Bunzl Investor Day Presentation Deck

A STRONG PROCESS SUPPORTS OUR SUCCESS Organisation and valuation discipline key to performance Organisation and process • Local origination; relationships built locally ● ● Central corporate development team responsible for execution, in addition to seeking new opportunities Current central corporate development team has completed c.120 acquisitions Strong history of new businesses joining Bunzl without impacting commercial operations - Business areas responsible for onboarding and integration Early focus on synergy delivery, cash management, financial reporting and health & safety with minimal impact to commercial operations Year 2 and beyond the focus turns to leveraging Bunzl's scale through opportunities such as sourcing, own brand introduction, digital investments and efficiency projects CAPITAL MARKETS DAY 2021 ● Returns and multiples A strong focus on ROIC, with strong discipline around multiples paid ● - Majority of EV/EBITA multiples 6-8x pre-synergies Willingness to pay multiples above range for larger higher margin and fast growing businesses, subject to returns hurdles Average EV/EBITA multiples paid¹ Acquisition strategy has significant focus on bolt on deals, with the average transaction size c.£30m over the last 5 years Little private equity interest at this level Average = 7.3x 2011-2015 Acquisition growth Average = 7.9x BUNZL 2016-2020 Note: 1. Based on historic profit and pre-synergies and tax benefits 65

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