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Investment case - Why Ferguson?

Why Ferguson?

Leading positions in large, growing and fragmented markets

Leading positions in large, growing and fragmented markets

~75% of U.S. revenue generated from #1 or #2 market positions
10,000+ small- to medium-sized competitors
$23B revenue in a $300B opportunity
Highly-resilient business model
Our markets have historically grown 2% - 3% above GDP

Additional growth from bolt-on acquisitions

Additional growth from bolt-on acquisitions

Opportunity to consolidate fragmented markets and expand capabilities
44 U.S. acquisitions over the past 5 years
2.4% incremental revenue growth from acquisitions

Scale delivers sustainable marketout performance

Scale delivers sustainable market outperformance

350bps average U.S. organic market outperformance over the past 5 years
Value-added solutions - customers’ complex projects made simple, successful and sustainable
Scale delivered locally - global supply chain, omnichannel and our associates

Long-term track record of out performance and cash generation

Long-term track record of outperformance and cash generation

Revenue and underlying trading profit CAGR of 8.3% and 13.9% over the past 10 years
Strong cash conversion delivery
$8.5B returned to shareholders over the past 10 years