquiry sales" output from chat is consistent with our standard rates Rentokil Initial + 2021 Fos Contributed to a 19.7% reduction in Sales & Marketing costs & 10.4% in admin costs + Initial Enables the higher cost "people resource" can be allocated to the higher quality leads + Cost Base Reduction Washroom Hygiene NPS Score Trend 28:1 Meeting Customer Expectations da xar x B 18 16 14 14 167 252 1914. A better customer experience, by getting people to the Right Place at the right time, faster & an NPS of almost "world class" levels Creating an effective chat programme takes skill & effort - nobody else in the hygiene space is utilising it so being really good in this space can be a source of competitive advantage for Rentokil Initial 64#160Incorporating Technology into Customer Communications Initial Initial 65#161mylnitial: Giving Customers Information at Their Fingertips Analysed non-sales enquiry tickets & webforms for existing customers, identifying common reasons for getting in touch - used the feedback to develop a bigger and better customer portal mylnitial - enabling customers to self- serve, getting account information when they want it: Service Visits Prior & upcoming visit details ● ● ● E Contract Overview Signature Check Provides proof of delivery Contract no. & services covered A self-serve approach for the appropriate subjects enables Initial to: Make it easy for customers to do business with them (& therefore links back to Net Promotes Score (NPS)) Should help feed into growing customer retention And again free-up people resource to focus on the right things Rentokil Initial Reporting Bespoke reporting functionality Secure Downloads Of up-to-date on services System Links One click to access other Initial digital tools Initial 66#162Making us Easier to do Business With Meet Your Account Manager Meet Your Account Manager Welcome to Initial Wewe Tems and Canton P Initial *Trustpilot 00000 Rentokil Initial Claire O'Connor would like to introduce myself as your account manager at Initial Washrooms Hygiene imited to providing you the ent customer service that you deserv Llock forward to working with you. f you have any questions pleso feel free to corsad me Claire can be contacted on 07973 461129 claire.oconnorgrentokil-initial.com At Initial, we value our customers and we want to make sure that you are able to get in touch with us, when you need us Below are some key phone numbom that you may find useful 8 PAY WIN ● ● ● Initial Service queries If you have any service related questions please emai we-customer support ungrentok-instal.com or 0320 0578352 E-billing Our Services We have been the experts in hygiene since 1905 and have been working to hap our customers create sater and hygiarde washrooms ● if you have any erg laled questions ulnave email rpo-ebiling-uk.grentokil-initial.com or cal 0371765 3301 mylnitial customer portal If you would like to meet your password or need some help logging [email protected] or cal 0333 355 7640 We offer a range of hygiene services including: Feminina hygiene units Aircare Hand drying Handwashing Hard santising Toilet paper dispensers Floor mats Helpful Information Three Months Together Wacom with initial Washroom Hygene began three months ago and we hope that you are appy with the service that we are providing you want your account information in case you would to get a touch with u khi bộ phi Service Deption Signatur Contact Comment Date By now the following actions should have taken plate The full son of you agreed producte Registration and activision of your mytrnal account (our one sustomer wuro sus conputant should have been in contact to make sure that you a happy if any of the above actions have not been completed then please use the beow are to get in touch Get in Touch About Us Intial customers benest from the knowledge of aut experts who are supported by a national network as well as our innovative product range, tailored packages and our digital technologies We are committed to ensuring the quality of our service is second to none, and you can trust us to provide the very best expertise and to deliver excelent results. Reading Your Invoice. Initial Your new intal invoice was took the the example shown here, and we dete service and products for the stated bing www to make the invorong process as easy for you pending the payment due date oplums for paying your invo contact detais in case you have any questions Download Full Size Invoice Sample How are Things Going Initial The Exp For enquiring about NEW products or services from initial Our team member should have been in touch with you already. We hope that you are satisfied with our response. If there is anything else that we can help you with please get in touch. 0800 028 5525 Initial Teng younge cemy moon in touch with a requal outin ona bi address your service pr We just wanted to follow up to make sure that your query has been resolved successfully and that you have everything that you need from us. If there is anything outstanding please let us know, we are always here to help. 0800 028 5525 Initial W0/9 For your recent service enquiry We just wanted to follow up to make sure that your query has been resolved successfully and you have received the information requested. Please let us know if we can provide any Burther help or if you have any farther questions 0800 028 5525 Initial Reports b Benefits of this approach include: It's fast as emails are automated (but personalised), with feedback automatically shared with the right departments Reinforce things that are working well / customers would like to see more of Getting earlier warning signs of an issue (& potentially resolving before becoming an issue) Getting feedback more regularly & at scale Making it easier to do business with Initial For your recteque for internation on your account We hope that you are pleased with the progress we have made, and that the information provided addressed your needs. if there is anything else that you need from us please do not hesitate to contact us anytime 0800 028 5525 67#163In Summary Initial Initial Initial 68#164In Summary 1 2 3 4 Rentokil Initial A "low cost, high intensity" operating model Clear profit levers that RI understand how to pull Market changes are supporting growth Delivers services that customers need, on time, in full, every day - both pre and post pandemic And Initial is well placed to accelerate growth • Market changes support product density Combination of scale & RI technology" has transformed the route density model And strong M&A can accelerate the profit levers as well as establishing new bases ● ● People are expecting more from businesses / their employers when it comes to the hygiene space The switch to "no touch" is continuing, post COVID • And a much bigger focus on indoor air quality It has a strong product portfolio & innovations to meet customer needs • It has a strong enquiry model, effectively combining humans & technology • And has a strong customer base to growth with Initial 69#165Initial#166Rentokil Initial Thank you for listening 15 minute break#167Rentokil Initial Protecting People. Enhancing Lives. Opportunity into Growth Expansion outside the Washroom Alain Moffroid, Regional Managing Director, Europe Initial Initial Building on our route-based business and hygiene & wellbeing expertise to expand and grow our service across our customer's premises 72#168Expanding services outside the washroom Hygiene services for regulated industries Wellbeing Focusing plants, biophilic and large projects expertise to enhance public spaces Annual revenue at £172m with total revenue CAGR of c.4% Dental Hygiene Premium dental waste collection and processing service. Annual revenue at c.£12m with total revenue CAGR of 8.9% Rentokil Initial Core Washroom Air Care Delivering services to enhance air in new and existing customer premises; includes quality monitoring, purification and scenting Note: All revenue figures are pre-pandemic 2019 and CAGR is five-years 2015-19 Specialist Hygiene Specialist hygiene services delivered to meet ever increasing regulation. Annual revenue at c.£30m with total revenue CAGR of 5.4% Medical Waste Agile medical waste services that meet the needs of customers in highly regulated markets. Annual revenue at c.£29m with total revenue CAGR of c.10% Initial 73#169Identifying and converting opportunities The agile pivoting that enabled us to successfully deliver a 'new' offer of disinfection is a core part of our DNA Commercially Focused Mindset Business is driven by a constant desire to identify opportunities in the market and deliver on these Science Based Expertise Solutions are driven by a science based approach that is built on 100+ years of experience in hygiene Global Community Relationships and structure that foster teamwork across the group, enabling increased pace of sharing and planning Rentokil Initial Customer Focused Operations Sales and Operations teams are close to customer needs, with a feedback loop to management colleagues Technology Enabled Technology inherent in our connected approach facilitating; SOP development, education, contracts and marketing & sales Local Delivery Local delivery teams ensure fit for purpose solutions in each country, deployed at pace and generating profitable sales In three weeks we developed a customer proposition, standard operating procedures, established a supply chain for equipment & consumables, trained over 7,000 colleagues on how to sell & service, mobilised globally to win international clients in addition to local activity. Through this we delivered over £225m 'new' revenue in 2020. DRIED PERS 74#170Rentokil Initial Protecting People. Enhancing Lives. Opportunity into Growth Air Purification Greg Smith, Managing Director, Greater China 75#171Air Purification & Indoor Air Quality (IAQ) The marketplace for air purification & IAQ for a route based business Air Purification 'Pollution' a major environmental risk to health in many countries with increased profile as a consequence of the pandemic and air quality related health issues ● ● ● ● Increase in global awareness of the health impact of poor indoor air quality on strokes, heart disease & lung cancer, etc Air pollution kills 7 million people every year, 4 million of whom die from indoor air pollution¹ Pandemic fast tracked a global focus on clean indoor air Independent estimates for air purification devices indicate a CAGR growth rate of 10-12% between 2021 to 2028 Rentokil Initial Indoor Air Quality (IAQ) WHO support facts that pathogens spread in the air thereby increasing risk of cross infection . ● ● Many metrics but most popular are CO2, PM2.5, VOCS and Humidity Monitoring CO2 indicates ventilation levels as recommended by WHO for safer indoor environments IAQ can contribute to smart building management, improving human health and delivering cost savings through productivity and energy savings Growth indications of 7.7% (2020-2027) and estimated size of $2.78bn in 2020 1. According to the WHO, 2021 https://www.who.int/news-room/spotlight/how-air-pollution-is-destroying-our-health/10-things-to-know-about-air-pollution 76#172Air quality focus is increasing The pandemic and greater understanding of the impact of air quality are driving higher requirements Employee Locations Offices and manufacturing premise managers are more aware than ever of the productivity and health benefits of better air quality. They are looking to provide proof points to their employees to satisfy the ever increasing expectations. ● 84% people who work in a shared workplace/building believe it's important that their employer prioritises creating a safe and hygienic workplace Over half (52%) of respondents who work in a shared workplace/building said, as a result of the COVID-19 pandemic, they are now likely to open windows and doors where possible to manage hygiene risks Rentokil Initial Science & technology May 29th 200 din The Economist Covid tremission Improving ventilation will help curb SARS- COV-2 There has been a misunderstanding about how the vious spreads Guest Locations Business premises such as hotels, restaurants, leisure venues and education facilities premises are realising the need to provide good air quality for those visiting their premises. Education is beginning to see legislative changes introduced. They are looking to provide differentiation and assurance to those visiting their premises. • 71% are more concerned about the impact of poor indoor air quality in a public venue on their health than before the COVID-19 pandemic ● 72% are more concerned about the spread of germs via the air they breathe indoors in a public venue than before the COVID-19 pandemic NEWS Home Carvus Brust UK World Politics T Sh Family & Ed S& Calls for post-Covid 'revolution' in building air quality 2 3 Increased demand ✓ End user expectations have increased and business owners are looking for solutions to provide assurance Regulation and legislation is being introduced to drive higher quality air standards - Belgium 11/20 & UK 9/21 so far... RETURNING WORKERS DEMAND 140 ASSURANCES M According tot en sy for nok til, the percentage of de antoned sedamme ton of SARS-ON-I by 19 per ot 2020 toner of the sunny sample Domestic environments are also under focus and expectations are that there will be growth in demand for home solutions 77#173Air Purification Launching in 50 countries 2021/22 PM2.5 0.06 Uµg/m³ VIRUSKILLER K 99.9999% of virus on a single ale poss Initial The Experts in Stygiene VIRUSKILLER The Air Purther that COROMANs in the ar PROTECT YOUR CUSTOMERS I VISITORS: STAFF Standard Air Purification Inspire Air72 is a mobile air purifier using HEPA 13 filter materials to provide cleaner air to cost sensitive customers, contributing to margin growth. Rentokil initial IMPROVING INDOOR AIR QUALITY WITH VIRUSKILLER 12 Aug 2021 (Thu) 10.40am | CNA933 M jenny Chan Read 'A significant step forward': ventilation device could help with fight against COVID-19 Enhanced Air Purification VIRUSKILLER™ range is our premium air hygiene solution combining triple filters, TiO2 and a UV-C reaction chamber, enabling it to kill coronavirus in the air with a single pass This claim ensures it is delivering solid growth across all sectors. Ventilation devices could be key in helping to stop the spread of COVID-19 indoors once society opens up agains Remokil Initial have created the Viruskiller Air Purifier Operations Excelence Director Alastair Stagg toio A Current Affair he believes the device is a significant step forward in reducing the risk that coronavirus represents PASTARO www The Initial MEM malaysiakini new and is the matter BM Published Aug 28, 2021 900 454 Updated: Aug 30, 2021 852 AM ANNOUNCEMENT ZH mk Rentokil initial Malaysia launches VIRUSKILLER TM that kills up to 99.9999% airborne viruses including Coronavirus FA Q Small Space E.g. Residential, Desk Mid Meeting Room VITUSKILLer Large Open Office, Restaurant, Hotel WADR 1999000 VITUSKILLer FAN3 GOOG RADIC 78#174Air Purification service delivery Expertise, science and service delivery providing differentiation FORE Initial Rentokil Initial 7个入 Titanium dioxide (Ti02 hexagonal tube filter) Installation INKINDE High power UV-C light 1,000,000 viruses КУ Log 4 99.99% Log 6 99.9999% Pre-Filter Cleaning, Filter Changeover & UV reactor chamber service 100 viruses left 1 virus left 79#175Indoor Air Quality Monitoring (IAQM) Increased focus on air is opening up the IAQM opportunity for Initial Historic IAQM Programme Detailed Report from Environmental Consultancy High Cost and complex outputs For business premises only ● ● ● BEWE Initial IAQM Initial has experienced install and route based teams to service multiple customer sectors Rentokil Initial • Premises hygiene experience to enable informed recommendations Solution range to support IAQ improvement - e.g. Inspire Air 72, VIRUSKILLER™, etc. Reporting platforms and capability to provide assurance for customers and their guests / employees Pilot launched in Hong Kong WHO launched new guidelines on 22 September 2021, these provide clear evidence of the damage air pollution inflicts on human health and recommend new air quality levels to protect the health of populations, by reducing levels of key air pollutants 1 Dashboard delo Ofer PM. Markating copt. marketing 3.2 22/14 TRO 217 541 86 451 www. EN D17 1.45 66 Marketing dept 2113 . 1067 1002 ge¹1.2 432 1998 FREE.C Flance dept actio A 9 637 CA 1067¹ Baa 2113 80#176Air Care outside the washroom Proven delivery model OLO "We believe that Rentokil Initial would support us with the best services and solutions in fitting VIRUSKILLERTM to the Club." The O Rentokil VIRUSKILLE for you to The Hong Kong Jockey Club Founded in 1884, a horse racing operator. Hong Kong's largest community benefactor, operating as a not-for-profit organization. ● ● ● ● ● BRITS 2021 at The O2 BRITS have been running since 1989 and held at The O2 since 2011 The event in 2021 was a UK government test event and the first indoor music event for over a year ● ● ● Provides dining, social, sport and recreation facilities to its approximately 23,000 members. Locations: 3 Clubhouses, 2 Racecourses, 100 Off-course Betting branches. 70 plus unit contract installed in two phases ● 4,000 key workers were in attendance at the event as well as a large number of high profile music industry stars Organisers announced - "Another partnership has been made with Rentokil Initial as 'Official Specialist Hygiene Services Partner'. This will see the installation of a cutting edge air purification technology known as 'VIRUSKILLER™M', which the venue has said is proven to kill 99.9999% of viruses, including the coronavirus." VirusKiLLer 1601 81#177Air Quality & Purification Opportunity Strong performance established H1 2021 sales of c.£3.2m in 28 countries Additional markets added through H2 and sales expected to surpass H1 levels to deliver a full year of £7m Market demand is in the increase: Legislation and registration getting stronger Assurance required to get people back to offic hospitality and leisure venues Rentokil Initial Opportunities for organic & acquisitive growth ● ● ● Target is to expand our coverage: Increase the range of air purification devices Continue to expand offer into new geographies ● ● IAQM will be introduced in selected markets over the next 18 months subject to the success of pilot activities M&A activity is being considered in several markets to enable accelerated growth across the Air Quality space Air Quality solutions provide a significant opportunity for growth as we establish ourselves in this new market ► 82#178FO 19 TD Rentokil Initial Protecting People. Enhancing Lives. Opportunity into Growth Specialist Hygiene Alain Moffroid, Regional Managing Director, Europe 83#179Specialist Hygiene Wide range of services satisfies the growing customer demand ● Our service helps customers comply with current legislation by establishing and maintaining effective hygiene standards, reducing the risk of fire, and food-borne diseases across a range of commercial sectors. A Comprehensive Range of Specialist Hygiene Services Specialist Air & Water Services Air Con Hygiene Inspection Air Con System hygiene Air Duct hygiene Legionella Prevention ● ● Rentokil Initial Specialist Disinfection Services Situations involving: ● ● ● Flood water, sewage Vacant properties Emergency crime scene Specialist Hygiene Services Food Factory hygiene ● Bio-dosing service Commercial kitchens degreasing / fire prevention O Helping to protect people from harmful influences of poor hygiene standards, by presenting them with range of trouble-free, high quality specialist hygiene services. 201 84#180Specialist Hygiene Specialised hygiene interventions that require experts to provide the service Commercial premises require specialist hygiene interventions to satisfy regulation and the increasing requirements of post pandemic hygiene standards. Kitchen Hygiene Strong regulatory regime and enforcement in place Specialist hygiene treatments of professional kitchens to deliver clean & ● ● safe equipment Quality assurance and certification to provide assurance to operators and owners Rentokil Initial Legionella ● ● Strong regulatory regime and enforcement to prevent legionellosis Auditing regime, specialist hygiene treatments and certification to provide customer and public assurance HVAC Hygiene Increased recognition of the importance of air systems to provide quality air Regulation in place and expected to tightened Specialist hygiene interventions ensure clean and hygienic HVAC systems ● ● 85#181Specialist Hygiene Proven delivery model ● Aged Care Provider across 450+ locations Partnership since 2017 for specialist hygiene services Contract across kitchen and ventilation hygiene Designed a tailor made audit to obtain a full inventory of their ventilation equipment, measure its level of cleanliness, ensure and improve the proper and hygienic functioning of the ventilation systems thanks to deep hygiene treatments. Global Food Retailer Supporting the customer in managing all the different systems (more than 2.000 in total, around 5 per premise including - water circulation systems, car washing, fire systems, cooling towers and nebulization systems). Services consist of a quarterly audit of all their systems with analysis of the water quality and a disinfection treatment per year. Part of the contract is a tracking tool called Mylegionella tailored to their needs, helping our customer to monitor all installations. Partnership and consultant model to help in dealing with all the requirements and inspections from the health ministry.#182Specialist Hygiene Opportunity Performance update ● ● Delivering revenue of c.£30m in 2019 Forward view is that we will deliver organic growth of 5%+ as business operations normalise and increased hygiene standards create additional demand Rentokil Initial Opportunities for organic growth Portfolio being re-positioned towards higher growth/value segments, specifically around air & water Intent to grow contract portfolio from what are typically jobbing activities Regulation around Air Quality is evolving fast. Tighter rules and enforcement to be expected, driving market growth M&A to accelerate density and allow new market entries 87#183Rentokil Initial Protecting People. Enhancing Lives. Opportunity into Growth Medical Waste Karen Kavanagh, Area Marketing Director, Pacific + Medi 88 0800#184Medical Waste Landscape Leverage core expertise to fast track into new geographies Medical Waste Disposal All markets are subject to World Health Organisation (WHO) standard mandatory guidelines on the disposal and management of biocide waste, further supported regionally / nationally by regulatory bodies around waste segregation, storage and disposal Key Trends Driving Demand Ageing population across the world continues to drive demand, alongside levels of incontinence in adults ● ● Services include clinical waste, infectious waste, sharps disposal, pharmaceutical waste and Coronavirus waste including LFT ● Increased legislation relating to PPE usage and subsequent disposal Personal cosmetic treatments increasing in mature economies Growth indications of 5.6% (2020-2025) and estimated size of $6.8bn in 2020 Rentokil Initial Healthcare 20⁰ Specialist partner for multiple small/ medium locations such as medical centres, dentists and now covid test & vaccination centres Workplace & Education Supporting factories, offices, universities to manage to manage medical waste; includes sharps, incontinence and now pandemic related testing Elderly care OF Includes sharps, as well as clinical, offensive and sanitary waste disposal to ensure safe environments for staff and residents Retail Providing a safe, convenient and secure approach to sharps and waste disposal for beauty therapy, pharmacy, tattoo parlour, barber and supermarket customers 89#185Medical Waste Management Initial: Setting the standard in healthcare and infectious waste management Our Solutions Clinical & Infectious Waste Laboratory, theatre and anatomical waste Rentokil Initial Offensive & PPE Waste + Pharmaceutical and controlled drugs Medicinal & Non-Medicinal Sharps Initial Medical Waste Management Proposition ● ● Experienced business partner in the handling, collection and disposal of hazardous and offensive clinical waste - over 20 years of experience Hipere Integrated model that focus on the full chain of waste management - including the legislative disciplines required. Agile model that provides customers with a responsive solution in times of volatile demand patterns Provide a transparent waste reduction, collection and disposal system for healthcare related waste Fully traceable waste segregation Rigorous compliance with legislation Waste minimisation and robust recycling initiatives that support our sustainability drive across all our service businesses IN A ++ 90#186The pandemic impact on medical waste Offer the collection and disposal of waste associated with the Coronavirus pandemic Coronavirus testing and vaccination waste disposal Expectation that global vaccinations will increase and be sustained for several years. Annually there were 16.7bn injections worldwide in 2015, estimated to increase +25bn across 2021/22 ● · ● ● The global sharps container market is expected to grow from USD $449.1m in 2018 to USD $624.1m by 2026 (CAGR 4.2%) WHO requested a 40% escalation of disposable PPE production, which once used, requires appropriate disposal Lateral Flow / Antigen Tests are designated as a chemical waste stream for incineration, and PPE waste is also considered offensive waste. Both waste streams must be segregated at all times Rentokil Initial For disposal of lateral flow testing waste by incineration (O) For disposal of PPE Waste by incineration / land-fill For safe external storage of waste Initial 91#187Medical Waste Management Initial: Setting the standard in healthcare and infectious waste management Australia ● ● ● ● Sustainability commitment position us as a responsible and diligent medical waste service partner Agility - ad hoc response capability / high frequency collection /high tenacity to deal with peaks in waste collection demand. Proactive and reactive servicing competitively position us to become service partner of choice with 300 technicians and a strong fleet across the country Acquisition of ACES Medical Waste in 2021 allows us to expand capabilities and improve density in key geographies Conny Rentokil Initial UK • Business built on "Setting the standard in healthcare and infectious waste management in the UK" with a focus on ISO certification in Quality, Environment and Health & Safety Operational at high margins due to ability to carry out small van waste services at a wide variety of healthcare and non-healthcare customers (v's low margin bulk waste collection) Final disposal through complex partnerships with final disposal companies Sales and operations positioned around keeping our customers compliant with the complex legislation surrounding clinical waste. • Huge sustainability drive in motion to push Waste-to-Energy, reduce single use plastics, introduction of recycled materials and paper- saving E-Waste documentation P Medical Providing an agile service to manage the unpredictability of medical waste volume 0800 731 0802 initial.co.uk/medical tial 92#188Medical Waste Opportunity ● Strong and sustained performance Operate in 11 countries: Australia, Finland, Indonesia, Ireland, Italy, New Zealand, Portugal, South Africa, Spain, Thailand and UK Revenue of c.£29m in 2019 with a CAGR of c.10% over last five years, delivering average margin of 24.9% across that period. Rentokil Initial Opportunities for organic & acquisitive growth ● Focus will be on: 1. Driving organic growth levels across all existing operations 2. Converting M&A opportunities as either bolt-on to existing business or new market entry where legislation and market conditions are attractive; a number of markets identified for new entry across Asia, Pacific, Europe and North America. Rentoke Initial 93#189Rentokil Initial Protecting People. Enhancing Lives. Opportunity into Growth Dental Hygiene Waste Alain Moffroid, Regional Managing Director, Europe 94#190Dental Hygiene Waste Growth opportunity from expansion into new markets Dental Waste ● ● Collection and disposal of amalgam is highly regulated as a consequence of the Minamata Mercury Crisis (1956-68) Regulation in place in Europe, North America and Australia Rentokil Initial ● ● ● Regulation always includes separator maintenance and in some countries additional services for dental waste The market for dental mercury waste is estimated to be around c.£400m In addition to the disposal of dental waste, the business offers various hygiene service solutions, e.g. water analysis & pipe cleaning 9 Waste Service Solutions Hygiene Service Solutions Precious Metal Solutions 95#191Dental Hygiene Waste Proven delivery model ● ● Target group: Dentists & Dental Dealer. Business countries: Germany, Netherlands, Sweden, Norway, UK & USA. Products & Services: Waste Service Solutions: collection & disposal of amalgam & medical waste, pipe cleaning, sale of suction and amalgam separation systems. ● Hygiene Service Solutions: Fresh & Waste water analysis. Precious Metal Solutions: Precious metal recovery Rentokil Initial BSCHEIDER ARETYPE pack USP's of Initial Dental SmartWay - The sustainable recycling process of amalgam separator Reuse of amalgam separator. Significant cost savings for our customers Avoidance of plastic waste - 430 tons per year Reduction of 75% CO2-Emission. Unique in the dental sector Xpack - The sustainable shipping solution for amalgam separator Reduction/avoidance of plastic materials for shipping. Shipping solution is provided by Initial - customers do not have to take care of the packaging materials. Reduction of 90% of outgoing packaging materials - savings of 66 tons of shipping materials (styrofoam, cardboard boxes, foils) per year. Unique in the dental sector Water test Can be easily combined with the waste service. One service partner for several solutions. Initial as "The Experts In Dental Services". ++*% # 96#192Dental Hygiene Waste Proven delivery model Case study customers (Netherlands): Dental Chains - a trend! Customer example: Customer example: ● ● Founded in 2014 with 3 dental clinics. Now: 130 dental clinics. Customer of Initial dental Netherlands since 2016. ● Started in 2013 with 8 dental clinics. Now: 186 dental clinics. Customer of Initial Dental Netherlands since 2013. Both customers are buying dental waste solutions and water analysis Rentokil Initial Case study customers (Sweden): Hg-rid LIFE EU Project During 2018, Sweden's biggest provider of private health and dental care, ran an EU financed project in cooperation with Initial Dental and IVL Swedish Environmental Institute. The main objective of the project was to further minimise emissions of mercury from dental care service. The results should be implemented in the EU. This customer of Initial Dental Sweden buys all available services and products: dental waste solutions plus hygiene service solutions like water analysis and pipe cleaning. 97#193Dental Hygiene Waste Trends in the dental business can provide an opportunity for further growth Industry Consolidation Dental Clinic Chains & Dental Hospitals ● ● Dental market is moving from small clinics to large dental hospitals and dental clinic chains. Due to this development the demand for one-stop-shop services is increasing. Rentokil Initial Service Penetration & Innovation "One Stop Shop" Strategy ● ● One partner for several solutions related to hygiene and waste disposal. Collection of various dental wastes at one service appointment. Customers oriented innovation pipeline. Environmental Consciousness Regulation Enforcement & Sustainability ● ● More countries expected to adopt/enforce regulation Sustainability in the dental practice is now a big issue, as patients and dentists are becoming more and more concerned about this topic. Geographical Expansion Expansion through Acquisition M&A opportunities in existing markets and selected new markets, USA, Australia, France, Norway, Austria, Switzerland. 98#194Dental Hygiene Waste Opportunity Strong and sustained performance ● ● Operate in 6 countries: Germany, Netherlands, Sweden, Norway, USA, UK with 2019 revenue at £12m CAGR of 8.9% over last five years, delivering average margin of 25%+ across that period Opportunities for organic & acquisitive growth Target is to sustain high organic growth levels and target additional opportunities in new markets: ● ● ● ● Service innovation to provide one stop solutions for customers Sustainable solutions to benefit from environmental trend Expansion through acquisitive activity where regulation and enforcement exists or develops 99#195Rentokil Initial Protecting People. Enhancing Lives. Opportunity into Growth Wellbeing * ambius PremiumScenting Mike St Clair SVP Sales & Marketing North America AIRQ 100#196Wellbeing Focusing our expertise on the global demand for healthy buildings ● ● ● Impact of pandemic has catalysed a shift in global mindset where health is a priority - not just avoiding being sick, but proactively being well in a holistic sense The global corporate wellness market is set to grow at 7% CAGR to 2028¹ as people search for a healthier lifestyle across work, home and leisure 92% of real estate investment managers expect the increased demand for healthy buildings to continue over the next three years. Healthy buildings are delivering rental income premiums of between 4.4-7.7% ² driving a focus on health and wellness as a core part of ESG investment strategies. Rentokil Initial Offices Encouraging employees into the workplace to rebuild human connections requires spaces with visible hygiene measures plus enhanced levels of comfort and flexibility for multi-use enabled by biophilic design Facilities/Property Mgt Seeking to create in-demand spaces that command a premium and deliver ESG goals to tenants. Visible hygiene and strong wellbeing aesthetics essential to maintain an occupied portfolio. 1 Grandview research 2021 2 MIT Centre for Real Estate research 2021 Hospitality Enhanced guest experience is delivered through biophilic design and premium aesthetics, a combination delivering increased RevPAR and better reviews Retail Highly visible biophilic design delivers comfort levels which encourage footfall and repeat visitors. 101#197Wellbeing from Rentokil Initial Meeting the global demands for healthy buildings Interior Planting Penta Combining horticultural, biophilic, commercial and design expertise to offer solutions that deliver commercial benefits related to health, comfort and productivity ● ● ● Rentokil Initial Interior plants Green walls Large projects Biophilic consultancy Plants for Air Quality Clean air solutions deliver improved, safer air quality in public spaces - using plants to do this also delivers biophilic benefits ● Active green air purification- planters and green walls + Premium Scenting Premium Scenting delivers enhanced environments for premises who are looking to give their guests a better experience, it has been proven to impact dwell time, spend and perception. Premium Scenting ● Combining hygiene and biophilic expertise to deliver enhanced wellbeing solutions IN * 102#198Wellbeing People are looking for evidence of healthy buildings 71% are more concerned about the impact of poor indoor air quality in a public venue on their health than before the COVID-19 pandemic Rentokil Initial 84% people who work in a shared workplace/ building believe it's important *that their employer prioritises creating a safe and hygienic workplace (stat used slide 39) 43 Following the COVID-19 pandemic, 71% people are concerned* about whether a venue has adequate measures in place to stop the spread of germs 59% are now more concerned about whether a business in a public venue has suitable systems in place to clean the indoor air effectively* Studies have shown that employees may work 7 to 12% faster and spend 15% more time focused on their primary task when they are in an environment with office plants. (CEC) University of Technology Sydney - Indoor Plants at Work study Just 3-6 indoor plants can reduce VOCs to below 100 ppb, below the recommended minimum of 500ppb CO₂ can be reduced by 10-25% CO₂ can be reduced by 20% Key Facts working environments with plants: 15% increase in reported levels of wellbeing 6% more productive 15% more creative 14% reduction in absenteeism (World Green Building Council) 103#199Wellbeing customer success Proven delivery model Australia Global provider of professional technical & management support services to a broad range of markets. Approximately $13.3 billion of Professional Services revenue in 2020 Ranked #1 in Engineering New Records 2020 and 'Top 200 Environmental firms' ● ● ● ● ● Perth CBD office - a Green Star rated site, offers staff the best working environment Employee comfort and productivity is central to design of the building. Plants specially designed into work areas to improve air quality and productivity. Interior includes mass planting of over seven hundred individual Sansevieria plants and more than ten tonne of white pebbles. Installed into striking wooden planter boxes, specially designed for AECOM. Rentokil Initial "Our interior plants provide a peaceful ambience and a comfortable working environment, as well as helping us meet our sustainability objectives." Lorraine Verdini, Facilities Manager North America ● ● Leading globally integrated real estate and investment group with 10k employees it's core expertise is in shaping cities and creating strong and connected communities. ● Partner since 2017 consulting on the plant design for the corporate offices in Chicago, New York, Los Angeles, San Francisco, Nashville, Charlotte, Atlanta. • Lendlease's Chicago office was the first commercial interior space to receive the highest rating under the Fitwel Rating in Illinois in 2018. Environmental efficiency and occupant health, well-being, and productivity are central to the approach to set people up to be their best, based on the way they work. The design of their corporate offices takes special consideration for the amount of plants they have per person as part of their designs. From reclaimed wood planters to large-scale green walls the elements of healthy buildings are seamlessly integrated for optimum benefits. 104#200Wellbeing Opportunity Strong and sustained performance Operate in 15 countries under our Ambius brand: Australia, Belgium, Canada, Finland, France, Germany, Ireland, Netherlands, New Zealand, Norway, South Africa, Spain, Sweden, UK and USA. Pre-pandemic total revenue CAGR of c.4% over last five years, revenues of £172m in 2019 delivering average margins of c.14% across that period Opportunities for organic & acquisitive growth ● Targeting growth at 3% + given the increased focus on wellbeing M&A activity will be used selectively to build out the scale of our wellbeing offer in current Ambius markets and also in new markets where we have existing operations. 105#201Outside the Washroom provides significant opportunity Premises Hygiene and Enhanced Environments will complement the growth in our core washroom business ● ● ● ● ● Services that stand to benefit from post-covid Regulated for most, with further tightening and increased enforcement expected Deep expertise in the countries in which we operate enhanced by our international footprint Opportunity to broaden our service footprint in selected markets M&A an opportunity for for existing and new markets Rentokil Initial Wellbeing Dental Hygiene Core Washroom Air Care Specialist Hygiene Medical Waste 106#202Rentokil Initial Protecting People. Enhancing Lives. Opportunity into Growth. The new Growth landscape. Geographic Expansion Alain Moffroid, Regional Managing Director, Europe Increasing the reach and density of our footprint in existing and new markets to accelerate profitable growth 107#203Expanding our geographic footprint for Hygiene 1. 40+ 60+ 2. Leveraging our brand and expertise 3. Expanding in five areas: North & South America, Europe, Middle East and North Africa 4. Built on existing route-based businesses 5. Platform for additional acquisitive growth Rentokil Initial Initia 108#204#205Two entry models being adopted: 1. Core Washroom Serviced hygiene solutions to satisfy air, hand, cubicle and surface requirements in washrooms across a multitude of customer sectors Rentokil Initial 2. Outside the Washroom Serviced hygiene solutions to satisfy air, hand and surface requirements in commercial and public premises across a multitude of customer sectors 110#206Europe re-entry focused on the washroom Delivering targeted solutions with our Hygiene 360 proposition ● ● ● ● ● Building on the existing RI footprint in Austria, Belgium, Germany, Netherlands, Poland, Sweden & Switzerland Following successful JV transaction with CWS, non-compete has now expired Leveraging management experience in the region to build the proposition and operational strategy, using the Initial brand that still has equity across the region Re-building a business with 2/3yr contracts, and average tenure of 7 to 10 years and a focus on key cities for density build Sales & Service colleagues with independent certification 67% of Polish respondents are more concerned* now about the number of pollutants in the indoor air in a public venue than before the COVID-19 pandemic Rentokil Initial Progress is solid with big wins in Belgium, Germany, The Netherlands and Switzerland. NTWERE FOOTBAL AO 12 1 66% of French respondents said that they are concerned* about how clean a public indoor venue is following the COVID-19 pandemic. Düsseldorf DUS Airport Over 8 in 10 Germans avoid touching surfaces that others may have touched when using toilet facilities in a public venue 111#207Premises Hygiene is the focus of entry in all other markets Growth across the rest of the world will come from best fit models based on existing businesses North America Build a premises Hygiene business under our Ambius brand in the USA from a zero base ● ● ● Thriving Ambius business with expanded hygiene services with our lead VIRUSKILLER™ solution recently launched Considering washroom market entry in Canada, no intention to enter the washroom market in the USA beyond our digital solutions Rentokil Initial * ambius Ho * ambius Hygiene360 Breathe easier with Our servic VIRUSKILLER" Cancio tr Dur ambius * Ouseys = Hygiene360 Pos 60% of working Americans say that they would consider taking a lower paid job if the working environment included better air quality and hygiene levels (Ambius 2021) About Abou Knowder= Kung min q 23 8 SA 22 Knowledge center = q Small Markets ● ● Building through organic and bolt on acquisitions in established pest control sinesses to enter new markets and increase density Those markets all are relatively small and will build over time to complement our larger markets. Boecker acquisition in the Middle East has provided a further platform for new hygiene service market growth 74% of Americans would rate indoor air quality as important to their health when thinking about visiting a public venue (Initial 2021) 112#208Future opportunity is significant Opportunity of 20+ new markets, two of which are large Leveraging Brand, Range, Expertise, Experience, Track Record Progress in building the foundation based on existing local business Portfolio and density build will gather pace over time ● ● ● Margins will be dilutive at first and grow over time with density The potential for organic growth is significant over the next five years as our operations in these markets mature M&A provides significant opportunity to accelerate growth across all Hygiene & Wellbeing areas in new and existing geographies 113#209Summary Outside Washroom and New Markets: c.50% of our 4% -6% medium-term target M&A: Significant opportunity to accelerate growth. Rentokil Initial New Markets Germany Netherlands North America LatAm Core Washrooms -PLUS--- VIRUSKILLER™M No touch mylnitial / Rapid New products M&A Outside Washrooms Air care, Medical, Dental, Specialist Hygiene Plants and scenting Core - density building Core new markets e.g. Germany Specialist outside washroom e.g. Air 4% -6% organic growth £25m+ acquisition growth Core Washroom c.50% of our 4% -6% medium-term target. New medium-term targets from 1/1/2022. 114#210Rentokil Initial Protecting People. Enhancing Lives. Value Creating M&A in Hygiene & Wellbeing Chris Hunt, M&A Director Initial 0 kital Wed 115#211Hygiene & Wellbeing M&A Agenda 1. Hygiene bolt-on M&A is remarkably similar to Pest Control 2. Deal track record and returns 3. Building the pipeline 4. Scale of ambition Rentokil Initial 5 1 116#212Hygiene & Wellbeing M&A Very similar strategy to our successful pest control programme Our model In-house capability to identify, evaluate, execute and integrate acquisitions at pace Branch Profitability M&A builds density and APBITA impact of Dersity on Branch Profitability Local Market Share Rentokil Initial Illustrative impact of a Bolt-on La $500.000 $1.000.000 Prati Not including mmg benefits of SGRA Accelerate Through Organic Growth Invest in Commercial Sales Reps to drive base scale in 828 pest control Up-sell and cross-sell the services needed by our customers Where attractive, expand into Residential market through local marketing activities- brand awareness, PR, events, sponsorships Our model for success 1. Disciplined Evaluation • Quality of the Business • Quality of its Economics 2. Clear Integration Plan Management role • Synergy opportunities • Leverage Rentokil technology 3. Strong Governance Model • Accountability & Follow up • Confidence in IRR delivery Hygiene Targets Similar company characteristics to Pest Control Market growth from regulation & increasing customer expectations ● B2B services only 0800 77, 77 88 Greater integration complexity Less competition for assets • Our Initial business is a solid platform onto which to build greater scale & density ● Initial 117#213UK Hygiene Impact of Cannon Acquisition UK Hygiene Revenue growth 2019 1.3x 2021 Revenue per FTE (¹) 2019 1.1x 2021 Customers per FTE (¹) 2019 1.0x 2021 Revenue per Branch 2019 GM improvement 2019 2.1x (1) FTE is Service Delivery Heads in Hygiene excluding e.g., back office 2021 +480 bpts 2021 118#214Hygiene & Wellbeing M&A Deal Track Record 2016 Already delivering ~5 - 6 deals p.a. 0 2017 2018 2019 2018 Cannon Global 2021 Expected # of Deals 2020 2021 YTD* Rentokil Initial * Note: As at July 2021 including Boecker World Holding SAL, as announced at Interims. # Acquisitions ~£3m Average deal size Consideration 51 North America Emerging Pest 42 62 73 11% 16% 7% Growth Pest Hygiene & Wellbeing 66% 119#215Hygiene & Wellbeing M&A Hygiene deals drive better returns than Pest Control Strong Returns from M&A Rentokil Initial Target IRR 15%-20%+ ~1.5x Hygiene Target IRR Growth: 13%+ Emerging: 15%+ ~2-2.5x Pest Average Revenue multiples paid 2016 - 2021 YTD NA Pest IRR target 12% 0800 77 77 88 www.initial.co.za Initial 120#216Core Washroom - M&A. Initiatives to build the pipeline in our core Washroom operations ● Washroom Hygiene Scale and expertise. Brand leadership via innovation & digital. B Hand hygiene Air • In-cubicle No-touch Digital hygiene Rentokil Initial (0) Hygiene & Wellbeing ambius Initial Areas of focus 1. City-based hygiene bolt-ons to our existing businesses Replace EU capability sold to CWS Leverage pest business/ complement 20 new markets Focus on large urban areas and density plays 5. Identify any platforms in potential large markets e.g., NA, India, China, Brazil and Mexico 2. 3. 4. 6. Larger competitors where we are not #1 in the market Highly fragmented market - bolt on opportunities Initial 121#217Premise Hygiene - M&A. Initiatives to build the pipeline - Premises Hygiene A Premises Hygiene Leveraging our hygiene expertise outside the washroom B Rentokil Initial 1 Air purification Hand sanitiser Surface hygiene Specialist clinical waste management Hygiene & Wellbeing ambius Initial Areas of focus 1. 2. Leverage Boecker in MENAT Air Care - Monitoring, purification & Scenting 3. Specialist Hygiene 4. Medical Waste 5. Dental Hygiene Diverse business landscape provides small-medium targets 122#218Enhanced Environments - M&A. Initiatives to build the pipeline - Enhanced Environments Enhanced Environments Improving the occupant experience and wellbeing in premises Rentokil Initial (7) Hygiene & Wellbeing ambius Initial ● ● ● Interior planting Biophilic design Premium scenting Air quality Green walls Areas of focus 1. Extensions into wellness e.g, Air Monitoring, Premium Scenting, Green Walls, Plants, Seasonal Celebrations, Biophilic Design 2. Partnerships e.g., Air monitoring with market experts Selecting businesses that will enhance our offer and/or footprint 123#219Developing M&A Pipeline of Opportunities A broad market - services are market dependent Deal flow supported by an emerging pipeline of c. 80 targets: Actively building the relationships. Sellers paused during COVID-19. Ensures steady and sustainable supply of new deals. Building the pipeline: Locally - senior & branch managers tasked with identifying good targets. No brokers - using experts to help fill the early pipeline instead. Approaches from vendors to country managers, via our websites and social media forums. ● ● ● ● ● Rentokil Initial Initial 124#220Hygiene & Wellbeing M&A Summary Similar characteristics to pest: • Opportunity for growth through bolt-on acquisitions Following the same disciplined M&A process ● The economics are better: Value creation areas are the same Prices and competition is lower ● ● Track Record & ambition: We have spent less and done less than in pest We are paying increasing attention to the category and the pipeline is building well We are targeting £25m+ revenues p.a. over the next 5 years Open to the potential for larger transactions if available. ● ● Rentokil Initial 125#221Rentokil Initial Protecting People. Enhancing Lives. Hygiene & Wellbeing: Our New Growth Engine Stuart Ingall-Tombs, CFO 126#222Cash Compounding Subscription Model Hygiene & Wellbeing Industry- leading ESG Highly fragmented market - significant M&A roll up opportunity Highly cash generative Density experts - post code and hygiene product density plus shared overhead (IT, buildings, infrastructure etc) Rentokil Initial Capital allocation model and returns $$$ Dividend M&A Cash ESG Shareholder value Profit growth mm Anmmnn Impact on society Low-cost model Employer of choice Density People Operational Model Profit and margins Health and safety Innovation and digital Price Great service Customer retention Organic revenue growth New business Customers Additional services to customer ele Growth Strong EOC programme and retention levels. c.90% portfolio / subscription business with high levels of customer Retention. Best products. Necessary service - public health safety / more regulations and need for digital reporting (food etc). Shared technology and digital innovation expertise with Pest Control - important for organic growth. 127#223Hygiene & Wellbeing Cash-compounding, subscription growth business. c.89.6% portfolio / subscription business with high levels of customer retention at 86.0%* Annual pricing recovery - 1.5% on Portfolio* Postcode density and customer penetration density drives strong operating margins at 16.2%* 5-year average. ● ● ● Highly cash generative - 90%+FCF High return on investment Low capex intensive - capex to revenue c. 12.9% (4-year average) Core H&W Organic growth of 3% - 3.5% to 2019 (4-year average) Highly fragmented market - significant M&A roll up opportunity Strongly placed to drive medium-term growth post COVID-19. 128#224H&W: Substantial Value Creation - H1 2017-2021 Operating model has created substantial value Ongoing Revenue £m £400 £350 £300 £250 £200 £150 £100 £50 £0 Rentokil Initial £269 £331 £351 £324 £347 2017 2018 2019 2020 2021 CAGR 6.6% Ongoing Revenues have grown by c.29% to 2021. CAGR to 2019 (pre-pandemic) of 14.2%. APBITA £m £100 £90 £80 £70 £60 £50 £40 £30 £20 £10 £0 £39 2017 £46 £50 £56 2018 2019 2020 Operating Profits have increased by 123% (incl. Disinfection). CAGR to 2019 (pre-pandemic) of 13.2%. CAGR 22.2% £87 2021 129#225What have we said today? Further momentum into our compounding growth model 1. New Hygiene & Wellbeing category c.25% larger than Core Hygiene - reflecting changing growth drivers. Ambius, Dental Hygiene and Cleanrooms join core washrooms in the new category 2. New organic growth target for H&W of 4% -6% - applied to the newly enlarged category - further momentum into our compound growth model 3. Strongly positioned - inside and outside the washroom and in new markets - driving organic growth 4. Higher growth sectors - e.g. Air Purification growing at a CAGR of 10% -12% to 2028 5. M&A opportunity - pipeline being built to deliver c.£25m+ annualised revenues. Potential for larger transactions if available. Target IRRs at 15%-20% Rentokil Initial The pandemic has profoundly changed attitudes and behaviour Over 95% of people say they have changed their hygiera behaviours as a result of the COVID-19 pandemic Rentokil Initial 71% respondents are now more fearful of the spread of germs via the surfaces they touch, than before the COVID-19 pandemic Signi 1. 40+ 60+ 2. Leveraging our brand and expertise. 3. Expanding in five areas: North & South America, Europe, Middle East and North Africa 4. Built on existing route-based businesses. Rentokil Initial 5. Platform for additional acquisitive growth 84% people that work think It is important that their employer prioritises creating a safe and hygienic workplace When thinking about indoor air quality in a public venue, 72% are mare concerned about the spread of germs via the air they breathe indoors in s Wellbeing from Rentokil Initial Meeting the global demands for healthy buildings Expanding our geographic footprint for Hygiene Interior Planting Renta Combining horticultural, biophilic, commercial and design expertise to offer solutions that deliver commercial benefits related to health, comfort and productivity • Interior plants Green walls Large projects Biophilic consultancy Since the COVID-19 pandemic, 47% people would leave a public venue If it did not appear to have good hygiene measures in place, 48% would not go back there again Plants for Air Quality Clean air solutions deliver improved, safer air quality in public spaces using plants to do this also delivers biophilic benefits Active green air purification planters and green walls O@+0 Premium Scenting Premium Scenting delivers enhanced environments for premises who are looking to give their guests a better experience, it has been proven to impact dwell time, spend and perception • Premium Scenting I wellbeing solutions 102 130#226Illustration: Hygiene & Wellbeing - Organic Growth Target Revenue Rentokil Initial 0% 2% 3% Core Hygiene 4% Outside the Washroom 5% Cumulative Organic Growth New Markets 1 I I I 6% M&A 7% 131#227Hygiene & Wellbeing - The journey to £1bn and beyond Applying the higher growth rates to the extended category ● ● ● ● Attitudes and expectations have changed Accelerated market drivers Organic Growth raised to 4% - 6% Extended category Innovation, digital and sustainability drive differentiation and margins Emerging M&A pipeline with c.80 targets expected to deliver £25m+ annualised revenues from 2022 Open to larger transactions, if available 2015 Rentokil Initial 2016 2017 2018 2019 2020 2021 2022 Creating a £1bn+ business. H 2023 2024 2025 Option £1bn+ 2026 132#228Rentokil Initial Protecting People. Enhancing Lives. New targets and growth opportunities feeding our compound growth model. Stuart Ingall-Tombs, CFO#229Reminder of our Compounding Growth Model Progressive Dividend Growth Rentokil Initial Organic and M&A Revenue Growth Financially disciplined M&A programme and operational investment ↑ Strong Profit and Free Cash Flow Improved Gross Margins 134#230Revenue - Strong delivery, well ahead of growth targets Existing Targets Ongoing Revenue growth (CER) target: 5% - 8% 3% -4% Organic Rentokil Initial Ongoing Revenue (CER) այ 3000 2800 2600 2400 2200 2000 1800 1600 1400 1200 1000 2015 2016 Five-year Ongoing Revenue CAGR of c.11.3%. 2019 Organic Revenue Growth Total: £2,809m 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 135#231Profit - Strong record of above-target delivery Existing Targets Ongoing Operating Profit growth c.10% (CER) Rentokil Initial Ongoing Operating Profit (CER) £m 450 400 350 300 250 200 150 100 50 O 2015 2016 2017 2018 Five-year Ongoing Profit CAGR of 11.7%. 2019 Total: £384m 2020 136#232Free Cash - Continuing delivery despite the pandemic Strong and sustainable FCF delivery c.90% conversion (AER) Rentokil Initial Free Cash Flow (AER) £m 400 350 300 250 200 150 100 50 O 2013 2014 2015 2016 Free Cash Flow 2017 2018 Free Cash Flow conversion 2019 Total: £337m 2020 Outstanding Free Cash Flow performance, five-year average to 2020 = 98% conversion 140% 120% 100% 80% 60% 40% 20% 0% 137#233Net Debt Net debt managed throughout this period at c.2x Net Debt / EBITDA whilst APBTA up c.90% Rentokil Initial Net Debt (AER) £m 1400 1200 1000 800 600 400 200 2.5x 2013 1.9x 2014 2.5x 2015 2.5x 2016 1.9x 2017 2.4x 2018 1.8x 2019 Significant growth while retaining investment grade rating. CAGR 9.59% 1.6x £994m 2020 APBTA (CER) 400 350 300 250 200 150 100 138#234Old Group Financial targets (until 31/12/2021) Medium-term Group financial targets Organic Revenue Growth Group: 3% -4% Pest Control: 4% -6% Hygiene: 2% -3% Workwear: n/a Ongoing Revenue Growth Total Growth of 5% - 8% Ongoing Operating Profit Growth Growth of c.10% Free Cash Flow Conversion rate of c.90% Rentokil Initial TWITTE New Group Financial targets (from 1/1/2022) Organic Revenue Growth Group: 4% - 5% (excl. Disinfection) Pest Control: 4.5% - 6.5% Hygiene & Wellbeing: 4% -6% (excl. Disinfection) Workwear: 3% -4% Ongoing Revenue Growth Total Growth of 6% -9% (of which M&A c.2% - 5%) Ongoing Operating Profit Growth Growth of 10%+ Free Cash Flow AM Conversion rate of c.90% FRANCISCO 139#235The Growth Story is Clear - We retain our focus on margins and cash Organic and M&A Revenue Growth Improved Gross Margins Strong Profit and Free Cash Flow Rentokil Initial ● ● ● Return of the core and strengthened dynamics in H&W give confidence in revenue growth opportunities Series of opportunities to improve margins over medium term ● ● ● Pricing - ability to pass through cost inflation Technology & Innovation Procurement & Shared overheads New market entries and M&A programme will be slightly dilutive in the short term The Group remains capital light and innovations in technology promote working capital efficiency Ongoing tight cash management to maintain Free Cash Flow conversion at c.90% 140#236Caveat - Medium-term risks still exist COVID-19 ● ● ● Execution • Climate Change impacts become more material Competition for M&A increases dramatically Technology disruption changes dynamics ● More variants/severity More large scale lockdowns Office footfall and travel never fully recover Rentokil Initial Markets Some markets may prove to be more challenging or competitive Taxation increases limits growth ● ● Cyber/Data Risks ● ... Notwithstanding all of these uncertainties, we believe that the new targets set out today are very achievable. € Increased costs of protection Despite significant investment & focus, the 'walls are breached' Burden of data compliance stifles flexibility 141#237Last slide of our CMD in 2018... Transforming Our Business: 2013-2017 Strategy into action DE \8) ( Rentokil Initial Pest Control & Hygiene (% of Group Revenue) Net Operating Margin Free Cash Flow conversion Dividend paid Net debt to EBITDA S&P rating Pension 2013 49% 8.8% 44% £38.6m 2.5x BBB- In deficit 2017 83% 13.2% 87% £64.3m c. 1.9x BBB Fully Funded 2022 Organic growth and M&A Pest margins and leverage on fixed overheads Reduced capital intensity and lower legacy provision spend Strong Free Cash Flow and proceeds from JV funding, M&A programme and potential balance sheet restructure 142#238The Transformation Continues a B Rentokil Initial Total Growth Organic Revenue M&A Spend Net Operating Margin APBTA Profit Growth Free Cash Flow conversion Progressive Dividends Net debt to EBITDA S&P Rating Pension 2013 4.5% £10m 8.8% 44% £38.6m 2.5x BBB- In deficit 2017 20.6% £281m 13.2% 13.8% 87% £64.3m c.1.9x BBB Fully Funded Current Targets 5% - 8% 3 - 4% FY £450m - £500m in 2021 c.10% 90% BBB Buy Out 2022+ 6% -9% 4% - 5% Annual Guidance 10%+ 90% BBB Complete 143#239Old Structure Five Regions NA, Europe (incl. LatAm), UK & ROW, Asia, Pacific Categories Pest Control, Hygiene, Protect & Enhance Old Targets Organic Revenue Growth Group: 3% -4% Pest Control: 4% -6% Hygiene: 2% -3% Workwear: n/a Pest Control (1/1/2022) ● Snapshot Summary Strongly positioned as we transition into the post-crisis world ● ● • Ongoing Revenue Growth Total Growth of 5% - 8% Ongoing Operating Profit Growth of c.10% Global market: c.$22bn in 2020 (NA c.50%) - continued growth: 4.5%-5%+ pa. Every region is growing its per capita spend on pest control. Core growth drivers: Growing middle classes, urbanisation etc. unchanged. c.20,000 highly trained technicians. New medium-term organic growth target: 4.5% -6.5%. Growth being driven by innovation, digital and sustainability. Pipeline of over 50 innovations. Free Cash Flow Conversion rate of c.90% Rentokil Initial 17 patent applications relating to RI inventions. Digital pest control's time has come: Our ambition is to reach c. 25% of commercial customers by 2026 (c.3% today). Enlarged category: UK Property Care joins from 1/1/22. M&A: Clear opportunity for value creation: NA, density building, cities of the future. New Structure (1/1/2022) Five Regions NA, Europe (incl. LatAm), UK & Sub-Saharan Africa, Asia & MENAT, Pacific Categories Pest Control, Hygiene & Wellbeing, Workwear New Targets (1/1/2022) Organic Revenue Growth Group: 4% - 5%* Pest Control: 4.5% -6.5% Hygiene & Wellbeing: 4% -6%* Workwear: 3% -4% * Excludes Disinfection Hygiene & Wellbeing (1/1/2022) · ● ● • Ongoing Revenue Growth Total Growth of 6% -9% (M&A 2%-5%) Ongoing Operating Profit Growth of 10%+ Free Cash Flow Conversion rate of c.90% Core Hygiene market - pre-pandemic growth typically c.2%-3%, broadly in line with GDP. Expectations and importance of Hygiene and Wellbeing services have changed forever. New Hygiene & Wellbeing category - right business at the right time to meet the future needs of our customers - including the expertise of Ambius, Dental Hygiene and Cleanrooms from 1/1/22. New organic growth target: 4% -6% - on the enlarged category (excl. Disinfection) delivered through Core washrooms (c.50% of target), premises/enhanced environments outside the washroom and geographical expansion (c.50% of target). Driving margins: Focus on postcode density, product density, shared overheads, M&A. Strong fit with Pest Control: Shared infrastructure, cost synergies and revenue opportunities. M&A: Emerging pipeline with c.80 targets already in place. Targeting annualised revenues of £25m+ p.a. Open to the potential for larger transactions, if available. Ambition to reach £1bn+ Ongoing Revenues. 144#240Our plan for profitable growth from 2022 Proven model and transparent medium-term guidance Expertise of our Colleagues SHE m HOTE INTERNET of %THINGS Rentokil Initial Pro V 16 8,724 TRUSTPILOT Rentok 45 DooDr Leadership in Digital and Innovation Rentokil Pest Control UK reviews Excellent 9.4 glassdoor 95% Group Medium-Term Financial Guidance: * Excluding Disinfection. ju AI Fina Pest Control Organic Growth 4.5% -6.5% Target IRR Growth* 13%+ Emerging 15%+ *NA IRR target 12% Responsible Business Rentokil Initial will have net zero carbon emissions from its operations by the end of 2040 Sustainable solutions Market-Leading Business Hygiene & Wellbeing Organic Growth 4% -6% Target IRR 15%-20%+ M Hardware Consumables Chemicals 2. Sustainable operations 10 Mobility Warto Supply Chain 3. Sustainable workplace Q Properties culture Total Ongoing Revenue Growth: 6% -9% Organic: 4% - 5%* M&A: 2% - 5% Workwear Organic Growth 3%-4% Target IRR 20%+ Dow Jity Indices sustata MSCI RITY AA EURONEXT vigeiris EUIO E 128 CDP •North America •UK & SSA Europe (incl. LatAm) •Asia & MENAT Pacific Progressive Dividend Growth Multi-local Operational Model Rentokil Initial Ongoing Operating Profit Growth: 10%+ model and retums anill Financially disciplined M&A programme and operational investment w Profit and margins ESG Organic and M&A Revenue Growth Financial Model to Compound Growth Strong Profit And Free Cash Flow HE Compounding revenue, profit and cash flow growth People MTO Free Cash Flow conversion: c.90% Improved Gross Margins 03 Customers 145#241Rentokil Initial Protecting People. Enhancing Lives. Q&A O Rentokil#242Sources Section - Hygiene & Wellbeing: A value-creating opportunity Hygiene & Wellbeing benefit from same macroeconomic drivers as Pest Population change in urban areas GDP growth continues to drive Hygiene & Wellbeing growth Oxford Economics GDP Data Bloomberg 2021/09/13, Big Business Shines a Ray of Hope Rentokil Initial Middle class growth, standards and regulation all increasing demand Legislation Post Covid learnings Sustainability Handwash statistic Changing views on the importance of Hygiene & Wellbeing Transparency Gen Y and Gen Z attitudes - Global Wellness Institute August 2020 The pandemic has created a huge change and market opportunity Germany case law Legal effects online sales growth of health and hygiene products Evaluation of hygiene costing