Bunzl is a business-to-business distribution company that provides outsourced procurement and logistics services across various industries in 29 countries. It has a decentralized operating structure and focuses on acquiring smaller distributors, extracting synergies, and expanding into new geographies and markets. Bunzl has a consistent track record of strong organic revenue growth, high returns on capital, and cash conversion that funds both acquisitions and a growing dividend.

1. Business Case
June 2016

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 2016 1
Source Consolidate Deliver

3. Business
overview
2
Sales channel
Products
Sourcing
Footprint
Key facts
Financials
 Business to business distribution
 £6.5bn revenue in 2015
 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 (2015 average)
 International diversification: 29 countries, 4
continents
 UK plc headquartered in London
 Listed on LSE; FTSE 100; Support Services sector
 Revenue growth: 9% (CAGR 04-15)
 Adjusted operating profit growth*: 9% (CAGR 04-15)
 Average annual cash conversion† of 97% (04-15)
* Before intangible amortisation and acquisition related costs
† Operating cash flow before acquisition related costs to adjusted operating profit
2004-2005 continuing operations only
Business Case May 2016

4. Benefits to
customers:
Supply
Chain
Customer
Global sourcing
& procurement
International
warehousing
& distribution
infrastructure
3
Consolidation
of consumables
Range of delivery
options
Business Case May 2016
Supported by
integrated
IT and e-commerce
systems

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 2016

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 footprints
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 2016

7. Operating
model efficiencies
We constantly strive
to make our business
more efficient and
environmentally friendly
Acquisition growth
Between 2004 and 2015
we have announced 122
acquisitions with total
spend of £2.2bn
GDP+ organic
growth
Organic revenue growth
exceeded relevant GDP
for 9 of the last 11 years
Consistent and
proven
strategy
ROIC
17.1%
6
Compounding
growth model at
high ROIC
Business Case May 2016

8. Key
competitive
advantages
7
A platform for
growth
Unique
business
model
Strong
financial
discipline
Acquisition
strategy &
track record
Operational
focus
People
Global
sourcing
Attractive
customer
markets
Balanced
business
portfolio
Business Case May 2016

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 2016

10. Attractive
customer
markets
28%
26%12%
12%
11%
7%
4%
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 2016
c.75% resilient
Grocery
Foodservice
Cleaning & hygiene
Healthcare
2015 FY Revenue

11. Typical
Products
10
A broad range of
non-food
consumable
products
Business Case May 2016

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
both geography
and sector
58%
17%
17%
8% North America
Continental Europe
UK & Ireland
Rest of the World
Business Case May 2016
2015 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
 Investment in e-commerce systems
 Interfacing IT with customers and suppliers
 Order systems and vehicle routing
 Continually evaluating and upgrading our
warehousing
Sharing best
practice across all
business areas
Business Case May 2016

14. Global
sourcing
13
+
Own brands
Commodities
Low cost sources
Eco-friendly products
SourcingPreferred suppliers
Business Case May 2016

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, IT & e-commerce
Business Case May 2016

16. 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Number of
acquisitions
7 7 9 8 7 2 9 10 13 11 17 22
Committed
acquisition
spend (£m)
302 129 162 197 123 6 126 185 277 295 211 327
Annualised
acquisition
revenue (£m)
430 270 386 225 151 27 154 204 518 281 223 324
Acquisition
growth
15
04-05 continuing operations only
Average annual
acquisition spend
over the last four
years
£278m
Business Case May 2016

17. 2015
Geographic
expansion
timeline
16
Revenue
2010
North America Continental Europe UK & Ireland Rest of the world
2005*
* Continuing operations only
1997*
7countries
2003*
12countries
2015
29countries
2012
27countries
2005*
18countries
Continued
geographic
expansion though
acquisitions
Business Case May 2016

18.  Flat organisational structure
 Clear lines of responsibility
 Excellent customer service
Valuing our
people
17
Clear roles and objectives
Retention of former owners
 High retention rate of owners post acquisition
 Business model is capital light and relies on knowledge and
expertise in local markets
 Ensures customer relationships are maintained
Development and training opportunities
 Personal responsibility to grow within roles
 Focus on internal appointments and promotions
 Formal training programmes
Business Case May 2016

19. Experienced
management
18
Experienced
executive directors
and management
team
Brian May
Finance Director
Patrick Larmon
President and
CEO North
America
Celia Baxter
Director of Group
Human
Resources
Paul Hussey
General Counsel
& Company
Secretary
Paul Budge
Managing
Director
Continental
Europe
Andrew Mooney
Director of
Corporate
Development
Andrew Tedbury
Managing
Director
UK & Ireland
Rodrigo
Mascarenhas
Managing
Director Latin
America
Kim Hetherington
Managing
Director
Australasia
Business Case May 2016
Frank van Zanten
Chief Executive

20. Strong
financial
discipline
19
High return on capital
Strong balance sheet
Low working capital
requirements
Low capex
High level of cash
conversion
Uniform financial
reporting system
 Return on operating capital: 55.5%
 Return on invested capital (pre-tax): 17.1%
(2015)
 Net debt/EBITDA 2.1x year end 2015
 Average working capital to sales at 11% in
2015
 Average of £24m p.a. over past 3 years
 Operating cash flow† to adjusted operating
profit* average of 97% 2004 - 2015
 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 2016

21. Consistently high
cash conversion
funds growing
dividend and
acquisitions
Average cash
conversion* of
Cash
conversion
20
93% 95%
92%
103%
92%
102%
93%
110%
93%
102%
95%
97%
04 05 06 07 08 09 10 11 12 13 14 15
* Operating cash flow before acquisition related costs to adjusted operating profit
04-05 continuing operations only
90%
97%
Business Case May 2016

22. Revenue (£bn)Financial
track record
2004 - 2015
21
2.4
2.9
3.3
3.6
4.2
4.6
4.8
5.1
5.4
6.1 6.2
6.5
04 05 06 07 08 09 10 11 12 13 14 15
31.7
38.2
41.1
44.4
51.8
55.4
59.7
67.6
70.6
82.4
86.2
91.0
04 05 06 07 08 09 10 11 12 13 14 15
Adjusted eps (p)
Adjusted operating profit (£m)
Dividend per share (p)
CAGR
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
455
04 05 06 07 08 09 10 11 12 13 14 15
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
38.0
04 05 06 07 08 09 10 11 12 13 14 15
9%-10%
Business Case May 2016

23. Business
case
summary
22
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 markets 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 conversion
 Cash reinvested at high return on capital
 Strong and growing dividend stream
Business Case May 2016

24. Contacts
23
Bunzl plc
+44 20 7725 5000
Frank van Zanten – Chief Executive
Brian May – Finance Director
investor@bunzl.com
www.bunzl.com
Business Case May 2016

25. Disclaimer
24
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 2016