Bunzl is a business-to-business distribution company that provides outsourced procurement and logistics services across Europe, North America, and Australasia. It distributes a wide range of consumable products to various end markets such as foodservice, grocery, cleaning/hygiene, retail, safety, and healthcare. Bunzl has a decentralized operating model, sources products globally at low costs, and pursues acquisitions for geographic and market expansion. Over the past decade, the company has grown organically and through acquisitions, achieving average annual revenue and profit growth of over 10% and consistently strong cash conversion and returns on capital.

1. Business Case
May 2015

2. About us
Bunzl is a growing
and successful
Group providing
outsourcing
solutions and value
added distribution
across the
Americas, Europe
and Australasia
Business Case May 2015 1
Source Consolidate Deliver

3. Business
overview
2
Sales channel
Products
Sourcing
Footprint
Key facts
Financials
 Business to business distribution
 £6.2bn revenue in 2014
 Wide range of non-food consumable products
 From leading brand manufacturers
 Own brands and unbranded products
 Sourcing centre in Shanghai – no own manufacturing
 c.15,000 employees (2014 year end)
 International diversification: 28 countries, 4
continents
 UK plc headquartered in London
 Listed on LSE; FTSE 100; Support Services sector
 Revenue growth: 10% (CAGR 04-14)
 Adjusted operating profit growth*: 10% (CAGR 04-14)
 Average annual cash conversion† of 97% (04-14)
* Before intangible amortisation and acquisition related costs
† Operating cash flow before acquisition related costs to operating profit before intangible amortisation and acquisition related costs
2004-2005 continuing operations only
Business Case May 2015

4. Benefits to
customers:
Supply
Chain
Supported by
an integrated
IT platform
Customer
Global sourcing
& procurement
International
warehousing
& distribution
infrastructure
3
Consolidation
of consumables
Range of delivery
options
Business Case May 2015

5. Value
proposition
 In-house procurement and
self distribution is costly
 Bunzl applies its resources
and expertise to reduce or
eliminate many of the “hidden”
costs of in-house procurement
and self distribution
 The benefits to customers are
a lower cost of doing business and
reduced working capital and
carbon emissions
Outsourcing
adds value for
our customers
4
Product cost
Inventory investment
Cash flow
Direct labour & overtime
Inventory finance cost
Expedited orders
Inbound freight
Purchase order administration
Inventory damage & shrinkage
Accounts payable admin
Storage space
Capital employed
Cost to acquire
Cost to
process
Business Case May 2015

6. Market
environment
5
Growing market sectors Fragmented competitors
Customer baseOutsourcing trend
 Exposed to growing sectors
including
– Foodservice – away from
home
– Cleaning & hygiene – away
from home
– Healthcare – demographics
– Safety – increased
legislation
 None do what we do, on our
scale and across our markets
 Bunzl’s national footprint
provides competitive advantage
 Strong customer base
 Working with national and
international leaders
 Aligned with customer growth
 Customers and manufacturers
focusing on their core business
Multiple growth
drivers
Business Case May 2015

7. Operating
model efficiencies
We constantly strive
to make our business
more efficient and
environmentally friendly
Acquisition growth
Since 2004 we have
announced 100
acquisitions with total
spend of £1.9bn
Organic growth
By outsourcing to Bunzl
the purchase,
consolidation and
delivery of a broad
range of products our
customers achieve
efficiencies and savings
Consistent
and proven
strategy
ROIC
17.6%
6
High ROIC
despite significant
acquisition spend
Business Case May 2015

8. Key
competitive
advantages
7
A platform for
growth
Unique
business
model
Strong
financial
discipline
Acquisition
strategy &
track record
Operational
focus
Experienced
management
Global
sourcing
Attractive
customer
markets
Balanced
business
portfolio
Business Case May 2015

9. Business
model
One-stop-shop
for non-food
consumables
8
Source
Consolidate
Deliver
 Global suppliers
 Low cost sources
 Commodities
 Own brands
Foodservice Grocery
Cleaning
& hygiene
Retail Safety Healthcare
Individual ranges
to
Consolidated offer
to
Business Case May 2015

10. Attractive
customer
markets
28%
26%13%
12%
11%
7% 3%
Healthcare
Disposable healthcare consumables,
including gloves, swabs, gowns and
bandages and other healthcare related
equipment to hospitals, care homes
and other facilities serving the
healthcare sector.
Safety
A complete range of
personal protection
equipment, including hard
hats, gloves, boots, ear
and eye protection and
other workwear, to
industrial and
construction markets.
Retail
Goods not for resale,
including packaging and
other store supplies and
a full range of cleaning
and hygiene products,
to department stores,
boutiques, office supply
companies, retail chains
and home improvement
chains.
Cleaning & hygiene
Cleaning and hygiene materials,
including chemicals and hygiene
paper, to cleaning and facilities
management companies and
industrial and healthcare customers.
Foodservice
Non-food consumables,
including food packaging,
disposable tableware,
guest amenities, catering
equipment, cleaning
products and safety items,
to hotels, restaurants,
contract caterers, food
processors and the leisure
sector.
Grocery
Goods not for resale (items
which are used but not
actually sold), including food
packaging, films, labels and
cleaning and hygiene
supplies, to grocery stores,
supermarkets and retail
chains.
Other
A variety of product ranges
supplied to other end user
markets such as
government and education
establishments.
9Business Case May 2015
c.75% resilient
Grocery
Foodservice
Cleaning & hygiene
Healthcare
2014 FY Revenue

11. Typical
Products
10
A broad range of
non-food
consumable
products
Business Case May 2015

12. Balanced
business
portfolio
11
Geographic balance
 Our markets are at different stages of maturity
 National footprints
 International brands and local products
Regional diversification
Customer markets balance
 Six market sectors with numerous sub-sectors
 Products and markets – specialist distributors
 Direct to customer or through a sub-distributor
Diversified by
geography and
sector
55%
19%
17%
9% North America
Continental Europe
UK & Ireland
Rest of the World
Business Case May 2015
2014 FY Revenue

13. Operational
focus
12
 Hands on management with clear customer
focus
 Full P&L and working capital responsibility
 Aligned incentive measurement with profit and
ROCE
Decentralised operating structure
Investing
 Majority of capex spend on IT systems and
warehouse facilities
 Robust IT and systems strategy e.g. warehouse
management
 Order systems and vehicle routing
 Continually evaluating and upgrading our
warehousing
Sharing best
practice across all
business areas
Business Case May 2015

14. Global
sourcing
13
+
Own brands
Commodities
Low cost sources
Eco-friendly products
SourcingPreferred suppliers
Business Case May 2015

15. Acquisition
strategy
14
Key acquisition parameters
Acquisition types
 Business to business
 Consolidated “not-for-resale” product offering
 Resilient and growing markets
 Fragmented customer base
 Scope for further consolidation and synergies
 Small % of total customer spend
 Opportunity for “own label” products
 Attractive financial returns
Retention of
managers and
customers is key
 Anchor
– New geographies
– New markets
 Bolt-on – existing geography and market
– Extending product range
– Consolidating markets
Extracting value
 Purchasing synergies
 Warehouse & distribution efficiencies
 Back office integration
 Customer overlays
 Product range extensions
 Sharing best practice
 Investment in infrastructure
Business Case May 2015

16. 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Number of
acquisitions
7 7 9 8 7 2 9 10 13 11 17
Committed
acquisition
spend (£m)
302 129 162 197 123 6 126 185 277 295 211
Annualised
acquisition
revenue (£m)
430 270 386 225 151 27 154 204 518 281 223
Acquisition
growth
15
04-05 continuing operations only
Average annual
acquisition spend
over the last 3
years
£261m
Business Case May 2015

17. 2014
Geographic
expansion
timeline
16
1997*
7countries
2003*
12countries
2015
28countries
2008
23countries
2005*
18countries
Revenue
2010
North America Continental Europe UK & Ireland Rest of the world
2005*
* Continuing operations only
Business Case May 2015

18. Experienced
management
17
Experienced
executive directors
and management
team
Brian May
Finance Director
Michael Roney
Chief Executive
Patrick Larmon
President and
CEO North
America
Celia Baxter
Director of Group
Human
Resources
Paul Hussey
General Counsel
& Company
Secretary
Paul Budge
Managing
Director UK &
Ireland
Andrew Mooney
Director of
Corporate
Development
Frank van Zanten
Managing
Director
Continental
Europe
Rodrigo
Mascarenhas
Managing
Director Latin
America
Kim Hetherington
Managing
Director
Australasia
Business Case May 2015

19. Strong
financial
discipline
18
High return on capital
Strong balance sheet
Low working capital
requirements
Low capex
High free cash flow
yield
Uniform financial
reporting system
 Return on operating capital: 57.7%
 Return on invested capital (pre-tax): 17.6%
(2014)
 Net debt/EBITDA 1.9x year end 2014
 Average working capital to sales at 10% in
2014
 Average of £23m p.a. over past 3 years
 Operating cash flow† to adjusted operating
profit* average of 97% 2004 - 2014
 Across all geographies
†Before acquisition related costs
*Before intangible amortisation and acquisition related costs
Growing dividend
stream
 Dividend per share CAGR of 10% since
2004
Business Case May 2015

20. Cash
conversion*
19
93% 95%
92%
103%
92%
102%
93%
110%
93%
102%
95%
04 05 06 07 08 09 10 11 12 13 14
* Operating cash flow before acquisition related costs to adjusted operating profit
04 - 05 continuing operations only
90%
Average cash
conversion* of
funds growing
dividend and
acquisitions
97%
Business Case May 2015

21. Revenue (£bn)Financial
track record
2004 - 2014
20
2.4
2.9
3.3
3.6
4.2
4.6
4.8
5.1
5.4
6.1 6.2
04 05 06 07 08 09 10 11 12 13 14
31.7
38.2
41.1
44.4
51.8
55.4
59.7
67.6
70.6
82.4
86.2
04 05 06 07 08 09 10 11 12 13 14
Adjusted eps (p)
Adjusted operating profit (£m)
Dividend per share (p)
All CAGRs greater
than
04-05 continuing operations only
04-12 restated on adoption
of IAS 19 (revised 2011)
169
203
226
243
281
296
307
336
352
414
430
04 05 06 07 08 09 10 11 12 13 14
Before intangible amortisation and
acquisition related costs
04-05 continuing operations only
13.3
15.7
17.0
18.7
20.6
21.6
23.4
26.4
28.2
32.4
35.5
04 05 06 07 08 09 10 11 12 13 14
10%
Business Case May 2015

22. Business
case
summary
21
Clear strategy for growth
 Entering new markets/product groups
 Expansion/penetration of established
markets
 Strong operational focus
Attractive business
model
Strong business model
 Clear value added for customers and
suppliers
 Recurring revenues
 “Big in the middle”
Attractive markets
 Resilient and growing markets
 Multiple growth drivers
 Fragmented with opportunity to
consolidate
Balanced portfolio
 Product diversification
 Geographical presence
 Independence from customers and
suppliers
Robust financial
performance
 Consistent revenue and earnings growth
 High cash generation
 Cash reinvested at high return on capital
 Strong and growing dividend stream
Business Case May 2015

23. Contacts
22
Bunzl plc
+44 20 7725 5000
Michael Roney – Chief Executive
Brian May – Finance Director
investor@bunzl.com
www.bunzl.com
Business Case May 2015

24. Disclaimer
23
No representation or warranty (express or implied) of any nature can be given, nor is any
responsibility or liability of any kind accepted, by Bunzl plc with respect to the completeness or
accuracy of the content of or omissions from this presentation.
This presentation is for information purposes only and does not constitute and shall not be deemed
to constitute an offer document or an offer in respect of securities or an invitation to purchase or
subscribe for any securities in any jurisdiction. Persons in a jurisdiction other than the United
Kingdom should ensure that they inform themselves about and observe any relevant securities laws
in that jurisdiction in respect of this presentation.
The presentation does not constitute an offer of securities for sale in the United States. None of the
securities described in the presentation have been registered under the U.S. Securities Act of 1933.
Such securities may not be offered or sold in the United States except pursuant to an exemption
from such registration.
This presentation contains forward-looking statements. They are subject to risks and uncertainties
that might cause actual results and outcomes to differ materially from the expectations expressed in
them. You are cautioned not to place undue reliance on such forward-looking statements which
speak only as of the date hereof. Bunzl undertakes no obligation to revise or update any such
forward-looking statements.
Where this presentation is being communicated as a financial promotion it will only be made to and
directed at: (i) those persons who have professional experience in matters relating to investments
falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005 (the “Order”); (ii) those persons falling within Article 49 of the Order; or (iii) to persons
outside of the United Kingdom only where permitted by applicable law (all such persons together
being referred to as “relevant persons”) and must not be acted on or relied on by persons who are
not relevant persons.
Business Case May 2015